<SEC-DOCUMENT>0000940394-20-001211.txt : 20200813
<SEC-HEADER>0000940394-20-001211.hdr.sgml : 20200813
<ACCEPTANCE-DATETIME>20200813160738
ACCESSION NUMBER:		0000940394-20-001211
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20200813
ITEM INFORMATION:		Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
FILED AS OF DATE:		20200813
DATE AS OF CHANGE:		20200813

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Eaton Vance Floating-Rate Income Trust
		CENTRAL INDEX KEY:			0001288992
		IRS NUMBER:				000000000
		FISCAL YEAR END:			0531

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-21574
		FILM NUMBER:		201099346

	BUSINESS ADDRESS:	
		STREET 1:		TWO INTERNATIONAL PLACE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02110
		BUSINESS PHONE:		617-482-8260

	MAIL ADDRESS:	
		STREET 1:		TWO INTERNATIONAL PLACE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02110
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>eft8k.htm
<DESCRIPTION>EATON VANCE FLOATING-RATE INCOME TRUST
<TEXT>
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<TITLE></TITLE>
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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 4pt 0 0; text-align: center"><B>UNITED STATES </B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>WASHINGTON, D.C. 20549 </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><B>CURRENT REPORT </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Pursuant to Section&nbsp;13 or 15(d) </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>of the Securities Exchange Act of 1934 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><B>Date of Report (Date of Earliest Event
Reported): August&nbsp;13, 2020 </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><B>Eaton Vance Floating-Rate Income Trust</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Exact Name of Registrant as Specified in
its Charter) </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 34%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="width: 32%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 32%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt"><B>Massachusetts</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt"><B>811-21574</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt"><B>000000000</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(State or Other Jurisdiction</B></P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 1pt; text-align: center"><B>of Incorporation)</B></P></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Commission</B></P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 1pt; text-align: center"><B>File Number)</B></P></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(IRS Employer</B></P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 1pt; text-align: center"><B>Identification&nbsp;No.)</B></P></TD></TR>
<TR>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt"><B>Two International Place</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt"><B>Boston, Massachusetts</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt"><B>02110</B></FONT></TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 8pt"><B>(Address of Principal Executive Offices)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 8pt"><B>(Zip Code)</B></FONT></TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><B>Registrant&#8217;s Telephone Number,
Including Area Code: (617) 482-8260</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><B>Not Applicable </B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Former Name or Former Address, if Changed
Since Last Report) </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Check the appropriate box below if the Form 8-K filing is
intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction
A.2 below):</P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font-size: 10pt">&#9744;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </FONT></TD></TR>
</TABLE>
<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font-size: 10pt">&#9744;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></TD></TR>
</TABLE>
<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font-size: 10pt">&#9744;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Securities registered pursuant to Section&nbsp;12(b) of the
Act:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<TR>
    <TD STYLE="width: 34%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="width: 32%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 32%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Title of Each Class</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Trading</B></P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 1pt; text-align: center"><B>Symbol(s)</B></P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Name of Each Exchange</B></P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 1pt; text-align: center"><B>on Which Registered</B></P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt"><B>Common Shares of beneficial interest, $0.01&nbsp;par&nbsp;value</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt"><B>EFT</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt"><B>New York Stock Exchange</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Indicate by check mark whether the registrant is an emerging
growth company as defined in Rule 405 of the Securities Act of 1933 (CFR 230.405) or Rule 12b-2 of the Securities Exchange Act
of 1934 (CFR 240.12b-2).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Emerging growth company&nbsp;&nbsp;&#9744;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">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&nbsp;13(a) of the Exchange Act.&nbsp;&nbsp;&#9744;</P>

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

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<HR SIZE="3" ALIGN="CENTER" STYLE="width: 100%">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item&nbsp;5.03 Amendments to Articles of Incorporation or By-Laws;
Change in Fiscal Year.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">On August 13, 2020, the Board of Trustees of
Eaton Vance Floating-Rate Income Trust (the &ldquo;Fund&rdquo;) amended and restated the By-Laws of the Fund (the &ldquo;Amended and Restated By-Laws&rdquo;). The
Amended and Restated By-Laws include provisions (the &ldquo;Control Share Provisions&rdquo;) pursuant to which, in summary, a shareholder
who obtains beneficial ownership of Fund shares in a &ldquo;Control Share Acquisition&rdquo; may exercise voting rights with respect
to such shares only to the extent the authorization of such voting rights is approved by other shareholders of the Fund. The Control
Share Provisions are primarily intended to protect the interests of the Fund and its shareholders by limiting the risk that the
Fund will become subject to undue influence by opportunistic hedge funds or other activist investors. As described further below,
the Control Share Provisions do not eliminate voting rights for shares acquired in Control Share Acquisitions, but rather, they
entrust the Fund&rsquo;s other &ldquo;non-interested&rdquo; shareholders with determining whether to approve the authorization
of voting rights for such shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Subject to various conditions and exceptions,
the Amended and Restated By-Laws define a &ldquo;Control Share Acquisition&rdquo; to include an acquisition of Fund shares that,
but for the Control Share Provisions, would give the beneficial owner, upon the acquisition of such shares, the ability to exercise
voting power in the election of Fund Trustees in any of the following ranges:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">(i) One-tenth or more, but less than one-fifth of all
voting power;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">(ii) One-fifth or more, but less than one-third of all
voting power;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">(iii) One-third or more, but less than a majority of all
voting power; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">(iv) A majority or more of all voting power.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Share acquisitions prior to August 13, 2020
are excluded from the definition of Control Share Acquisition, though such shares are included in assessing whether any subsequent
share acquisition exceeds one of the enumerated thresholds. Subject to various conditions and procedural requirements set forth
in the Amended and Restated By-Laws, including the delivery of a &#8220;Control Share Acquisition Statement&#8221; to the Fund&#8217;s
secretary setting forth certain required information, a shareholder who obtains beneficial ownership of shares in a Control Share
Acquisition generally may request a vote of Fund shareholders (excluding such acquiring shareholder and certain other interested
shareholders) to approve the authorization of voting rights for such shares at the next annual meeting of Fund shareholders following
the Control Share Acquisition.</P>

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


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The above discussion is only a high-level summary
of certain aspects of the Control Share Provisions, and is qualified in its entirety by reference to the full Amended and Restated
By-Laws. Investors should refer to the Amended and Restated By-Laws for more information.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Amended and Restated Bylaws were effective
as of August 13, 2020 and are attached as an Exhibit and are incorporated herein by reference.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item&nbsp;9.01. Financial Statements and Exhibits. </B></P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font-size: 10pt">(d)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Exhibits. </FONT></TD></TR>
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<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 8%">&nbsp;</TD>
    <TD STYLE="width: 90%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: black 1pt solid"><B>Exhibit&nbsp;No.</B></P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: black 1pt solid"><B>Description</B></P></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: top"><FONT STYLE="font-size: 10pt">5.03</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Amended and Restated By-Laws of Eaton Vance Floating-Rate Income Trust dated August&nbsp;13, 2020 </FONT></TD></TR>
</TABLE>

<HR SIZE="3" ALIGN="CENTER" STYLE="width: 100%">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Pursuant to the requirements of the Securities Exchange Act
of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 45%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt"><B>Eaton Vance Floating-Rate Income Trust</B></FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pt; border-bottom: black 0.75pt solid">/s/ Maureen A. Gemma</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Maureen A. Gemma</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Date: August&nbsp;13, 2020</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Vice President, Secretary &amp; Chief Legal Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<DOCUMENT>
<TYPE>EX-5.03
<SEQUENCE>2
<FILENAME>ex-5z03.htm
<DESCRIPTION>AMENDED AND RESTATED BY-LAWS
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>EXHIBIT 5.03</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">AMENDED AND RESTATED BY-LAWS</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">OF</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">EATON VANCE FLOATING-RATE INCOME TRUST</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">ARTICLE I</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">The Trustees</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 1.&#9;<U>Number of Trustees</U>. The
number of Trustees shall be fixed by the Trustees, provided, however, that such number shall at no time be less than two or exceed
fifteen.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">SECTION 2. &#9;<U>Trustee Qualifications</U>. All Trustees shall
satisfy the requirements set forth below in this Section 2 of this Article I, except that such requirements are subject to waiver
by a majority of Trustees in office at the time of the nomination of such Trustee.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(A) Only persons satisfying
the following qualification requirements applicable to all Trustees may be nominated, elected, appointed, qualified or seated (&ldquo;nominated
or seated&rdquo;) to serve as Trustees:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: justify">An individual nominated or seated as a Trustee shall be at least twenty-one years of age and not
older than the mandatory retirement age determined from time to time by the Trustees or a committee of the Trustees, in each case
at the time the individual is nominated or seated;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: justify">An individual nominated or seated as a Trustee shall, at the time the individual is nominated or
seated, serve as a trustee or director of no more than 5 issuers (including the Trust) having securities registered under the Securities
Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;) (investment companies or individual series thereof having the
same investment adviser or investment advisers affiliated through a control relationship shall all be counted as a single company
for this purpose);</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD STYLE="text-align: justify">Except as set forth in this Section 2, an individual nominated or seated as a Trustee shall not
be an employee, officer, partner, member, trustee, director or 5% or greater shareholder in any investment adviser (other than
the Trust&rsquo;s investment adviser or any investment adviser affiliated with the Trust&rsquo;s investment adviser), collective
investment vehicle primarily engaged in the business of investing in &ldquo;investment securities&rdquo; (as defined in the Investment
Company Act of 1940, as amended (the &ldquo;1940 Act&rdquo;)) (an &ldquo;investment company&rdquo;) or entity controlling or controlled
by any investment adviser (other than the Trust&rsquo;s investment adviser or any investment adviser affiliated with the Trust&rsquo;s
investment adviser) or investment company;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(4)</TD><TD STYLE="text-align: justify">An individual nominated or seated as a Trustee shall not be and shall not have been subject to
any censure, order, consent decree (including consent decrees in which the respondent has neither admitted nor denied the findings)
or adverse final action of any federal, state or foreign governmental or regulatory authority (including self-regulatory organizations),
barring or suspending such individual from participation in or association with any investment-related business or restricting
such individual&rsquo;s activities with respect to any investment-related business (collectively, &ldquo;Prohibited Conduct&rdquo;),
nor shall an individual nominated or seated as a Trustee be the subject of any investigation or proceeding that could reasonably
be expected to result in an individual nominated or seated as a Trustee failing to satisfy the requirements of this paragraph,
nor shall any individual nominated or</TD></TR></TABLE>


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<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&#9;seated as a Trustee
be or have engaged in any conduct which has resulted in, or could have reasonably been expected or would reasonably be expected
to result in, the Securities and Exchange Commission (&ldquo;SEC&rdquo;) censuring, placing limitations on the activities, functions,
or operations of, suspending, or revoking the registration of any investment adviser under Section 203(e) or (f) of the Investment
Advisers Act of 1940, as amended; and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(5)</TD><TD>An individual nominated or seated as a Trustee shall not be and shall not have been the subject of any of the ineligibility
provisions contained in Section 9(b) of the 1940 Act that would permit, or could reasonably have been expected or would reasonably
be expected to permit the SEC by order to prohibit, conditionally or unconditionally, either permanently or for a period of time,
such individual from serving or acting as an employee, officer, trustee, director, member of an advisory board, investment adviser
or depositor of, or principal underwriter for, a registered investment company or affiliated person (as defined in Section 2(a)(3)
of the 1940 Act) of such investment adviser, depositor, or principal underwriter.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">ARTICLE II</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Officers and Their Election</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 1.&#9;<U>Officers</U>. The officers
of the Trust shall be a President, a Treasurer, a Secretary, and such other officers or agents as the Trustees may from time to
time elect. It shall not be necessary for any Trustee or other officer to be a holder of shares in the Trust.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 2.&#9;<U>Election of Officers</U>.
The Treasurer and Secretary shall be chosen annually by the Trustees. The President shall be chosen annually by the Trustees. Except
for the offices of the President and Secretary, two or more offices may be held by a single person. The officers shall hold office
until their successors are chosen and qualified.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 3.&#9;<U>Resignations and Removals</U>.
Any officer of the Trust may resign by filing a written resignation with the President or with the Trustees or with the Secretary,
which shall take effect on being so filed or at such time as may otherwise be specified therein. The Trustees may at any meeting
remove an officer.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">ARTICLE III</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Powers and Duties of Trustees and Officers</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 1.&#9;<U>Trustees</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 Commonwealth of Massachusetts, the Declaration
of Trust, or these By-Laws. Except as may be required by Section 16(a) of the 1940 Act, Trustees shall be elected by shareholders
only at an annual meeting of shareholders or special meeting in lieu of an annual meeting, provided that this restriction shall
not apply to special meetings called pursuant to Section 2.6 of Appendix I to these By-Laws.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 2.&#9;<U>Executive and other Committees</U>.
The Trustees may elect from their own number an executive committee to consist of not less than three nor more than five members,
which shall have the power and duty to conduct the current and ordinary business of the Trust while the Trustees are not in session,
and such other powers and duties as the Trustees may from time to time delegate to such committee. The Trustees may also elect
from their own number other committees from time to time, the number composing such committees and the powers conferred upon the
same to be determined by the Trustees. Without limiting the generality of the foregoing, the Trustees may appoint a committee consisting
of less</P>


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<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">than the whole number of Trustees then in office,
which committee may be empowered to act for and bind the Trustees and the Trust, as if the acts of such committee were the acts
of all the Trustees then in office, with respect to the institution, prosecution, dismissal, settlement, review, investigation
or other disposition of any dispute, claim, action, suit or proceeding which shall be pending or threatened to be brought before
any court, administrative agency or other adjudicatory body.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 3.&#9;<U>Chairperson of the Trustees</U>.
The Trustees shall appoint from among their number a Chairperson. The Chairperson shall preside at the meetings of the Trustees
and may call meetings of the Trustees and of any committee thereof whenever he deems it necessary or desirable to do so. The Chairperson
may in his discretion preside at any meeting of the shareholders, and may delegate such authority to another Trustee or officer
of the Trust. The Chairperson shall exercise and perform such additional powers and duties as from time to time may be assigned
to him by the Trustees, and shall have the resources and authority appropriate to discharge the responsibilities of the office.
A Trustee elected or appointed as Chairperson shall not be considered an officer of the Trust by virtue of such election or appointment.
As used herein, the masculine gender shall be deemed to denote the feminine or other gender.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 4.&#9;<U>President</U>. Subject to
such supervisory powers, if any, as may be given by the Trustees to the Chairperson of the Trustees, the President shall be the
chief executive officer of the Trust and subject to the control of the Trustees, he shall have general supervision, direction and
control of the business of the Trust and of its employees and shall exercise such general powers of management as are usually vested
in the office of President of a corporation. In the event that the Chairperson does not preside at a meeting of shareholders or
delegate such power and authority to another Trustee or officer of the Trust, the President or his designee shall preside at such
meeting. 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, contracts, agreements 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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 5.&#9;<U>Treasurer</U>. The Treasurer
shall be the principal financial and accounting officer of the Trust. He shall deliver all funds and securities of the Trust which
may come into his hands to such bank or trust company as the Trustees shall employ as custodian in accordance with Article III
of the Declaration of Trust. He shall make annual reports in writing of the business conditions of the Trust, which reports shall
be preserved upon its records, and he shall furnish such other reports regarding the business and condition as the Trustees may
from time to time require. The Treasurer shall perform such duties additional to foregoing as the Trustees may from time to time
designate.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 6.&#9;<U>Secretary</U>. The Secretary
shall record in books kept for the purpose all votes and proceedings of the Trustees and the shareholders at their respective meetings.
He shall have custody of the seal, if any, of the Trust and shall perform such duties additional to the foregoing as the Trustees
may from time to time designate.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 7.&#9;<U>Other Officers</U>. Other
officers elected by the Trustees shall perform such duties as the Trustees may from time to time designate, including executing
or signing such powers of attorney, proxies, contracts, agreements or other documents as may be deemed advisable or necessary in
furtherance of the interests of the Trust.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 8.&#9;<U>Compensation</U>. The Trustees
and officers of the Trust may receive such reasonable compensation from the Trust for the performance of their duties as the Trustees
may from time to time determine.</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">ARTICLE IV</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Meetings of Shareholders</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 1.&#9;<U>Meetings</U>. Meetings of
shareholders, at which the shareholders shall elect Trustees and transact such other business as may properly come before the meeting,
shall be held annually so long as required by NYSE American LLC, New York Stock Exchange or such other exchange or trading system
on which shares of the Trust are principally traded. Meetings of the shareholders (or any class or series) may be called at any
time by the President, and shall be called by the President or the Secretary at the request, in writing or by resolution, of a
majority of the Trustees, or at the written request of the holder or holders of fifty-one percent or more of the total number of
the then issued and outstanding shares of the Trust entitled to vote at such meeting, except that meetings of holders of preferred
shares held for the purpose of considering matters upon which holders of preferred shares are entitled to vote as a separate class
may be called at the written request of the holder or holders of twenty-five percent or more of the total number of the then issued
and outstanding preferred shares of the Trust entitled to vote at such meeting. Any such request shall state the purposes of the
proposed meeting.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 2.&#9;<U>Place of Meetings</U>. Meetings
of the shareholders shall be held at the principal place of business of the Trust in Boston, Massachusetts, unless a different
place within the United States is designated by the Trustees and stated as specified in the respective notices or waivers of notice
with respect thereto; provided that the Trust may, subject to any applicable law, and upon designation by a majority of Trustees,
hold meetings of shareholders solely by means of remote communications, or may hold &ldquo;hybrid&rdquo; meetings where some participants
attend in person and others attend by means of remote communications.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 3.&#9;<U>Notice of Meetings</U>. Notice
of all meetings of the shareholders, stating the time, place and the purposes for which the meetings are called, shall be given
by the Secretary to each shareholder entitled to vote thereat, and to each shareholder who under the By-Laws is entitled to such
notice, by delivering (by electronic, telephonic, computerized or other alternative means as may be approved by resolutions adopted
by the Trustees, which authorization is received not more than six months before delivery of such notice) or mailing, postage paid,
addressed to such address as it appears upon the books of the Trust, at least ten days no more than ninety days before the time
fixed for the meeting, and the person given such notice shall make an affidavit with respect thereto. If any shareholder shall
have failed to inform the Trust of his address, no notice need be sent to him. No notice need be given to any shareholder if a
written waiver of notice, executed before or after the meeting by the shareholder or his attorney thereunto authorized, is filed
with the records of the meeting.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 4.&#9;<U>Quorum</U>. Except as otherwise
provided by law, to constitute a quorum for the transaction of business at any meeting of shareholders with respect to any matter,
there must be present, in person or by proxy, holders of a majority of the total number of shares of the then issued and outstanding
shares of the Trust entitled to vote at such meeting with respect to such matter; provided that if a class (or series) of shares
is entitled to vote as a separate class (or series) on any matter, then in the case of that matter a quorum shall consist of the
holders of a majority of the total number of shares of the then issued and outstanding shares of that class (or series) entitled
to vote at the meeting. Shares owned directly or indirectly by the Trust, if any, shall not be deemed outstanding for this purpose.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify">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 any meeting, the shareholders present in person or by proxy and entitled to vote at such meeting on such matter holding a majority
of the shares present and entitled to vote on such matter may by vote adjourn the meeting from time to time to be held at the same
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 originally convened.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 5.&#9;<U>Voting</U>. At each meeting
of the shareholders, every shareholder of the Trust shall be entitled to one vote in person or by proxy for each share of the Trust
held by such shareholder then having voting power in respect of the matter upon which the vote is to be taken, standing in his
name on the books of the Trust at the time of the closing of the transfer books for the meeting, or, if the books be not closed
for any meeting, on the record date fixed as provided in Section 4 of Article VI of these By-Laws for determining the shareholders
entitled to vote at such meeting, or if the books be not closed and no record date be fixed, at the time of the meeting. For the
avoidance of doubt, the foregoing shall not prevent or limit the application to any shareholder of any voting, share ownership
or similar limitations set forth in the Declaration of Trust or these By-Laws. The record holder of a fraction of a share shall
be entitled in like manner to corresponding fraction of a vote. Notwithstanding the foregoing, the Trustees may, in connection
with the establishment of any class (or series) of shares or in proxy materials for any meeting of shareholders or in other solicitation
materials or by vote or other action duly taken by them, establish conditions under which the several classes (or series) shall
have separate voting rights or no voting rights.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify">All elections of Trustees
shall be conducted in any manner approved at the meeting of the shareholders at which said election is held, and shall be by ballot
if so requested by any shareholder entitled to vote thereon. Subject to any provision of applicable binding law, the Declaration
of Trust, these By-Laws or a resolution of the Trustees specifying a greater or a lesser vote requirement, for the transaction
of any item of business that properly comes before any meeting of shareholders, (i) with respect to the election of Trustees, other
than a Contested Election, a nominee receiving the affirmative vote of a plurality of the shares entitled to vote with respect
to such matter represented in person or by proxy at any meeting at which a quorum is present shall be deemed and declared elected,
(ii) with respect to a Contested Election, a nominee receiving the affirmative vote of a majority of the shares outstanding and
entitled to vote with respect to such matter at such meeting shall be deemed and declared elected and (iii) for all other items
of business, upon the affirmative vote of a majority of the votes cast in person or by proxy at any meeting at which a quorum is
present and entitled to vote on the subject matter, such matter shall be deemed and declared approved.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">For purposes of the foregoing
paragraph, &ldquo;Contested Election&rdquo; shall mean any election of Trustees in which the number of persons nominated for election
as Trustees with respect to a given class of shares of the Trust in accordance with Article IV, Section 8 hereof exceeds the number
of Trustees to be elected with respect to such class, with the determination that any election of Trustees is a Contested Election
to be made by the Secretary or other officer of the Trust prior to the time the Trust mails its initial proxy statement in connection
with such election of Trustees; provided, however, that a Contested Election does not include any election of Trustees by holders
of the Trust&rsquo;s preferred shares voting as a separate class pursuant to Section 2.6(a) of Appendix I hereto. If, prior to
the time the Trust mails its initial proxy statement in connection with such election of Trustees, one or more persons nominated
for election as a Trustee are withdrawn or deemed to be ineligible pursuant to these By-Laws, such that the number of persons nominated
for election as Trustee no longer exceeds the number of Trustees to be elected, such election shall not be considered a Contested
Election.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In the event of a Contested
Election, if one (or more) nominees are elected who were not Trustees prior to such Contested Election (&ldquo;Non-Incumbents&rdquo;),
then the Non-Incumbents shall first fill any vacancies and then succeed those Trustees who served as Trustees prior to such Contested
Election and stood for reelection at such Contested Election with the fewest affirmative votes. If an annual meeting (the &ldquo;Current
Annual Meeting&rdquo;) is called for the purpose of considering the election of a Trustee whose term is expiring at the time of
such annual meeting (an &ldquo;Expiring Trustee&rdquo;) or such Trustee&rsquo;s successor, and the Expiring Trustee is not elected
and such Expiring Trustee&rsquo;s successor is not elected and qualified (in either case, because the required vote or quorum is
not obtained, or otherwise), then such Trustee shall remain a member of the relevant class of Trustees, holding office until the
annual meeting held in the third succeeding year following the year set for the Current Annual Meeting in the initial notice thereof
and until the election and qualification of such Trustee&rsquo;s successor, if any, or until such Trustee sooner dies, resigns,
retires or is removed.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">SECTION 6.&#9;<U>Proxies</U>. A<FONT STYLE="letter-spacing: -0.15pt">ny
shareholder entitled to vote upon any matter at any meeting of the shareholders may so vote by proxy, provided that such proxy
to act is authorized to act by (i) a written instrument, dated not more than six months before the meeting and executed either
by the shareholder or by his or her duly authorized attorney in fact (who may be so authorized by a writing or by any non-written
means permitted by the laws of the Commonwealth of Massachusetts) or (ii) such electronic, telephonic, computerized or other alternative
means as may be approved by a resolution adopted by the Trustees, which authorization is received not more than six months before
the initial session of the meeting. Proxies shall be delivered to the Secretary of the Trust or other person responsible for recording
the proceedings before being voted. A proxy with respect to shares held in the name of two or more persons shall be valid if executed
by one of them unless at or prior to exercise of such proxy the Trust receives a specific written notice to the contrary from any
one of them. Unless otherwise specifically limited by their terms, proxies shall entitle the holder thereof to vote at any adjournment
of a meeting. A proxy purporting to be exercised by or on behalf of a shareholder shall be deemed valid unless challenged at or
prior to its exercise and the burden of proving invalidity shall rest on the challenger. At all meetings of the shareholders, unless
the voting is conducted by inspectors, all questions relating to the qualifications of voters, the validity of proxies, and the
acceptance or rejection of votes shall be decided by the chairperson of the meeting.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 7.&#9;<U>Consents</U>. Any action which
may be taken by shareholders may be taken without a meeting if the holder or holders of fifty-one percent or more of the total
number of the then issued and outstanding shares of the Trust entitled to vote on such matter (or such higher proportion as would
be required by the Declaration of Trust or these By-Laws with respect to such action at an in-person meeting) consent to the action
in writing and the written consents are filed with the records of the meetings of shareholders. Such consents shall be treated
for all purposes as a vote taken at a meeting of shareholders.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 8.&#9;<U>Notice of Shareholder Business
and Nominations</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify">(A) <U>Annual Meetings
of Shareholders</U>. (1) Nominations of persons for election to the Board of Trustees and the proposal of business to be considered
by the shareholders may be made at an annual meeting of shareholders or special meeting in lieu of an annual meeting (a) pursuant
to the notice of meeting described in Section 3 of this Article of these By-Laws; (b) by or at the direction of the Board of Trustees;
or (c) by any shareholder of the Trust who was a shareholder of record at the time of giving of notice provided for in Section
3 of this Article of these By-Laws, who is entitled to vote at the meeting, who complied with the notice provisions set forth in
this Section 8 and who held at least $2,000 in market value, or 1%, of the Trust&rsquo;s securities entitled to be voted on the
nomination or proposal at the meeting for at least one year by the date such shareholder submitted such nomination or proposal.
As used in these By-Laws, an &ldquo;annual meeting&rdquo; is a meeting of the shareholders of the Trust that is required pursuant
to the first sentence of Section 1 of this Article IV. As used in these By-Laws, a &ldquo;special meeting in lieu of an annual
meeting&rdquo; is a meeting held in lieu of an annual meeting that is not held in a given year if so required, whether the omission
be by oversight or otherwise.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in; text-align: justify">(2) For nominations or other
business properly to be brought before an annual meeting or special meeting in lieu of an annual meeting by a shareholder pursuant
to clause (c) of paragraph (A)(1) of this Section 8, the shareholder must have given timely notice thereof in writing to the Secretary
of the Trust and such other business must be a proper matter for shareholder action. To be timely, a shareholder&rsquo;s notice
shall be delivered to the Secretary at the principal executive offices of the Trust not later than the close of business on the
ninetieth day nor earlier than the close of business on the one hundred-twentieth day prior to the first anniversary of the preceding
year&rsquo;s annual meeting or, as applicable, special meeting in lieu of an annual meeting; provided, however, that in the event
that the date of the annual meeting or special meeting in lieu of an annual meeting is more than thirty days before or more than
sixty days after such anniversary date, notice by the shareholder to be timely must be so delivered not earlier than the close
of business on the later of the ninetieth day prior to such annual meeting or special meeting in lieu of an annual meeting or the
tenth day following the day on which public announcement of the date of such meeting is first made. In no event, shall the public
announcement of an adjournment of an annual meeting or special meeting in lieu of an annual meeting commence a new time period
for the giving of a shareholder&rsquo;s notice as described above. Such shareholder&rsquo;s notice shall set forth:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-indent: 0.5in; text-align: justify">&nbsp;(a)
as to each person whom the shareholder proposes to nominate for election or reelection as a Trustee:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">the name, age, business address and residence address of such proposed nominee and of any Proposed
Nominee Associated Person;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">the principal occupation or employment of such proposed nominee;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">the class or series and number of all shares of the Trust which are owned beneficially or of record,
directly or indirectly, by such proposed nominee and any Proposed Nominee Associated Person, and the name and address of the record
holder(s) of such shares (if different than the beneficial owner(s)) as they appear on the records of the Trust;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">the name of each nominee holder of shares owned beneficially but not of record by such proposed
nominee or any Proposed Nominee Associated Person, and the number of such shares held by each such nominee holder;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify">whether and the extent to which any derivative instrument, swap, option, warrant, short interest,
hedge or profit interest or other transaction has been entered into by or on behalf of such proposed nominee, or any Proposed Nominee
Associated Person, with respect to shares of the Trust;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(vi)</TD><TD STYLE="text-align: justify">whether and the extent to which any other transaction, agreement, arrangement or understanding
(including any short position or any borrowing or lending of shares) has been made by or on behalf of such proposed nominee, or
any Proposed Nominee Associated Person, the effect or intent of any of the foregoing being to mitigate loss to, or to manage risk
or benefit of share price changes for, such proposed nominee, or any Proposed Nominee Associated Person, or to increase or decrease
the voting power or pecuniary or economic interest of such proposed nominee, or any Proposed Nominee Associated Person, with respect
to the shares;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(vii)</TD><TD STYLE="text-align: justify">a representation as to whether such proposed nominee is an &ldquo;interested person,&rdquo; as
defined under Section 2(a)(19) of the 1940 Act and sufficient information about the proposed nominee to permit counsel to the Trust
to confirm such representation, including information with respect to each relationship set forth in Section 2(a)(19) of the 1940
Act which may cause such proposed nominee to be an interested person of the Trust or a representation that no such relationship
exists;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(viii)</TD><TD STYLE="text-align: justify">information to establish to the satisfaction of the Board of Trustees that the proposed nominee
satisfies the trustee qualifications as set out in these By-Laws; and</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ix)</TD><TD STYLE="text-align: justify">any other information relating to such proposed nominee or Proposed Nominee Associated Person that
would be required to be disclosed in a proxy statement or other filings required to be made in connection with solicitations of
proxies for election of directors in an election contest pursuant to Section 14 of the Exchange Act (even if an election contest
is not involved); and</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify">(b) as to any other business
that the shareholder proposes to bring before the meeting, a brief 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
and the beneficial owner, if any, on whose behalf the proposal is made; and</P>


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<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify">(c) as to the shareholder
giving the notice and the beneficial owner, if any, on whose behalf the nomination or proposal is made:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">the name and address of such shareholder, as they appear on the Trust&rsquo;s books, and of such
beneficial owner and of any Shareholder Associated Person;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">the class/series and number of shares of the Trust which are owned beneficially and of record by
such shareholder, such beneficial owner and any Shareholder Associated Person;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">whether and the extent to which any derivative instrument, swap option, warrant, short interest,
hedge or profit interest or other transaction has been entered into by or on behalf of such person, or any Shareholder Associated
Person, with respect to shares of the Trust;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">whether and the extent to which any other transaction, agreement, arrangement or understanding
(including any short position or any borrowing or lending of shares) has been made by or on behalf of such person, or any Shareholder
Associated Person, the effect or intent of any of the foregoing being to mitigate loss to, or to manage risk or benefit of stock
price changes for, such person, or any Shareholder Associated Person, or to increase or decrease the voting power or pecuniary
or economic interest of such person, or any Shareholder Associated Person, with respect to shares of the Trust;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify">a description of all agreements, arrangements, or understandings (whether written or oral) between
such person, or any Shareholder Associated Person and any proposed nominee or any other person or persons (including their names)
pursuant to which the proposal(s) or nomination(s) are being made by such person, and any material interest of such person, or
any Shareholder Associated Person, in such proposal or nomination, including any anticipated benefit therefrom to such person,
or any Shareholder Associated Person;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(vi)</TD><TD STYLE="text-align: justify">a representation that the shareholder, or group of shareholders, giving notice intends to appear
in person at the annual meeting or special meeting in lieu of an annual meeting to make the proposals or nominate the persons named
in its notice; and</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(vii)</TD><TD STYLE="text-align: justify">any other information relating to such person that would be required to be disclosed in a proxy
statement or other filings required to be made in connection with the solicitation of proxies for election of directors in an election
contest pursuant to Section 14 of the Exchange Act (even if an election contest is not involved).&#9;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify">For purposes of the foregoing,
a &ldquo;Proposed Nominee Associated Person&rdquo; of any proposed nominee shall mean (A) any person acting in concert with such
proposed nominee and (B) any direct or indirect beneficial owner of shares owned of record or beneficially by such proposed nominee
or person acting in concert with the proposed nominee. A &ldquo;Shareholder Associated Person&rdquo; of any beneficial or record
shareholder shall mean (A) any person acting in concert with such shareholder, (B) any direct or indirect beneficial owner of shares
owned of record or beneficially by such shareholder or any person acting in concert with such shareholder, (C) any person controlling,
controlled by or under common control with such shareholder or a Shareholder Associated Person and (D) any member of the immediate
family of such shareholder or Shareholder Associated Person.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in; text-align: justify">(3) A shareholder of record,
or group of shareholders of record, providing notice of any proposal or nomination proposed to be made at an annual meeting or
special meeting in lieu of an annual meeting shall further update and supplement such notice, if necessary, so that:</P>


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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">the information provided or required to be provided in such notice pursuant to paragraph (A)(2)
of this Article IV, Section 8 shall be true and correct as of the record date for determining the shareholders entitled to receive
notice of the annual meeting or special meeting in lieu of an annual meeting, and such update and supplement shall be delivered
to or be mailed and received by the Secretary at the principal executive offices of the Trust not later than five business days
after the record date for determining the shareholders entitled to receive notice of such annual meeting or special meeting in
lieu of an annual meeting; and</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">any subsequent information reasonably requested by the Board of Trustees to determine that any
proposed nominee has met the trustee qualifications as set out in these By-Laws is provided, and such update and supplement shall
be delivered to or be mailed and received by the Secretary at the principal executive offices of the Trust not later than five
business days after the request by the Board of Trustees for subsequent information regarding trustee qualifications has been delivered
to or mailed and received by such shareholder of record, or group of shareholders of record, providing notice of any nomination.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in; text-align: justify">(4) Notwithstanding anything
in the second sentence of paragraph (A)(2) of this Section 8 to the contrary, in the event that the number of Trustees to be elected
by shareholders of the Trust to the Board of Trustees is increased and there is no public announcement naming all of the nominees
for Trustee or specifying the size of the increased Board of Trustees made by the Trust at least one hundred days prior to the
first anniversary of the preceding year&rsquo;s annual meeting, a shareholder&rsquo;s notice required by this Section 8 shall also
be considered timely, but only with respect to nominees for any new positions created by such increase, if it shall be delivered
to the Secretary at the principal executive offices of the Trust not later than the close of business on the tenth day following
the day on which such public announcement is first made by the Trust.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify">(B) <U>Special Meetings
of Shareholders</U>. As used in these By-Laws, &ldquo;special meeting&rdquo; refers to any meeting of the Trust&rsquo;s shareholders
other than an annual meeting or special meeting in lieu of an annual meeting. Only such business shall be conducted by a special
meeting of shareholders as shall have been brought before the meeting pursuant to the Trust&rsquo;s notice of meeting given by
or at the direction of a majority of the Trustees. Except as may be required by Section 16(a) of the 1940 Act, Trustees shall be
elected only at an annual meeting of shareholders or special meeting in lieu of an annual meeting and not at a special meeting,
provided that this restriction shall not apply to special meetings called pursuant to Section 2.6 of Appendix I to these By-Laws.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify">(C) <U>General</U>. (1)
Only such persons who are nominated in accordance with the procedures set forth in this Section 8 shall be eligible to serve as
Trustees and only such business shall be conducted at a meeting of shareholders as shall have been brought before the meeting in
accordance with the procedures set forth in this Section 8. Except as otherwise provided by law, the Declaration of Trust or these
By-Laws, the Chairperson (or such officer of the Trust or its investment adviser presiding at the meeting) shall have the power
and duty to determine whether a nomination or any business proposed to be brought before the meeting was made, or proposed, as
the case may be, in accordance with the procedures set forth in this Section 8 and, if any proposed nomination or business is not
in compliance with this Section 8, to declare that such defective proposal or nomination shall be disregarded.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in; text-align: justify">(2) For purposes of this
Section 8, &ldquo;public announcement&rdquo; shall mean disclosure in a press release reported by the Dow Jones News Service, Associated
Press or comparable national news service or in a document publicly filed by the Trust with the SEC pursuant to Section 13, 14
or 15(d) of the Exchange Act.</P>


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<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in; text-align: justify">(3) Notwithstanding the foregoing
provisions of this Section 8, a shareholder shall also comply with all applicable requirements of the Exchange Act and the rules
and regulations thereunder with respect to the matters set forth in this Section 8. Nothing in this Section 8 shall be deemed to
affect any rights of (a) shareholders to request inclusion of proposals in the Trust&rsquo;s proxy statement pursuant to Rule 14a-8
under the Exchange Act or (b) the holders of any class of preferred shares of beneficial interest to elect Trustees under specified
circumstances.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">ARTICLE V</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Trustees Meetings</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 1.&#9;<U>Meetings</U>. The Trustees
may in their discretion provide for regular or stated meetings of the Trustees. Meetings of the Trustees other than regular or
stated meetings shall be held whenever called by the Chairperson and at least one other Trustee at the time being in office, or
by a majority of the Trustees at the time being in office. Any or all of the Trustees may participate in a meeting by means of
a conference telephone or similar communications equipment by means of which all persons participating in the meeting can hear
each other at the same time, and participation by such means shall constitute presence in person at a meeting.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 2.&#9;<U>Notices</U>. Notice of regular
or stated meetings need not be given. Notice of the time and place of each meeting other than regular or stated meeting shall be
given by the Secretary or by one of the Trustee(s) calling the meeting and shall be mailed to each Trustee at his or her business
address for delivery at least two days before the meeting, or shall be transmitted electronically to each Trustee at his or her
electronic delivery address or personally delivered to him at least one day before the meeting. Such notice may, however, be waived
by all the Trustees. Notice of a meeting need not be given to any Trustee if a written waiver of notice, executed by him before
or after the meeting, is filed with the records of the meeting, or to any Trustee who attends the meeting without protesting prior
thereto or at its commencement the lack of notice to him. A notice or waiver of notice need not specify the purpose of any special
meeting.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 3.&#9;<U>Consents</U>. Any action required
or permitted to be taken at any meeting of the Trustees may be taken by the Trustees without a meeting if a written consent thereto
is signed by a majority of the Trustees (or such higher proportion as would be required by the Declaration of Trust or these By-Laws
with respect to such action at an in-person meeting) and filed with the records of the Trustees' meetings. A Trustee may deliver
his consent to the Trust by facsimile machine or other electronic communication equipment. Such consent shall be treated as a vote
at a meeting for all purposes.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 4.&#9;<U>Place of In-Person Meetings</U>.
The Trustees may hold their meetings within or without the Commonwealth of Massachusetts.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 5.&#9;<U>Quorum and Manner of Acting</U>.
Except as otherwise required by the Declaration of Trust, these By-Laws or by statute, a majority of the Trustees in office shall
be present in person at any regular or stated meeting or special meeting of the Trustees in order to constitute a quorum for the
transaction of business at such meeting and the act of a majority of the Trustees present at any such meeting, at which a quorum
is present, shall be the act of the Trustees. In the event that action is to be taken with respect to the death, declination, resignation,
retirement, removal or incapacity of one or more Trustees, a quorum for the transaction of such business and any other business
conducted at such meeting and (except as otherwise required by the Declaration of Trust, by these By-Laws or by statute) shall
be a majority of the remaining Trustees then in office. In the absence of a quorum, a majority of the Trustees present may adjourn
the meeting from time to time until a quorum shall be present. Notice of any adjourned meeting need not be given.</P>


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<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">ARTICLE VI</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Shares of Beneficial Interest</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 1.&#9;<U>Certificates for Shares of
Beneficial Interest</U>. Certificates for shares of beneficial interest of any class of shares of the Trust, if issued, shall be
in such form as shall be approved by the Trustees. They shall be signed by, or in the name of, the Trust by the President and by
the Treasurer and may, but need not be, sealed with seal of the Trust; provided, however, that where such certificate is signed
by a transfer agent or a transfer clerk acting on behalf of the Trust or a registrar other than a Trustee, officer or employee
of the Trust, the signature of the President or Treasurer and the seal may be facsimile. In case any officer or officers who shall
have signed, or whose facsimile signature or signatures shall have been used on any such certificate or certificates, shall cease
to be such officer or officers of the Trust whether because of death, resignation or otherwise, before such certificate or certificates
shall have been delivered by the Trust, such certificate or certificates may nevertheless be adopted by the Trust and be issued
and delivered as though the person or persons who signed such certificate or certificates or whose facsimile signatures shall have
been used thereon had not ceased to be such officer or officers of the Trust.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 2.&#9;<U>Transfer of Shares</U>. Transfers
of shares of beneficial interest of any shares of the Trust shall be made only on the books of the Trust by the owner thereof or
by his attorney thereunto authorized by a power of attorney duly executed and filed with the Secretary or a transfer agent, and
only upon the surrender of any certificate or certificates for such shares. The Trust shall not impose any restrictions upon the
transfer of the shares of the Trust, but this requirement shall not prevent the charging of customary transfer agent fees.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 3.&#9;<U>Transfer Agent and Registrar;
Regulations</U>. The Trust shall, if and whenever the Trustees shall so determine, maintain one or more transfer offices or agencies,
each in the charge of a transfer agent designated by the Trustees, where the shares of beneficial interest of the Trust shall be
directly transferable. The Trust shall, if and whenever the Trustees shall so determine, maintain one or more registry offices,
each in the charge of a registrar designated by the Trustees, where such shares shall be registered, and no certificate for shares
of the Trust in respect of which a transfer agent and/or registrar shall have been designated shall be valid unless countersigned
by such transfer agent and/or registered by such registrar. The principal transfer agent may be located within or without the Commonwealth
of Massachusetts and shall have charge of the stock transfer books, lists and records, which shall be kept within or without Massachusetts
in an office which shall be deemed to be the stock transfer office of the Trust. The Trustees may also make such additional rules
and regulations as it may deem expedient concerning the issue, transfer and registration of certificates for shares of the Trust.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 4.&#9;<U>Closing of Transfer Books
and Fixing Record Date</U>. The Trustees may fix in advance a time which shall be not more than seventy-five days before the date
of any meeting of shareholders, or the date for the payment of any dividend or the making or any distribution to shareholders or
the last day on which the consent or dissent of shareholders may be effectively expressed for any purpose, as the record date for
determining the shareholders having the right to notice of and to vote at such meeting, and any adjournment thereof, or the right
to receive such dividend or distribution or the right to give such consent or dissent, and in such case only shareholders of record
on such record date shall have such right, notwithstanding any transfer of shares on the books of the Trust after the record date.
The Trustees may, without fixing such record date, close the transfer books for all or any part of such period for any of the foregoing
purposes.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 5.&#9;<U>Lost, Destroyed or Mutilated
Certificates</U>. The holder of any shares of the Trust shall immediately notify the Trust of any loss, destruction or mutilation
of the certificate therefor, and the Trustees may, in their discretion, cause a new certificate or certificates to be issued to
him, in case of mutilation of the certificate, upon the surrender of the mutilated certificate, or, in case of loss or destruction
of the certificate, upon satisfactory proof of such loss or destruction and, in any case, if the Trustees shall so determine, upon
the delivery of a bond in such form and in such sum and with such surety or sureties as the Trustees may direct, to indemnify the
Trust against any claim that may be made against it on account of the alleged loss or destruction of any such certificate.</P>


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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 6.&#9;<U>Record Owner of Shares</U>.
The Trust shall be entitled to treat the person in whose name any share of the Trust is registered on the books of the Trust as
the owner thereof, and 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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">ARTICLE VII</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Preferred Shares</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">The rights and preferences of the Trust&rsquo;s preferred shares
are as set forth on Appendix I, which is incorporated herein in its entirety.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">ARTICLE VIII</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Fiscal Year</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 1.&#9;<U>Fiscal Year</U>. The fiscal
year of the Trust shall end on such date as the Trustees may, from time to time, determine.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">ARTICLE IX</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Seal</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 1.&#9;<U>Seal</U>. The Trustees may
adopt a seal of the Trust which shall be in such form and shall have such inscription thereon as the Trustees may from time to
time prescribe.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">ARTICLE X</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Inspection of Books</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 1.&#9;<U>Inspection of Books by Shareholders</U>.
The Trustees shall from time to time determine whether and to what extent, and at what times and places, and under what conditions
and regulations the accounts and books of the Trust or any of them shall be open to the inspection of the shareholders; and no
shareholder shall have any right to inspect any account or book or document of the Trust except as conferred by law or authorized
by the Trustees or by resolution of the shareholders.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 2.&#9;<U>Inspection of Books by Trustees</U>.
The results of all actions taken at a meeting of the Trustees, or by written consent of the Trustees, shall be recorded by the
Secretary of the meeting appointed by the Board of Trustees. Each Trustee shall be entitled to examine the Declaration of Trust
and these By-Laws. Subject to such policies and procedures as may be adopted by the Board of Trustees, a Trustee shall also be
entitled to access the Trust&rsquo;s other records and to receive such other information about the Trust as is reasonably necessary
for the Trustee to perform his or her duties to the Trust and its shareholders and otherwise only to the extent required by applicable
law. Subject to such policies and procedures, a majority of Trustees shall determine in good faith whether any request for such
access to records or such other information is reasonably necessary for the Trustees to perform such duties, and such determination
shall be binding upon the requesting Trustee and all other parties.</P>


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<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">ARTICLE XI</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Principal Custodian and Sub&#45;custodians</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 1.&#9;<U>Principal Custodian</U>. The
following provisions shall apply to the employment of the principal Custodian pursuant to the Declaration of Trust:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(A)</TD><TD STYLE="text-align: justify">The Trust may employ the principal Custodian:</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1.5in; text-align: justify; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: justify; padding-right: 0.5in">To hold securities owned by the Trust and deliver the same upon written order
or oral order, if confirmed in writing, or by such electro-mechanical or electronic devices as are agreed to by the Trust and such
Custodian;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.5in 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: justify; padding-right: 0.5in">To receive and receipt for any moneys due to the Trust and deposit the same
in its own banking department or, as the Trustees may direct, in any bank, trust company or banking institution approved by such
Custodian, provided that all such deposits shall be subject only to the draft or order of such Custodian; and</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.5in 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD STYLE="text-align: justify; padding-right: 0.5in">To disburse such funds upon orders or vouchers.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.5in 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(B)</TD><TD STYLE="text-align: justify; padding-right: 0.5in">The Trust may also employ such Custodian as its agent:</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.5in 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: justify; padding-right: 0.5in">To keep the books and accounts of the Trust and furnish clerical and accounting
services; and</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.5in 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: justify; padding-right: 0.5in">To compute the net asset value per share in the manner approved by the Trust.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.5in 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1in; text-align: justify; text-indent: -1in">&#9;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(C)</TD><TD STYLE="text-align: justify; padding-right: 0.5in">All
of the foregoing services shall be performed upon such basis of compensation as may be agreed upon between the Trust and the principal
Custodian. If so directed by vote of the holders of a majority of the outstanding shares of Trust, the principal Custodian shall
deliver and pay over all property of the Trust held by it as specified in such vote.&#9;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1in; text-align: justify; text-indent: -1in"></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0.5in 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(D)</TD><TD STYLE="text-align: justify; padding-right: 0.5in">In case of the resignation, removal or inability to serve of any such Custodian,
the Trustees shall promptly appoint another bank or trust company meeting the requirements of the Declaration of Trust as successor
principal Custodian. The agreement with the principal Custodian shall provide that the retiring principal Custodian shall, upon
receipt of notice of such appointment, deliver the funds and property of the Trust in its possession to and only to such successor,
and that pending appointment of a successor principal Custodian, or a vote of the shareholders to function without a principal
Custodian, the principal Custodian shall not deliver funds and property of the Trust to the Trustees, but may deliver them to a
bank or trust company doing business in Boston, Massachusetts, of its own selection, having an aggregate capital, surplus and undivided
profits, as shown by its last published report, of not less than $2,000,000, as the property of the Trust to be held under terms
similar to those on which they were held by the retiring principal Custodian.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 2.&#9;<U>Sub-Custodian</U>. The Trust
may also authorize the principal Custodian to employ one or more sub&#45;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 sub&#45;custodian.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 3.&#9;<U>Securities Depositories, etc.</U>
Subject to such rules, regulations and orders as the SEC may adopt, the Trust may authorize or direct the principal Custodian or
any sub&#45;custodian to deposit all or any part of the securities in or with one or more depositories or clearing agencies or
systems for the central handling of securities or other book&#45;entry systems approved by the Trust, or in or with such other
persons or systems as may be permitted by the SEC, or otherwise in accordance with the Act, pursuant to which 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 the principal Custodian or the sub&#45;custodian. The Trust may also authorize the deposit
in or with one or more eligible foreign custodians (or in or with one or more foreign depositories, clearing agencies or systems
for the central handling of securities) of all or part of the Trust&rsquo;s foreign assets, securities, cash and cash equivalents
in amounts reasonably necessary to effect the Trust&rsquo;s foreign investment transactions, in accordance with such rules, regulations
and orders as the SEC may adopt.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">ARTICLE XII</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Limitation of Liability and Indemnification</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 1.&#9;<U>Limitation of Liability</U>.
Provided they have exercised reasonable care and have acted under the reasonable belief that their actions are in the best interest
of the Trust, the Trustees shall not be responsible for or liable in any event for neglect or wrongdoing of them or any officer,
agent, employee or investment adviser of the Trust, but nothing contained in the Declaration of Trust or herein shall protect any
Trustee against any liability to which he would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence
or reckless disregard of the duties involved in the conduct of his office.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">SECTION 2.&#9;<U>Indemnification of Trustees and Officers</U>. Subject
to the exceptions and limitations contained in this section, every person who is, or has been, a Trustee or officer of the Trust
or, at the Trust&rsquo;s request, serves, or has served, as a director, trustee or officer of another organization in which the
Trust has an interest as a shareholder, creditor or otherwise (hereinafter referred to as a &ldquo;Covered Person&rdquo;), shall
be indemnified by the Trust to the fullest extent permitted by applicable law, as in effect from time to time (&ldquo;Applicable
Law&rdquo;), against any and all liabilities and expenses, including amounts paid in satisfaction of judgments, in compromise or
settlement, or as fines and penalties, and counsel fees, incurred by or for such Covered Person in connection with the preparation
for, defense or disposition of, any claim, demand, action, suit, investigation, inquiry or proceeding of any and every kind, whether
actual or threatened (collectively, a &ldquo;Claim&rdquo;), in which such Covered Person becomes involved as a party or otherwise
by virtue of being or having been a Covered Person.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">No indemnification shall be provided hereunder
to a Covered Person to the extent such indemnification is prohibited by Applicable Law. In no event shall the Trust be obligated
to indemnify a Covered Person against liabilities to the Trust or any shareholder to which such Covered Person would otherwise
be subject by reason of the willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the
conduct of such Covered Person&rsquo;s office (collectively, &ldquo;Disabling Conduct&rdquo;).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The rights of indemnification herein provided
may be insured against by policies maintained by the Trust, shall be severable, shall not 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 such
Covered Person.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">To the maximum extent permitted by Applicable
Law, the Trust shall make advances for the payment of expenses reasonably incurred by or for a Covered Person in connection with
any Claim for which the Covered Person is entitled to indemnification by the Trust prior to final disposition thereof upon receipt
of an undertaking by or on behalf of the Covered Person to repay such amount if it is ultimately determined that such Covered Person
is not entitled to indemnification by the Trust.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">The
obligation of the Trust to indemnify a Covered Person and/or make advances for the payment of expenses incurred by or for such
Covered Person under this section may be made subject to conditions and procedures as the Trustees determine are necessary or appropriate
to protect the Trust from the risk that a Covered Person will ultimately be determined to be not entitled to indemnification hereunder.
Except as otherwise provided in such conditions and procedures, the Covered Person shall be entitled to the benefit of a rebuttable
presumption that the Covered Person has not engaged in Disabling Conduct and that the Covered Person is entitled to indemnification
hereunder.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify">Nothing contained in this
section 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 the acquisition of assets subject to liabilities or a merger
or consolidation, 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 section.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 3.&#9;<U>Indemnification of Shareholders</U>.
In case any shareholder or former shareholder shall be held to be personally liable solely by reason of his being or having been
a shareholder and not because of his acts or omissions or for some other reason, the shareholder or former shareholder (or his
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 the Trust estate to be held harmless from and indemnified against all loss
and expense arising from such liability. The Trust shall, upon request by the shareholder, assume the defense of any claim made
against any shareholder for any act or obligation of the Trust and satisfy any judgment thereon. A holder of shares of a series
shall be entitled to indemnification hereunder only out of assets allocated to that series.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">ARTICLE XIII</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Litigation, Limitation of Liability, Applicable
Law and Conflicts of Law</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">SECTION 1.&#9;<U>Litigation</U>. To the maximum extent permitted
by law, any exercise of power described in Section 2.18 of the Declaration of Trust shall be final, and binding on all persons
(including shareholders of the Trust).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">SECTION 2.&#9;<U>Derivative Actions</U>.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify">(A) The purpose of this
Article XIII, Section 2 is to protect the interests of the Trust and the shareholders of the Trust by establishing a process that
will permit legitimate inquiries and claims to be made and considered while avoiding the time, expense, distraction and other harm
that can be caused to the Trust and shareholders as a result of spurious shareholder demands and derivative actions. In addition
to any requirements applicable to shareholders of a Massachusetts business corporation that are not inconsistent with the terms
of this Declaration of Trust, a shareholder or shareholders may bring a derivative action on behalf of the Trust only in accordance
with the terms of this Article XIII, Section 2.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify">(B) Except to the extent
explicitly permitted under the federal securities laws, no shareholder or group of shareholders shall have the right to bring or
maintain any court action, proceeding or claim on behalf of the Trust or any series or class of shares of the Trust without first
making demand on the Trustees requesting the Trustees to bring or maintain such action, proceeding or claim. Such demand shall
not be excused under any circumstances, including claims of alleged interest on the part of the Trustees, unless the demanding
shareholder(s) make a specific showing that irreparable nonmonetary injury to the Trust or series or class of shares of the Trust
that the shareholder(s) could not reasonably have prevented would otherwise result. Such demand shall be mailed to the Secretary
of the Trust at the Trust&rsquo;s principal office and shall set forth with particularity the nature of the proposed court action,
proceeding or claim and the essential facts relied upon by the shareholder(s) to support the allegations made in the demand. Within
90 days of receipt of any such demand, the Trustees shall consider the merits of the claim and determine</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0pt; text-align: justify">whether commencing or maintaining a suit would
be in the best interests of the Trust or the affected series or class, as applicable.&nbsp; If, during this 90-day period, the
Trustees conclude that a determination as to the maintenance of a suit cannot reasonably be made within the 90-day period, the
Trustees may extend the 90-day period by a period of time that the Trustees consider will be sufficient to permit them to make
such a determination, not to exceed 60 calendar days from the end of the initial 90-day period. In their sole discretion, the Trustees
may submit the question of whether to proceed with the claim to a vote of shareholders of the Trust or a series or class of shares,
as appropriate. To the maximum extent permitted by law, any decision by the Trustees to bring, maintain or settle (or not to bring,
maintain or settle) such court action, proceeding or claim, or to submit the matter to a vote of shareholders, shall be final and
binding upon the shareholders.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify">(C) Any Trustee acting
in connection with any demand or any proceeding relating to a claim on behalf of or for the benefit of the Trust or any series
or class thereof who is not an &ldquo;interested person&rdquo; of the Trust within the meaning of Section 2(a)(19) of the 1940
Act shall be deemed to be independent and disinterested with respect to any actions taken in connection with any such demand, proceeding,
or claim. Without limiting the foregoing, a Trustee otherwise independent for purposes of considering the demand shall not be considered
not to be independent and disinterested by virtue of (i) the fact that such Trustee receives remuneration for his service as a
Trustee of the Trust or as a trustee or director of one or more investment companies with the same or an affiliated investment
adviser or underwriter, (ii) the amount of such remuneration, (iii) the fact that such Trustee was identified in the demand as
a potential defendant or witness or was named as a defendant in any derivative action, or (iv) the fact that the Trustee approved
or participated in the act being challenged in the demand if the act resulted in no material personal benefit to the Trustee or,
if the Trustee is also a shareholder, no material personal benefit that is not shared pro rata with other shareholders of the series
or class of which the Trustee is a shareholder.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify">(D) For purposes of this
Article XIII, Section 2, the Trustees may designate a committee to consider a demand by shareholders. Such committee (or the Trustees
in the absence of a committee) shall be entitled to retain counsel or other advisers in considering the merits of the demand.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 3.&#9;<U>Exclusive Right of Action</U>.
To the maximum extent permitted by law, each shareholder of the Trust acknowledges and agrees that any alleged injury to the Trust&rsquo;s
property, any diminution in the value of the shareholder&rsquo;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&rsquo;s officers or the investment adviser of the
Trust is a legal claim belonging only to the Trust and not to the shareholders individually. Accordingly, all shareholders shall
be bound to bring any and all such claims pursuant only to the provisions of Article XIII, Section 2. The shareholders acknowledge
that, for these purposes, the Trust is deemed to be a separate and distinct legal entity.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 4.&#9;<U>Direct Claims</U>. No group
of shareholders shall have the right to bring or maintain a direct action or claim for monetary damages against the Trust or the
Trustees predicated upon an express or implied right of action under the Declaration of Trust or the 1940 Act, nor shall any single
shareholder, who is similarly situated to one or more other shareholders with respect to the alleged injury, have the right to
bring such an action, unless such group of shareholders or shareholder has obtained authorization from the Trustees to bring the
action. The requirement of authorization shall not be excused under any circumstances, including claims of alleged interest on
the part of the Trustees. A request for authorization shall be mailed to the Secretary of the Trust at the Trust&rsquo;s principal
office and shall set forth with particularity the nature of the proposed court action, proceeding or claim and the essential facts
relied upon by the group of shareholders or shareholder to support the allegations made in the request. The Trustees shall consider
such request within 90 days of its receipt by the Trust. In their sole discretion, the Trustees may submit the matter to a vote
of shareholders of the Trust or series or class of shares, as appropriate. Any decision by the Trustees to settle or to authorize
(or not to settle or to authorize) such court action, proceeding or claim, or to submit the matter to a vote of shareholders, shall
be made in their business judgment and shall be binding on all shareholders.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 5. &#9;<U>No Implied Duties or Liabilities</U>.
Except to the extent required by applicable law or expressly stated herein, nothing in the Declaration of Trust or these By-Laws
shall be deemed to create any fiduciary duty or other legal obligation (a) on the part of the Trustees or Trust officers to the
Trust, the shareholders or any other Person; or (b) on the part of the Trust to any person.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 6.&#9;<U>Applicable Law</U>. The Trust
is governed by and construed and administered according to the laws of the Commonwealth of Massachusetts. The Trust is of the type
commonly called a Massachusetts business trust, and without limiting the provisions hereof, the Trust may exercise all powers which
are ordinarily exercised by such a trust. Any suit, action or proceeding brought by or in the right of any shareholder of the Trust
or any person claiming any interest in any shares of the Trust seeking to enforce any provision of, or based on any matter arising
out of, related to, or in connection with, the Declaration of Trust or the Trust, any series or class or any shares of the Trust,
including without limitation any claim (whether direct, derivative or otherwise) of any nature against or on behalf of the Trust,
any series or class, the Trustees or officers of the Trust or the investment adviser of the Trust, shall be brought exclusively
in the United States District Court for the District of Massachusetts, or to the extent such court does not have jurisdiction than
such actions and/or claims, shall be brought in the Superior Court of Suffolk County for the Commonwealth of Massachusetts. If
a shareholder or group of shareholders bring a claim in a jurisdiction other than as specified above, and venue for such claim
is subsequently changed through legal process to the United States District Court for the District of Massachusetts or the Superior
Court of Suffolk County for the Commonwealth of Massachusetts, such shareholder(s) shall reimburse all expenses incurred by the
Trust or any other person in effecting such change of venue.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 7.&#9;<U>Provisions in Conflict with
Law or Regulations</U>.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify">(A) The provisions of the
Declaration of Trust and By-Laws are severable, and if the Trustees shall determine, with the advice of legal counsel, that any
of such provisions is in conflict with the 1940 Act, the Internal Revenue code of 1986 or with other applicable laws and regulations,
the conflicting provision shall be deemed never to have constituted a part of the Declaration of Trust or By-Laws, as applicable;
provided, however, that such determination shall not affect any of the remaining provisions of the Declaration of Trust or By-Laws
or render invalid or improper any action taken or omitted prior to such determination.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify">(B) If any provision of
the Declaration of Trust or By-Laws 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 provisions in any other jurisdiction
or any other provision of the Declaration of Trust or By-Laws in any jurisdiction.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">ARTICLE XIV</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Control Share Acquisitions</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">SECTION 1.&#9;<U>Certain Definitions</U>. As used in this Article
XIV, the following terms have the meanings specified below:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(a) &ldquo;Associate&rdquo; means, with respect
to any Person, any person who directly or indirectly controls or is controlled by, or is under common control with, such Person,
&ldquo;control,&rdquo; as used in this definition meaning the possession, direct or indirect, of the power to direct or cause the
direction of the management or policies of a Person, whether through the ownership of voting securities, by contract or otherwise;
any corporation or organization of which such Person is an officer, director or partner or in which such Person performs a similar
function; any direct or indirect Beneficial Owner of ten percent (10%) or more of any class of equity securities of such Person;
any trust or estate in which such Person has a beneficial interest not represented by transferable shares or as to which such Person
serves as trustee or in a similar fiduciary capacity; any relative or spouse of such Person, or any relative of such spouse, any
one of whom has the same residence as such Person or who is a Trustee or officer of the Trust or any of its affiliates; any person
who is acting or intends to act jointly or in concert with such Person in a Control Share Acquisition; and any &ldquo;affiliated person&rdquo; of such Person,
as such term is defined in Section 2(a)(3) of the 1940 Act.</P>


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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify">(b) &ldquo;Beneficial Ownership&rdquo;
means the sole or shared power to dispose or direct the disposition of shares of the Trust or the sole or shared power to vote
or to direct the voting of shares, whether such power is direct or indirect or through any contract, arrangement, understanding,
relationship or otherwise. A Person shall not be deemed to be a Beneficial Owner of shares of the Trust as to which such Person
may exercise voting power solely by virtue of a revocable proxy conferring the right to vote. A member of a national securities
exchange shall not be deemed to be a Beneficial Owner of shares of the Trust held directly or indirectly by it on behalf of another
Person solely because such member is the record holder of such securities and, pursuant to the rules of such exchange, may direct
the vote of such shares, without instruction, on other than contested matters or matters that may affect substantially the rights
or privileges of the holders of the shares to be voted but is otherwise precluded by the rules of such exchange from voting without
instructions.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 0 0; text-indent: 0.5in; text-align: justify">(c)(1) &ldquo;Control
Share Acquisition&rdquo; means the acquisition by any Person of Beneficial Ownership of shares of the Trust, other than preferred
shares of a series existing as of August 13, 2020 (&ldquo;Existing Preferred Shares&rdquo;), which, but for the provisions of this
Article XIV, would have voting rights and which, when added to all other shares of the Trust beneficially owned by such Person
(excluding Existing Preferred Shares but including shares otherwise included in the categories enumerated in Section 1(c)(2)(i)
through (vi) below), would entitle such Person, upon acquisition of such shares, to vote or direct the voting of shares of the
Trust having voting power in the election of Trustees (except for elections of Trustees by preferred shareholders of the Trust
voting as a separate class) within any of the following ranges of such voting power:</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">(i) One-tenth or more, but less than one-fifth of all
voting power;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">(ii) One-fifth or more, but less than one-third of all
voting power;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">(iii) One-third or more, but less than a majority of all
voting power; or</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">(iv) A majority or more of all voting power.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Subject to Section 1(c)(2) below, with respect
to any Control Share Acquisition by a Person, the following shares of the Trust, other than any Existing Preferred Shares, shall
be deemed to have been acquired in the same Control Share Acquisition for purposes of this Article XIV: (a) all shares the Beneficial
Ownership of which is acquired by such Person within ninety (90) days before the date on which such Person makes an acquisition
of Beneficial Ownership of shares that results in such Control Share Acquisition; and (b) all shares the Beneficial Ownership of
which is acquired by such Person within the range of voting power (specified in this Section 1(c)(1)) to which the Control Share
Acquisition is subject at any time after the date on which such Person makes an acquisition of Beneficial Ownership of shares that
results in such Control Share Acquisition but prior to the authorization by shareholders of such Person&rsquo;s voting rights with
respect to such Control Share Acquisition in accordance with Section 4 of this Article XIV.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(2) A Control Share Acquisition shall not include
the acquisition of Beneficial Ownership of shares acquired:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">(i) before August 13, 2020, provided, for the avoidance
of doubt, that shares of the Trust acquired before August 13, 2020 shall, pursuant to Section 1(c)(1) above, be added to shares
of the Trust the Beneficial Ownership of which is acquired after August 13, 2020 for purposes of determining whether a Control
Share Acquisition has taken place or will take place following August 13, 2020;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">(ii) pursuant to a contract to acquire shares existing
before August 13, 2020;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">(iii) by will or pursuant to the laws of descent and distribution;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">(iv) pursuant to the satisfaction of a pledge or other
security interest created in good faith and not for the purpose of circumventing the provisions of this Article XIV;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">(v) pursuant to a tender offer, merger or consolidation,
but only if such tender offer, merger or consolidation is pursuant to an agreement to which the Trust is a party and has been approved
by such proportion of the Board of Trustees, and/or shareholders of the Trust as is required pursuant to the Declaration of Trust
or By-Laws; or</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">(vi) through any other transaction that is declared to
be exempt from the provisions of this Article XIV by vote of a majority of the Board of Trustees, whether such vote is taken before,
at the time of or after such transaction.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 0 0; text-indent: 0.5in; text-align: justify">(3) The acquisition
of Beneficial Ownership of shares of the Trust does not constitute a Control Share Acquisition if the acquisition is made by a
Person whose voting rights with respect to shares of the Trust were previously authorized by the shareholders of the Trust in compliance
with this Article XIV, unless such acquisition, when added to all other shares of the Trust beneficially owned by the Person making
such acquisition, other than any Existing Preferred Shares, would entitle such acquiring Person to vote or direct the voting of
shares of the Trust having voting power in the election of Trustees in excess of the range of voting power within which all shares
beneficially owned by such Person whose voting rights were previously so authorized had voting power immediately following such
authorization.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(d) &ldquo;Control Share Acquisition Statement&rdquo;
means a statement satisfying the requirements of Section 2 below.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(e) &ldquo;Interested Shares&rdquo; means shares
of the Trust that are beneficially owned by:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 49.5pt; text-indent: -13.5pt">(i) any Person who has acquired
Beneficial Ownership of shares of the Trust in a Control Share Acquisition;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">(ii) any officer of the Trust; or</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">(iii) any employee of the Trust or the Trust&rsquo;s investment
adviser who is also a Trustee of the Trust.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">For the avoidance of doubt, any Person whose
voting rights in connection with a Control Share Acquisition are subject to a shareholder vote at a meeting of shareholders pursuant
to Section 3 shall be deemed to hold Interested Shares with respect to any shareholder vote at such meeting on voting rights in
connection with a Control Share Acquisition by any other Person.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(f) &ldquo;Person&rdquo; means any individual,
corporation, partnership, unincorporated association or other entity or any Associate of such Person.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">SECTION 2.&#9;<U>Delivery of Control Share Acquisition Statement</U>.
Any Person who has acquired shares in a Control Share Acquisition may deliver a Control Share Acquisition Statement to the Secretary
of the Trust at the principal executive offices of the Trust personally or by certified mail. The Control Share Acquisition Statement
shall set forth all of the following:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">(i) the identity of such Person and any Associate of such
Person who has acquired Beneficial Ownership of shares of the Trust;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">(ii) a statement that such Control Share Acquisition Statement
is being made and delivered pursuant to the provisions of this Article XIV;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">(iii) the number and class or series of shares of the
Trust beneficially owned by such Person and each Associate of such Person prior to the Control Share Acquisition;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">(iv) the number and class or series of shares acquired
by such Person pursuant to the Control Share Acquisition and the range of voting power to which the Control Share Acquisition is
subject pursuant to the provisions of Section (1)(c)(1) above; and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">(v) a description of the terms and conditions of the Control
Share Acquisition, including but not limited to the prices paid by such Person in the Control Share Acquisition and the dates upon
which the shares were acquired.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">SECTION 3.&#9;<U>Meeting of Shareholders</U>. (a) If the Person
delivering the Control Share Acquisition Statement so demands in writing contemporaneously with the delivery of such Control Share
Acquisition Statement, consideration of the voting rights to be authorized for the shares acquired in the Control Share Acquisition
shall be presented (i) if the Trust is required to hold annual meetings of shareholders pursuant to state law or applicable rules
of a national securities exchange on which the Trust&rsquo;s shares are listed for trading, at the next meeting of the Trust&rsquo;s
shareholders notice of which has not been given prior to the receipt by the Trust of the Control Share Acquisition Statement, whether
such meeting is an annual meeting, special meeting in lieu of an annual meeting or special meeting (and provided that the Board
of Trustees shall have no obligation to call such a meeting for the sole purpose of considering the voting rights in connection
with a Control Share Acquisition) or (ii) if the Trust is not required to and does not hold annual meetings of shareholders, at
a special meeting of shareholders, which shall be called by the Board of Trustees and shall be held no later than six months following
the delivery of such demand. A demand delivered pursuant to the preceding sentence shall not be considered a notice of shareholder
proposal for purposes of Article IV, Section 8 of these By-Laws and shall not be subject to the associated informational requirements
or deadlines. Such demand shall not be effective unless accompanied by an undertaking by the Person making such demand to pay,
if requested by the Trust, the reasonable expenses incurred by the Trust arising from or relating to the consideration of the voting
rights of such Person at a shareholder meeting, but not including the expenses of the Trust incurred in opposing a vote to authorize
voting rights for the shares acquired in the Control Share Acquisition. The Trust shall have no obligation to, but may, include
the consideration of voting rights for the shares acquired in a Control Share Acquisition in its own proxy statement for any shareholder
meeting. The Trustees may require the acquiring Person to give bond, with sufficient surety, or may require such Person to deposit
cash in escrow to reasonably assure the Trust that this undertaking will be satisfied. For the avoidance of doubt, a demand delivered
pursuant to this Section shall be limited to the consideration of the voting rights to be authorized for only those shares acquired
within the range of voting power to which the Control Share Acquisition is subject pursuant to the provisions of Section (1)(c)(1)
above, and any shares acquired in excess of such range shall constitute a separate Control Share Acquisition with respect to the
next range of voting power and, therefore, shall be treated separately for purposes applying the provisions of this Article XIV.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(b) The notice to the shareholders of the Trust
of any annual meeting, special meeting in lieu of an annual meeting or special meeting at which the voting rights to be accorded
shares acquired in a Control Share Acquisition are to be considered shall be directed to all shareholders of record of the Trust
entitled to vote on such matter as of the record date set for such meeting. Such notice may include or be accompanied by a copy
of the Control Share Acquisition Statement received by the Trust pursuant to this Article XIV, and such other information as the
Trust deems appropriate.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(c) A Person whose voting rights with respect
to shares acquired in a Control Share Acquisition are considered at a meeting of shareholders of the Trust with respect to one
of the four ranges of voting power specified in Section 1(c)(1) above and not approved may not demand shareholder consideration
of its voting rights in connection with a Control Share Acquisition with respect to the same range of voting power at any subsequent
shareholder meeting held within two calendar years of the initial meeting at which such Person&rsquo;s voting rights were considered
with respect to such range. For the avoidance of doubt, such Person shall not have voting rights with respect to such shares except
to the extent approved at a future meeting held after the expiration of such two-year period and, after the expiration of such
two-year</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0pt">period, such Person may deliver a Control Share Acquisition Statement
(in accordance with Section 2 above) with respect to such shares (and/or any other shares acquired in a Control Share Acquisition
with respect to the same range of voting power) and may demand shareholder consideration of the voting rights to be authorized
for such shares (in accordance with Section 3(a) above).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">SECTION 4.&#9;<U>Authorization of Voting Rights</U>. The Beneficial
Owner of shares acquired in a Control Share Acquisition shall have the same voting rights with respect to those shares as the Beneficial
Owners of all other shares of the same class or series of the Trust only to the extent authorized by vote of shareholders of the
Trust at an annual meeting, special meeting in lieu of an annual meeting or special meeting at which such authorization is considered
pursuant to Section 3(a) above. At any such meeting, such authorization shall be considered prior to any other matter that is subject
to a shareholder vote, and such authorization shall require the affirmative vote of the holders of a majority of the shares entitled
to vote generally in the election of Trustees, excluding Interested Shares. For the avoidance of doubt, Interested Shares shall
be disregarded for determining a quorum and shall not be entitled to vote with respect to such authorization. If no such vote is
adopted, (a) the Beneficial Owner of such shares shall not have &ldquo;voting power&rdquo; within the meaning of Article IV, Section
5 of these By-Laws, such shares shall not be &ldquo;entitled to vote&rdquo; on any matters within the meaning of Article V, Section
5.2 of the Declaration of Trust and the Beneficial Owner of such shares shall not otherwise have voting rights with respect to
such shares with respect to any matter pursuant to these By-Laws or the Declaration of Trust, and (b) such shares shall not be
considered &ldquo;present&rdquo; or &ldquo;entitled to vote&rdquo; for purposes of determining quorum pursuant to Article IV, Section
4 of these By-Laws. Such shares may be voted upon transfer of Beneficial Ownership of such shares to another Person unless such
transfer constitutes a Control Share Acquisition by the acquirer, in which event the ability of the acquirer to vote such shares
shall be subject to the provisions of this Article XIV.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">SECTION 5.&#9;<U>Persons Required to Provide Information; Interpretation</U>.
(a) Each Person who owns shares of the Trust either beneficially or of record shall provide to the Trust such information as the
Trust may request as is necessary for the Trust to apply the provisions in this Article XIV.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">(b) Upon approval by a majority of the Board of Trustees, the Board
of Trustees may adopt policies, procedures or resolutions to supply any omission, cure any ambiguity or correct or supplement any
defective or inconsistent provisions contained in this Article XIV. Any interpretation of any term or provision contained in this
Article XIV made by the Trustees in good faith shall be conclusive and binding upon all shareholders of the Trust.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">ARTICLE XV</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Report to Shareholders</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 1.&#9;<U>Reports to Shareholders</U>.
The Trustees shall at least semi-annually transmit by written, electronic, computerized or other alternative means to the shareholders
a written report of the financial statements of the Trust, which shall at least annually be certified by independent public accountants.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">ARTICLE XVI</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Amendments</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 1.&#9;<U>Amendments</U>. These By-Laws
may be amended at any meeting of the Trustees by a vote of a majority of the Trustees then in office; provided, however, that any
provision of Article XII may be amended only by a two-thirds vote of such Trustees.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3.95pt 124.95pt 0 0">Dated: August 13, 2020</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Appendix I</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 6.15pt 0 6.25pt; text-align: center; text-indent: -0.1pt"><B>STATEMENT
CREATING MULTIPLE SERIES OF VARIABLE RATE TERM PREFERRED SHARES; DESIGNATION OF SERIES C-1 VRTP SHARES, SERIES C-2 VRTP SHARES,
SERIES C-3 VRTP SHARES, SERIES C-4 VRTP SHARES, SERIES L-1 VRTP SHARES AND SERIES L-2 VRTP SHARES</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.35pt 0 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 10.25pt 0 5.95pt; text-align: justify; text-indent: 0.5in">Series
C-1: A series of up to 800 preferred shares, par value $0.01 per share, liquidation preference $100,000 per share, is hereby authorized
and designated as the &ldquo;Series C-1 Variable Rate Term Preferred Shares&rdquo; and also referred to herein as the &ldquo;<U>Series
C-1 VRTP Shares</U>&rdquo; (and such series and any other series of Variable Rate Term Preferred Shares authorized and designated
herein or hereafter authorized and designated being referred to herein as a &ldquo;<U>Series</U>,&rdquo; a &ldquo;<U>Series of
VRTP Shares</U>&rdquo; or &ldquo;<U>VRTP Shares of a Series</U>,&rdquo; and shares of all such Series being referred to herein,
individually, as a &ldquo;<U>VRTP Share</U>&rdquo; and, collectively, as the &ldquo;<U>VRTP Shares</U>&rdquo;).Shares of Series
C-1 VRTP Shares shall be issued on one or more dates determined by the Board of Trustees of the Trust or pursuant to their delegated
authority; have, in the case of the initial issuance of Series C-1 VRTP Shares, a Dividend Rate equal to the &ldquo;Index Rate&rdquo;
plus 1.45% per annum for the first Dividend Period; and have such other preferences, voting powers, limitations as to dividends,
qualifications and terms and conditions of issuance, cancellation and redemption and such other terms, in addition to those required
by applicable law or as set forth in the Declaration of Trust, as set forth in this Amendment, including Appendix A hereto. The
Series C-1 VRTP Shares shall constitute a separate series of preferred shares of the Trust and each share of Series C-1 VRTP Shares
shall be identical. Any reference to a &ldquo;Series of VRTP Shares&rdquo; herein shall be deemed to include a reference to the
Series C-1 VRTP Shares and any reference to the Series C-1 VRTP Shares or other terms designated above specifically with respect
to the Series C-1 VRTP Shares shall be deemed to apply only to such Series of VRTP Shares and not to any other Series of VRTP Shares.
Except as otherwise provided with respect to any additional Series of VRTP Shares, the terms and conditions of this Amendment apply
to each Series of VRTP Shares.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.45pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 6.3pt 0 5.95pt; text-align: justify; text-indent: 0.5in">Series C-2:
A series of up to 800 preferred shares, par value $0.01 per share, liquidation preference $100,000 per share, is hereby authorized
and designated as the &ldquo;Series C-2 Variable Rate Term Preferred Shares&rdquo; and also referred to herein as the &ldquo;<U>Series
C-2 VRTP Shares</U>.&rdquo; Shares of Series C-2 VRTP Shares shall be issued on one or more dates determined by the Board of Trustees
of the Trust or pursuant to their delegated authority and have such preferences, voting powers, limitations as to dividends, qualifications
and terms and conditions of issuance, cancellation and redemption and such other terms, in addition to those required by applicable
law or as set forth in the Declaration of Trust, as set forth in this Amendment, including Appendix B hereto. The Series C-2 VRTP
Shares shall constitute a separate series of preferred shares of the Trust and each share of Series C-2 VRTP Shares shall be identical.
Any reference to a &ldquo;Series of VRTP Shares&rdquo; herein shall be deemed to include a reference to the Series C-2 VRTP Shares
and any reference to the Series C-2 VRTP Shares or other terms designated above specifically with respect to the Series C-2 VRTP
Shares shall be deemed to apply only to such Series of VRTP Shares and not to any other Series of VRTP Shares. Except as otherwise
provided with respect to any additional Series of VRTP Shares, the terms and conditions of this Amendment apply to each Series
of VRTP Shares.</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3.8pt 6.3pt 0 5.95pt; text-align: justify; text-indent: 0.5in">Series
C-3: A series of up to 800 preferred shares, par value $0.01 per share, liquidation preference $100,000 per share, is hereby authorized
and designated as the &ldquo;Series C-3 Variable Rate Term Preferred Shares&rdquo; and also referred to herein as the &ldquo;<U>Series
C-3 VRTP Shares</U>.&rdquo; Shares of Series C-3 VRTP Shares shall be issued on one or more dates determined by the Board of Trustees
of the Trust or pursuant to their delegated authority and have such preferences, voting powers, limitations as to dividends, qualifications
and terms and conditions of issuance, cancellation and redemption and such other terms, in addition to those required by applicable
law or as set forth in the Declaration of Trust, as set forth in this Amendment, including Appendix C hereto. The Series C-3 VRTP
Shares shall constitute a separate series of preferred shares of the Trust and each share of Series C-3 VRTP Shares shall be identical.
Any reference to a &ldquo;Series of VRTP Shares&rdquo; herein shall be deemed to include a reference to the Series C-3 VRTP Shares
and any reference to the Series C-3 VRTP Shares or other terms designated above specifically with respect to the Series C-3 VRTP
Shares shall be deemed to apply only to such Series of VRTP Shares and not to any other Series of VRTP Shares. Except as otherwise
provided with respect to any additional Series of VRTP Shares, the terms and conditions of this Amendment apply to each Series
of VRTP Shares.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.55pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 6.3pt 0 5.95pt; text-align: justify; text-indent: 0.5in">Series C-4:
A series of up to 800 preferred shares, par value $0.01 per share, liquidation preference $100,000 per share, is hereby authorized
and designated as the &ldquo;Series C-4 Variable Rate Term Preferred Shares&rdquo; and also referred to herein as the &ldquo;<U>Series
C-4 VRTP Shares</U>.&rdquo; Shares of Series C-4 VRTP Shares shall be issued on one or more dates determined by the Board of Trustees
of the Trust or pursuant to their delegated authority and have such preferences, voting powers, limitations as to dividends, qualifications
and terms and conditions of issuance, cancellation and redemption and such other terms, in addition to those required by applicable
law or as set forth in the Declaration of Trust, as set forth in this Amendment, including Appendix D hereto. The Series C-4 VRTP
Shares shall constitute a separate series of preferred shares of the Trust and each share of Series C-4 VRTP Shares shall be identical.
Any reference to a &ldquo;Series of VRTP Shares&rdquo; herein shall be deemed to include a reference to the Series C-4 VRTP Shares
and any reference to the Series C-4 VRTP Shares or other terms designated above specifically with respect to the Series C-4 VRTP
Shares shall be deemed to apply only to such Series of VRTP Shares and not to any other Series of VRTP Shares. Except as otherwise
provided with respect to any additional Series of VRTP Shares, the terms and conditions of this Amendment apply to each Series
of VRTP Shares.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.45pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 6.3pt 0 5.95pt; text-align: justify; text-indent: 0.5in">Series L-1:
A series of up to 800 preferred shares, par value $0.01 per share, liquidation preference $100,000 per share, is hereby authorized
and designated as the &ldquo;Series L-1 Variable Rate Term Preferred Shares&rdquo; and also referred to herein as the &ldquo;<U>Series
L-1 VRTP Shares</U>.&rdquo; Shares of Series L-1 VRTP Shares shall be issued on one or more dates determined by the Board of Trustees
of the Trust or pursuant to their delegated authority and have such preferences, voting powers, limitations as to dividends, qualifications
and terms and conditions of issuance, cancellation and redemption and such other terms, in addition to those required by applicable
law or as set forth in the Declaration of Trust, as set forth in this Amendment, including Appendix E hereto. The Series L-1 VRTP
Shares shall constitute a separate series of preferred shares of the Trust and each share of Series L-1 VRTP Shares shall be identical.
Any reference to a &ldquo;Series of VRTP Shares&rdquo; herein shall be deemed to include a reference to the Series L-1 VRTP Shares
and any reference to the Series L-1 VRTP Shares or other terms designated above specifically with respect to the Series L-1 VRTP
Shares shall be deemed to apply only to such Series of VRTP Shares and not to any other Series of VRTP Shares. Except as otherwise
provided with respect to any additional Series of VRTP Shares, the terms and conditions of this Amendment apply to each Series
of VRTP Shares.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 6.3pt 0 6pt; text-align: justify; text-indent: 0.5in">Series
L-2: A series of up to 800 preferred shares, par value $0.01 per share, liquidation preference $100,000 per share, is hereby authorized
and designated as the &ldquo;Series L-2 Variable Rate Term Preferred Shares&rdquo; and also referred to herein as the &ldquo;<U>Series
L-2 VRTP Shares</U>.&rdquo; Shares of Series L-2 VRTP Shares shall be issued on one or more dates determined by the Board of Trustees
of the Trust or pursuant to their delegated authority and have such preferences, voting powers, limitations as to dividends, qualifications
and terms and conditions of issuance, cancellation and redemption and such other terms, in addition to those required by applicable
law or as set forth in the Declaration of Trust, as set forth in this Amendment,</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 6.3pt 0 6pt; text-align: justify; text-indent: 0pt">including Appendix F hereto.
The Series L-2 VRTP Shares shall constitute a separate series of preferred shares of the Trust and each share of Series L-2 VRTP
Shares shall be identical. Any reference to a &ldquo;Series of VRTP Shares&rdquo; herein shall be deemed to include a reference
to the Series L-2 VRTP Shares and any reference to the Series L-2 VRTP Shares or other terms designated above specifically with
respect to the Series L-2 VRTP Shares shall be deemed to apply only to such Series of VRTP Shares and not to any other Series of
VRTP Shares. Except as otherwise provided with respect to any additional Series of VRTP Shares, the terms and conditions of this
Amendment apply to each Series of VRTP Shares.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 15.1pt 0 6pt; text-align: justify; text-indent: 0.5in">The number
of VRTP Shares which the Board of Trustees has initially authorized for issuance is up to eight-hundred (800) and the aggregate
number of VRTP Shares outstanding at any time shall not exceed eight-hundred (800).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 124.95pt 0; text-align: center"><B>DEFINITIONS</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.35pt 0 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 7.85pt 0 5.95pt; text-align: justify; text-indent: 0.5in">Unless
the context or use indicates another or different meaning or intent and except with respect to any Series as specifically provided
in the Appendix applicable to such Series, each of the following terms when used in this Amendment shall have the meaning ascribed
to it below, whether such term is used in the singular or plural and regardless of tense:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.4pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 42pt; text-align: justify">&ldquo;<U>1940 Act</U>&rdquo; means
the Investment Company Act of 1940, as amended, or any successor</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">statute.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 42pt; text-align: justify">&ldquo;<U>1940 Act Asset Coverage</U>&rdquo;
means &ldquo;asset coverage,&rdquo; as defined in Section 18(h) of the</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 7.75pt 0 6pt; text-align: justify">1940 Act, of at least 200% with
respect to all outstanding senior securities of the Trust which are shares of stock for purposes of the 1940 Act, including all
outstanding VRTP Shares (or such other asset coverage as may in the future be specified in or under the 1940 Act or by rule, regulation
or order of the SEC as the minimum asset coverage for senior securities which are shares of stock of a closed-end investment company
as a condition of declaring dividends on its common stock).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 19.8pt 0 6pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>Adviser</U>&rdquo;
means Eaton Vance Management, a direct subsidiary of Eaton Vance Corp., together with its permitted successors and assigns.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 42pt; text-align: justify">&ldquo;<U>Affected Person</U>&rdquo;
shall have the meaning set forth in Appendix E.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 42pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3.8pt 19.1pt 0 6pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>Agent</U>&rdquo;
means Barclays Bank PLC, as successor to Citibank as agent for certain of the Designated Owners pursuant to the Purchase Agreement.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 10.75pt 0 6pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>Agent
Member</U>&rdquo; means a Person with an account at the Securities Depository that holds one or more VRTP Shares through the Securities
Depository, directly or indirectly, for a Designated Owner and that will be authorized and instructed, directly or indirectly,
by a Designated Owner to disclose information to the Redemption and Paying Agent with respect to such Designated Owner.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.45pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 5.1pt 0 6pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>Amendment</U>&rdquo;
means this Amendment No. X to the By-Laws, as it may be amended from time to time in accordance with its terms.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 46.45pt 0 6pt; text-align: justify; text-indent: 0.5in"><U>&ldquo;Appendix</U>&rdquo;
means each Appendix attached hereto from time to time relating to a particular Series of VRTP Shares.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 7.85pt 0 5.95pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>Applicable
Spread</U>&rdquo; means, with respect to any Dividend Period for any Series of VRTP Shares, the percentage per annum set forth
in the table directly below opposite the lowest applicable credit rating assigned to such Series by any Rating Agency on the Rate
Determination Date for such Dividend Period.</P>


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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.05pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="border: black 1pt solid; padding-right: 175.2pt; padding-left: 175.45pt; text-align: center; line-height: 12.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Long-Term Ratings*</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.35pt; line-height: 12.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Moody&rsquo;s</B></FONT></TD>
    <TD STYLE="width: 30%; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-left: 5.35pt; line-height: 12.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>S&amp;P</B></FONT></TD>
    <TD STYLE="width: 36%; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-left: 5.4pt; line-height: 12.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Applicable Spread (5 year)**</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.35pt; line-height: 12.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Aaa to Aa3</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.35pt; line-height: 12.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">AAA to AA-</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; line-height: 12.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.75%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.35pt; line-height: 12.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">A1</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.35pt; line-height: 12.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">A+</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; line-height: 12.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.00%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.35pt; line-height: 12.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">A2</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.35pt; line-height: 12.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">A</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; line-height: 12.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.29%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.35pt; line-height: 12.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">A3</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.35pt; line-height: 12.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">A-</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; line-height: 12.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.56%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.35pt; line-height: 12.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Baa1 to Baa3</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.35pt; line-height: 12.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">BBB+ to BBB-</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; line-height: 12.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.10%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.35pt; line-height: 12.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Below Investment Grade</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.35pt; line-height: 12.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Below Investment Grade</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; line-height: 12.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.80%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 5.05pt 0 5.35pt; text-align: justify">*And/or the equivalent long-term
        rating of any Other Rating Agency then rating the relevant Series of VRTP Shares, in all cases utilizing the lowest of the ratings
        of the Rating Agency or Rating Agencies then rating such Series.</P>
        <P STYLE="font: 11pt/13.8pt Times New Roman, Times, Serif; margin: 0 5.2pt 0 5.35pt; text-align: justify">**On any day on which
        an Increased Rate Event is continuing, the Dividend Rate shall equal the Increased Rate.</P></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 6pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>Approved
Pricing Service</U>&rdquo; means any of the following pricing services: Bloomberg, Bridge Information Services, Data Resources
Inc., Interactive Data Services, International Securities Market Association, Merrill Lynch Securities Pricing Service, Muller
Data Corp., Thomson Reuters Pricing Service, Telerate, Markit Partners or Pricing Direct.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3.8pt 21.8pt 0 6pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3.8pt 21.8pt 0 6pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>Asset
Coverage</U>&rdquo; means &ldquo;asset coverage,&rdquo; as defined for purposes of Section 18(h) of the 1940 Act as in effect on
the date hereof, with respect to all outstanding senior securities of the Trust which are shares of stock for purposes of the 1940
Act, including all Outstanding VRTP Shares, determined on the basis of values calculated as of a time within 48 hours (only including
Business Days) next preceding the time of such determination.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 18.1pt 0 6pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>Asset
Coverage Cure Date</U>&rdquo; means, with respect to the failure by the Trust to maintain Asset Coverage of at least 225% as of
the close of business on a Business Day (as required by <U>Section 2.4(a)</U>), the close of business on the date that is five
(5) Business Days following such Business Day.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.45pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 14.3pt 0 6pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>Auction
Preferred Shares</U>&rdquo; means any series of auction rate preferred shares issued by the Trust pursuant to Section 5.1 of Article
VI of the Declaration of Trust and Article VII of the By-Laws (prior to giving effect to this Amendment), and for which the per
annum rate of cash dividends payable to holders of such shares are determined periodically pursuant to the auction procedures set
forth in paragraph 10 of Article VII of the By-Laws (prior to giving effect to this Amendment).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 42pt; text-align: justify">&ldquo;<U>Bank Rate</U>&rdquo; shall
have the meaning set forth in Appendix E.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 15.4pt 0 6pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>Below
Investment Grade</U>&rdquo; means, with respect to any Series of VRTP Shares and as of any date, the following ratings with respect
to each Rating Agency (to the extent it is a Rating Agency on such date):</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 5.85pt 0 42pt; text-indent: 0.5in"><FONT STYLE="font-size: 12pt; letter-spacing: -0.15pt">(i)</FONT><FONT STYLE="font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>lower than &ldquo;BBB-&rdquo; in the case of S&amp;P and lower than &ldquo;Baa3&rdquo;, in the case of Moody&rsquo;s; and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 5.8pt 0 42pt; text-indent: 0.5in"><FONT STYLE="font-size: 12pt; letter-spacing: -0.15pt">(ii)</FONT><FONT STYLE="font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>lower than the long-term rating equivalent to the credit ratings set forth in clause (i), in the case of any Other Rating
Agency.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 30.65pt 0 6pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>Board
of Trustees</U>&rdquo; means the Board of Trustees of the Trust or any duly authorized committee thereof as permitted by applicable
law.</P>


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<P STYLE="font: 11pt/25.5pt Times New Roman, Times, Serif; margin: 0.3pt 9pt 0 42pt; text-align: justify">&ldquo;<U>Bond Asset</U>&rdquo;
means any asset that is a direct interest in a corporate bond obligation.</P>

<P STYLE="font: 11pt/25.5pt Times New Roman, Times, Serif; margin: 0.3pt 9pt 0 42pt; text-align: justify">&ldquo;<U>Business Day</U>&rdquo;
means any day on which (i) banks are not authorized or required to close</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.25pt 31.9pt 0 5.95pt; text-align: justify">in New York, New York
and the NYSE is not authorized or required to close and (ii) if this definition of &ldquo;Business Day&rdquo; is utilized in connection
with the Eurodollar Rate, dealings are carried out in the London interbank market.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/186% Times New Roman, Times, Serif; margin: 0 72.45pt 0 41.95pt; text-align: justify">&ldquo;<U>By-Laws</U>&rdquo;
means the By-Laws of the Trust, as amended from time to time.</P>

<P STYLE="font: 11pt/186% Times New Roman, Times, Serif; margin: 0 72.45pt 0 41.95pt; text-align: justify">&ldquo;<U>CAFCO</U>&rdquo; means CAFCO, LLC and its
successors.</P>

<P STYLE="font: 11pt/186% Times New Roman, Times, Serif; margin: 0 171pt 0 42pt; text-align: justify">&ldquo;<U>CHARTA</U>&rdquo;
means CHARTA, LLC and its successors. &ldquo;<U>CIESCO</U>&rdquo; means CIESCO, LLC and its successors.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3.8pt 0 0 42pt; text-align: justify">&ldquo;<U>Citibank</U>&rdquo;
means Citibank, N.A. and its successors.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 42pt; text-align: justify">&ldquo;<U>Code</U>&rdquo; means the
Internal Revenue Code of 1986, as amended.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 15.1pt 0 6pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>Common
Shares</U>&rdquo; means the common shares of the Trust that do not have priority over any other class or series of shares as to
distributions of assets or payments of dividends.</P>

<P STYLE="font: 11pt/25.5pt Times New Roman, Times, Serif; margin: 0.3pt 31.35pt 0 42pt; text-align: justify">&ldquo;<U>Compliance
Date</U>&rdquo; shall have the meaning set forth in <U>Section 2.10(b)</U>.</P>

<P STYLE="font: 11pt/25.5pt Times New Roman, Times, Serif; margin: 0.3pt 31.35pt 0 42pt; text-align: justify">&ldquo;<U>Conditional
Acceptance</U>&rdquo; shall have the meaning set forth in <U>Section 2.5(a)</U>.</P>

<P STYLE="font: 11pt/25.5pt Times New Roman, Times, Serif; margin: 0.3pt 31.35pt 0 42pt; text-align: justify">&ldquo;<U>Conduit
Purchasers</U>&rdquo; means any or each of CHARTA, CAFCO, CIESCO and CRC,</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.6pt 17.15pt 0 5.95pt; text-align: justify">together with their permitted
successors and assigns that constitute special purpose entities that issue short-term commercial paper notes or other debt securities
to fund or maintain their investments, including in the VRTP Shares.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.45pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 41.95pt; text-align: justify">&ldquo;<U>CRC</U>&rdquo; means
CRC Funding, LLC and its successors.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 13.05pt 0 5.95pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>Credit
Facility</U>&rdquo; means the Revolving Credit and Security Agreement, dated as of January 11, 2012, among the Trust, CHARTA, CAFCO,
CIESCO and CRC, as conduit lenders, and the other secondary lenders party thereto, and Citibank, as agent, as amended, modified
or supplemented from time to time.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 12.15pt 0 5.95pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>Custodian</U>&rdquo;
means a bank, as defined in Section 2(a)(5) of the 1940 Act, that has the qualifications prescribed in paragraph 1 of Section 26(a)
of the 1940 Act, or such other entity as shall be providing custodian services to the Trust as permitted by the 1940 Act or any
rule, regulation, or order thereunder, and shall include, as appropriate, any similarly qualified sub- custodian duly appointed
by the Custodian.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 11.75pt 0 6pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>Custodian
Agreement</U>&rdquo; means, with respect to any Series, the Custodian Agreement, by and between the Custodian and the Trust with
respect to such Series.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 68.1pt 0 6pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>Declaration
of Trust</U>&rdquo; shall have the meaning set forth in the Recitals of this Amendment.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 6.35pt 0 5.95pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>Deposit
Securities</U>&rdquo; means, as of any date, any United States dollar-denominated security or other investment of a type described
below that either (i) is a demand obligation payable to the holder thereof on any Business Day or (ii) has a maturity date, mandatory
redemption date or mandatory payment date, on its face or at the option of the holder, preceding the relevant Dividend Payment
Date, Redemption Date or other payment date in respect of which such security or other investment has been deposited or set aside
as a Deposit Security:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.45pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 41.95pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-size: 12pt; letter-spacing: -0.05pt">(1)</FONT></TD><TD>cash or any cash equivalent;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 41.95pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-size: 12pt; letter-spacing: -0.05pt">(2)</FONT></TD><TD>any U.S. Government Obligation;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 78pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3.8pt 24.3pt 0 6pt; text-indent: 0.5in"><FONT STYLE="font-size: 12pt; letter-spacing: -0.05pt">(3)</FONT><FONT STYLE="font-size: 7pt; letter-spacing: -0.05pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any investment in any money market fund registered under the 1940 Act that qualifies under Rule 2a-7 under the 1940 Act,
or similar investment vehicle described in Rule 12d1-1(b)(2) under the 1940 Act, that invests principally in U.S. Government Obligations;
or</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 10.65pt 0 6pt; text-indent: 0.5in"><FONT STYLE="font-size: 12pt; letter-spacing: -0.05pt">(4)</FONT><FONT STYLE="font-size: 7pt; letter-spacing: -0.05pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any letter of credit from a bank or other financial institution that has a credit rating from at least one NRSRO that is
the highest applicable rating generally ascribed by such NRSRO to bank deposits or short-term debt of banks or other financial
institutions as of the date of this Amendment (or such rating&rsquo;s future equivalent).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.45pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 21.15pt 0 6pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>Derivative
Contract</U>&rdquo; means any financial futures contract, option, forward contract, warrant, swap, swaption, collar, floor, cap
and other agreement, instrument and derivative and other transactions of a similar nature (whether currency linked, index linked,
insurance risk linked, credit risk linked or otherwise).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 19.8pt 0 6pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>Derivative
Termination Value</U>&rdquo; means, in respect of any one or more Derivative Contracts, after taking into account the effect of
any legally enforceable netting agreement relating to such Derivative Contracts, (a) for any date on or after the date such Derivative
Contracts have been closed out and termination value(s) determined in accordance therewith, such termination value(s) and (b) for
any date prior to the date referenced in clause (a), the amount(s) determined as the mark-to-market value(s) for such Derivative
Contracts, as determined based upon one or more mid-market or other readily available quotations provided by any recognized dealer
in such Derivative Contracts.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 7.5pt 0 5.95pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>Designated
Owner</U>&rdquo; means a Person in whose name VRTP Shares are recorded as beneficial owner of such VRTP Shares by the Securities
Depository, an Agent Member or other securities intermediary on the records of such Securities Depository, Agent Member or securities
intermediary, as the case may be.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 42pt; text-align: justify">&ldquo;<U>Dividend Failure</U>&rdquo;
shall have the meaning set forth in <U>Section 2.2(g)(A)</U>.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 9.1pt 0 6pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>Dividend
Payment Date</U>&rdquo; means, with respect to any Series, the Dividend Payment Date for such Series in the Appendix hereto relating
to such Series.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.45pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 38.9pt 0 5.95pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>Dividend
Payment Failure Event</U>&rdquo; means a Dividend Failure that has not ended as contemplated by <U>Section 2.2(g)(ii)</U> on or
prior to the third (3<SUP>rd</SUP>) Business Day following the related Dividend Payment Date.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 7.4pt 0 6pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>Dividend
Period</U>&rdquo; means, with respect to any Series, the Dividend Period for such Series set forth in the Appendix hereto relating
to such Series.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 5.5pt 0 5.95pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>Dividend
Rate</U>&rdquo; means, with respect to any Series of VRTP Shares Outstanding on any day during a Dividend Period, the Index Rate
in effect for such Series on such day plus the Applicable Spread for the related Dividend Period; <U>provided</U>,
<U>however</U>, that with respect to any day on which the Increased Rate applies, the Dividend Rate for such Series shall be the
Increased Rate for such day; and provided further that the Dividend Rate for any day shall in no event exceed the Maximum Rate.</P>


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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 5.5pt 0 5.95pt; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3.8pt 0 0 42pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3.8pt 0 0 42pt; text-align: justify">&ldquo;<U>Effective Leverage Ratio</U>&rdquo;
shall have the meaning set forth in <U>Section 2.4(d)</U>.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 46.45pt 0 6pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>Effective
Leverage Ratio Cure Date</U>&rdquo; shall have the meaning set forth in Section <U>2.5(b)(ii)(A)</U>.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 23.85pt 0 6pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>Electronic
Means</U>&rdquo; means email transmission, facsimile transmission or similar electronic transmission (but excluding online communications
systems covered by a separate agreement) acceptable to the sending party and the receiving party, in any case if operative as between
such parties.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.45pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 42pt; text-align: justify">&ldquo;<U>Exchange Act</U>&rdquo;
means the Securities Exchange Act of 1934, as amended.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 6.05pt 0 6pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>Force
Majeure Event</U>&rdquo; means a force majeure event beyond the reasonable control of the Fund including, without limitation, earthquakes,
flood, terrorism, wars and other military disturbances, sabotage, epidemics, riots, interruptions, loss or malfunctions of third-party
utilities or communication services, acts of civil or military authority and governmental action.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 15.4pt 0 6pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>Foreign
Asset</U>&rdquo; means any asset issued, guaranteed or owing by any Obligor organized under the laws of any OECD Country (other
than the United States of America) and which is denominated and payable in United States dollars, Canadian dollars, Euros, Sterling,
Swiss Francs or Australian dollars.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 28.75pt 0 6pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>Holder</U>&rdquo;
means, with respect to the VRTP Shares of any Series or any other security issued by the Trust, the Person in whose name such security
is registered in the registration books of the Trust.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 16.1pt 0 6pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>Increased
Rate</U>&rdquo; means, with respect to any Series and any day of any Dividend Period to which the Increased Rate applies, the Index
Rate for such day plus an Applicable Spread of 6.25%.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 4.5pt 38.5pt 0 5.95pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>Increased
Rate Event</U>&rdquo; means any of the events under <U>Section 2.2(g)(i)</U> or <U>(iii)</U> that causes the Dividend Rate to be
adjusted to the Increased Rate.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.4pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 20.15pt 0 6pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>Index
Rate</U>&rdquo; means, with respect to any Series, the rate specified as the Index Rate for such Series in the Appendix hereto
relating to such Series.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.45pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 5.15pt 0 5.95pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>Industry
Class</U>&rdquo; means any industry class set forth on Schedule I hereto, as the same may be amended, restated, supplemented or
otherwise modified from time to time in accordance with the prior written consent of the Majority Holders.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.45pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 46.45pt 0 6pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>Initial
Purchase Agreement</U>&rdquo; shall have the meaning set forth in the definition of Purchase Agreement.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 13.05pt 0 6pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 13.05pt 0 6pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>Insolvency
Event</U>&rdquo; means the Trust, the Adviser or Eaton Vance Corp. shall generally not pay its debts as such debts become due,
or shall admit in writing its inability to pay its debts generally, or shall make a general assignment for the benefit of creditors;
or any proceeding shall be instituted by or against the Trust, the Adviser or Eaton Vance Corp. seeking to adjudicate it a bankrupt
or insolvent, or seeking liquidation, winding up, reorganization, arrangement, adjustment, protection, relief, or composition of
it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief of debtors, or</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 13.05pt 0 6pt; text-align: justify; text-indent: 0pt">seeking the entry of an order
for relief or the appointment of a receiver, trustee, custodian or other similar official for it or for any substantial part of
its property and, in the case of any such proceeding instituted against it (but not instituted by it), either such proceeding shall
remain undismissed or unstayed for a period of forty (40) days, or any of the actions sought in such proceeding (including an order
for relief against, or the appointment of a receiver, trustee, custodian or other similar official for, it or for any substantial
part of its property) shall occur; or the Trust, the Adviser, Eaton Vance Corp. or the Custodian shall take any action to authorize
any of the actions set forth above in this subsection.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.55pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 11.45pt 0 6pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>Investment
Management Agreement</U>&rdquo; means the Investment Advisory and Administration Agreement, dated as of May 21, 2004, between the
Trust and the Adviser, as the same may be amended, supplemented, waived or modified.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 15.15pt 0 5.95pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>Investment
Policies and Restrictions</U>&rdquo; means the policies of the Trust with respect to investments, distributions, investment restrictions,
tender offers, repurchases and leverage as of the date hereof (as set forth in the Offering Memorandum) and as such policies and
restrictions may be amended, revised or supplemented from time to time by the Board of Trustees of the Trust (as reflected in shareholder
reports distributed by the Trust).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 7.95pt 0 6pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>Issuance
Date</U>&rdquo; means, with respect to any Series of VRTP Shares, the Issuance Date for the Outstanding VRTP Shares of such Series
as specified in the Appendix hereto relating to such Series.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 4.5pt 7.1pt 0 6pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>Legally
Available Funds</U>&rdquo; means, as of any determination date, the aggregate gross asset value of the Trust as of such date, minus
the sum as of such date of (i) the liabilities of the Trust and (ii) the aggregate par value of the shares issued by the Trust
and outstanding.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.4pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 8pt 0 5.95pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>Liquidation
Fee</U>&rdquo; means, with respect to the Series L VRTP Shares, the compensation, if any, payable by the Trust to any Affected
Person following an optional redemption of any VRTP Shares of such Series as specified in Appendix E or Appendix F, as applicable.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 16.5pt 0 5.95pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>Liquidation
Preference</U>&rdquo; means, with respect to any Series, the amount specified as the liquidation preference per share for that
Series in the Appendix hereto relating to such Series.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.45pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 7.65pt 0 5.95pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>Liquidity
Account Initial Date</U>&rdquo; means, with respect to any Series, the date designated as the Liquidity Account Initial Date in
the Appendix hereto relating to such Series.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.45pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 6.45pt 0 5.95pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>Liquidity
Account Investment</U>&rdquo; means (i) any Deposit Security, (ii) any Loan Asset owned by the Trust that has a loan facility credit
rating of &ldquo;B&rdquo; or better from S&amp;P or &ldquo;B2&rdquo; or better from Moody&rsquo;s and is not assigned a loan facility
credit rating lower than &ldquo;B&rdquo; from S&amp;P or &ldquo;B2&rdquo; from Moody&rsquo;s or (iii) any Bond Asset owned by the
Trust that has a long-term credit rating of &ldquo;B&rdquo; or better from S&amp;P or &ldquo;B2&rdquo; or better from Moody&rsquo;s
and is not assigned a long-term credit rating lower than &ldquo;B&rdquo; from S&amp;P or &ldquo;B2&rdquo; from Moody&rsquo;s.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 6.45pt 0 5.95pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3.8pt 0 0 42pt; text-align: justify">&ldquo;<U>Liquidity Requirement</U>&rdquo;
shall have the meaning set forth in <U>Section 2.11(b)</U>.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 5.1pt 0 6pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>Loan
Asset</U>&rdquo; means a direct or participation or sub-participation interest in or assignment or novation of a loan or other
extension of credit.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 8.1pt 0 6pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>Loan
Documents</U>&rdquo; means, with respect to any Loan Asset, each loan agreement, promissory note, collateral security agreement,
participation certificate, guarantee and any other agreement or document evidencing, securing, governing or executed in connection
with such Loan Asset including, without limitation, the agreements and instruments in respect of which the Trust acquired such
Loan Asset.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.45pt 0 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 11.1pt 0 6pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>Majority
Holders</U>&rdquo; means, at any time, the Holder(s) of more than 50% of the aggregate Liquidation Preference of the Outstanding
VRTP Shares at such time.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 11.15pt 0 5.95pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>Mandatory
Redemption Event</U>&rdquo; means any of the events under <U>Section 2.5(b)</U> or <U>(c)</U> that requires the Trust to redeem
any VRTP Shares.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 11.15pt 0 5.95pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt/25.5pt Times New Roman, Times, Serif; margin: 0.3pt 11.5pt 0 41.95pt; text-align: justify">&ldquo;<U>Mandatory
Redemption Price</U>&rdquo; shall have the meaning set forth in <U>Section 2.5(b)(i)(A)</U>.</P>

<P STYLE="font: 11pt/25.5pt Times New Roman, Times, Serif; margin: 0.3pt 11.5pt 0 41.95pt; text-align: justify">&ldquo;<U>Market
Value</U>&rdquo; means, as of any day of determination (a) in respect of cash, the amount</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.3pt 11.75pt 0 6pt; text-align: justify">of such cash, (b) in respect
of any Loan Asset, the lower of (i) the value of such Loan Asset provided by Thomson Reuters Pricing Service or another Approved
Pricing Service, and (ii) the Value of such Loan Asset determined by the Trust based upon the Matrix Price of such Loan Asset or
such other Value as determined by the Trust in a manner which is in accordance with the Investment Policies and Restrictions of
the Trust and in accordance with applicable law, including without limitation the rules, regulations and interpretations of the
SEC under the 1940 Act, and (c) in respect of any other asset, the lower of (i) the value of such asset provided by an Approved
Pricing Service, and (ii) the Value of such asset computed in the manner as such Value is required to be computed by the Trust
in accordance with the Investment Policies and Restrictions of the Trust and in accordance with applicable law, including without
limitation the rules, regulations and interpretations of the SEC under the 1940 Act; provided, that the Market Value of any asset
shall be net of the Trust&rsquo;s liabilities relating thereto, including without limitation all of the Trust&rsquo;s obligations
to pay any unpaid portion of the purchase price therefor; <U>provided</U>, <U>further</U>, that the Market Value of any Liquidity
Account Investment or Deposit Security shall be zero if the Value of such asset is not determined as expressly set forth above.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.45pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 11.15pt 0 5.95pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>Matrix
Price</U>&rdquo; means, with respect to any Loan Asset, the matrix price derived from an Approved Pricing Service in a manner approved
by the Board of Trustees of the Trust and in accordance with the Investment Policies and Restrictions of the Trust and in accordance
with applicable law, including without limitation the rules, regulations and interpretations of the SEC under the 1940 Act.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 42pt; text-align: justify">&ldquo;<U>Maximum Rate</U>&rdquo;
means 15.00% per annum.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 36.4pt 0 6pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>Moody&rsquo;s</U>&rdquo;
means Moody&rsquo;s Investors Service, Inc. and any successor or successors thereto.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3.8pt 11.15pt 0 5.95pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3.8pt 11.15pt 0 5.95pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>NAV</U>&rdquo;
means, with respect to the Trust, the net asset value of the Trust computed in the manner such net asset value is required to be
computed in accordance with the 1940 Act and as described in its Investment Policies and Restrictions.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3.8pt 11.15pt 0 5.95pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt/25.5pt Times New Roman, Times, Serif; margin: 0.3pt 37.75pt 0 42pt; text-align: justify">&ldquo;<U>Notice
of Redemption</U>&rdquo; shall have the meaning set forth in <U>Section 2.5(e)(i)</U>.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 37.45pt 0 4.5pt; text-align: justify; text-indent: 37.25pt">&ldquo;<U>NRSRO</U>&rdquo;
means each of Moody&rsquo;s and S&amp;P so long as such Person is a nationally recognized statistical rating organization within
the meaning of Section 3(a)(62) of the Exchange Act.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 37.45pt 0 4.5pt; text-align: justify; text-indent: 37.25pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 37.45pt 0 4.5pt; text-align: justify; text-indent: 37.25pt">&ldquo;<U>NYSE</U>&rdquo;
means NYSE Euronext, Inc., a Delaware corporation, and its successors.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 37.45pt 0 4.5pt; text-align: justify; text-indent: 37.25pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 37.45pt 0 4.5pt; text-align: justify; text-indent: 37.25pt"><U>Obligor</U>&rdquo; means, (i) with respect to
any Loan Asset, the Person or Persons primarily</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.3pt 7.75pt 0 6pt; text-align: justify">obligated under the related
Loan Documents to repay the loan or extension of credit which is the subject of the Loan Asset and (ii) with respect to any other
asset, the Person or Persons primarily obligated to make payments under the transaction documents and other instruments evidencing
the related asset.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 23.15pt 0 6pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>OECD
Country</U>&rdquo; means any country which is a member of the Organization for Economic Cooperation and Development and which has
a sovereign credit rating for &ldquo;foreign currency&rdquo; of at least &ldquo;AA-&ldquo; and &ldquo;Aa3&rdquo; from S&amp;P and
Moody's, respectively.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>Offering
Memorandum</U>&rdquo; means the Offering Memorandum of the Issuer relating to the offering and sale of the VRTP Shares dated December
18, 2012, as amended, revised or supplemented from time to time.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt/25.5pt Times New Roman, Times, Serif; margin: 0.3pt 40.25pt 0 41.95pt; text-align: justify">&ldquo;<U>Optional
Redemption Date</U>&rdquo; shall have the meaning set forth in <U>Section 2.5(d)(i)</U>. &ldquo;<U>Optional Redemption Price</U>&rdquo;
shall have the meaning set forth in <U>Section 2.5(d)(i)</U>.&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 4.5pt 33.1pt 0 6pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>Outstanding</U>&rdquo;
means, as of any date with respect to VRTP Shares of any Series, the number of VRTP Shares of such Series theretofore issued by
the Trust except (without duplication):</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.55pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 4.5pt 5.75pt 0 42pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 12pt; letter-spacing: -1.35pt">(a)</FONT><FONT STYLE="font-size: 7pt; letter-spacing: -1.35pt">&nbsp;&nbsp;&nbsp;
</FONT>any VRTP Shares of such Series theretofore cancelled (including deemed cancelled pursuant to the provisions of any Appendix
hereto) or redeemed or delivered to the Redemption and Paying Agent for cancellation or redemption in accordance with the terms
hereof;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 5.9pt 0 42pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 12pt; letter-spacing: -1.35pt">(b)</FONT><FONT STYLE="font-size: 7pt; letter-spacing: -1.35pt">&nbsp;&nbsp;&nbsp;
</FONT>any VRTP Shares of such Series as to which the Trust shall have given a Notice of Redemption and irrevocably deposited with
the Redemption and Paying Agent Deposit Securities with an aggregate Market Value sufficient to redeem such shares in accordance
with <U>Section 2.5</U> hereof;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 5.9pt 0 42pt; text-indent: 0.5in"><FONT STYLE="font-size: 12pt; letter-spacing: -1.35pt">(c)</FONT><FONT STYLE="font-size: 7pt; letter-spacing: -1.35pt">&nbsp;&nbsp;&nbsp;
</FONT>any VRTP Shares of such Series as to which the Trust shall be the Holder or the Designated Owner; and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.45pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 5.85pt 0 42pt; text-indent: 0.5in"><FONT STYLE="font-size: 12pt; letter-spacing: -1.35pt">(d)</FONT><FONT STYLE="font-size: 7pt; letter-spacing: -1.35pt">&nbsp;&nbsp;&nbsp;
</FONT>any VRTP Shares of such Series represented by any security certificate in lieu of which any new security certificate has
been executed and delivered by the Trust.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.45pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 8.15pt 0 5.95pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>Overconcentration
Amount</U>&rdquo; means, as of any date of determination of the Effective Leverage Ratio for the Trust, an amount equal to the
sum of: (i) the Market Value of the Trust&rsquo;s total assets that are obligations of any single Obligor (together with all affiliates
of such Obligor) in excess of 5% of the Market Value of the Trust&rsquo;s total assets; (ii) the Market Value of the Trust&rsquo;s
total assets constituting obligations in any single Industry Class in excess of 25% of the Market Value of the Trust&rsquo;s total
assets; (iii) the Market Value of the Trust&rsquo;s total assets constituting Foreign Assets in excess of 20% of the Market Value
of the Trust&rsquo;s total assets; (iv) the Market Value of the Trust&rsquo;s total assets constituting Foreign Assets which relate
to Obligors from any single OECD Country (other than the United States of America) in excess of 10% of the Market Value of the
Trust&rsquo;s total assets; (v) the Market Value of the Trust&rsquo;s total assets that are obligations of Obligors organized under
the laws of any country that is not an OECD Country in excess of 5% of the Market Value of the Trust&rsquo;s total assets; and
(vi) the Market Value of the Trust&rsquo;s total assets that are Unrated Obligations in excess of 20% of the Market Value of the
Trust&rsquo;s total assets.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 28.4pt 0 6pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>Person</U>&rdquo;
means and includes natural persons, corporations, partnerships, limited partnerships, statutory trusts and foreign statutory trusts,
trusts, limited liability companies, associations, joint ventures, estates, and any other individual or entity, whether or not
a legal entity, in its own or any representative capacity, and governments and agencies and political subdivisions thereof, in
each case whether domestic or foreign.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 11.2pt 0 6pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>Preferred
Shares</U>&rdquo; means shares issued by the Trust, including the VRTP Shares of each Series, that have priority over the Common
Shares or any other class of shares as to distribution of assets or payments of dividends.</P>


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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 42pt; text-align: justify">&ldquo;<U>Pro Rata Allocation</U>&rdquo;
has the meaning set forth in <U>Section 2.5(b)(i)(A)</U>.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 6.1pt 0 6pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>Purchase
Agreement</U>&rdquo; means (i) with respect to the Specified Series, the VRTP Purchase Agreement, dated as of December 18, 2012,
among the Trust, the Conduit Purchasers and Citibank, in its capacity as agent for the purchasers (the &ldquo;<U>Initial Purchase
Agreement</U>&rdquo;), as amended and assigned to Barclays Bank PLC pursuant to the Assignment, Acknowledgment and Amendment Agreement,
dated as of September 30, 2016 by and among the Trust, CHARTA LLC, Barclays Bank PLC, Citibank, N.A., CAFCO, LLC, CIESCO, LLC,
and CRC Funding, LLC, and (ii) with respect to any subsequent Series of VRTP Shares, the purchase agreement or other similar agreement
for the VRTP Shares of such Series (if any) specified in the Appendix hereto relating to such Series.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 18.1pt 0 6pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>Rate
Determination Date</U>&rdquo; means, with respect to any Dividend Period, the date that is two (2) Business Days before the first
day of such Dividend Period.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 42pt; text-align: justify">&ldquo;<U>Rating Agencies</U>&rdquo;
means, as of any date and in respect of a Series of VRTP Shares,</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">(i) Moody&rsquo;s, and (ii) any other
NRSRO designated as a Rating Agency on such date in accordance with <U>Section 2.7</U>, in each case above, only if it maintains
a current credit rating for the VRTP Shares of such Series on such date and the Board of Trustees has not terminated its designation
as a Rating Agency in accordance with <U>Section 2.7</U>. Moody&rsquo;s has initially been designated as a Rating Agency for purposes
of the VRTP Shares. In the event that at any time any Rating Agency (i) ceases to be a Rating Agency for purposes of any Series
of VRTP Shares and such Rating Agency has been replaced by another Rating Agency in accordance with <U>Section 2.7</U>, any references
to any credit rating of such replaced Rating Agency in this Amendment or any Appendix shall be deleted for purposes hereof as provided
below and shall be deemed instead to be references to the equivalent credit rating of the Rating Agency that has replaced such
Rating Agency or (ii) designates a new rating definition for any credit rating of such Rating Agency with a corresponding replacement
rating definition for such credit rating of such Rating Agency, any references to such replaced rating definition of such Rating
Agency contained in this Amendment or any Appendix shall instead be deemed to be references to such corresponding replacement rating
definition. In the event that at any time the designation of any NRSRO as a Rating Agency for purposes of any Series of VRTP Shares
is terminated in accordance with <U>Section 2.7</U>, any credit rating of such terminated Rating Agency, to the extent it would
have been taken into account in any of the provisions of this Amendment or the Appendix hereto relating to such Series, shall be
disregarded, and only the credit ratings of the then-designated Rating Agencies for such Series shall thereafter be taken into
account for purposes of this Amendment and such Appendix, <U>provided</U> that, for purposes of determining the Applicable Spread
applicable to a Dividend Period, any designation of a Rating Agency after the Rate Determination Date for such Dividend Period
will take effect on or as of the next succeeding Rate Determination Date.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.55pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 5.75pt 0 6pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>Rating
Agency Guidelines</U>&rdquo; means the guidelines of any Rating Agency, compliance with which is required to cause such Rating
Agency to continue to issue a rating with respect to a Series of VRTP Shares for so long as such Series is Outstanding.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.45pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 8.4pt 0 6pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>Redemption
and Paying Agent</U>&rdquo; means, with respect to any Series, Deutsche Bank Trust Company Americas and its successors or any other
redemption and paying agent appointed by the Trust with respect to such Series.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 10.75pt 0 6pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>Redemption
and Paying Agent Agreement</U>&rdquo; means, with respect to any Series, the Redemption and Paying Agent Agreement dated as of
December 18, 2012 by and among the Redemption and Paying Agent and the Trust, as the same may be amended, restated or modified
from time to time, or any similar agreement between the Trust and any other redemption and paying agent appointed by the Trust.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/186% Times New Roman, Times, Serif; margin: 0 61.1pt 0 42pt; text-align: justify">&ldquo;<U>Redemption Date</U>&rdquo;
shall have the meaning set forth in <U>Section 2.5(e)(i)</U>.</P>


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<P STYLE="font: 11pt/186% Times New Roman, Times, Serif; margin: 0 61.1pt 0 42pt; text-align: justify">&ldquo;<U>Redemption Failure</U>&rdquo;
shall have the meaning set forth in <U>Section 2.2(g)(i)(B)</U>.&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 11.45pt 0 6pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>Redemption
Price</U>&rdquo; shall mean the Term Redemption Price, the Mandatory Redemption Price or the Optional Redemption Price, as applicable.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 31.4pt 0 6pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>Registration
Rights Failure</U>&rdquo; means any (i) failure by the Trust to file a Registration Statement with the SEC relating to such of
the Registrable Securities (as defined in the Registration Rights Agreement, but excluding any that are properly excluded pursuant
to Section 3.3(c) or (d) of the Registration Rights Agreement) which the Trust has been properly requested to register under Section
3.1 of the Registration Rights Agreement within thirty (30) calendar days (or, if the thirtieth calendar day shall not be a Business
Day, the next succeeding Business Day) of the later of (a) the date on which the holders of such Registrable Securities are required
to give written notice to the Trust of their intent to register such Registrable Securities pursuant to Section 3.1 of the Registration
Rights Agreement and (b) if properly exercised by the Trust, the end of any deferral period specified in accordance with the provisions
of Section 3.2 of the Registration Rights Agreement or (ii) failure by the Trust to reply to any written comments on such Registration
Statement received by the Trust from the staff of the SEC (it being understood that the reply referenced herein shall not require
the Trust to accept or agree with any comment, in whole or in part) within thirty (30) calendar days (or, if the thirtieth calendar
day shall not be a Business Day, the next succeeding Business Day) of receipt thereof by the Trust.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.55pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 47.7pt 0 6pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>S&amp;P</U>&rdquo;
means Standard &amp; Poor&rsquo;s Rating Services, a Standard &amp; Poor&rsquo;s Financial Services LLC business, and any successor
or successors thereto.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 12.45pt 0 6pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>SEC</U>&rdquo;
means the Securities and Exchange Commission or any other governmental authority of the United States of America at the time administrating
the Securities Act, the 1940 Act or the Exchange Act.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 42pt; text-align: justify">&ldquo;<U>Securities Act</U>&rdquo;
means the Securities Act of 1933, as amended.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 12.4pt 0 6pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>Securities
Depository</U>&rdquo; shall mean The Depository Trust Company and its successors and assigns or any other securities depository
selected by the Trust that agrees to follow the procedures required to be followed by such securities depository as set forth in
this Amendment with respect to the VRTP Shares.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/186% Times New Roman, Times, Serif; margin: 0 32.8pt 0 41.95pt; text-align: justify">&ldquo;<U>Series</U>&rdquo;
and &ldquo;<U>Series of VRTP Shares</U>&rdquo; shall have the meanings set forth in Article I.</P>

<P STYLE="font: 11pt/186% Times New Roman, Times, Serif; margin: 0 32.8pt 0 41.95pt; text-align: justify">&ldquo;<U>Series C-1
VRTP Shares</U>&rdquo; shall have the meaning set forth in Article I.</P>

<P STYLE="font: 11pt/186% Times New Roman, Times, Serif; margin: 0 93.5pt 0 42pt; text-align: justify">&ldquo;<U>Series C-2 VRTP
Shares</U>&rdquo; shall have the meaning set forth in Article I.</P>

<P STYLE="font: 11pt/186% Times New Roman, Times, Serif; margin: 0 93.5pt 0 42pt; text-align: justify">&ldquo;<U>Series C-3 VRTP
Shares</U>&rdquo; shall have the meaning set forth in Article I.</P>

<P STYLE="font: 11pt/186% Times New Roman, Times, Serif; margin: 0 93.5pt 0 42pt; text-align: justify">&ldquo;<U>Series C-4 VRTP
Shares</U>&rdquo; shall have the meaning set forth in Article I.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 34.95pt 0 5.95pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>Series
L VRTP Shares</U>&rdquo; all or any (as the context requires) of the Series L-1 VRTP Shares and the Series L-2 VRTP Shares.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.4pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/186% Times New Roman, Times, Serif; margin: 0.05pt 87.9pt 0 42pt; text-align: justify">&ldquo;<U>Series L-1
VRTP Shares</U>&rdquo; shall have the meaning set forth in Article I.</P>

<P STYLE="font: 11pt/186% Times New Roman, Times, Serif; margin: 0.05pt 87.9pt 0 42pt; text-align: justify">&ldquo;<U>Series L-2
VRTP Shares</U>&rdquo; shall have the meaning set forth in Article I.</P>

<P STYLE="font: 11pt/186% Times New Roman, Times, Serif; margin: 0.05pt 87.9pt 0 42pt; text-align: justify">&ldquo;<U>Settlement Deadline Date</U>&rdquo; has the meaning
set forth in <U>Section 2.10(b)</U>.</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3.8pt 8.5pt 0 5.95pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>Specified
Holder</U>&rdquo; means, as of any date of determination, with respect to the Series L- 2 VRTP Shares, the Person in whose name
such security is registered in the registration books of the Trust, including but not limited to Barclays Bank PLC.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 9.3pt 0 6pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>Specified
Series</U>&rdquo; all or any (as the context requires) of the Series C-1 VRTP Shares, the Series C-2 VRTP Shares, the Series C-3
VRTP Shares, the Series C-4 VRTP Shares, the Series L-1 VRTP Shares and the Series L-2 VRTP Shares.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/186% Times New Roman, Times, Serif; margin: 0 98.4pt 0 42pt; text-align: justify">&ldquo;<U>Tax Event</U>&rdquo;
shall have the meaning set forth in <U>Section 2.2(g)(i)(E)</U>.</P>

<P STYLE="font: 11pt/186% Times New Roman, Times, Serif; margin: 0 98.4pt 0 42pt; text-align: justify">&ldquo;<U>Term Extension
Request</U>&rdquo; has the meaning set forth in <U>Section 2.5(a)</U>.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 42pt; text-align: justify">&ldquo;<U>Term Redemption Amount</U>&rdquo;
shall have the meaning set forth in <U>Section 2.10(a)</U>.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.45pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 29.45pt 0 6pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>Term
Redemption Date</U>&rdquo; means, with respect to any Series, the date specified as the Term Redemption Date in the Appendix hereto
relating to such Series.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.45pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 40.1pt 0 6pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>Term
Redemption Liquidity Account</U>&rdquo; shall have the meaning set forth in <U>Section 2.10(a)</U>.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 42pt; text-align: justify">&ldquo;<U>Term Redemption Price</U>&rdquo;
shall have the meaning set forth in <U>Section 2.5(a)</U>.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 14.5pt 0 6pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>Transfer
Date</U>&rdquo; means, with respect to any Series, the date defined as the Transfer Date in the Appendix hereto relating to such
Series.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/186% Times New Roman, Times, Serif; margin: 0 75.4pt 0 42pt; text-align: justify">&ldquo;<U>Trust</U>&rdquo;
shall have the meaning set forth in the Recitals to this Amendment.</P>

<P STYLE="font: 11pt/186% Times New Roman, Times, Serif; margin: 0 75.4pt 0 42pt; text-align: justify">&ldquo;<U>Trustee</U>&rdquo; means a member of the Board
of Trustees.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 15.1pt 0 6pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>Unrated
Obligation</U>&rdquo; means, at any time, an asset of the Trust that is not rated by either Moody&rsquo;s or S&amp;P.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 8.75pt 0 6pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>U.S.
Government Obligations</U>&rdquo; means direct obligations of the United States or of its agencies or instrumentalities that are
entitled to the full faith and credit of the United States and that, other than United States Treasury Bills, provide for the periodic
payment of interest and the full payment of principal at maturity or call for redemption.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.4pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 42pt; text-align: justify">&ldquo;<U>Value</U>&rdquo; shall
have the meaning assigned to such term in Section 2(a)(41) of the 1940</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">Act.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/186% Times New Roman, Times, Serif; margin: 0 105.05pt 0 42pt; text-align: justify">&ldquo;<U>Voting Period</U>&rdquo;
shall have the meaning set forth in <U>Section 2.6(b)(i)</U>.</P>

<P STYLE="font: 11pt/186% Times New Roman, Times, Serif; margin: 0 105.05pt 0 42pt; text-align: justify">&ldquo;<U>VRTP</U>&rdquo; shall have the meaning set forth in Article
I.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 42pt; text-align: justify">&ldquo;<U>VRTP Shares</U>&rdquo; shall
have the meaning set forth in Article I.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3.8pt 0 0 42pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3.8pt 0 0 42pt; text-align: justify">&ldquo;<U>VRTP Shares of a Series</U>&rdquo;
shall have the meaning set forth in Article I.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 7.1pt 0 6pt; text-align: justify; text-indent: 0.5in">With respect
to any Series, any additional definitions specifically set forth in the Appendix relating to such Series and any amendments to
any definitions specifically set forth in the Appendix relating to such Series, as such Appendix may be amended from time to time,
shall be incorporated herein and made part hereof by reference thereto, but only with respect to such Series.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 0 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 4.5pt 7.55pt 0 6pt; text-indent: 0.5in"><FONT STYLE="font-size: 12pt; letter-spacing: -0.2pt">1.1</FONT><FONT STYLE="font-size: 7pt; letter-spacing: -0.2pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> <U>Interpretation</U>. The headings preceding the text of Sections included in this Amendment are for convenience only
and shall not be deemed part of this Amendment or be given any effect in interpreting this Amendment. The use of the masculine,
feminine or neuter gender or the singular or plural form of words herein shall not limit any provision of this Amendment. The use
of the terms &ldquo;including&rdquo; or &ldquo;include&rdquo; shall in all cases herein mean &ldquo;including, without limitation&rdquo;
or &ldquo;include, without limitation,&rdquo; respectively. Reference to any Person includes such Person&rsquo;s successors and
assigns to the extent such successors and assigns are permitted by the terms of any applicable agreement, and reference to a Person
in a particular capacity excludes such Person in any other capacity or individually. Reference to any agreement (including this
Amendment), document or instrument means such agreement, document or instrument as amended or modified and in effect from time
to time in accordance with the terms thereof and, if applicable, the terms hereof. Except as otherwise expressly set forth herein,
reference to any law means such law as amended, modified, codified, replaced or re-enacted, in whole or in part, including rules,
regulations, enforcement procedures and any interpretations promulgated thereunder. Underscored references to Sections shall refer
to those portions of this Amendment. The use of the terms &ldquo;hereunder,&rdquo; &ldquo;hereof,&rdquo; &ldquo;hereto&rdquo; and
words of similar import shall refer to this Amendment as a whole (including the Appendices hereto) and not to any particular Article,
Section or clause of this Amendment.</P>

<P STYLE="font: 11pt/13.7pt NewsGoth Dm BT,sans-serif; margin: 12pt 0 0; text-align: center"><B>TERMS APPLICABLE TO THE VARIABLE
RATE TERM PREFERRED SHARES</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 8.95pt 0 5.95pt; text-align: justify; text-indent: 3.8pt"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 8.95pt 0 0; text-align: justify">Except for such changes and amendments
hereto with respect to a Series of VRTP Shares that are specifically contemplated by the Appendix relating to such Series, each
Series of VRTP Shares shall have the following terms:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 8.95pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 8.95pt 0 0; text-align: justify"><U>Number of Shares; Ranking</U>.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.4pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 10.9pt 0 6pt; text-indent: 1in"><FONT STYLE="font-size: 12pt; letter-spacing: -0.1pt">(a)</FONT><FONT STYLE="font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The number of authorized shares constituting any Series of VRTP Shares shall be as set forth with respect to such Series
in the Appendix hereto relating to such Series. No fractional VRTP Shares shall be issued.The VRTP Shares of each Series shall
rank on a parity with VRTP Shares of each other Series and with shares of any other series of Preferred Shares as to the payment
of dividends and the distribution of assets upon dissolution, liquidation or winding up of the affairs of the Trust. The VRTP Shares
of each Series shall have preference with respect to the payment of dividends and as to distribution of assets upon dissolution,
liquidation or winding up of the affairs of the Trust over the Common Shares as set forth herein.No Holder of VRTP Shares shall
have, solely by reason of being such a Holder, any preemptive or other right to acquire, purchase or subscribe for any VRTP Shares
or Common Shares or other securities of the Trust which it may hereafter issue or sell.</P>


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<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">2.2</FONT></TD><TD><U>Dividends and Distributions</U>.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 78pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3.8pt 0.1in 0; text-align: justify; text-indent: 73.8pt"><FONT STYLE="font-size: 12pt; letter-spacing: -0.15pt">(a)</FONT><FONT STYLE="font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Holders of VRTP Shares of a Series shall be entitled to receive, when, as and if declared by, or under authority granted
by, the Board of Trustees, out of then existing Legally Available Funds and in preference to dividends and other distributions
on Common Shares, cumulative cash dividends and other distributions on each share of such Series at the Dividend Rate as set forth
below, and no more. Dividends and other distributions on each Outstanding VRTP Share of a Series shall accumulate from such VRTP
Share&rsquo;s Issuance Date. The amount of dividends per share payable on VRTP Shares of a Series on any Dividend Payment Date
shall equal the sum of the dividends accumulated but not yet paid for each day during the related Dividend Period, provided such
dividends have been declared by, or under authority granted by, the Board of Trustees as described above. The amount of dividends
per VRTP Share of each Series accumulated for each day in a Dividend Period shall be equal to (i) the Dividend Rate for such day
multiplied by the Liquidation Preference divided by (ii) 360 (or, with respect to any Series L VRTP Share, if the Index Rate for
such Dividend Period is based on the Base Rate, 365 or 366, as applicable for the year in which such day occurs).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 16.2pt 0 6pt; text-indent: 1in"><FONT STYLE="font-size: 12pt; letter-spacing: -0.15pt">(b)</FONT><FONT STYLE="font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Subject to <U>Section 2.2(a)</U>, dividends on VRTP Shares of each Series with respect to any Dividend Period shall be declared
to the Holders of such shares as their names shall appear on the registration books of the Trust at the close of business on each
day in such Dividend Period and shall be paid as provided in <U>Section 2.2(f)</U> hereof.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 5.95pt; text-indent: 1in"><FONT STYLE="font-size: 12pt; letter-spacing: -0.15pt">(c)</FONT><FONT STYLE="font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>(i)&#9;No full dividends or other distributions shall be declared or paid on shares of a Series of VRTP Shares for any Dividend
Period or part thereof unless full cumulative dividends and other distributions due through the most recent dividend payment dates
therefor for all outstanding Preferred Shares (including shares of other outstanding Series of VRTP Shares) ranking on a parity
with such Series of VRTP Shares have been or contemporaneously are declared and paid (or have been or contemporaneously are declared
and Deposit Securities (in the case of the VRTP Shares) or sufficient securities or funds (in accordance with the terms of such
other Preferred Shares) for the payment thereof have been deposited irrevocably with the paying agent for such Preferred Shares)
through the most recent dividend payment dates therefor. If full cumulative dividends and other distributions due have not been
declared and paid on all such outstanding Preferred Shares of any series, any dividends and other distributions being declared
and paid on VRTP Shares of a Series will be declared and paid as nearly pro rata as possible in proportion to the respective amounts
of dividends and other distributions accumulated but unpaid on each such series of Preferred Shares on the respective dividend
payment dates for each such series. No Holders of VRTP Shares shall be entitled to receive any dividends and other distributions,
whether payable in cash, property or shares, in excess of full cumulative dividends and other distributions as provided in this
<U>Section 2.2(c)(i)</U> on such VRTP Shares.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 5.95pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 5.95pt; text-indent: 1in"><FONT STYLE="font-size: 12pt; letter-spacing: -0.15pt">(d)</FONT><FONT STYLE="font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&nbsp;(ii) For so long as any VRTP Shares are Outstanding, the Trust shall not: (x) declare or pay any dividend or other
distribution (other than a dividend or distribution paid in Common Shares) in respect of the Common Shares or warrants of the
Trust, (y) call for redemption or redeem, purchase or otherwise acquire for consideration any Common Shares or warrants of the
Trust, or (z) pay any proceeds of the liquidation of the Trust in respect of the Common Shares, unless, in each case, (A) immediately
thereafter, the Trust shall have 1940 Act Asset Coverage after deducting the amount of such dividend, distribution, payment or
reimbursement or the consideration paid in respect of any such redemption, purchase, acquisition or liquidation, (B) all cumulative
dividends and other distributions on all VRTP Shares and all cumulative dividends and other distributions on all other series
of Preferred Shares ranking on a parity with the VRTP Shares, in each case due on or prior to the date of such declaration, payment,
call for redemption, redemption, purchase or acquisition, as applicable, shall have been declared and paid (or shall have been
declared and Deposit Securities (in the case of the VRTP Shares) or sufficient securities or funds (in accordance with the terms
of such other Preferred Shares) for the payment thereof</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 5.75pt 0 5.95pt; text-indent: 0pt; text-align: justify">shall have been deposited
irrevocably with the paying agent for such Preferred Shares), (C) the Trust shall have deposited Deposit Securities pursuant to
and in accordance with the requirements of <U>Section 2.5(e)(ii)</U> hereof with respect to Outstanding VRTP Shares of any Series
to be redeemed pursuant to <U>Section 2.5(a)</U> or <U>Section 2.5(b)</U> hereof for which a Notice of Redemption shall have been
given or shall have been required to be given in accordance with the terms hereof on or prior to the date of such declaration,
payment, call for redemption, redemption, purchase or acquisition, as applicable, (D) the Trust shall be in compliance with <U>Section
2.10</U> and (E) no Increased Rate Event or Mandatory Redemption Event shall have occurred and be continuing, or would occur as
result of thereof.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3.8pt 5.15pt 0 5.95pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3.8pt 5.05pt 0 5.75pt; text-align: justify; text-indent: 0.5in">(iii)
No full dividends or other distributions shall be declared or paid on the shares of any class or series of shares of beneficial
interest of the Trust ranking, as to the payment of dividends, on a parity with the VRTP Shares for any dividend period therefor
or part thereof unless full cumulative dividends and other distributions have been or contemporaneously are declared and paid on
the VRTP Shares (or have been or contemporaneously are declared and Deposit Securities for the payment thereof shall have been
deposited irrevocably with the Redemption and Paying Agent for the VRTP Shares) through the most recent Dividend Payment Date and
the Trust has redeemed the full number of VRTP Shares required to be redeemed by any provision for mandatory redemption pertaining
thereto. If full cumulative dividends and other distributions due have not been declared and paid on the VRTP Shares through the
most recent Dividend Payment Date or upon the shares of any other class or series of shares of beneficial interest of the Trust
ranking on a parity as to the payment of dividends with the VRTP Shares through their most recent respective dividend payment dates,
any dividends being declared and paid upon the VRTP Shares and any other such class or series of shares of beneficial interest
ranking on a parity as to the payment of dividends with the VRTP Shares will be declared and paid as nearly pro rata as possible
in proportion to the respective amounts of dividends and other distributions accumulated but unpaid on the VRTP Shares and each
such other class or series of shares of beneficial interest on the relevant dividend payment dates therefor.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 4.5pt 33.1pt 0 5.75pt; text-indent: 1.75in; text-align: justify">(iv)
Any dividend payment made on VRTP Shares of a Series shall first be credited against the dividends and other distributions accumulated
with respect to the earliest Dividend Period for such Series for which dividends and other distributions have not been paid.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3.8pt 20.8pt 0 6pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 12pt; letter-spacing: -0.15pt">(e)</FONT><FONT STYLE="font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Not later than 11:00 a.m., New York City time, on the Dividend Payment Date for a Series of VRTP Shares, the Trust shall
deposit with the Redemption and Paying Agent Deposit Securities having an aggregate Market Value on such date sufficient to pay
the dividends and other distributions that are payable on such Dividend Payment Date in respect of such Series. The Trust may direct
the Redemption and Paying Agent with respect to the investment or reinvestment of any such Deposit Securities so deposited prior
to the Dividend Payment Date, provided that such investment consists exclusively of Deposit Securities and provided further that
the proceeds of any such investment will be available as same day funds at the opening of business on such Dividend Payment Date.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 6pt 0; text-indent: 1in"><FONT STYLE="font-size: 12pt; letter-spacing: -0.15pt">(f)</FONT><FONT STYLE="font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>All Deposit Securities deposited with the Redemption and Paying Agent for the payment of dividends payable on a Series of
VRTP Shares shall be held in trust for the payment of such dividends by the Redemption and Paying Agent for the benefit of the
Holders of such Series entitled to the payment of such dividends pursuant to <U>Section 2.2(f)</U>. Any moneys paid to the Redemption
and Paying Agent in accordance with the foregoing but not applied by the Redemption and Paying Agent to the payment of dividends,
including interest earned on such moneys while so held, will, to the extent permitted by law, be repaid to the Trust as soon as
possible after the date on which such moneys were to have been so applied, upon request of the Trust.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 6pt 0; text-indent: 0pt"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 4.5pt 12.75pt 0 5.95pt; text-indent: 1in"><FONT STYLE="font-size: 12pt; letter-spacing: -0.15pt">(g)</FONT><FONT STYLE="font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Dividends
on VRTP Shares of a Series shall be paid on each Dividend Payment Date for such Series to the Holders of the VRTP Shares of
such Series as their names appear on the registration books of the Trust at the close of business on the day immediately
preceding such Dividend Payment Date (or, if such day is not a Business Day, the immediately preceding Business Day).
Dividends in arrears on VRTP Shares of a Series for any past Dividend Period may be declared and paid at any time out of then
existing Legally Available Funds, without reference to any regular Dividend Payment Date, to the Holders of the VRTP Shares
of such Series as their names appear on the registration books of the Trust on a date, not exceeding fifteen (15) calendar
days preceding the payment date thereof, as may be fixed by the Board of Trustees. No interest or sum of money in lieu of
interest will be payable in respect of any dividend payment or payments on VRTP Shares of any Series which may be in
arrears.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 5.85pt 0 6pt; text-indent: 1in"><FONT STYLE="font-size: 12pt; letter-spacing: -0.15pt">(h)</FONT><FONT STYLE="font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>(i)&#9;The Dividend Rate on a Series of VRTP Shares shall be adjusted to the Increased Rate for any day on which:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.45pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 12.85pt 0 5.95pt; text-indent: 2in"><FONT STYLE="letter-spacing: -0.05pt">(A)<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>the Trust has failed to deposit with the Redemption and Paying Agent by 11:00 a.m., New York City time, on a Dividend
Payment Date for such Series, Deposit Securities (as a result of complying with <U>Section 2.2(c)</U> or otherwise) that will provide
same-day funds available to the Redemption and Paying Agent on such Dividend Payment Date sufficient to pay the full amount of
any dividend on such Series payable on such Dividend Payment Date (a &ldquo;<U>Dividend Failure</U>&rdquo;) and such Dividend Failure
has not ended as contemplated by <U>Section 2.2(g)(ii)</U> on or prior to the third (3<SUP>rd</SUP>) Business Day from such Dividend
Payment Date;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.55pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 4.5pt 15.95pt 0 5.95pt; text-indent: 2in"><FONT STYLE="letter-spacing: -0.05pt">(B)<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>the Trust has failed to deposit with the Redemption and Paying Agent by 11:00 a.m., New York City time, on an applicable
Redemption Date for such Series, Deposit Securities that will provide same-day funds available to the Redemption and Paying Agent
on such Redemption Date sufficient to pay the full amount of the Redemption Price payable in respect of such Series on such Redemption
Date (a &ldquo;<U>Redemption Failure</U>&rdquo;) and such Redemption Failure has not ended as contemplated by <U>Section 2.2(g)(ii)</U>
on or prior to the Business Day immediately following such Redemption Date;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 22.95pt 0 6pt; text-indent: 2in"><FONT STYLE="letter-spacing: -0.05pt">(C)<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>(i) any Rating Agency has withdrawn its credit rating <FONT STYLE="letter-spacing: -0.45pt">on </FONT>such Series
of VRTP Shares other than due to the Rating Agency ceasing to rate closed-end management investment companies generally or (ii)
the Board of Trustees has terminated the designation of a Rating Agency without complying with the requirements of <U>Section 2.7</U>
and, in the case of clause (i) above, such withdrawal is continuing (unless the VRTP Shares of such Series are then rated by at
least one (1) Rating Agency) and, in the case of clause (ii) above, the VRTP Shares of such Series are not then rated by at least
one Rating Agency;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 149.95pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="letter-spacing: -0.05pt">(D)</FONT></TD><TD>a Registration Rights Failure has occurred and is continuing with </TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5.95pt; text-align: justify"> respect to such Series;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.45pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 149.95pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="letter-spacing: -0.05pt">(E)</FONT></TD><TD>the Trust or the Internal Revenue Service has made a final</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 40.15pt 0 5.95pt; text-align: justify">determination that for federal
tax purposes such Series of VRTP Shares are not equity in a regulated investment company for federal income tax purposes (a &ldquo;<U>Tax
Event</U>&rdquo;) and such determination has not been reversed, revoked or rescinded;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 14.65pt 0 5.95pt; text-indent: 2in"><FONT STYLE="letter-spacing: -0.05pt">(F)<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>the Trust has failed, on or before the applicable Asset Coverage Cure Date, to cure a failure to maintain Asset Coverage
as required by <U>Section 2.4(a)</U> and such failure to achieve the required Asset Coverage is continuing, <U>provided</U> that,
to the extent the Trust seeks to achieve the required Asset Coverage through the redemption of VRTP Shares and/or of other Preferred
Shares, compliance with the Asset Coverage requirements of <U>Section 2.4(a)</U> for purposes of this clause (F) will not be deemed
to be achieved until the day on which the Trust issued a notice of redemption for such VRTP Shares or other Preferred Shares, and
the Trust has deposited Deposit</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 14.65pt 0 5.95pt; text-indent: 0pt">Securities (in the case of the VRTP Shares) and/or
other funds or securities (in accordance with the terms of any other Preferred Shares) in trust with the paying agent for such
VRTP Shares or other Preferred Shares, sufficient to pay in same day funds the full redemption price for such VRTP Shares or other
Preferred Shares (or the portion thereof to be redeemed);</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 4.5pt 7.15pt 0 5.95pt; text-indent: 2in"><FONT STYLE="letter-spacing: -0.05pt">(G)<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>the Trust has failed, on or before the applicable Effective Leverage Ratio Cure Date, to cure a failure to maintain
the Effective Leverage Ratio as required by <U>Section 2.4(c)</U> and such failure to achieve the required Effective Leverage Ratio
is continuing, <U>provided</U> that, to the extent the Trust seeks to achieve the required Effective Leverage Ratio through the
redemption of &ldquo;senior securities&rdquo; (as defined in the 1940 Act), compliance with the Effective Leverage Ratio requirements
of <U>Section 2.4(c)</U> for purposes of this clause (G) will not be deemed to be achieved until the day on which the Trust has
issued a notice of redemption for such senior securities and the Trust has delivered sufficient Deposit Securities (in the case
of VRTP Shares) or sufficient securities and/or other funds or securities (in accordance with the terms of any other senior securities)
in trust to the Redemption and Paying Agent or other applicable paying agent for such senior securities, sufficient to pay in same
day funds the full redemption price for such VRTP Shares or other senior securities;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.4pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 17.5pt 0 5.95pt; text-indent: 2in"><FONT STYLE="letter-spacing: -0.05pt">(H)<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>the Trust has failed to deliver the information required by Section 6.1(o) of the Initial Purchase Agreement within
five (5) Business Days following notification from the Agent of such failure and such failure is continuing;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 8.7pt 0 5.95pt; text-align: justify; text-indent: 2in"><FONT STYLE="letter-spacing: -0.05pt">(I)<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>the Trust has failed to comply with Section 6.8, Section 6.9 or Section 7.15(b) of the Initial Purchase Agreement
and such failure is continuing for more than five (5) Business Days;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 8.7pt 0 149.95pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3.8pt 5.9pt 0 5.95pt; text-indent: 2in"><FONT STYLE="letter-spacing: -0.05pt">(J)<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>the Trust has failed to declare dividends on the VRTP Shares of a Series out of then existing Legally Available Funds
in accordance with <U>Section 2.2(b)</U> and such failure is continuing; or</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 10.95pt 0 5.95pt; text-indent: 2in"><FONT STYLE="letter-spacing: -0.05pt">(K)<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>the failure of the Trust to redeem in full (or repurchase and retire) all of the outstanding Auction Preferred Shares
on or prior to January 31, 2013.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.45pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 14.25pt 0 5.95pt; text-indent: 1.5in"><FONT STYLE="font-size: 12pt; letter-spacing: -0.1pt">(ii)</FONT><FONT STYLE="font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>A Dividend Failure or a Redemption Failure on a Series of VRTP Shares shall end on the Business Day on which, by 11:00 a.m.,
New York City time, Deposit Securities that will provide an aggregate amount of same-day funds on such date equal to all accumulated
but unpaid dividends on the VRTP Shares of such Series or the entire unpaid Redemption Price of the VRTP Shares of such Series,
respectively, shall have been deposited irrevocably in trust with the Redemption and Paying Agent.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 14.6pt 0 5.95pt; text-indent: 1.5in"><FONT STYLE="font-size: 12pt; letter-spacing: -0.1pt">(iii)</FONT><FONT STYLE="font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If the NAV determined as of the last Business Day of any Dividend Period is less than seventy-five per cent (75%) of the
NAV determined as of the last Business Day of the preceding Dividend Period (the &ldquo;<U>Triggering NAV</U>&rdquo;), the Dividend
Rate on such Series of VRTP Shares shall be adjusted to the Increased Rate for each day until the NAV determined as of the last
Business Day of any subsequent Dividend Period is equal to or greater than seventy-five (75%) of the Triggering NAV.</P>


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<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">2.3</FONT></TD><TD><U>Liquidation Rights</U>.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 9pt 0 5.95pt; text-indent: 1in"><FONT STYLE="font-size: 12pt; letter-spacing: -0.15pt">(a)</FONT><FONT STYLE="font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In the event of any liquidation, dissolution or winding up of the affairs of the Trust, whether voluntary or involuntary,
the Holders of VRTP Shares shall be entitled to receive out of the assets of the Trust available for distribution to shareholders,
after satisfying claims against, and obligations of, the Trust to the extent required by applicable law but before any distribution
or payment shall be made in respect of the Common Shares or any other class of shares of the Trust ranking junior to the VRTP Shares
upon dissolution, liquidation or winding up, a liquidation distribution equal to the Liquidation Preference for such VRTP Shares,
<U>plus</U> an amount equal to all dividends thereon (whether or not earned or declared) accumulated but unpaid to (but excluding)
the date of the final liquidation distribution in same-day funds. After the payment to the Holders of VRTP Shares of the full preferential
amounts provided for in this <U>Section 2.3(a)</U>, the Holders of VRTP Shares shall have no right or claim to any of the remaining
assets of the Trust.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.45pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 6.25pt 0 5.95pt; text-indent: 1in"><FONT STYLE="font-size: 12pt; letter-spacing: -0.15pt">(b)</FONT><FONT STYLE="font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If, upon any liquidation, dissolution or winding up of the affairs of the Trust, whether voluntary or involuntary, the assets
of the Trust available for distribution among the Holders of all Outstanding VRTP Shares and any other outstanding Preferred Shares
ranking on a parity with the VRTP Shares shall be insufficient to permit the payment in full to such Holders of the Liquidation
Preference of such VRTP Shares plus accumulated and unpaid dividends and other distributions on such VRTP Shares as provided in
<U>Section 2.3(a)</U> above and the amounts due upon liquidation with respect to such other Preferred Shares, then such available
assets shall be distributed among the Holders of such VRTP Shares and such other Preferred Shares ratably in proportion to the
respective preferential liquidation amounts to which they are entitled. In connection with any liquidation, dissolution or winding
up of the affairs of the Trust, whether voluntary or involuntary, unless and until the Liquidation Preference on each Outstanding
VRTP Share plus accumulated and unpaid dividends and other distributions on such VRTP Shares as provided in <U>Section 2.3(a)</U>
above have been paid in full to the Holders thereof, no dividends, distributions or other payments will be made on, and no redemption,
purchase or other acquisition by the Trust will be made by the Trust in respect of, the Common Shares or any other class of shares
of the Trust ranking junior to the VRTP Shares upon dissolution, liquidation or winding up.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 4.5pt 6.3pt 0 6pt; text-indent: 1in"><FONT STYLE="font-size: 12pt; letter-spacing: -0.15pt">(c)</FONT><FONT STYLE="font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Neither the sale of all or substantially all of the property or business of the Trust, nor the merger, consolidation or
reorganization of the Trust into or with any other business or statutory trust, corporation or other entity, nor the merger, consolidation
or reorganization of any other business or statutory trust, corporation or other entity into or with the Trust, shall be a dissolution,
liquidation or winding up, whether voluntary or involuntary, for the purpose of this <U>Section 2.3</U>.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">2.4</FONT></TD><TD><U>Coverage &amp; Leverage Tests</U>.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 9.5pt 0 6pt; text-indent: 1in"><FONT STYLE="font-size: 12pt; letter-spacing: -0.15pt">(a)</FONT><FONT STYLE="font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Asset Coverage Requirement</U>. For so long as any VRTP Shares of any Series are Outstanding, the Trust shall have Asset
Coverage of at least 225% as of the close of business on each Business Day. If the Trust shall fail to maintain such Asset Coverage
as of any time as of which such compliance is required to be determined as aforesaid, the provisions of <U>Section 2.5(b)(i)</U>
shall apply, which provisions to the extent complied with, along with the payment of any applicable Increased Rate, shall constitute
the sole remedy for the Trust&rsquo;s failure to comply with the provisions of this <U>Section 2.4(a)</U>.</P>


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<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 6.35pt 0 5.95pt; text-indent: 1in"><FONT STYLE="font-size: 12pt; letter-spacing: -0.15pt">(b)</FONT><FONT STYLE="font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Calculation of Asset Coverage</U>. For purposes of determining whether the requirements of <U>Section 2.4(a)</U> are
satisfied, (i) no VRTP Shares of any Series or other Preferred Shares shall be deemed to be Outstanding for purposes of any computation
required by <U>Section 2.4(a)</U> if, prior to or concurrently with such determination, Deposit Securities (in the case of the
VRTP Shares) and/or other funds or securities (in accordance with the terms of such other Preferred Shares) sufficient to pay in
same day funds the full redemption price for such Series or other Preferred Shares (or the portion thereof to be redeemed) shall
have been deposited in trust with the paying agent for such Series or other Preferred Shares and the requisite notice of redemption
for such Series or other Preferred Shares (or the portion thereof to be redeemed) shall have been given, and (ii) the Deposit Securities
or such other sufficient securities or funds that shall have been so deposited with the applicable paying agent shall not be included
as assets of the Trust for purposes of such computation.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.45pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 6.65pt 0 6pt; text-indent: 1in"><FONT STYLE="font-size: 12pt; letter-spacing: -0.15pt">(c)</FONT><FONT STYLE="font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Effective Leverage Ratio Requirement</U>. For so long as VRTP Shares of any Series are Outstanding, the Effective Leverage
Ratio shall not exceed 45% (or 46% solely by reason of fluctuations in the Market Value of the Trust&rsquo;s assets) as of the
close of business on any Business Day. If the Effective Leverage Ratio shall exceed the applicable percentage provided in the preceding
sentence as of any time as of which such compliance is required to be determined as aforesaid, the provisions of <U>Section 2.5(b)(ii)</U>
shall apply, which provisions to the extent complied with, along with the payment of any applicable Increased Rate, shall constitute
the sole remedy for the Trust&rsquo;s failure to comply with the provisions of this <U>Section 2.4(c)</U>.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 6.65pt 0 78pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3.8pt 17.75pt 0 6pt; text-indent: 1in"><FONT STYLE="font-size: 12pt; letter-spacing: -0.15pt">(d)</FONT><FONT STYLE="font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Calculation of Effective Leverage Ratio</U>. For purposes of determining whether the requirements of <U>Section 2.4(c)</U>
are satisfied, the &ldquo;<U>Effective Leverage Ratio</U>&rdquo; on any date of determination shall mean the quotient of:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 11.9pt 0 6pt; text-indent: 1.5in"><FONT STYLE="font-size: 12pt; letter-spacing: -0.15pt">(i)</FONT><FONT STYLE="font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The sum of (A) the aggregate liquidation preference of the Trust&rsquo;s &ldquo;senior securities&rdquo; (as that term is
defined in the 1940 Act) that are stock for purposes of the 1940 Act, plus any accumulated but unpaid dividends thereon, excluding,
without duplication,</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-size: 12pt; letter-spacing: -0.15pt">(x)</FONT></TD><TD STYLE="padding-right: 6.7pt">any such senior securities for which the Trust has issued a notice of redemption and either has
delivered sufficient Deposit Securities (in the case of VRTP Shares) or sufficient securities or funds (in accordance with the
terms of any other such senior securities) to the Redemption and Paying Agent or other applicable paying agent for such senior
securities or otherwise has adequate Deposit Securities (in the case of the VRTP Shares) or sufficient securities or funds (in
the case of any other such senior securities) on hand for the purpose of such redemption and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-size: 12pt; letter-spacing: -0.15pt">(y)</FONT></TD><TD STYLE="padding-right: 8.9pt">any such senior securities that are to be redeemed with net proceeds from the sale of the VRTP
Shares, for which the Trust has delivered sufficient Deposit Securities (in the case of the VRTP Shares) or sufficient securities
or funds (in accordance with the terms of such other senior securities) to the Redemption and Paying Agent or other applicable
paying agent for such senior securities or otherwise has adequate Deposit Securities (in the case of the VRTP Shares) or sufficient
securities or funds (in the case of any other such senior securities) on hand for the purpose of such redemption and (B) the aggregate
principal amount of the Trust&rsquo;s &ldquo;senior securities representing indebtedness&rdquo; (as that term is defined in the
1940 Act), plus any accrued but unpaid interest thereon; <U>divided by</U></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 6.45pt 0 5.95pt; text-indent: 1.5in"><FONT STYLE="font-size: 12pt; letter-spacing: -0.15pt">(ii)</FONT><FONT STYLE="font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>An amount equal to (A) the Market Value of the Trust&rsquo;s total assets (including amounts attributable to senior securities,
but excluding any assets consisting of Deposit Securities or securities or funds referred to in clauses (A)(x) and A(y) of <U>Section
2.4(d)(i)</U> above), less the amount of the Trust&rsquo;s accrued liabilities (which accrued liabilities shall include net obligations
of the Trust under each Derivative Contract in an amount equal to the Derivative Termination Value thereof payable by the Trust
to the related counterparty) other than liabilities for the aggregate principal amount of the Trust&rsquo;s outstanding &ldquo;senior
securities representing indebtedness&rdquo; (as that term is defined in the 1940 Act) <U>minus</U> (B) the Overconcentration Amount.</P>


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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 16.55pt 0 6pt; text-indent: 0.5in"><FONT STYLE="font-size: 12pt">2.5</FONT><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Redemption</U>. Each Series of VRTP Shares shall be subject to redemption by the Trust as provided below:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 7.35pt 0 5.95pt; text-indent: 1in"><FONT STYLE="font-size: 12pt; letter-spacing: -0.15pt">(a)</FONT><FONT STYLE="font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Term Redemption</U>. The Trust shall redeem all of the VRTP Shares of a Series on the Term Redemption Date for such Series,
out of then existing Legally Available Funds, at a price per share equal to the Liquidation Preference for such Series plus an
amount equal to all unpaid dividends and other distributions on such VRTP Shares accumulated in respect of such VRTP Shares through
(but excluding) the Term Redemption Date for such Series (whether or not earned or declared by the Trust, but without interest
thereon, and subject to <U>Section 2.5(e)(vi)</U>) (the &ldquo;<U>Term Redemption Price</U>&rdquo;); <U>provided</U>, <U>however</U>,
that the Trust shall have the right, exercisable not more than 365 days nor less than 90 days prior to the Term Redemption Date
of a Specified Series, to request that the Specified Holder extend the Term Redemption Date for such Specified Series by at least
an additional 364-days (a &ldquo;<U>Term Extension Request</U>&rdquo;), which request may be conditioned upon terms and conditions
that are different from the terms and conditions set forth herein. Each Specified Holder shall, no later than 30 days after receiving
a Term Extension Request, notify the Trust and the Redemption and Paying Agent of its acceptance or rejection of such request,
which acceptance by such Specified Holder may be conditioned upon terms and conditions which are different from the terms and conditions
set forth herein or the terms and conditions proposed by the Trust in making an extension request (a &ldquo;<U>Conditional Acceptance</U>&rdquo;).
If any Specified Holder fails to notify the Trust and the Redemption and Paying Agent of its acceptance or rejection of the Trust&rsquo;s
request for extension within such 30-day period, such failure to respond shall constitute a rejection of such request. If any Specified
Holder provides a Conditional Acceptance, then the Trust shall have 30 days thereafter to notify such Specified Holder and each
other Specified Holder of its acceptance or rejection of the terms and conditions specified in the Conditional Acceptance. The
Trust&rsquo;s failure to notify all Specified Holders within such 30-day period will be deemed a rejection of the terms and conditions
specified in the Conditional Acceptance. Each Specified Holder may grant or deny any request for an extension of the Term Redemption
Date of its Specified Series in its sole and absolute discretion.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.55pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 78pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt; letter-spacing: -0.15pt">(b)</FONT></TD><TD><U>Asset Coverage and Effective Leverage Ratio Mandatory Redemption</U>.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 5.95pt 0 6pt; text-indent: 1.5in"><FONT STYLE="font-size: 12pt; letter-spacing: -0.15pt">(i)</FONT><FONT STYLE="font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Asset Coverage Mandatory Redemption</U>. (A) If the Trust fails to comply with the Asset Coverage requirement as provided
in <U>Section 2.4(a)</U> and such failure is not cured as of the related Asset Coverage Cure Date, the Trust shall, to the extent
permitted by the 1940 Act and Massachusetts law, by the close of business on the Business Day next following such Asset Coverage
Cure Date, (x) cause a notice of redemption to be issued, and cause to be deposited Deposit Securities (in the case of the VRTP
Shares) or sufficient securities or funds (in the case of any other Preferred Shares) in trust with the Redemption and Paying Agent
or other applicable paying agent, in each case in accordance with the terms of the Preferred Shares to be redeemed, for the redemption
of a sufficient number of Preferred Shares, that, to the extent permitted by the 1940 Act and Massachusetts law, would enable the
Trust to meet the requirements of <U>Section 2.5(b)(i)(B)</U> or (y) deliver to the Holders of VRTP Shares a certificate signed
by a duly authorized officer of the Trust that specifies the identity and Market Value of assets of the Trust for which the Trust
has entered into corrective trades in order to satisfy the Asset Coverage requirement as provided in <U>Section 2.4(a)</U> and
certifies that the Asset Coverage requirement as provided in <U>Section 2.4(a)</U> shall be satisfied by reason of such trades
on or prior to the twentieth (20th) day following such Asset Coverage Cure Date. If the Trust elects to effect a redemption pursuant
to Section 2.5(b)(i)(A)(x), the Trust shall allocate such redemption on a pro rata basis among different series of Preferred Shares
(including each Series of VRTP Shares) based upon the proportion the aggregate liquidation preference of the outstanding Preferred
Shares of any series bears to the aggregate liquidation preference of all outstanding series of Preferred Shares (a &ldquo;<U>Pro
Rata Allocation</U>&rdquo;). In the event that any VRTP Shares of a Series then Outstanding are to be redeemed pursuant to <U>Section
2.5(b)(i)(A)(x)</U>, the Trust shall redeem such VRTP Shares, out of then existing Legally Available Funds, at a price per share
equal to the Liquidation Preference plus an amount equal to all unpaid dividends and</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 5.95pt 0 6pt; text-indent: 0pt">other distributions on such VRTP Shares accumulated
in respect of such VRTP Shares through (but excluding) the date fixed for such redemption by the Board of Trustees (whether or
not earned or declared by the Trust, but without interest thereon, and subject to <U>Section 2.5(e)(vi)</U>) (the &ldquo;<U>Mandatory
Redemption Price</U>&rdquo;).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3.8pt 7.35pt 0 5.95pt; text-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3.8pt 7.35pt 0 5.95pt; text-align: justify; text-indent: 2in">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
the Redemption Date for a redemption contemplated by <U>Section 2.5(b)(i)(A)(x)</U>, the Trust shall redeem at the Mandatory Redemption
Price, out of then existing Legally Available Funds, such number of Preferred Shares (based upon a number and proportion of each
series of Preferred Shares as shall be necessary to effect a Pro Rata Allocation) as shall be equal to the lesser of (x) the minimum
number of Preferred Shares, the redemption of which, if deemed to have occurred immediately prior to the opening of business on
the day following the Asset Coverage Cure Date, would result in the Trust having Asset Coverage on such Asset Coverage Cure Date
of at least 225% (<U>provided, however</U>, that if there is no such minimum number of VRTP Shares and other Preferred Shares the
redemption or retirement of which would have such result, all VRTP Shares and other Preferred Shares then outstanding shall be
redeemed) and (y) the maximum number of Preferred Shares that can be redeemed out of then existing Legally Available Funds in accordance
with the Declaration of Trust and applicable law. The Trust shall effect any such redemption on the date fixed by the Trust therefor,
which date shall not be later than thirty (30) calendar days after such Asset Coverage Cure Date, except that if the Trust does
not have Legally Available Funds for the redemption of all of the required number of VRTP Shares and other Preferred Shares which
have been designated to be redeemed or the Trust is otherwise unable to effect such redemption on or prior to thirty (30) calendar
days after such Asset Coverage Cure Date, the Trust shall (i) redeem those VRTP Shares and other Preferred Shares that it is able
to redeem (based upon a number and proportion of each series of Preferred Shares as shall be necessary to effect a Pro Rata Allocation)
and (ii) redeem those VRTP Shares and other Preferred Shares which it was unable to redeem on the earliest practicable date on
that it is able to effect such redemption (based upon a number and proportion of each series of Preferred Shares as shall be necessary
to effect a Pro Rata Allocation). If fewer than all of the Outstanding VRTP Shares of a Series are to be redeemed pursuant to this
<U>Section 2.5(b)(i)(B)</U>, the number of VRTP Shares of such Series to be redeemed shall be redeemed (A) pro rata among the Outstanding
VRTP Shares of such Series,</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 29.45pt 0 6pt; text-align: justify">(B) by lot or (C) in such other
manner as the Board of Trustees may determine to be fair and equitable.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 4.5pt 6.45pt 0 5.95pt; text-indent: 1.5in"><FONT STYLE="font-size: 12pt; letter-spacing: -0.15pt">(ii)</FONT><FONT STYLE="font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Effective Leverage Ratio Mandatory Redemption</U>. (A) If (x) the Trust fails to comply with the Effective Leverage Ratio
requirement as provided in <U>Section 2.4(c)</U>, (y) with respect to the Specified Series, the Trust fails to comply with the
Effective Leverage Ratio requirement determined as set forth in <U>Section 6.10</U> of the Initial Purchase Agreement if such requirement
shall still be in effect in accordance with the terms of the Initial Purchase Agreement, or (z) with respect to any other Series
of VRTP Shares issued pursuant to this Amendment, the Trust fails to comply with any additional requirements relating to the determination
of the Effective Leverage Ratio requirement determined pursuant to the Purchase Agreement or Appendix applicable to such Series,
and, in any such case, such failure is not cured as of the close of business on the date that is seven (7) Business Days following
the Business Day on which such non-compliance is first determined (the &ldquo;<U>Effective Leverage Ratio Cure Date</U>&rdquo;),
the Trust shall not later than the close of business on the Business Day next following the Effective Leverage Ratio Cure Date
initiate procedures to cause the Effective Leverage Ratio (determined, as applicable, in accordance with the requirements applicable
to the determination of the Effective Leverage Ratio under this Amendment and the related Appendix, the Initial Purchase Agreement
or other Purchase Agreement for any applicable Series of VRTP Shares in respect of which the Effective Leverage Ratio is being
determined) not to exceed the Effective Leverage Ratio required under <U>Section 2.4(c)</U> (without giving effect to the parenthetical
provision in the first sentence of <U>Section 2.4(c)</U>) as so determined, by (x) to the extent permitted by the 1940 Act and
Massachusetts law, causing a notice of redemption to be issued fixing a redemption date, and causing to be deposited sufficient
Deposit Securities (in the case of the VRTP Shares) or sufficient securities or funds (in the case of any other Preferred Shares)
in trust with the Redemption and Paying Agent or other applicable paying agent, in</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 4.5pt 6.45pt 0 5.95pt; text-indent: 0pt">each case in accordance with the terms of the
Preferred Shares to be redeemed, for the redemption of a sufficient number of Preferred Shares, based upon a number and proportion
of each series of Preferred Shares as shall be necessary to effect a Pro Rata Allocation, or (y) delivering to the Holders of the
VRTP Shares a certificate signed by a duly authorized officer of the Trust that specifies the identity and Market Value of assets
of the Trust for which the Trust has entered into corrective trades in order to satisfy the Effective Leverage Ratio requirement
as provided in <U>Section 2.4(c)</U> and certifies that the Effective Leverage Ratio requirement as provided for in <U>Section
2.4(c)</U> shall be satisfied by reason of such trades on or prior to the twentieth (20<SUP>th</SUP>) day following the Effective
Leverage Ratio Cure Date. In the event that any VRTP Shares of a Series are to be redeemed pursuant to clause (x) of the preceding
sentence of this <U>Section 2.5(b)(ii)(A)</U>, the Trust shall redeem such VRTP Shares at a price per VRTP Share equal to the Mandatory
Redemption Price.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.55pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 17.45pt 0 6pt; text-align: justify; text-indent: 2in">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
the Redemption Date selected by the Trust for a redemption contemplated by clause (x) of <U>Section 2.5(b)(ii)(A)</U> (which
date shall not be later than the later of (i) thirty (30) calendar days after such Effective Leverage Ratio Cure Date and
(ii) the date on which shares of each outstanding series of Preferred Shares of the Trust may be redeemed in accordance with
the redemption procedures applicable to such Preferred Shares), the Trust shall not redeem more than the maximum number of
Preferred Shares that can be redeemed out of then existing Legally Available Funds in accordance with the Declaration of
Trust and applicable law. If the Trust is unable to redeem the required number of VRTP Shares and other Preferred Shares
which have been designated to be redeemed in accordance with clause (x) of <U>Section 2.5(b)(ii)(A)</U> due to the
unavailability of Legally Available Funds, the Trust shall (i) redeem those VRTP Shares and other Preferred Shares that it is
able to redeem (based upon the number and proportion of each series of Preferred Shares as shall be necessary to effect a Pro
Rata Allocation) and (ii) redeem those VRTP Shares and other Preferred Shares which it was unable to redeem on the earliest
practicable date on that it is able to effect such redemption (based upon the number and proportion of each series of
Preferred Shares as shall be necessary to effect a Pro Rata Allocation). If fewer than all of the Outstanding VRTP Shares of
a Series are to be redeemed pursuant to clause (x) of <U>Section 2.5(b)(ii)(A)</U>, the number of VRTP Shares of such Series
to be redeemed shall be redeemed (A) pro rata among the Outstanding VRTP Shares of such Series, (B) by lot or (C) in such
other manner as the Board of Trustees may determine to be fair and equitable.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.45pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 78pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt; letter-spacing: -0.15pt">(c)</FONT></TD><TD><U>Redemption upon the Occurrence of Certain Events</U>.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 59.85pt 0 6pt; text-indent: 1.5in"><FONT STYLE="font-size: 12pt; letter-spacing: -0.15pt">(i)</FONT><FONT STYLE="font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Trust shall redeem all of the VRTP Shares upon the occurrence of any of the following events:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 9.3pt 0 6pt; text-indent: 2in"><FONT STYLE="font-size: 12pt; letter-spacing: -0.05pt">(A)</FONT><FONT STYLE="font-size: 7pt; letter-spacing: -0.05pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the occurrence of a Dividend Payment Failure Event (other than a Dividend Payment Failure Event that was directly caused
by a Force Majuere Event) for a third time for any reason and without regard to whether the first two Dividend Payment Failure
Events have ended as contemplated pursuant to <U>Section 2.2(g)(ii)</U>;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 150pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt; letter-spacing: -0.05pt">(B)</FONT></TD><TD>an Insolvency Event occurs;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.45pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 7.95pt 0 6pt; text-indent: 2in"><FONT STYLE="font-size: 12pt; letter-spacing: -0.05pt">(C)</FONT><FONT STYLE="font-size: 7pt; letter-spacing: -0.05pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Investment Management Agreement terminates or otherwise ceases to be in full force or effect for any reason or the Trust
or the Adviser challenges the validity or the enforceability thereof;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.45pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 12.25pt 0 6pt; text-indent: 2in"><FONT STYLE="font-size: 12pt; letter-spacing: -0.05pt">(D)</FONT><FONT STYLE="font-size: 7pt; letter-spacing: -0.05pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>without limiting the obligations of the Trust to redeem any or all of the VRTP Shares pursuant to, and in accordance with
the provisions hereof relating to, any other Mandatory Redemption Event, an Increased Rate Event continues for more than one hundred
and eighty (180) days;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 6.95pt 0 6pt; text-indent: 2in"><FONT STYLE="font-size: 12pt; letter-spacing: -0.05pt">(E)</FONT><FONT STYLE="font-size: 7pt; letter-spacing: -0.05pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> the Credit Facility (i) terminates prior to the Term Redemption Date of any Specified Series or otherwise ceases to be
in full force or effect for any reason, (ii) the Trust challenges the validity or the enforceability of the Credit Facility or
(iii) any amounts due and payable in respect of Advances (as defined therein) have been accelerated as a result of an Event of
Default (as defined therein) thereunder; or</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 10.95pt 0 6pt; text-indent: 2in"><FONT STYLE="font-size: 12pt; letter-spacing: -0.05pt">(F)</FONT><FONT STYLE="font-size: 7pt; letter-spacing: -0.05pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the failure of the Trust to redeem in full (or repurchase and retire) all of the outstanding Auction Preferred Shares on
or prior to January 31, 2013.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 7.5pt 0 6pt; text-indent: 1.5in"><FONT STYLE="font-size: 12pt; letter-spacing: -0.15pt">(ii)</FONT><FONT STYLE="font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Upon the occurrence of any such event, referenced in <U>Section 2.5(c)</U>, the Trust shall redeem all of the VRTP Shares,
at a price equal to the Liquidation Preference for such VRTP Shares, plus an amount equal to all unpaid dividends and other distributions
on such VRTP Shares accumulated in respect of such VRTP Shares through (but excluding) the Redemption Date (whether or not earned
or declared, by the Trust, but without interest thereon) and subject to <U>Section 2.5(e)(vi)</U>. The Trust shall effect any such
redemption on the date fixed by the Trust therefor pursuant to <U>Section 2.5(e)</U>, except that if the Trust does not have Legally
Available Funds for the redemption of all of the VRTP Shares, the Trust shall (i) redeem those VRTP Shares that it is able to redeem
(based upon a number and proportion of each series of VRTP Shares as shall be necessary to effect a Pro Rata Allocation) and (ii)
redeem those VRTP Shares which it was unable to redeem on the earliest practicable date on that it is able to effect such redemption
(based upon a number and proportion of each series of Preferred Shares as shall be necessary to effect a Pro Rata Allocation).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.45pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 78pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt; letter-spacing: -0.15pt">(d)</FONT></TD><TD><U>Optional Redemption</U>.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 6.25pt 0 5.95pt; text-indent: 1.5in"><FONT STYLE="font-size: 12pt; letter-spacing: -0.15pt">(i)</FONT><FONT STYLE="font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Subject to the provisions of <U>Section 2.5(d)(ii)</U> and <U>Section 2.5(d)(iv)</U>, the Trust may, solely for purposes
of decreasing the leverage of the Trust, at its option on any Business Day (an &ldquo;<U>Optional Redemption Date</U>&rdquo;) redeem
in whole or from time to time in part the Outstanding VRTP Shares of any Series, out of then existing Legally Available Funds,
at a redemption price per VRTP Share (the &ldquo;<U>Optional Redemption Price</U>&rdquo;) equal to (x) the Liquidation Preference
for such VRTP Shares <U>plus</U> (y) an amount equal to all unpaid dividends and other distributions on such VRTP Share of such
Series accumulated in respect of such VRTP Shares through (but excluding) the Optional Redemption Date (whether or not earned or
declared by the Trust, but without interest thereon, and subject to <U>Section 2.5(e)(vi)</U> and any Liquidation Fee payable in
respect of the Series L VRTP Shares).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 10.9pt 0 5.95pt; text-indent: 1.5in"><FONT STYLE="font-size: 12pt; letter-spacing: -0.15pt">(ii)</FONT><FONT STYLE="font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If fewer than all of the outstanding VRTP Shares of a Series are to be redeemed pursuant to <U>Section 2.5(d)(i)</U>, the
VRTP Shares of such Series to be redeemed shall be selected either (A) pro rata among the Outstanding shares of such Series, (B)
by lot or (C) in such other manner as the Board of Trustees may determine to be fair and equitable. Subject to the provisions of
this Amendment and applicable law, the Board of Trustees will have the full power and authority to prescribe the terms and conditions
upon which VRTP Shares will be redeemed pursuant to this <U>Section 2.5(d)</U> from time to time.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.45pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 8.65pt 0 6pt; text-indent: 1.5in"><FONT STYLE="font-size: 12pt; letter-spacing: -0.15pt">(iii)</FONT><FONT STYLE="font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Trust may not on any date deliver a Notice of Redemption pursuant to <U>Section 2.5(e)</U> in respect of a redemption
contemplated to be effected pursuant to this <U>Section 2.5(d)</U> unless on such date the Trust has available Deposit Securities
having a Market Value not less than the amount that will be due to Holders of VRTP Shares by reason of the redemption of such VRTP
Shares on the Optional Redemption Date contemplated by such Notice of Redemption. Subject to <U>Section 2.5(d)(iv)</U>, the Trust
may not, without the consent of the Majority Holders, use proceeds from the issuance of senior securities (as the term is defined
under the 1940 Act) in order to effect a redemption of VRTP Shares pursuant to <U>Section 2.5(d)(i)</U>.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 4.5pt 14.6pt 0 5.95pt; text-indent: 1.5in"><FONT STYLE="font-size: 12pt; letter-spacing: -0.15pt">(iv)</FONT><FONT STYLE="font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> Notwithstanding the foregoing, solely during the period of 180 days immediately preceding the Term Redemption Date for
VRTP Shares of a Series, the Trust may effect a redemption of all Outstanding VRTP Shares of such Series pursuant to <U>Section
2.5(d)(i)</U> without reducing the leverage of the Trust and may use the proceeds from the issuance of senior securities to effect
such redemption.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 78pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt; letter-spacing: -0.15pt">(e)</FONT></TD><TD><U>Procedures for Redemption</U>.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.45pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 5.85pt 0 5.95pt; text-indent: 1.5in"><FONT STYLE="font-size: 12pt; letter-spacing: -0.1pt">(i)</FONT><FONT STYLE="font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If the Trust shall elect or be required to redeem, in whole or in part, VRTP Shares of a Series pursuant to <U>Section 2.5(a),
(b)</U>, <U>(c)</U>, or <U>(d)</U>, the Trust shall deliver a notice of redemption (the &ldquo;<U>Notice of Redemption</U>&rdquo;),
by overnight delivery, by first class mail, postage prepaid or by Electronic Means to Holders thereof, or request the Redemption
and Paying Agent, on behalf of the Trust, to promptly do so by overnight delivery, by first class mail, postage prepaid or by Electronic
Means. A Notice of Redemption shall be provided not more than forty-five (45) calendar days and not less than fifteen (15) calendar
days (or such shorter or longer notice period as specified in or as required to comply with <U>Section 2.5(b)(i)</U> and <U>Section
2.5(b)(ii)</U> or as may be consented to by all of the Holders) prior to the date, which shall be a Business Day, fixed for redemption
in such Notice of Redemption (the &ldquo;<U>Redemption Date</U>&rdquo;). Each such Notice of Redemption shall state: (A) the Redemption
Date; (B) the Series and number of VRTP Shares to be redeemed; (C) the CUSIP number for VRTP Shares of such Series; (D) the applicable
Redemption Price on a per share basis; (E) if applicable, the place or places where the security certificate(s) for such shares
(properly endorsed or assigned for transfer, if the Board of Trustees requires and the Notice of Redemption states) are to be surrendered
for payment of the Redemption Price; (F) that, except as expressly provided in this Amendment, dividends on the VRTP Shares to
be redeemed will cease to accumulate from and after such Redemption Date; and (G) the provisions of this Amendment under which
such redemption is made. If fewer than all VRTP Shares held by any Holder are to be redeemed, the Notice of Redemption delivered
to such Holder shall also specify the number of VRTP Shares to be redeemed from such Holder and, if applicable, the method of determining
such number. The Trust may provide in any Notice of Redemption relating to an optional redemption contemplated to be effected pursuant
to this Amendment that such redemption is subject to one or more conditions precedent not otherwise expressly set forth herein
and that the Trust shall not be required to effect such redemption unless each such condition has been satisfied at the time or
times and in the manner specified in such Notice of Redemption. No defect in the Notice of Redemption or delivery thereof shall
affect the validity of redemption proceedings, except as required by applicable law.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.55pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 9.95pt 0 5.95pt; text-indent: 1.5in"><FONT STYLE="font-size: 12pt; letter-spacing: -0.1pt">(ii)</FONT><FONT STYLE="font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If the Trust shall give a Notice of Redemption, then at any time from and after the giving of such Notice of Redemption
and prior to 11:00 a.m., New York City time, on the Redemption Date (so long as any conditions precedent to such redemption have
been met or waived by the Trust), the Trust shall (A) deposit with the Redemption and Paying Agent Deposit Securities having an
aggregate Market Value on the date thereof no less than the Redemption Price of the VRTP Shares to be redeemed on the Redemption
Date and (B) give the Redemption and Paying Agent irrevocable instructions and authority to pay the applicable Redemption Price
to the Holders of VRTP Shares called for redemption on the Redemption Date. The Trust may direct the Redemption and Paying Agent
with respect to the investment of any Deposit Securities consisting of cash so deposited prior to the Redemption Date, provided
that the proceeds of any such investment shall be available at the opening of business on the Redemption Date as same-day funds.
Notwithstanding the provisions of the preceding sentence, if the Redemption Date is the Term Redemption Date, then such deposit
of Deposit Securities (which may come in whole or in part from the Term Redemption Liquidity Account) shall be made no later than
the 15th calendar day (or, if such day is not a Business Day, the next succeeding Business Day) of the month prior to the month
in which the Term Redemption Date occurs.</P>


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<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 4.5pt 6.8pt 0 5.95pt; text-indent: 1.5in"><FONT STYLE="font-size: 12pt; letter-spacing: -0.1pt">(iii)</FONT><FONT STYLE="font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Upon the date of the deposit of such Deposit Securities, all rights of the Holders of VRTP Shares so called for redemption
shall cease and terminate except the right of the Holders thereof to receive the Redemption Price thereof and such VRTP Shares
shall no longer be deemed Outstanding for any purpose whatsoever (other than (A) the transfer thereof prior to the applicable Redemption
Date and (B) the accumulation of dividends thereon in accordance with the terms hereof, including <U>Section 2.5(e)(vi)</U>, up
to (but excluding) the applicable date of redemption of such VRTP Shares, which accumulated dividends shall be payable only as
part of the applicable Redemption Price on the date of redemption of such VRTP Shares). The Trust shall be entitled to receive,
promptly after the date of redemption of any VRTP Shares called for redemption on a Redemption Date, any Deposit Securities in
excess of the aggregate Redemption Price of such VRTP Shares. Any Deposit Securities so deposited that are unclaimed at the end
of three hundred sixty-five (365) calendar days from the date of redemption of any VRTP Shares called for redemption on a Redemption
Date shall, to the extent permitted by law, be repaid to the Trust, after which the Holders of VRTP Shares so called for redemption
shall look only to the Trust for payment of the Redemption Price thereof. The Trust shall be entitled to receive, from time to
time after the date of redemption of any VRTP Shares called for redemption on a Redemption Date, any interest on the Deposit Securities
deposited to effect such redemption that is not applied therefor.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 4.5pt 6.8pt 0 113.95pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3.8pt 8.55pt 0 5.95pt; text-indent: 1.5in"><FONT STYLE="font-size: 12pt; letter-spacing: -0.1pt">(iv)</FONT><FONT STYLE="font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notwithstanding the other provisions of this <U>Section 2.5</U>, except as otherwise required by law, the Trust shall not
redeem any VRTP Shares or other series of Preferred Shares ranking on a parity with the VRTP Shares with respect to dividends and
other distributions unless all accumulated and unpaid dividends and other distributions on all Outstanding VRTP Shares and such
other series of Preferred Shares for all applicable past dividend periods (whether or not earned or declared by the Trust) (x)
shall have been or are contemporaneously paid or (y) shall have been or are contemporaneously declared and sufficient Deposit Securities
(in the case of the VRTP Shares) or sufficient securities or funds (in accordance with the terms of such other Preferred Shares)
for the payment of such dividends and other distributions shall have been or are contemporaneously deposited with the Redemption
and Paying Agent or other applicable paying agent for such VRTP Shares or other Preferred Shares in accordance with the terms of
the VRTP Shares or other Preferred Shares, <U>provided</U>, <U>however</U>, that the foregoing shall not prevent the purchase or
acquisition by the Trust of Outstanding VRTP Shares pursuant to an otherwise lawful purchase or exchange offer made on the same
terms to Holders of all Outstanding VRTP Shares and any such other series of Preferred Shares for which all accumulated and unpaid
dividends and other distributions have not been paid.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.55pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 10.85pt 0 5.95pt; text-indent: 1.5in"><FONT STYLE="font-size: 12pt; letter-spacing: -0.1pt">(v)</FONT><FONT STYLE="font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>To the extent that any redemption for which a Notice of Redemption has been provided is not made by reason of the absence
of Legally Available Funds therefor in accordance with the Declaration of Trust, this Amendment, and applicable law, such redemption
shall be made as soon as practicable to the extent such funds become available. In the case of any redemption of VRTP Shares pursuant
to <U>Section 2.5(d)</U>, no Redemption Failure shall be deemed to have occurred if the Trust shall fail to deposit in trust with
the Redemption and Paying Agent the Redemption Price with respect to any shares where (x) the Notice of Redemption relating to
such redemption provided that such redemption was subject to one or more conditions precedent and (y) any such condition precedent
shall not have been satisfied at the time or times and in the manner specified in such Notice of Redemption.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.45pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 8.35pt 0 5.95pt; text-indent: 1.5in"><FONT STYLE="font-size: 12pt; letter-spacing: -0.1pt">(vi)</FONT><FONT STYLE="font-size: 7pt; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notwithstanding anything to the contrary herein or in any Notice of Redemption, if the Trust shall not have redeemed VRTP
Shares on the applicable Redemption Date for which a Notice of Redemption has been provided, the Holders of VRTP Shares shall continue
to be entitled to receive dividends on such VRTP Shares at the Dividend Rate for the period from, and including, such Redemption
Date through, but excluding, the date on which such VRTP Shares are actually redeemed and such dividends, to the extent accumulated,
but unpaid, during such period (whether or not earned or declared but without
interest thereon), shall be included in the Redemption Price for such VRTP Shares.</P>


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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 8.35pt 0 5.95pt"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 6.05pt 0 5.95pt; text-indent: 1in"><FONT STYLE="font-size: 12pt; letter-spacing: -0.15pt">(f)</FONT><FONT STYLE="font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Redemption and Paying Agent as Trustee of Redemption Payments by Trust</U>. All Deposit Securities transferred to the
Redemption and Paying Agent for payment of the Redemption Price of VRTP Shares called for redemption shall be held in trust by
the Redemption and Paying Agent for the benefit of Holders of VRTP Shares so to be redeemed until paid to such Holders in accordance
with the terms hereof or returned to the Trust in accordance with the provisions of <U>Section 2.5(e)(iii)</U> above.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 13.95pt 0 5.95pt; text-indent: 1in"><FONT STYLE="font-size: 12pt; letter-spacing: -0.15pt">(g)</FONT><FONT STYLE="font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Compliance With Applicable Law</U>. In effecting any redemption pursuant to this <U>Section 2.5</U>, the Trust shall
use its best efforts to comply with all applicable conditions precedent to effecting such redemption under the 1940 Act and any
applicable Massachusetts law, but shall effect no redemption except in accordance with the 1940 Act and any applicable Massachusetts
law.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 15.65pt 0 5.95pt; text-indent: 1in"><FONT STYLE="font-size: 12pt; letter-spacing: -0.15pt">(h)</FONT><FONT STYLE="font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Modification of Redemption Procedures</U>. Notwithstanding the foregoing provisions of this <U>Section 2.5</U>, the Trust
may, in its sole discretion and without a shareholder vote, modify the procedures set forth above with respect to notification
of redemption for the VRTP Shares (other than the 15-day period for delivery of a Notice of Redemption), provided that such modification
does not materially and adversely affect the Holders of VRTP Shares or cause the Trust to violate any applicable law, rule or regulation;
and provided further that no such modification shall in any way alter the rights or obligations of the Redemption and Paying Agent
without its prior consent.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 41.95pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-size: 12pt">2.6</FONT></TD><TD><U>Voting Rights</U>.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 5.9pt 0 6pt; text-indent: 1in"><FONT STYLE="font-size: 12pt; letter-spacing: -0.15pt">(a)</FONT><FONT STYLE="font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>One Vote Per VRTP Share</U>. Except as otherwise provided in the Declaration of Trust, this Amendment, or as otherwise
required by law, (i) each Holder of Outstanding VRTP Shares shall be entitled to one vote for each Outstanding VRTP Share held
by such Holder on each matter submitted to a vote of all shareholders of the Trust, and (ii) the Holders of outstanding Preferred
Shares, including VRTP Shares, and Common Shares shall vote together as a single class; <U>provided</U>, <U>however</U>, that,
as provided in Article IV, Section 2 of the Declaration of Trust, the Holders of outstanding Preferred Shares, including VRTP Shares,
shall be entitled, as a class, to the exclusion of the Holders of Common Shares and all other securities of the Trust, to elect
two Trustees of the Trust at all times. Two of the existing Trustees as of the date of this Amendment will be designated by the
Trustees as of that date as the initial Trustees elected by the Holders of the outstanding Preferred Shares. Subject to <U>Section
2.6(b)</U>, the Holders of outstanding Common Shares and Preferred Shares, including VRTP Shares, voting together as a single class,
shall elect the balance of the Trustees.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 78pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt; letter-spacing: -0.15pt">(b)</FONT></TD><TD><U>Voting For Additional Trustees</U>.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 8.6pt 0 5.95pt; text-indent: 1.5in"><FONT STYLE="font-size: 12pt; letter-spacing: -0.15pt">(i)</FONT><FONT STYLE="font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Voting Period</U>. During any period in which any one or more of the conditions described in clauses (A) or (B) of this
<U>Section 2.6(b)(i)</U> shall exist (such period being referred to herein as a &ldquo;<U>Voting Period</U>&rdquo;), the number
of Trustees constituting the Board of Trustees shall be automatically increased by the smallest number that, when added to the
two Trustees elected exclusively by the Holders of outstanding Preferred Shares, including VRTP Shares, would constitute a majority
of the Board of Trustees as so increased by such smallest number; and the Holders of outstanding Preferred Shares, including VRTP
Shares, shall be entitled, voting as a class on a one-vote-per-share basis (to the exclusion of the Holders of all other securities
and classes of shares of the Trust), to elect such smallest number of additional Trustees, together with the two Trustees that
such Holders are in any event entitled to elect. A Voting Period shall commence:</P>


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<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 15.65pt 0 6pt; text-indent: 2in"><FONT STYLE="font-size: 12pt; letter-spacing: -0.05pt">(A)</FONT><FONT STYLE="font-size: 7pt; letter-spacing: -0.05pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>if, at the close of business on any dividend payment date, accumulated dividends (whether or not earned or declared) on
any outstanding Preferred Share, including any VRTP Shares, equal to at least two (2) full years&rsquo; dividends shall be due
and unpaid and sufficient cash or specified securities shall not have been deposited with the Redemption and Paying Agent or other
applicable paying agent for the payment of such accumulated dividends; or</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 4.5pt 26.2pt 0 6pt; text-indent: 2in"><FONT STYLE="font-size: 12pt; letter-spacing: -0.05pt">(B)</FONT><FONT STYLE="font-size: 7pt; letter-spacing: -0.05pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>if at any time Holders of Preferred Shares are <FONT STYLE="letter-spacing: -0.15pt">otherwise </FONT>entitled under the
1940 Act to elect a majority of the Board of Trustees.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 6.75pt 0 6pt; text-align: justify; text-indent: 0.5in">A Voting Period
shall terminate upon all of such conditions ceasing to exist. Upon the termination of a Voting Period, the voting rights described
in this <U>Section 2.6(b)(i)</U> shall cease, subject always, however, to the revesting of such voting rights in the Holders of
Preferred Shares upon the further occurrence of any of the events described in this <U>Section 2.6(b)(i)</U>.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 6.55pt 0 6pt; text-indent: 1.5in"><FONT STYLE="font-size: 12pt; letter-spacing: -0.15pt">(ii)</FONT><FONT STYLE="font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Notice of Special Meeting</U>. As soon as practicable after the accrual of any right of the Holders of Preferred Shares
to elect additional Trustees as described in <U>Section 2.6(b)(i)</U>, the Trust shall call a special meeting of such Holders and
notify the Redemption and Paying Agent and/or such other Person as is specified in the terms of such Preferred Shares to receive
notice (i) by mailing or delivery by Electronic Means or (ii) by delivering in such other manner and by such other means as are
specified in the terms of such Preferred Shares a notice of such special meeting to such Holders, such meeting to be held not less
than ten (10) nor more than thirty (30) calendar days after the date of the delivery by Electronic Means or mailing of such notice
or the delivery of such notice by such other manner or means as are described in clause (ii) above. If the Trust fails to call
such a special meeting, it may be called at the expense of the Trust by any such Holder on like notice. The record date for determining
the Holders of Preferred Shares entitled to notice of and to vote at such special meeting shall be the close of business on the
fifth (5<SUP>th</SUP>) Business Day preceding the calendar day on which such notice is mailed or otherwise delivered. At any such
special meeting and at each meeting of Holders of Preferred Shares held during a Voting Period at which Trustees are to be elected,
such Holders, voting together as a class (to the exclusion of the Holders of all other securities and classes of capital stock
of the Trust), shall be entitled to elect the number of Trustees prescribed in <U>Section 2.6(b)(i)</U> on a one-vote-per-share
basis.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.45pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 7.8pt 0 6pt; text-indent: 1.5in"><FONT STYLE="font-size: 12pt; letter-spacing: -0.15pt">(iii)</FONT><FONT STYLE="font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Terms of Office of Existing Trustees</U>. The terms of office of the incumbent Trustees of the Trust at the time of a
special meeting of Holders of Preferred Shares to elect additional Trustees in accordance with <U>Section 2.6(b)(i)</U> shall not
be affected by the election at such meeting by the Holders of VRTP Shares and such other Holders of Preferred Shares of the number
of Trustees that they are entitled to elect, and the Trustees so elected by the Holders of VRTP Shares and such other Holders of
Preferred Shares, together with the two (2) Trustees elected by the Holders of Preferred Shares in accordance with <U>Section 2.6(a)</U>
hereof and the remaining Trustees elected by the Holders of the Common Shares and Preferred Shares, shall constitute the duly elected
Trustees of the Trust.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 9.7pt 0 5.95pt; text-indent: 1.5in"><FONT STYLE="font-size: 12pt; letter-spacing: -0.15pt">(iv)</FONT><FONT STYLE="font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Terms of Office of Certain Trustees to Terminate Upon Termination of Voting Period</U>. Simultaneously with the termination
of a Voting Period, the terms of office of the additional Trustees elected by the Holders of the Preferred Shares pursuant to <U>Section
2.6(b)(i)</U> shall terminate, the remaining Trustees shall constitute the Trustees of the Trust and the voting rights of the Holders
of Preferred Shares to elect additional Trustees pursuant to <U>Section 2.6(b)(i)</U> shall cease, subject to the provisions of
the last sentence of <U>Section 2.6(b)(i)</U>.</P>


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<TD STYLE="width: 78pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt; letter-spacing: -0.15pt">(c)</FONT></TD><TD><U>Holders of VRTP Shares to Vote on Certain Matters</U>.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 9.55pt 0 5.95pt; text-align: justify; text-indent: 1.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Certain
Amendments Requiring Approval of VRTP Shares</U>. Except as otherwise permitted by the terms of this Amendment, so long as any
VRTP Shares are Outstanding, the Trust shall not, without the affirmative vote or consent of the Majority Holders, voting together
as a separate class, amend, alter or repeal the provisions of this Amendment, whether by merger, consolidation or otherwise, so
as to materially and adversely affect any preference, right or power of such VRTP Shares; <U>provided</U>, <U>however</U>, that
(i) a change in the capitalization of the Trust in accordance with <U>Section 2.8</U> hereof shall not be considered to materially
and adversely affect the rights and preferences of the VRTP Shares and (ii) a division of a VRTP Share shall be deemed to materially
and adversely affect such preferences, rights or powers only if the terms of such division materially and adversely affect the
Holders of the VRTP Shares. For purposes of the foregoing, no matter shall be deemed to materially and adversely affect any preference,
right or power of a VRTP Share of any Series unless such matter alters or abolishes any preferential right or power of such VRTP
Share or of the Holder thereof or (ii) creates, alters or abolishes any right in respect of redemption of such VRTP Share (other
than solely as a result of a division of a VRTP Share). To the furthest extent permitted by law, so long as any VRTP Shares are
Outstanding, the Trust shall not, without the affirmative vote or consent of the Holders of at least 66 2/3% of the VRTP Shares
Outstanding at the time, voting as a separate class, file a voluntary application for relief under Federal bankruptcy law or any
similar application under state law for so long as the Trust is solvent and does not foresee becoming insolvent</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 4.5pt 8.2pt 0 6pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 12pt">(i)</FONT><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Certain Amendments Requiring Approval of Specific Series of VRTP Shares</U>. Except as otherwise permitted by the terms
of this Amendment, so long as any VRTP Shares of a Series are Outstanding, the Trust shall not, without the affirmative vote or
consent of the Majority Holders, voting as a separate class, amend, alter or repeal the provisions of the Appendix relating to
such Series, whether by merger, consolidation or otherwise, so as to materially and adversely affect any preference, right or power
of the VRTP Shares of such Series or of the Holders thereof set forth in such Appendix; <U>provided</U>, <U>however</U>, that (i)
a change in the capitalization of the Trust in accordance with <U>Section 2.8</U> hereof shall not be considered to materially
and adversely affect the rights and preferences of the VRTP Shares of such Series, and (ii) a division of a VRTP Share shall be
deemed to affect such preferences, rights or powers only if the terms of such division materially and adversely affect the VRTP
Shares of such Series or the Holders thereof; and <U>provided</U>, <U>further</U>, that no amendment, alteration or repeal of (x)
the obligation of the Trust to (i) pay the Term Redemption Price on the Term Redemption Date for a Series or (ii) accumulate dividends
at the Dividend Rate (as set forth in this Amendment and the applicable Appendix hereto) or adjust the basis for calculating the
Dividend Rate or (y) the provisions of the Appendix setting forth the Term Redemption Date or the Liquidation Preference for the
VRTP Shares, in each case, for a Series, or the provisions of this Amendment relating to the extension of the Term Redemption Date
of a Series, shall be effected without, in each case, the prior unanimous vote or consent of the Holders of such Series of VRTP
Shares. For purposes of the foregoing, no matter shall be deemed to adversely affect any preference, right or power of a VRTP Share
of a Series or of the Holder thereof unless such matter (i) alters or abolishes any preferential right or power of such VRTP Share
or of the Holder thereof, or (ii) creates, alters or abolishes any right in respect of redemption of such VRTP Share.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 4.5pt 8.2pt 0 6pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 12pt">(ii)</FONT><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3.8pt 7.95pt 0 5.95pt; text-indent: 1in"><FONT STYLE="font-size: 12pt; letter-spacing: -0.15pt">(d)</FONT><FONT STYLE="font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Voting Rights Set Forth Herein Are Sole Voting Rights</U>. Unless otherwise required by law, the Declaration of Trust
or this Amendment, the Holders of VRTP Shares shall not have any relative rights or preferences or other special rights with respect
to voting such VRTP Shares other than those specifically set forth in this <U>Section 2.6</U>; <U>provided</U>, <U>however</U>,
that nothing in this Amendment or the Declaration of Trust shall be deemed to preclude or limit the right of the Trust (to the
extent permitted by applicable law) to contractually agree with any Holder, Designated Owner or Specified Holder of VRTP Shares
of any Series that any action or inaction by the Trust shall require the consent or approval of such Holder, Designated Owner or
Specified Holder.</P>


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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 9pt 0 6pt; text-indent: 1in"><FONT STYLE="font-size: 12pt; letter-spacing: -0.15pt">(e)</FONT><FONT STYLE="font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Cumulative Voting</U>. The Holders of VRTP Shares shall have no rights to cumulative voting.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 9.5pt 0 5.95pt; text-indent: 1in"><FONT STYLE="font-size: 12pt; letter-spacing: -0.15pt">(f)</FONT><FONT STYLE="font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Voting for Trustees Sole Remedy for Trust&rsquo;s Failure to Declare or Pay Dividends</U>. In the event that the Trust
fails to pay any dividends on any Series of any VRTP Shares on the Dividend Payment Date therefor, the exclusive remedy of the
Holders of VRTP Shares shall be the right to vote for Trustees pursuant to the provisions of this <U>Section 2.6</U>. Nothing in
this <U>Section 2.6(f)</U> shall be deemed to affect the obligation of the Trust to accumulate and, if permitted by applicable
law, the Declaration of Trust and this Amendment, pay dividends at the Increased Rate in the circumstances contemplated by <U>Section
2.2(g)</U> hereof.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 10.9pt 0 6pt; text-indent: 1in"><FONT STYLE="font-size: 12pt; letter-spacing: -0.15pt">(g)</FONT><FONT STYLE="font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Holders Entitled to Vote</U>. For purposes of determining any rights of the Holders of VRTP Shares to vote on any matter,
whether such right is created by this Amendment, by the Declaration of Trust, by statute or otherwise, no Holder of VRTP Shares
shall be entitled to vote any VRTP Share and no VRTP Share shall be deemed to be &ldquo;Outstanding&rdquo; for the purpose of voting
or determining the number of shares required to constitute a quorum if, prior to or concurrently with the time of determination
of shares entitled to vote or shares deemed outstanding for quorum purposes, as the case may be, the requisite Notice of Redemption
with respect to such VRTP Share shall have been given in accordance with this Amendment and Deposit Securities for the payment
of the Redemption Price of such VRTP Share shall have been deposited in trust with the Redemption and Paying Agent for that purpose.
No VRTP Share held (legally or beneficially) or controlled by the Trust shall have any voting rights or be deemed to be Outstanding
for voting or for calculating the voting percentage required on any other matter or other purposes.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.45pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 14.55pt 0 6pt; text-indent: 1in"><FONT STYLE="font-size: 12pt; letter-spacing: -0.15pt">(h)</FONT><FONT STYLE="font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Grant of Irrevocable Proxy</U>. To the fullest extent permitted by applicable law, each Holder, Designated Owner and
Specified Holder may in its discretion grant an irrevocable proxy with respect to the VRTP Shares.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">2.7</FONT></TD><TD><U>Rating Agencies</U>.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 6.2pt 0 6pt; text-align: justify; text-indent: 0.5in">The Trust shall
use commercially reasonable efforts to cause at least one Rating Agency to issue long-term credit ratings with respect to each
Series of VRTP Shares for so long as such Series is Outstanding. The Trust shall use commercially reasonable efforts to comply
with any applicable Rating Agency Guidelines. If a Rating Agency shall cease to rate the securities of closed-end management investment
companies generally, the Board of Trustees shall terminate the designation of such Rating Agency as a Rating Agency hereunder.
The Board of Trustees may elect to terminate the designation of any Rating Agency as a Rating Agency hereunder with respect to
a Series of VRTP Shares so long as either (x) immediately following such termination, there would be at least one Rating Agency
with respect to such Series or (y) it replaces the terminated Rating Agency with another NRSRO and provides notice thereof to the
Holders of such Series; provided that such replacement shall not occur unless such NRSRO shall have at the time of such replacement
(i) published a rating for the VRTP Shares of such Series and (ii) entered into an agreement with the Trust to continue to publish
such rating subject to such NRSRO&rsquo;s customary conditions. The Board of Trustees may also elect to designate one or more other
NRSROs as Other Rating Agencies hereunder with respect to a Series of VRTP Shares by notice to the Holders of VRTP Shares. The
Rating Agency Guidelines of any Rating Agency may be amended by such Rating Agency without the vote, consent or approval of the
Trust, the Board of Trustees or any Holder of Preferred Shares, including any VRTP Shares, or Common Shares.</P>


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<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.05pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 4.5pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 41.95pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-size: 12pt">2.8</FONT></TD><TD><U>Issuance of Additional Preferred Shares</U>.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 8.75pt 0 6pt; text-align: justify; text-indent: 0.5in">Except as
permitted under <U>Section 2.5(d)(iv)</U> or with the consent of the Majority Holders, so long as any VRTP Shares are Outstanding,
the Trust shall not authorize, establish and create and issue and sell shares of one or more series of a class of senior securities
of the Trust representing stock under Section 18 of the 1940 Act.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">2.9</FONT></TD><TD><U>Status of Redeemed, Repurchased or Deemed Cancelled VRTP Shares</U>.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 14.1pt 0 6pt; text-align: justify; text-indent: 0.5in">VRTP Shares
that at any time have been redeemed or purchased by the Trust or deemed cancelled pursuant to an Appendix hereto shall, after such
redemption or purchase or deemed cancellation, have the status of authorized but unissued Preferred Shares, unless otherwise expressly
provided in an Appendix hereto.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">2.10</FONT></TD><TD><U>Term Redemption Liquidity Account and Liquidity Requirement</U>.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 5.95pt 0 0; text-indent: 0.5in"><FONT STYLE="font-size: 12pt; letter-spacing: -0.15pt">(a)</FONT><FONT STYLE="font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>On or prior to the Liquidity Account Initial Date with respect to any Series of VRTP Shares, the Trust shall cause the Custodian
to segregate, by means of appropriate identification on its books and records or otherwise in accordance with the Custodian&rsquo;s
normal procedures, from the other assets of the Trust (the &ldquo;<U>Term Redemption Liquidity Account</U>&rdquo;) Liquidity Account
Investments with a Market Value equal to at least One Hundred Ten Percent (110%) of the Term Redemption Amount with respect to
such Series. The &ldquo;<U>Term Redemption Amount</U>&rdquo; for any Series of VRTP Shares shall be equal to the Term Redemption
Price to be paid on the Term Redemption Date for such Series, based on the number of shares of such Series then Outstanding, assuming
for this purpose that the Dividend Rate for such Series in effect at the time of the creation of the Term Redemption Liquidity
Account for such Series will be the Dividend Rate in effect for such Series until the Term Redemption Date for such Series. If,
on any date after the Liquidity Account Initial Date, the aggregate Market Value of the Liquidity Account Investments included
in the Term Redemption Liquidity Account for a Series of VRTP Shares as of the close of business on any Business Day is less than
One Hundred Ten Percent (110%) of the Term Redemption Amount with respect to such Series, then the Trust shall cause the Custodian
and the Adviser to take all such necessary actions, including segregating additional assets of the Trust as Liquidity Account Investments,
so that the aggregate Market Value of the Liquidity Account Investments included in the Term Redemption Liquidity Account for such
Series is at least equal to One Hundred Ten Percent (110%) of the Term Redemption Amount with respect to such Series not later
than the close of business on the next succeeding Business Day. With respect to assets of the Trust segregated as Liquidity Account
Investments with respect to a Series of VRTP Shares, the Adviser, on behalf of the Trust, shall be entitled to instruct the Custodian
on any date to release any Liquidity Account Investments from such segregation and to substitute therefor other Liquidity Account
Investments, so long as (i) the assets of the Trust segregated as Liquidity Account Investments in the Term Redemption Liquidity
Account at the close of business on such date have a Market Value equal to at least One Hundred Ten Percent (110%) of the Term
Redemption Amount with respect to such Series and (ii) the Deposit Securities included in the Term Redemption Liquidity Account
at the close of business on such date have a Market Value equal to at least the Liquidity Requirement (if any) determined in accordance
with <U>Section 2.10(b)</U> with respect such Series for such date. The Trust shall cause the Custodian not to permit any lien,
security interest or encumbrance to be created or permitted to exist on or in respect of any Liquidity Account Investments included
in the Term Redemption Liquidity Account for any Series of VRTP Shares, other than liens, security interests or encumbrances permitted
under the Credit Facility.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.45pt 12.4pt 0 0; text-indent: 0.5in"></P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; text-indent: 40pt; margin: 4.5pt 8.05pt 0 6pt; text-align: justify">(b)<FONT STYLE="font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>The
Market Value of the Deposit Securities held in the Term Redemption Liquidity Account for a Series of VRTP Shares, from and
after the 15th day of the calendar month (or, if such day is not a Business Day, the next succeeding Business Day) that is
the number of months preceding the calendar month in which the Term Redemption Date for such Series occurs, in each case as
specified in the table set forth below, shall not be less than the percentage of the Term Redemption Amount for such Series
set forth below opposite such number of months (the &ldquo;<U>Liquidity Requirement</U>&rdquo;), but in all cases subject to
the provisions of <U>Section 2.11(c)</U> below:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.45pt 12.4pt 0 77.95pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 80%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; border: black 1pt solid; padding-right: 4.35pt; padding-left: 4.95pt; text-indent: -0.1pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Number of Months Preceding Month of Term Redemption Date</U></FONT></TD>
    <TD STYLE="width: 50%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 1.1pt; padding-left: 2.4pt; text-indent: 5.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Market Value of Deposit Securities as Percentage of Term Redemption Amount</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0.35pt; text-align: center; line-height: 12.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">5</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 52.05pt; padding-left: 52.45pt; text-align: center; line-height: 12.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">20%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0.35pt; text-align: center; line-height: 12.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">4</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 52.05pt; padding-left: 52.45pt; text-align: center; line-height: 12.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">40%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0.35pt; text-align: center; line-height: 12.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">3</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 52.05pt; padding-left: 52.45pt; text-align: center; line-height: 12.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">60%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0.35pt; text-align: center; line-height: 12.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">2</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 52.05pt; padding-left: 52.45pt; text-align: center; line-height: 12.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">80%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0.35pt; text-align: center; line-height: 12.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">1</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 52.05pt; padding-left: 52.45pt; text-align: center; line-height: 12.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">100%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 4.5pt 8.05pt 0 6pt; text-align: justify">To the extent the Trust enters
into a binding commitment to sell certain of its Liquidity Account Investments already held in the Term Redemption Liquidity Account
in order to comply with the Liquidity Requirement on a given date as set forth in the table above (any such date, a &ldquo;<U>Compliance
Date</U>&rdquo;), the Trust may include the sale price of such Liquidity Account Investments for purposes of determining the Market
Value of Deposit Securities in the Term Redemption Liquidity Account even if the settlement date with respect to such sale occurs
after the Compliance Date so long as (i) the trade date with respect to such sale occurs on or prior to such Compliance Date and
(ii) the expected settlement date with respect to such sale is not more than twenty (20) days from the trade date (the date that
is twenty (20) days from the trade date, the &ldquo;<U>Settlement Deadline Date</U>&rdquo;). If any such sale does not settle on
or prior to its Settlement Deadline Date, the sale price of the applicable Liquidity Account Investments shall not be included
in determining the Market Value of Deposit Securities in the Term Redemption Liquidity Account on or after 5:30 pm. (New York City
time) on the Settlement Deadline Date for purposes of <U>Section 2.10(b)</U> or <U>(c)</U>.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 12.55pt 0 5.95pt; text-indent: 66.05pt"><FONT STYLE="font-size: 12pt; letter-spacing: -0.15pt">(c)</FONT><FONT STYLE="font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If the aggregate Market Value of the Deposit Securities included in the Term Redemption Liquidity Account for a Series of
VRTP Shares as of the close of business on any Business Day is less than the Liquidity Requirement in respect of such Series for
such Business Day, then the Trust shall cause the segregation of additional or substitute Deposit Securities in respect of the
Term Redemption Liquidity Account for such Series, so that the aggregate Market Value of the Deposit Securities included in the
Term Redemption Liquidity Account for such Series is at least equal to the Liquidity Requirement for such Series not later than
the close of business on the next succeeding Business Day.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 6.05pt 0 5.95pt; text-indent: 66.05pt"><FONT STYLE="font-size: 12pt; letter-spacing: -0.15pt">(d)</FONT><FONT STYLE="font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Deposit Securities included in the Term Redemption Liquidity Account for a Series of VRTP Shares may be applied by the
Trust, in its discretion, towards payment of the Term Redemption Price for such Series as contemplated by <U>Section 2.5(e)</U>.
Upon the deposit by the Trust with the Redemption and Paying Agent of Deposit Securities having an initial combined Market Value
sufficient to effect the redemption of VRTP Shares of a Series on the Term Redemption Date for such Series in accordance with <U>Section
2.5(e)(ii)</U>, the requirement of the Trust to maintain the Term Redemption Liquidity Account as contemplated by this <U>Section
2.10</U> shall lapse and be of no further force and effect. Upon any extension of the Term Redemption Date for a Series of VRTP
Shares pursuant to <U>Section 2.5(a)</U>, the then-current Liquidity Account Initial Date for such Series shall be extended as
provided in the Appendix hereto relating to such Series, and the requirement of the Trust to maintain the Term Redemption Liquidity
Account with respect to such Series in connection with such Liquidity Account Initial Date shall lapse and shall thereafter apply
in respect of the Liquidity Account Initial Date for such Series as so extended.</P>


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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.05pt 6.05pt 0 5.95pt"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">2.11</FONT></TD><TD><U>Global Shares</U>.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 12.95pt 0 6pt; text-align: justify; text-indent: 0.5in">Unless
the Board of Trustees determines otherwise, the VRTP Shares will be issued in book-entry form as global securities. Such global
securities will be deposited with, or on behalf of, the Depository Trust Company and registered in the name of Cede &amp; Co.,
its nominee. Beneficial interests in the global securities will be held only through the Depositary Trust Company and any of its
participants.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 78pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">2.12</FONT></TD><TD><U>Notice</U>.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 6.85pt 0 5.95pt; text-align: justify; text-indent: 0.5in">All notices
or communications hereunder, unless otherwise specified in this Amendment, shall be sufficiently given if in writing and delivered
in person, by telecopier, by other Electronic Means or by overnight delivery. Notices delivered pursuant to this <U>Section 2.12</U>
shall be deemed given on the date received. Notices given by Electronic Means to the Redemption and Paying Agent and the Custodian
shall be sent by such means to their representatives set forth in the Redemption and Paying Agent Agreement and the Custodian Agreement,
respectively.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">2.13</FONT></TD><TD><U>Termination</U>.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 0 0; text-indent: 77.95pt">Except as provided in any relevant
Appendix hereto, in the event that no VRTP Shares of a Series are Outstanding, all rights and preferences of the VRTP Shares of
such Series established and designated hereunder shall cease and terminate, and all obligations of the Trust under this Amendment
with respect such Series shall terminate, other than in respect of the payment of and the right to receive the Redemption Price
in accordance with Section 2.5 of this Amendment.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt">2.14</FONT></TD><TD><U>Appendices</U>.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 15.75pt 0 6pt; text-align: justify; text-indent: 0.5in">The designation
of each Series of VRTP Shares shall be set forth in an Appendix to this Amendment. The Board of Trustees may, by resolution duly
adopted, without shareholder approval (except as otherwise provided by this Amendment or required by applicable law) (x) amend
the Appendix to this Amendment relating to a Series so as to reflect any amendments to the terms applicable to such Series including
an increase in the number of authorized shares of such Series and (y) add additional Series of VRTP Shares by including a new Appendix
to this Amendment relating to such Series.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 0 0; text-indent: 0.5in"><FONT STYLE="font-size: 12pt">2.15</FONT><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Actions on Other than Business Days</U>.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 0 0; text-indent: 0.5in">Unless otherwise provided herein, if
the date for making any payment, performing any act or exercising any right, in each case as provided for in this Amendment, is
not a Business Day, such payment shall be made, act performed or right exercised on the next succeeding Business Day, with the
same force and effect as if made or done on the nominal date provided therefor, and, with respect to any payment so made, no dividends,
interest or other amount shall accrue for the period between such nominal date and the date of payment.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 0 0; text-indent: 0.5in"><FONT STYLE="font-size: 12pt">2.16</FONT><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Modification</U>.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 12.5pt 0 5.95pt; text-align: justify; text-indent: 0.5in">To the
extent permitted by applicable law, the Board of Trustees, without the vote of the Holders of the VRTP Shares, may interpret or
amend the provisions of this Amendment or any Appendix hereto to resolve any inconsistency or ambiguity or to remedy any defect
in connection therewith, in each case above, so long as any such interpretation or amendment does not materially and adversely
affect any preference, right or power of the VRTP Shares or of the Holders thereof and, in addition to amendments permitted by <U>Section 2.5(h)</U>
and <U>2.6(c)</U> hereof, may amend this Amendment with respect to any Series of VRTP Shares prior to the issuance of VRTP Shares
of such Series.</P>


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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 12.5pt 0 5.95pt; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 0 0; text-indent: 0.5in"><FONT STYLE="font-size: 12pt">2.17</FONT><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Transfers of VRTP Shares</U>.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 10.6pt 0 5.95pt; text-indent: 1in"><FONT STYLE="font-size: 12pt; letter-spacing: -0.15pt">(a)</FONT><FONT STYLE="font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>A Designated Owner or Holder of any VRTP Shares may sell, transfer or otherwise dispose of VRTP Shares only in whole shares
and only to (i) Persons that such Designated Owner or Holder reasonably believes are &ldquo;qualified institutional buyers&rdquo;
(as defined in Rule 144A under the Securities Act or any successor provision) pursuant to Rule 144A or another available exemption
from registration under the Securities Act, in a manner not involving any public offering within the meaning of Section 4(a)(2)
of the Securities Act, (ii) Barclays Bank PLC, thereof, in each case, that such Designated Owner or Holder reasonably believes
to be a &ldquo;qualified institutional buyer&rdquo; (as defined in Rule 144A under the Securities Act or any successor provision)
pursuant to Rule 144A or another available exemption from registration under the Securities Act, in a manner not involving any
public offering within the meaning of Section 4(a)(2) of the Securities Act or (iii) other investors with the prior written consent
of the Trust. The restrictions on transfer contained in this <U>Section 2.17(a)</U> shall not apply to any VRTP Shares that are
being registered and sold pursuant to an effective registration statement under the Securities Act or to any subsequent transfer
of such VRTP Shares.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.45pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 12.35pt 0 6pt; text-indent: 1in"><FONT STYLE="font-size: 12pt; letter-spacing: -0.15pt">(b)</FONT><FONT STYLE="font-size: 7pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If at any time the Trust is not furnishing information pursuant to Section 13 or 15(d) of the Exchange Act, in order to
preserve the exemption for resales and transfers under Rule 144A, the Trust shall furnish, or cause to be furnished, to Holders
of VRTP Shares and prospective purchasers of VRTP Shares, upon request, information with respect to the Trust satisfying the requirements
of subsection (d)(4) of Rule 144A.&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 0 0; text-indent: 0.5in"><FONT STYLE="font-size: 12pt">2.18</FONT><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Agreed Tax Treatment</U>.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 6.2pt 0 5.95pt; text-align: justify; text-indent: 0.5in">The Trust
shall, and each Holder and Designated Owner of any VRTP Shares, by virtue of acquiring VRTP Shares, shall be deemed to have agreed
to, treat the VRTP Shares as equity in the Trust for U.S. federal, state and local income and other tax purposes, applicable state
law and the 1940 Act.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 0 0; text-indent: 0.5in"><FONT STYLE="font-size: 12pt">2.19</FONT><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Additional Rights</U>.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 29.45pt 0 6pt; text-align: justify; text-indent: 0.5in">Unless otherwise
required by law or the Declaration of Trust, the Holders of VRTP Shares shall not have any relative rights or preferences or other
special rights with respect to such VRTP Shares other than those specifically set forth in this Amendment; <U>provided</U>, <U>however</U>,
that nothing in this Amendment shall be deemed to preclude or limit the right of the Trust (to the extent permitted by applicable
law) to contractually agree with any Holder, Designated Owner or Specified Holder of VRTP Shares of any Series with regard to any
special rights of such Holder, Designated Owner or Specified Holder with respect to its investment in the Trust.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 0 0; text-indent: 0.5in"><FONT STYLE="font-size: 12pt">2.20</FONT><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Relationship of Declaration of Trust</U>.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 7.75pt 0 5.95pt; text-align: justify; text-indent: 0.5in">This
Amendment is being entered into pursuant to Section 5.1 of Article VII of the Declaration of Trust and shall be considered part
of the governing instrument of the Trust. As provided in such Section of the Declaration of Trust, to the extent the provisions
set forth in this Amendment conflict with the provisions of the Declaration of Trust with respect to any such rights, powers and
privileges of the VRTP Shares, this Amendment shall control. Except as contemplated by the immediately preceding sentence, the
VRTP Shares, and the Holders thereof, shall otherwise be subject to, bound by and entitled to the benefits of the Declaration of
Trust and its provisions relating to Shares and Shareholders. In connection with the entering into of this Amendment and with respect
to all matters related in any way to this Amendment, the Trustees shall be entitled
to all of the benefits, rights, protections, indemnities, limitations of liability and other provisions of the Declaration of Trust.</P>


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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.05pt 7.75pt 0 5.95pt; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 0 0; text-indent: 0.5in"><FONT STYLE="font-size: 12pt">2.21</FONT><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>The Agent</U>.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 8.1pt 0 6pt; text-align: justify; text-indent: 0.5in">The Agent may,
upon thirty (30) days&rsquo; notice to the Trust and the Holders of the VRTP Shares, resign as Agent. If the Agent shall resign,
then the Majority Holders shall appoint a successor agent. If for any reason a successor agent is not so appointed and does not
accept such appointment during such thirty (30) day period, the Agent may appoint a successor agent. Any resignation of the Agent
shall be effective upon the appointment of a successor agent pursuant to this <U>Section 2.21</U> and the acceptance of such appointment
by such successor.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 8.2pt; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3.95pt 5.85pt 0 0; text-align: right"><B>APPENDIX A</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 57.9pt 0 57.85pt; text-align: center"><B>EATON VANCE FLOATING RATE-INCOME
TRUST</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 4.5pt 57.9pt 0 57.85pt; text-align: center"><B>VARIABLE RATE TERM PREFERRED
SHARES, SERIES C-1</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.4pt 0 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 42pt; text-align: justify">Preliminary Statement and Incorporation
By Reference</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 16.8pt 0 5.95pt; text-align: justify; text-indent: 0.5in">This Appendix
establishes a Series of Variable Rate Term Preferred Shares of Eaton Vance Floating-Rate Income Trust. Except as set forth below,
this Appendix incorporates by reference the terms set forth with respect to all Series of such Variable Rate Term Preferred Shares
in that &ldquo;Amendment No. X to the By-Laws of Eaton Vance Floating-Rate Income Trust Establishing and Fixing the Rights and
Preferences of Variable Rate Term Preferred Shares&rdquo; dated December 18, 2012 (the &ldquo;<U>VRTP Amendment</U>&rdquo;). This
Appendix has been adopted by resolution of the Board of Trustees of Eaton Vance Floating-Rate Income Trust. Capitalized terms used
herein but not defined herein have the respective meanings set forth in the VRTP Amendment.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 42pt; text-align: justify">Section 1.&#9;Designation of Series.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 7pt 0 5.95pt; text-align: justify; text-indent: 0.5in">Variable Rate
Term Preferred Shares, Series C-1: A series of up to eight-hundred (800) Preferred Shares classified as Variable Rate Term Preferred
Shares is hereby designated as &ldquo;Series C-1 Variable Rate Term Preferred Shares&rdquo; (the &ldquo;<U>Series C-1 VRTP Shares</U>&rdquo;).
Each Series C-1 VRTP Share shall have such preferences, voting powers, restrictions, limitations as to dividends and other distributions,
qualifications and terms and conditions of redemption, in addition to those required by applicable law and those that are expressly
set forth in the Declaration of Trust and the VRTP Amendment (except as the VRTP Amendment may be expressly modified by this Appendix),
as are set forth in this Appendix A. The Series C-1 VRTP Shares shall constitute a separate series of Preferred Shares and of the
Variable Rate Term Preferred Shares and each Series C-1 VRTP Share shall be identical. The following terms and conditions shall
apply solely to the Series C-1 VRTP Shares:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 41.95pt; text-align: justify">Section 2.&#9;Number of Authorized
Shares of Series.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.4pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 10.5pt 0 5.95pt; text-align: justify; text-indent: 0.5in">The number
of authorized Series C-1 VRTP Shares at any time is eight-hundred (800) <U>minus</U> the aggregate number of VRTP Shares of each
other Specified Series Outstanding at such time.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 42pt; text-align: justify">Section 3.&#9;Issuance Date of
Shares of Series.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 6.1pt 0 6pt; text-align: justify; text-indent: 0.5in">The &ldquo;Issuance
Date&rdquo; for each Series C-1 VRTP Share issued on December 18, 2012 is December 18, 2012 and, with respect to each Series C-1
VRTP Share issued subsequent to December 18, 2012, the &ldquo;Issuance Date&rdquo; for such Series C-1 VRTP Share will be deemed
to be the date that a VRTP Share of any other Specified Series is exchanged for such Series C-1 VRTP Share.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 42pt; text-align: justify">Section 4.&#9;Liquidation Preference
Applicable to Series.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 42pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 149.25pt 0 42pt; text-align: justify">The Liquidation Preference
is $100,000.00 per share.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 149.25pt 0 42pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 149.25pt 0 42pt; text-align: justify">Section 5.&#9;Term Redemption
Date Applicable to Series.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 149.25pt 0 42pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 6.1pt 0 6pt; text-align: justify; text-indent: 0.5in">The Term Redemption Date is April
7, 2017, subject to extension pursuant to <U>Section 2.5(a)</U> of the VRTP Amendment.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 42pt; text-align: justify">Section 6.&#9;Dividend Payment Dates
Applicable to Series.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.15in 0 5.95pt; text-align: justify; text-indent: 0.5in">The Dividend
Payment Date is the date that is two (2) Business Days after the last calendar day of each Dividend Period; provided, that all
accrued but unpaid dividends on any Series C-1 VRTP Share that has been transferred by CHARTA shall be payable to CHARTA on the
second Business Day after the related Transfer Date.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 41.95pt; text-align: justify">Section 7.&#9;Liquidity Account
Initial Date Applicable to Series.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.45pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 15.35pt 0 6pt; text-align: justify; text-indent: 0.5in">The
Liquidity Account Initial Date is June 18, 2015 or, if applicable, the date that is six months prior to the Term Redemption Date
as extended pursuant to <U>Section 2.5(a)</U> of the VRTP Amendment or, in each case, if such date is not a Business Day, the Business
Day immediately preceding such date.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.45pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 42pt; text-align: justify">Section 8.&#9;Exceptions to Certain
Definitions Applicable to Series.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 15.35pt 0 6pt; text-align: justify; text-indent: 0.5in">The following
definitions contained under the heading &ldquo;Definitions&rdquo; in the VRTP Amendment are hereby amended as follows:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 42pt; text-align: justify">Not applicable.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 42pt; text-align: justify">Section 9.&#9;Additional Definitions
Applicable to Series.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 8.1pt 0 6pt; text-align: justify; text-indent: 0.5in">The following
terms shall have the following meanings (with terms defined in the singular having comparable meanings when used in the plural
and vice versa), unless the context otherwise requires:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 6.1pt 0 6pt; text-align: justify; text-indent: 0.5in">&ldquo;Dividend
Period&rdquo; means, with respect to each Outstanding Series C-1 VRTP Share, in the case of the first Dividend Period following
the Issuance Date of such VRTP Share, the period beginning on (and including) such Issuance Date and ending on (and including)
the last calendar day of the month in which such Issuance Date occurs and, for each subsequent Dividend Period, the period beginning
on (and including) the first calendar day of the month following the month in which the previous Dividend Period ended and ending
on (and including) the last calendar day of such month.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.45pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 10.45pt 0 6pt; text-align: justify; text-indent: 0.5in">&ldquo;Index
Rate&rdquo; means, for each day during a Dividend Period and solely with respect to any Series C-1 VRTP Shares Outstanding on such
day, the per annum rate equivalent to the weighted average of the per annum rates paid or payable by CHARTA from time to time as
interest on or otherwise (by means of interest rate hedges or otherwise) in respect of those commercial paper notes issued by CHARTA
that are allocated, in whole or in part, by the Agent (on behalf of CHARTA) to fund or maintain the investment by CHARTA in the
Series C-1 VRTP Shares Outstanding on such day, as determined by the Agent (on behalf of CHARTA) and reported to the Trust, which
rates shall reflect and give effect to the commissions of placement agents and dealers in respect of such commercial paper notes,
to the extent such commissions are allocated, in whole or in part, to such commercial paper notes by the Agent (on behalf of CHARTA);
provided, however, that if any component of such rate is a discount rate, in calculating the &ldquo;Index Rate&rdquo; for such
day, the Agent shall for such component use the rate resulting from converting such discount rate to an interest bearing equivalent
rate per annum.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 42.1pt 0 6pt; text-align: justify; text-indent: 0.5in">&ldquo;Transfer
Date&rdquo; means, with respect to any Series C-1 VRTP Share transferred by CHARTA, the settlement date for the transfer of such
VRTP Share.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.45pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 42pt; text-align: justify">Section 10.&#9;Amendments to
Terms of VRTP Shares Applicable to Series.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 21.05pt 0 6pt; text-align: justify; text-indent: 0.5in">The following
provisions contained under the heading &ldquo;Terms of the VRTP Shares&rdquo; in the VRTP Amendment are hereby amended as follows:</P>


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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 42pt; text-align: justify"><U>Reporting of Index Rate and Dividend
Rate</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 10.15pt 0 5.95pt; text-align: justify; text-indent: 0.5in">With respect
to any Outstanding Series C-1 VRTP Shares, the Agent shall determine in accordance with the terms hereof the applicable Dividend
Rate for such Series for each day in a Dividend Period and shall provide notice thereof to the Trust and the Redemption and Paying
Agent by 3:00 p.m. (New York City time) on such day. Such notice shall set forth the Index Rate and the Applicable Spread (which
may be the Applicable Spread for the Increased Rate, if applicable) used in connection with the calculation of the Dividend Rate
for such Series. Each determination of the Dividend Rate for such Series by the Agent shall be conclusive and binding for all purposes
on the Trust, absent manifest error.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.95pt; text-align: justify"><U>Transfers to Persons other than
Conduit Purchasers</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 18.15pt 0 5.95pt; text-align: justify; text-indent: 0.5in">Any transfer
of Series C-1 VRTP Shares by CHARTA to any Person that (x) is not a Conduit Purchaser and (y) is a member bank of the Federal Reserve
System (or any successor) (or is otherwise subject to Regulation D of the Board of Governors of the Federal Reserve System) shall
result in such Series C-1 VRTP Shares being exchanged for an equal number of Series L-1 VRTP Shares. The Series L-1 VRTP Shares
shall have preferences, voting powers, restrictions, limitations as to dividends and other distributions, qualifications and terms
and conditions of redemption, in addition to those required by applicable law and those that are expressly set forth in the Declaration
of Trust and the VRTP Amendment (except as the VRTP Amendment may be expressly modified by Appendix E), as are set forth in Appendix
E.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.45pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 5.95pt; text-align: justify; text-indent: 0.5in">Any transfer of
Series C-1 VRTP Shares by CHARTA to any Person that (x) is not a Conduit Purchaser and (y) is not a member bank of the Federal
Reserve System (or any successor) (or is not otherwise subject to Regulation D of the Board of Governors of the Federal Reserve
System) shall result in such Series C-1 VRTP Shares being exchanged for an equal number of Series L-2 VRTP Shares. The Series L-2
VRTP Shares shall have preferences, voting powers, restrictions, limitations as to dividends and other distributions, qualifications
and terms and conditions of redemption, in addition to those required by applicable law and those that are expressly set forth
in the Declaration of Trust and the VRTP Amendment (except as the VRTP Amendment may be expressly modified by Appendix F), as are
set forth in Appendix F.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3.8pt 0 0 42pt; text-align: justify"><U>Transfers to other Conduit
Purchasers</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 5.95pt 0 6pt; text-align: justify; text-indent: 0.5in">Any transfer
of Series C-1 VRTP Shares by CHARTA to CAFCO shall result in such Series C-1 VRTP Shares being exchanged for an equal number of
Series C-2 VRTP Shares. The Series C-2 VRTP Shares shall have preferences, voting powers, restrictions, limitations as to dividends
and other distributions, qualifications and terms and conditions of redemption, in addition to those required by applicable law
and those that are expressly set forth in the Declaration of Trust and the VRTP Amendment (except as the VRTP Amendment may be
expressly modified by Appendix B), as are set forth in Appendix B.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 5.95pt 0 6pt; text-align: justify; text-indent: 0.5in">Any transfer
of Series C-1 VRTP Shares by CHARTA to CIESCO shall result in such Series C-1 VRTP Shares being exchanged for an equal number of
Series C-3 VRTP Shares. The Series C-3 VRTP Shares shall have preferences, voting powers, restrictions, limitations as to dividends
and other distributions, qualifications and terms and conditions of redemption, in addition to those required by applicable law
and those that are expressly set forth in the Declaration of Trust and the VRTP Amendment (except as the VRTP Amendment may be
expressly modified by the Appendix C), as are set forth in Appendix C.</P>


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<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 8.25pt 0 6pt; text-align: justify; text-indent: 0.5in">Any transfer
of Series C-1 VRTP Shares by CHARTA to CRC shall result in such Series C-1 VRTP Shares being exchanged for an equal number of Series
C-4 VRTP Shares. The Series C-4 VRTP Shares shall have preferences, voting powers, restrictions, limitations as to dividends and
other distributions, qualifications and terms and conditions of redemption, in addition to those required by applicable law and
those that are expressly set forth in the Declaration of Trust and the VRTP Amendment (except as the VRTP Amendment may be expressly
modified by the Appendix D), as are set forth in Appendix D.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 42pt; text-align: justify"><U>Transfers In General</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 11.05pt 0 6pt; text-align: justify; text-indent: 0.5in">Any transfer
of Series C-1 VRTP Shares by CHARTA shall require delivery of a written notice to the Trust and the Redemption and Paying Agent
by CHARTA (which may be given at or prior to 3:00 p.m. (New York City time) on the related Transfer Date) providing the Transfer
Date, the transferee, the amount of Series C-1 VRTP Shares being transferred and the amount and applicable Series of VRTP Shares
being exchanged for such Series C-1 VRTP Shares.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.45pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 7.15pt 0 5.95pt; text-align: justify; text-indent: 0.5in">As of any
Transfer Date, without any requirement for any further approval by the Board of Trustees or any other Person (but subject to the
transfer restrictions set forth in Section 2.17), the Trust shall be deemed to have cancelled and reduced the authorized number
of Series C-1 VRTP Shares in an amount equal to the corresponding number of other Series of VRTP Shares exchanged for Series C-1
VRTP Shares on such Transfer Date, provided that the aggregate number of VRTP Shares Outstanding at any time shall not exceed eight-hundred
(800). As of the settlement date for the transfer of any other Series of VRTP Shares to CHARTA, without any requirement for any
further approval by the Board of Trustees or any other Person, the Trust shall be deemed to have increased the authorized number
of and issued Series C-1 VRTP Shares in an amount equal to the corresponding number of other Series of VRTP Shares being exchanged
for Series C-1 VRTP Shares, provided that the aggregate number of VRTP Shares Outstanding at any time shall not exceed eight-hundred
(800).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 7.15pt 0 5.95pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 7.15pt 0 5.95pt; text-align: justify; text-indent: 0.5in">Notwithstanding
anything to the contrary in the VRTP Amendment or in any Appendix, accrued but unpaid dividends on any Series C-1 VRTP Shares that
have been exchanged for any other Specified Series of VRTP Shares shall be payable by the Trust to CHARTA on the second Business
Day after the related Transfer Date notwithstanding that such Series C-1 VRTP Shares have been deemed cancelled pursuant to the
preceding paragraph.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 10.75pt 0 6pt; text-align: justify; text-indent: 0.5in">If the
VRTP Shares of the Specified Series are required to be redeemed pursuant to the VRTP Amendment or any Appendix, the Trust shall
only be required to redeem Outstanding VRTP Shares of the Specified Series. If the Outstanding VRTP Shares of any Specified Series
are redeemed, the number of authorized shares of each Specified Series and the permitted maximum aggregate number of Outstanding
VRTP Shares of all Specified Series shall be deemed reduced by the same number of VRTP Shares being redeemed.</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3.95pt 5.85pt 0 0; text-align: right"><B>APPENDIX B</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 57.9pt 0 57.85pt; text-align: center"><B>EATON VANCE FLOATING RATE-INCOME
TRUST</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 4.5pt 57.9pt 0 57.85pt; text-align: center"><B>VARIABLE RATE TERM PREFERRED
SHARES, SERIES C-2</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.4pt 0 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 42pt; text-align: justify">Preliminary Statement and Incorporation
By Reference</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 16.8pt 0 5.95pt; text-align: justify; text-indent: 0.5in">This Appendix
establishes a Series of Variable Rate Term Preferred Shares of Eaton Vance Floating-Rate Income Trust. Except as set forth below,
this Appendix incorporates by reference the terms set forth with respect to all Series of such Variable Rate Term Preferred Shares
in that &ldquo;Amendment No. X to the By-Laws of Eaton Vance Floating-Rate Income Trust Establishing and Fixing the Rights and
Preferences of Variable Rate Term Preferred Shares&rdquo; dated December 18, 2012 (the &ldquo;<U>VRTP Amendment</U>&rdquo;). This
Appendix has been adopted by resolution of the Board of Trustees of Eaton Vance Floating-Rate Income Trust. Capitalized terms used
herein but not defined herein have the respective meanings set forth in the VRTP Amendment.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 42pt; text-align: justify">Section 1.&#9;Designation of Series.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 7.65pt 0 5.95pt; text-align: justify; text-indent: 0.5in">Variable
Rate Term Preferred Shares, Series C-2: A series of up to eight-hundred (800) Preferred Shares classified as Variable Rate Term
Preferred Shares is hereby designated as &ldquo;Series C-2 Variable Rate Term Preferred Shares&rdquo; (the &ldquo;<U>Series C-2
VRTP Shares</U>&rdquo;). Each Series C-2 VRTP Share shall have such preferences, voting powers, restrictions, limitations as to
dividends and other distributions, qualifications and terms and conditions of redemption, in addition to those required by applicable
law and those that are expressly set forth in the Declaration of Trust and the VRTP Amendment (except as the VRTP Amendment may
be expressly modified by this Appendix), as are set forth in this Appendix B. The Series C-2 VRTP Shares shall constitute a separate
series of Preferred Shares and of the Variable Rate Term Preferred Shares and each Series C-2 VRTP Share shall be identical. The
following terms and conditions shall apply solely to the Series C-2 VRTP Shares:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 41.95pt; text-align: justify">Section 2.&#9;Number of Authorized
Shares of Series.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.4pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 10.5pt 0 5.95pt; text-align: justify; text-indent: 0.5in">The number
of authorized Series C-2 VRTP Shares at any time is eight-hundred (800) <U>minus</U> the aggregate number of VRTP Shares of each
other Specified Series Outstanding at such time.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 42pt; text-align: justify">Section 3.&#9;Issuance Date of
Shares of Series.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 5.45pt 0 6pt; text-align: justify; text-indent: 0.5in">The &ldquo;Issuance
Date&rdquo; for each Series C-2 VRTP Share will be deemed to be the date that a VRTP Share of any other Specified Series is exchanged
for such Series C-2 VRTP Share.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 3pt 0 42pt; text-align: justify">Section 4.&#9;Liquidation Preference
Applicable to Series.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 3pt 0 42pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 3pt 0 42pt; text-align: justify">The Liquidation Preference is $100,000.00
per share.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 3pt 0 42pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 42pt; text-align: justify">Section 5.&#9;Term Redemption Date
Applicable to Series.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 35.75pt 0 6pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 35.75pt 0 6pt; text-align: justify; text-indent: 0.5in">The Term
Redemption Date is April 7, 2017, subject to extension pursuant to <U>Section 2.5(a)</U> of the VRTP Amendment.</P>


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<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 42pt; text-align: justify">Section 6.&#9;Dividend Payment
Dates Applicable to Series.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.45pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 11.75pt 0 5.95pt; text-align: justify; text-indent: 0.5in">The
Dividend Payment Date is the date that is two (2) Business Days after the last calendar day of each Dividend Period; provided,
that all accrued but unpaid dividends on any Series C-2 VRTP Share that has been transferred by CAFCO shall be payable to CAFCO
on the second Business Day after the related Transfer Date.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.45pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 41.95pt; text-align: justify">Section 7.&#9;Liquidity Account
Initial Date Applicable to Series.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 15.35pt 0 6pt; text-align: justify; text-indent: 0.5in">The Liquidity
Account Initial Date is June 18, 2015 or, if applicable, the date that is six months prior to the Term Redemption Date as extended
pursuant to <U>Section 2.5(a)</U> of the VRTP Amendment or, in each case, if such date is not a Business Day, the Business Day
immediately preceding such date.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 42pt; text-align: justify">Section 8.&#9;Exceptions to Certain
Definitions Applicable to Series.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 44.4pt 0 6pt; text-align: justify; text-indent: 0.5in">The following
definitions contained under the heading &ldquo;Definitions&rdquo; in the VRTP Amendment are hereby amended as follows:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 42pt; text-align: justify">Not applicable.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 42pt; text-align: justify">Section 9.&#9;Additional Definitions
Applicable to Series.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 8.1pt 0 6pt; text-align: justify; text-indent: 0.5in">The following
terms shall have the following meanings (with terms defined in the singular having comparable meanings when used in the plural
and vice versa), unless the context otherwise requires:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 6.1pt 0 6pt; text-align: justify; text-indent: 0.5in">&ldquo;Dividend
Period&rdquo; means, with respect to each Outstanding Series C-2 VRTP Share, in the case of the first Dividend Period following
the Issuance Date of such VRTP Share, the period beginning on (and including) such Issuance Date and ending on (and including)
the last calendar day of the month in which such Issuance Date occurs and, for each subsequent Dividend Period, the period beginning
on (and including) the first calendar day of the month following the month in which the previous Dividend Period ended and ending
on (and including) the last calendar day of such month.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.45pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 6.55pt 0 6pt; text-align: justify; text-indent: 0.5in">&ldquo;Index
Rate&rdquo; means, for each day during a Dividend Period and solely with respect to any Series C-2 VRTP Shares Outstanding on such
day, the per annum rate equivalent to the weighted average of the per annum rates paid or payable by CAFCO from time to time as
interest on or otherwise (by means of interest rate hedges or otherwise) in respect of those commercial paper notes issued by CAFCO
that are allocated, in whole or in part, by the Agent (on behalf of CAFCO) to fund or maintain the investment by CAFCO in the Series
C-2 VRTP Shares Outstanding on such day, as determined by the Agent (on behalf of CAFCO) and reported to the Trust, which rates
shall reflect and give effect to the commissions of placement agents and dealers in respect of such commercial paper notes, to
the extent such commissions are allocated, in whole or in part, to such commercial paper notes by the Agent (on behalf of CAFCO);
provided, however, that if any component of such rate is a discount rate, in calculating the &ldquo;Index Rate&rdquo; for such
day, the Agent shall for such component use the rate resulting from converting such discount rate to an interest bearing equivalent
rate per annum.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 42.1pt 0 6pt; text-align: justify; text-indent: 0.5in">&ldquo;Transfer
Date&rdquo; means, with respect to any Series C-2 VRTP Share transferred by CAFCO, the settlement date for the transfer of such
VRTP Share.</P>


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<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 42pt; text-align: justify">Section 10.&#9;Amendments to
Terms of VRTP Shares Applicable to Series.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.45pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 21.05pt 0 6pt; text-align: justify; text-indent: 0.5in">The
following provisions contained under the heading &ldquo;Terms of the VRTP Shares&rdquo; in the VRTP Amendment are hereby amended
as follows:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 42pt; text-align: justify"><U>Reporting of Index Rate and Dividend
Rate</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 10.15pt 0 5.95pt; text-align: justify; text-indent: 0.5in">With respect
to any Outstanding Series C-2 VRTP Shares, the Agent shall determine in accordance with the terms hereof the applicable Dividend
Rate for such Series for each day in a Dividend Period and shall provide notice thereof to the Trust and the Redemption and Paying
Agent by 3:00 p.m. (New York City time) on such day. Such notice shall set forth the Index Rate and the Applicable Spread (which
may be the Applicable Spread for the Increased Rate, if applicable) used in connection with the calculation of the Dividend Rate
for such Series. Each determination of the Dividend Rate for such Series by the Agent shall be conclusive and binding for all purposes
on the Trust, absent manifest error.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.95pt; text-align: justify"><U>Transfers to Persons other than
Conduit Purchasers</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 18.15pt 0 5.95pt; text-align: justify; text-indent: 0.5in">Any transfer
of Series C-2 VRTP Shares by CAFCO to any Person that (x) is not a Conduit Purchaser and (y) is a member bank of the Federal Reserve
System (or any successor) (or is otherwise subject to Regulation D of the Board of Governors of the Federal Reserve System) shall
result in such Series C-2 VRTP Shares being exchanged for an equal number of Series L-1 VRTP Shares. The Series L-1 VRTP Shares
shall have preferences, voting powers, restrictions, limitations as to dividends and other distributions, qualifications and terms
and conditions of redemption, in addition to those required by applicable law and those that are expressly set forth in the Declaration
of Trust and the VRTP Amendment (except as the VRTP Amendment may be expressly modified by Appendix E), as are set forth in Appendix
E.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.45pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 5.95pt; text-align: justify; text-indent: 0.5in">Any transfer of
Series C-2 VRTP Shares by CAFCO to any Person that (x) is not a Conduit Purchaser and (y) is not a member bank of the Federal Reserve
System (or any successor) (or is not otherwise subject to Regulation D of the Board of Governors of the Federal Reserve System)
shall result in such Series C-2 VRTP Shares being exchanged for an equal number of Series L-2 VRTP Shares. The Series L-2 VRTP
Shares shall have preferences, voting powers, restrictions, limitations as to dividends and other distributions, qualifications
and terms and conditions of redemption, in addition to those required by applicable law and those that are expressly set forth
in the Declaration of Trust and the VRTP Amendment (except as the VRTP Amendment may be expressly modified by Appendix F), as are
set forth in Appendix F.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.95pt; text-align: justify"><U>Transfers to other Conduit Purchasers</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3.8pt 5.95pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3.8pt 5.95pt 0; text-align: justify; text-indent: 0.5in">Any transfer
of Series C-2 VRTP Shares by CAFCO to CHARTA shall result in such Series C-2 VRTP Shares being exchanged for an equal number of
Series C-1 VRTP Shares. The Series C-1 VRTP Shares shall have preferences, voting powers, restrictions, limitations as to dividends
and other distributions, qualifications and terms and conditions of redemption, in addition to those required by applicable law
and those that are expressly set forth in the Declaration of Trust and the VRTP Amendment (except as the VRTP Amendment may be
expressly modified by Appendix A), as are set forth in Appendix A.</P>


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<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 5.95pt 0; text-align: justify; text-indent: 0.5in">Any transfer
of Series C-2 VRTP Shares by CAFCO to CIESCO shall result in such Series C-2 VRTP Shares being exchanged for an equal number of
Series C-3 VRTP Shares. The Series C-3 VRTP Shares shall have preferences, voting powers, restrictions, limitations as to dividends
and other distributions, qualifications and terms and conditions of redemption, in addition to those required by applicable law
and those that are expressly set forth in the Declaration of Trust and the VRTP Amendment (except as the VRTP Amendment may be
expressly modified by the Appendix C), as are set forth in Appendix C.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.95pt; text-align: justify">Any transfer of Series C-2 VRTP
Shares by CAFCO to CRC shall result in such Series</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 8.25pt 0 5.95pt; text-align: justify">C-2 VRTP Shares being exchanged
for an equal number of Series C-4 VRTP Shares. The Series C-4 VRTP Shares shall have preferences, voting powers, restrictions,
limitations as to dividends and other distributions, qualifications and terms and conditions of redemption, in addition to those
required by applicable law and those that are expressly set forth in the Declaration of Trust and the VRTP Amendment (except as
the VRTP Amendment may be expressly modified by the Appendix D), as are set forth in Appendix D.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.95pt; text-align: justify"><U>Transfers In General</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 10.1pt 0 5.95pt; text-align: justify; text-indent: 0.5in">Any transfer
of Series C-2 VRTP Shares by CAFCO shall require delivery of a written notice to the Trust and the Redemption and Paying Agent
by CAFCO (which may be given at or prior to 3:00 p.m. (New York City time) on the related Transfer Date) providing the Transfer
Date, the transferee, the amount of Series C-2 VRTP Shares being transferred and the amount and applicable Series of VRTP Shares
being exchanged for such Series C-2 VRTP Shares.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.45pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 11pt 0 5.95pt; text-align: justify; text-indent: 0.5in">As of any
Transfer Date, without any requirement for any further approval by the Board of Trustees or any other Person (but subject to the
transfer restrictions set forth in Section 2.17), the Trust shall be deemed to have cancelled and reduced the authorized number
of Series C-2 VRTP Shares in an amount equal to the corresponding number of other Series of VRTP Shares exchanged for Series C-2
VRTP Shares on such Transfer Date, provided that the aggregate number of VRTP Shares Outstanding at any time shall not exceed eight-hundred
(800). As of the settlement date for the transfer of any other Series of VRTP Shares to CAFCO, without any requirement for any
further approval by the Board of Trustees or any other Person, the Trust shall be deemed to have increased the authorized number
of and issued Series C-2 VRTP Shares in an amount equal to the corresponding number of other Series of VRTP Shares being exchanged
for Series C-2 VRTP Shares, provided that the aggregate number of VRTP Shares Outstanding at any time shall not exceed eight-hundred
(800).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 10.85pt 0 5.95pt; text-align: justify; text-indent: 0.5in">Notwithstanding
anything to the contrary in the VRTP Amendment or in any Appendix, accrued but unpaid dividends on any Series C-2 VRTP Shares that
have been exchanged for any other Specified Series of VRTP Shares shall be payable by the Trust to CHARTA on the second Business
Day after the related Transfer Date notwithstanding that such Series C-2 VRTP Shares have been deemed cancelled pursuant to the
preceding paragraph.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 8.4pt 0 6pt; text-align: justify; text-indent: 0.5in">If the
VRTP Shares of the Specified Series are required to be redeemed pursuant to the VRTP Amendment or any Appendix, the Trust shall
only be required to redeem Outstanding VRTP Shares of the Specified Series. If the Outstanding VRTP Shares of any Specified Series
are redeemed, the number of authorized shares of each Specified Series and the permitted maximum aggregate number of Outstanding
VRTP Shares of all Specified Series permitted shall be deemed reduced by the same number of VRTP Shares being redeemed.</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3.95pt 5.85pt 0 0; text-align: right"><B>APPENDIX C</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 57.9pt 0 57.85pt; text-align: center"><B>EATON VANCE FLOATING RATE-INCOME
TRUST</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 4.5pt 57.9pt 0 57.85pt; text-align: center"><B>VARIABLE RATE TERM PREFERRED
SHARES, SERIES C-3</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.4pt 0 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 42pt; text-align: justify">Preliminary Statement and Incorporation
By Reference</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 16.8pt 0 5.95pt; text-align: justify; text-indent: 0.5in">This Appendix
establishes a Series of Variable Rate Term Preferred Shares of Eaton Vance Floating-Rate Income Trust. Except as set forth below,
this Appendix incorporates by reference the terms set forth with respect to all Series of such Variable Rate Term Preferred Shares
in that &ldquo;Amendment No. X to the By-Laws of Eaton Vance Floating-Rate Income Trust Establishing and Fixing the Rights and
Preferences of Variable Rate Term Preferred Shares&rdquo; dated December 18, 2012 (the &ldquo;<U>VRTP Amendment</U>&rdquo;). This
Appendix has been adopted by resolution of the Board of Trustees of Eaton Vance Floating-Rate Income Trust. Capitalized terms used
herein but not defined herein have the respective meanings set forth in the VRTP Amendment.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 42pt; text-align: justify">Section 1.&#9;Designation of Series.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 7pt 0 5.95pt; text-align: justify; text-indent: 0.5in">Variable Rate
Term Preferred Shares, Series C-3: A series of up to eight-hundred (800) Preferred Shares classified as Variable Rate Term Preferred
Shares is hereby designated as &ldquo;Series C-3 Variable Rate Term Preferred Shares&rdquo; (the &ldquo;<U>Series C-3 VRTP Shares</U>&rdquo;).
Each Series C-3 VRTP Share shall have such preferences, voting powers, restrictions, limitations as to dividends and other distributions,
qualifications and terms and conditions of redemption, in addition to those required by applicable law and those that are expressly
set forth in the Declaration of Trust and the VRTP Amendment (except as the VRTP Amendment may be expressly modified by this Appendix),
as are set forth in this Appendix A. The Series C-3 VRTP Shares shall constitute a separate series of Preferred Shares and of the
Variable Rate Term Preferred Shares and each Series C-3 VRTP Share shall be identical. The following terms and conditions shall
apply solely to the Series C-3 VRTP Shares:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 41.95pt; text-align: justify">Section 2.&#9;Number of Authorized
Shares of Series.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.4pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 10.5pt 0 5.95pt; text-align: justify; text-indent: 0.5in">The number
of authorized Series C-3 VRTP Shares at any time is eight-hundred (800) <U>minus</U> the aggregate number of VRTP Shares of each
other Specified Series Outstanding at such time.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.75pt; text-align: justify">Section 3.&#9;Issuance Date of
Shares of Series.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.75pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.75pt; text-align: justify">The &ldquo;Issuance Date&rdquo;
for each Series C-3 VRTP Share will be deemed to be the date that a VRTP Share of any other Specified Series is exchanged for such
Series C-3 VRTP Share.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.75pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.75pt; text-align: justify">Section 4.&#9;Liquidation Preference
Applicable to Series.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.75pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.75pt; text-align: justify">The Liquidation Preference is $100,000.00
per share.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.75pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.75pt; text-align: justify">Section 5.&#9;Term Redemption Date
Applicable to Series.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.75pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 41.75pt">The Term Redemption Date
is April 7, 2017, subject to extension pursuant to <U>Section 2.5(a)</U> of the VRTP Amendment.</P>


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<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 42pt; text-align: justify">Section 6.&#9;Dividend Payment
Dates Applicable to Series.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.45pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 6.45pt 0 5.95pt; text-align: justify; text-indent: 0.5in">The
Dividend Payment Date is the date that is two (2) Business Days after the last calendar day of each Dividend Period; provided,
that all accrued but unpaid dividends on any Series C-3 VRTP Share that has been transferred by CIESCO shall be payable to CIESCO
on the second Business Day after the related Transfer Date.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.45pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 41.95pt; text-align: justify">Section 7.&#9;Liquidity Account
Initial Date Applicable to Series.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 15.35pt 0 6pt; text-align: justify; text-indent: 0.5in">The Liquidity
Account Initial Date is June 18, 2015 or, if applicable, the date that is six months prior to the Term Redemption Date as extended
pursuant to <U>Section 2.5(a)</U> of the VRTP Amendment or, in each case, if such date is not a Business Day, the Business Day
immediately preceding such date.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 42pt; text-align: justify">Section 8.&#9;Exceptions to Certain
Definitions Applicable to Series.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 15.35pt 0 6pt; text-align: justify; text-indent: 0.5in">The following
definitions contained under the heading &ldquo;Definitions&rdquo; in the VRTP Amendment are hereby amended as follows:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 42pt; text-align: justify">Not applicable.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 42pt; text-align: justify">Section 9.&#9;Additional Definitions
Applicable to Series.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 8.1pt 0 6pt; text-align: justify; text-indent: 0.5in">The following
terms shall have the following meanings (with terms defined in the singular having comparable meanings when used in the plural
and vice versa), unless the context otherwise requires:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 6.1pt 0 6pt; text-align: justify; text-indent: 0.5in">&ldquo;Dividend
Period&rdquo; means, with respect to each Outstanding Series C-3 VRTP Share, in the case of the first Dividend Period following
the Issuance Date of such VRTP Share, the period beginning on (and including) such Issuance Date and ending on (and including)
the last calendar day of the month in which such Issuance Date occurs and, for each subsequent Dividend Period, the period beginning
on (and including) the first calendar day of the month following the month in which the previous Dividend Period ended and ending
on (and including) the last calendar day of such month.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.45pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 7.25pt 0 6pt; text-align: justify; text-indent: 0.5in">&ldquo;Index
Rate&rdquo; means, for each day during a Dividend Period and solely with respect to any Series C-3 VRTP Shares Outstanding on such
day, the per annum rate equivalent to the weighted average of the per annum rates paid or payable by CIESCO from time to time as
interest on or otherwise (by means of interest rate hedges or otherwise) in respect of those commercial paper notes issued by CIESCO
that are allocated, in whole or in part, by the Agent (on behalf of CIESCO) to fund or maintain the investment by CIESCO in the
Series C-3 VRTP Shares Outstanding on such day, as determined by the Agent (on behalf of CIESCO) and reported to the Trust, which
rates shall reflect and give effect to the commissions of placement agents and dealers in respect of such commercial paper notes,
to the extent such commissions are allocated, in whole or in part, to such commercial paper notes by the Agent (on behalf of CIESCO);
provided, however, that if any component of such rate is a discount rate, in calculating the &ldquo;Index Rate&rdquo; for such
day, the Agent shall for such component use the rate resulting from converting such discount rate to an interest bearing equivalent
rate per annum.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 42.1pt 0 6pt; text-align: justify; text-indent: 0.5in">&ldquo;Transfer
Date&rdquo; means, with respect to any Series C-3 VRTP Share transferred by CIESCO, the settlement date for the transfer of such
VRTP Share.</P>


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<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 42pt; text-align: justify">Section 10.&#9;Amendments to
Terms of VRTP Shares Applicable to Series.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.45pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 21.05pt 0 6pt; text-align: justify; text-indent: 0.5in">The
following provisions contained under the heading &ldquo;Terms of the VRTP Shares&rdquo; in the VRTP Amendment are hereby amended
as follows:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 42pt; text-align: justify"><U>Reporting of Index Rate and Dividend
Rate</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 10.15pt 0 5.95pt; text-align: justify; text-indent: 0.5in">With respect
to any Outstanding Series C-3 VRTP Shares, the Agent shall determine in accordance with the terms hereof the applicable Dividend
Rate for such Series for each day in a Dividend Period and shall provide notice thereof to the Trust and the Redemption and Paying
Agent by 3:00 p.m. (New York City time) on such day. Such notice shall set forth the Index Rate and the Applicable Spread (which
may be the Applicable Spread for the Increased Rate, if applicable) used in connection with the calculation of the Dividend Rate
for such Series. Each determination of the Dividend Rate for such Series by the Agent shall be conclusive and binding for all purposes
on the Trust, absent manifest error.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.95pt; text-align: justify"><U>Transfers to Persons other than
Conduit Purchasers</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 8.8pt 0 5.95pt; text-align: justify; text-indent: 0.5in">Any transfer
of Series C-3 VRTP Shares by CIESCO to any Person that (x) is not a Conduit Purchaser and (y) is a member of the Federal Reserve
System (or any successor) (or is otherwise subject to Regulation D of the Board of Governors of the Federal Reserve System) shall
result in such Series C-3 VRTP Shares being exchanged for an equal number of Series L-1 VRTP Shares. The Series L-1 VRTP Shares
shall have preferences, voting powers, restrictions, limitations as to dividends and other distributions, qualifications and terms
and conditions of redemption, in addition to those required by applicable law and those that are expressly set forth in the Declaration
of Trust and the VRTP Amendment (except as the VRTP Amendment may be expressly modified by Appendix E), as are set forth in Appendix
E.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.45pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 9.8pt 0 5.95pt; text-align: justify; text-indent: 0.5in">Any transfer
of Series C-3 VRTP Shares by CIESCO to any Person that (x) is not a Conduit Purchaser and (y) is not a member of the Federal Reserve
System (or any successor) (or is not otherwise subject to Regulation D of the Board of Governors of the Federal Reserve System)
shall result in such Series C-3 VRTP Shares being exchanged for an equal number of Series L-2 VRTP Shares. The Series L-2 VRTP
Shares shall have preferences, voting powers, restrictions, limitations as to dividends and other distributions, qualifications
and terms and conditions of redemption, in addition to those required by applicable law and those that are expressly set forth
in the Declaration of Trust and the VRTP Amendment (except as the VRTP Amendment may be expressly modified by Appendix F), as are
set forth in Appendix F.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.95pt; text-align: justify"><U>Transfers to other Conduit Purchasers</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3.8pt 5.95pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3.8pt 5.95pt 0; text-align: justify; text-indent: 0.5in">Any transfer
of Series C-3 VRTP Shares by CIESCO to CHARTA shall result in such Series C-3 VRTP Shares being exchanged for an equal number of
Series C-1 VRTP Shares. The Series C-1 VRTP Shares shall have preferences, voting powers, restrictions, limitations as to dividends
and other distributions, qualifications and terms and conditions of redemption, in addition to those required by applicable law
and those that are expressly set forth in the Declaration of Trust and the VRTP Amendment (except as the VRTP Amendment may be
expressly modified by Appendix A), as are set forth in Appendix B.</P>


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<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 5.95pt 0; text-align: justify; text-indent: 0.5in">Any transfer
of Series C-3 VRTP Shares by CIESCO to CAFCO shall result in such Series C-3 VRTP Shares being exchanged for an equal number of
Series C-2 VRTP Shares. The Series C-2 VRTP Shares shall have preferences, voting powers, restrictions, limitations as to dividends
and other distributions, qualifications and terms and conditions of redemption, in addition to those required by applicable law
and those that are expressly set forth in the Declaration of Trust and the VRTP Amendment (except as the VRTP Amendment may be
expressly modified by the Appendix B), as are set forth in Appendix B.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 8.25pt 0 5.95pt; text-align: justify; text-indent: 0.5in">Any transfer
of Series C-3 VRTP Shares by CIESCO to CRC shall result in such Series C-3 VRTP Shares being exchanged for an equal number of Series
C-4 VRTP Shares. The Series C-4 VRTP Shares shall have preferences, voting powers, restrictions, limitations as to dividends and
other distributions, qualifications and terms and conditions of redemption, in addition to those required by applicable law and
those that are expressly set forth in the Declaration of Trust and the VRTP Amendment (except as the VRTP Amendment may be expressly
modified by the Appendix D), as are set forth in Appendix D.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.95pt; text-align: justify"><U>Transfers In General</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 7.45pt 0 5.95pt; text-align: justify; text-indent: 0.5in">Any transfer
of Series C-3 VRTP Shares by CIESCO shall require delivery of a written notice to the Trust and the Redemption and Paying Agent
by CIESCO (which may be given at or prior to 3:00 p.m. (New York City time) on the related Transfer Date) providing the Transfer
Date, the transferee, the amount of Series C-3 VRTP Shares being transferred and the amount and applicable Series of VRTP Shares
being exchanged for such Series C-3 VRTP Shares.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.45pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 11pt 0 5.95pt; text-align: justify; text-indent: 0.5in">As of any
Transfer Date, without any requirement for any further approval by the Board of Trustees or any other Person (but subject to the
transfer restrictions set forth in Section 2.17), the Trust shall be deemed to have cancelled and reduced the authorized number
of Series C-3 VRTP Shares in an amount equal to the corresponding number of other Series of VRTP Shares exchanged for Series C-3
VRTP Shares on such Transfer Date, provided that the aggregate number of VRTP Shares Outstanding at any time shall not exceed eight-hundred
(800). As of the settlement date for the transfer of any other Series of VRTP Shares to CIESCO, without any requirement for any
further approval by the Board of Trustees or any other Person, the Trust shall be deemed to have increased the authorized number
of and issued Series C-3 VRTP Shares in an amount equal to the corresponding number of other Series of VRTP Shares being exchanged
for Series C-3 VRTP Shares, provided that the aggregate number of VRTP Shares Outstanding at any time shall not exceed eight-hundred
(800).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 10.85pt 0 5.95pt; text-align: justify; text-indent: 0.5in">Notwithstanding
anything to the contrary in the VRTP Amendment or in any Appendix, accrued but unpaid dividends on any Series C-3 VRTP Shares that
have been exchanged for any other Specified Series of VRTP Shares shall be payable by the Trust to CIESCO on the second Business
Day after the related Transfer Date notwithstanding that such Series C-3 VRTP Shares have been deemed cancelled pursuant to the
preceding paragraph.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 8.4pt 0 6pt; text-align: justify; text-indent: 0.5in">If the
VRTP Shares of the Specified Series are required to be redeemed pursuant to the VRTP Amendment or any Appendix, the Trust shall
only be required to redeem Outstanding VRTP Shares of the Specified Series. If the Outstanding VRTP Shares of any Specified Series
are redeemed, the number of authorized shares of each Specified Series and the permitted maximum aggregate number of Outstanding
VRTP Shares of all Specified Series permitted shall be deemed reduced by the same number of VRTP Shares being redeemed.</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3.95pt 5.85pt 0 0; text-align: right"><B>APPENDIX D</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 57.9pt 0 57.85pt; text-align: center"><B>EATON VANCE FLOATING RATE-INCOME
TRUST</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 4.5pt 57.9pt 0 57.85pt; text-align: center"><B>VARIABLE RATE TERM PREFERRED
SHARES, SERIES C-4</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.4pt 0 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 42pt; text-align: justify">Preliminary Statement and Incorporation
By Reference</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 16.8pt 0 5.95pt; text-align: justify; text-indent: 0.5in">This Appendix
establishes a Series of Variable Rate Term Preferred Shares of Eaton Vance Floating-Rate Income Trust. Except as set forth below,
this Appendix incorporates by reference the terms set forth with respect to all Series of such Variable Rate Term Preferred Shares
in that &ldquo;Amendment No. X to the By-Laws of Eaton Vance Floating-Rate Income Trust Establishing and Fixing the Rights and
Preferences of Variable Rate Term Preferred Shares&rdquo; dated December 18, 2012 (the &ldquo;<U>VRTP Amendment</U>&rdquo;). This
Appendix has been adopted by resolution of the Board of Trustees of Eaton Vance Floating-Rate Income Trust. Capitalized terms used
herein but not defined herein have the respective meanings set forth in the VRTP Amendment.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 42pt; text-align: justify">Section 1.&#9;Designation of Series.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 7pt 0 5.95pt; text-align: justify; text-indent: 0.5in">Variable Rate
Term Preferred Shares, Series C-4: A series of up to eight-hundred (800) Preferred Shares classified as Variable Rate Term Preferred
Shares is hereby designated as &ldquo;Series C-4 Variable Rate Term Preferred Shares&rdquo; (the &ldquo;<U>Series C-4 VRTP Shares</U>&rdquo;).
Each Series C-4 VRTP Share shall have such preferences, voting powers, restrictions, limitations as to dividends and other distributions,
qualifications and terms and conditions of redemption, in addition to those required by applicable law and those that are expressly
set forth in the Declaration of Trust and the VRTP Amendment (except as the VRTP Amendment may be expressly modified by this Appendix),
as are set forth in this Appendix A. The Series C-4 VRTP Shares shall constitute a separate series of Preferred Shares and of the
Variable Rate Term Preferred Shares and each Series C-4 VRTP Share shall be identical. The following terms and conditions shall
apply solely to the Series C-4 VRTP Shares:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.95pt; text-align: justify">Section 2.&#9;Number of Authorized
Shares of Series.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 23.45pt 0 5.95pt; text-align: justify; text-indent: 0.5in">The number
of authorized Series C-4 VRTP Shares at any time is eight-hundred (800) <U>minus</U> the aggregate number of VRTP Shares of each
other Series Outstanding at such time.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 42pt; text-align: justify">Section 3.&#9;Issuance Date of Shares
of Series.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 19.8pt 0 6pt; text-align: justify; text-indent: 0.5in">The &ldquo;Issuance
Date&rdquo; for each Series C-4 VRTP Share will deemed to be the date that a VRTP Share of any other Specified Series is exchanged
for such Series C-4 VRTP Share.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 152.2pt 0 41.95pt; text-align: justify">Section 4.&#9;Liquidation
Preference Applicable to Series.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 152.2pt 0 41.95pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 152.2pt 0 41.95pt; text-align: justify">The Liquidation Preference
is $100,000.00 per share.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 152.2pt 0 41.95pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.95pt; text-align: justify">Section 5.&#9;Term Redemption Date
Applicable to Series.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 35.75pt 0 6pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 35.75pt 0 6pt; text-align: justify; text-indent: 0.5in">The Term
Redemption Date is April 7, 2017, subject to extension pursuant to <U>Section 2.5(a)</U> of the VRTP Amendment.</P>


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<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 42pt; text-align: justify">Section 6.&#9;Dividend Payment Dates
Applicable to Series.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.45pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 7.4pt 0 6pt; text-align: justify; text-indent: 0.5in">The Dividend
Payment Date is the date that is two (2) Business Days after the last calendar day of each Dividend Period; provided, that all
accrued but unpaid dividends on any Series C-4 VRTP Share that has been transferred by CRC shall be payable to CRC on the second
Business Day after the related Transfer Date.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.45pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 42pt; text-align: justify">Section 7.&#9;Liquidity Account
Initial Date Applicable to Series.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 15.35pt 0 6pt; text-align: justify; text-indent: 0.5in">The Liquidity
Account Initial Date is June 18, 2015 or, if applicable, the date that is six months prior to the Term Redemption Date as extended
pursuant to <U>Section 2.5(a)</U> of the VRTP Amendment or, in each case, if such date is not a Business Day, the Business Day
immediately preceding such date.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 42pt; text-align: justify">Section 8.&#9;Exceptions to Certain
Definitions Applicable to Series.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 15.35pt 0 6pt; text-align: justify; text-indent: 0.5in">The following
definitions contained under the heading &ldquo;Definitions&rdquo; in the VRTP Amendment are hereby amended as follows:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 42pt; text-align: justify">Not applicable.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 42pt; text-align: justify">Section 9.&#9;Additional Definitions
Applicable to Series.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 8.1pt 0 6pt; text-align: justify; text-indent: 0.5in">The following
terms shall have the following meanings (with terms defined in the singular having comparable meanings when used in the plural
and vice versa), unless the context otherwise requires:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 6.1pt 0 6pt; text-align: justify; text-indent: 0.5in">&ldquo;Dividend
Period&rdquo; means, with respect to each Outstanding Series C-4 VRTP Share, in the case of the first Dividend Period following
the Issuance Date of such VRTP Share, the period beginning on (and including) such Issuance Date and ending on (and including)
the last calendar day of the month in which such Issuance Date occurs and, for each subsequent Dividend Period, the period beginning
on (and including) the first calendar day of the month following the month in which the previous Dividend Period ended and ending
on (and including) the last calendar day of such month.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.45pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 6.2pt 0 6pt; text-align: justify; text-indent: 0.5in">&ldquo;Index
Rate&rdquo; means, for each day during a Dividend Period and solely with respect to any Series C-4 VRTP Shares Outstanding on such
day, the per annum rate equivalent to the weighted average of the per annum rates paid or payable by CRC from time to time as interest
on or otherwise (by means of interest rate hedges or otherwise) in respect of those commercial paper notes issued by CRC that are
allocated, in whole or in part, by the Agent (on behalf of CRC) to fund or maintain the investment by CRC in the Series C-4 VRTP
Shares Outstanding on such day, as determined by the Agent (on behalf of CRC) and reported to the Trust, which rates shall reflect
and give effect to the commissions of placement agents and dealers in respect of such commercial paper notes, to the extent such
commissions are allocated, in whole or in part, to such commercial paper notes by the Agent (on behalf of CRC); provided, however,
that if any component of such rate is a discount rate, in calculating the &ldquo;Index Rate&rdquo; for such day, the Agent shall
for such component use the rate resulting from converting such discount rate to an interest bearing equivalent rate per annum.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 12.15pt 0 5.95pt; text-align: justify; text-indent: 0.5in">&ldquo;Transfer
Date&rdquo; means, with respect to any Series C-4 VRTP Share transferred by CRC, the settlement date for the transfer of such VRTP
Share.</P>


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<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 41.95pt; text-align: justify">Section 10.&#9;Amendments
to Terms of VRTP Shares Applicable to Series.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.45pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 21.1pt 0 5.95pt; text-align: justify; text-indent: 0.5in">The
following provisions contained under the heading &ldquo;Terms of the VRTP Shares&rdquo; in the VRTP Amendment are hereby amended
as follows:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.95pt; text-align: justify"><U>Reporting of Index Rate and
Dividend Rate</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 10.15pt 0 5.95pt; text-align: justify; text-indent: 0.5in">With respect
to any Outstanding Series C-4 VRTP Shares, the Agent shall determine in accordance with the terms hereof the applicable Dividend
Rate for such Series for each day in a Dividend Period and shall provide notice thereof to the Trust and the Redemption and Paying
Agent by 3:00 p.m. (New York City time) on such day. Such notice shall set forth the Index Rate and the Applicable Spread (which
may be the Applicable Spread for the Increased Rate, if applicable) used in connection with the calculation of the Dividend Rate
for such Series. Each determination of the Dividend Rate for such Series by the Agent shall be conclusive and binding for all purposes
on the Trust, absent manifest error.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.95pt; text-align: justify"><U>Transfers to Persons other than
Conduit Purchasers</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 7.15pt 0 5.95pt; text-align: justify; text-indent: 0.5in">Any transfer
of Series C-4 VRTP Shares by CRC to any Person that (x) is not a Conduit Purchaser and (y) is a member of the Federal Reserve System
(or any successor) (or is otherwise subject to Regulation D of the Board of Governors of the Federal Reserve System) shall result
in such Series C-4 VRTP Shares being exchanged for an equal number of Series L-1 VRTP Shares. The Series L-1 VRTP Shares shall
have preferences, voting powers, restrictions, limitations as to dividends and other distributions, qualifications and terms and
conditions of redemption, in addition to those required by applicable law and those that are expressly set forth in the Declaration
of Trust and the VRTP Amendment (except as the VRTP Amendment may be expressly modified by Appendix E), as are set forth in Appendix
E.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.45pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 8.8pt 0 5.95pt; text-align: justify; text-indent: 0.5in">Any transfer
of Series C-4 VRTP Shares by CRC to any Person that (x) is not a Conduit Purchaser and (y) is not a member of the Federal Reserve
System (or any successor) (or is not otherwise subject to Regulation D of the Board of Governors of the Federal Reserve System)
shall result in such Series C-4 VRTP Shares being exchanged for an equal number of Series L-2 VRTP Shares. The Series L-2 VRTP
Shares shall have preferences, voting powers, restrictions, limitations as to dividends and other distributions, qualifications
and terms and conditions of redemption, in addition to those required by applicable law and those that are expressly set forth
in the Declaration of Trust and the VRTP Amendment (except as the VRTP Amendment may be expressly modified by Appendix F), as are
set forth in Appendix F.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.95pt; text-align: justify"><U>Transfers to other Conduit Purchasers</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.95pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 40.5pt">Any transfer of Series
C-4 VRTP Shares by CRC to CHARTA shall result in such Series C-4 VRTP Shares being exchanged for an equal number of Series C-1
VRTP Shares. The Series C-1 VRTP Shares shall have preferences, voting powers, restrictions, limitations as to dividends and other
distributions, qualifications and terms and conditions of redemption, in addition to those required by applicable law and those
that are expressly set forth in the Declaration of Trust and the VRTP Amendment (except as the VRTP Amendment may be expressly
modified by Appendix A), as are set forth in Appendix B.</P>


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<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 41.95pt; text-align: justify">Any transfer of Series C-4
VRTP Shares by CRC to CAFCO shall result in such Series</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 8.25pt 0 5.95pt; text-align: justify">C-4 VRTP Shares being exchanged
for an equal number of Series C-2 VRTP Shares. The Series C-2 VRTP Shares shall have preferences, voting powers, restrictions,
limitations as to dividends and other distributions, qualifications and terms and conditions of redemption, in addition to those
required by applicable law and those that are expressly set forth in the Declaration of Trust and the VRTP Amendment (except as
the VRTP Amendment may be expressly modified by the Appendix B), as are set forth in Appendix B.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 8.25pt 0 5.95pt; text-align: justify; text-indent: 0.5in">Any transfer
of Series C-4 VRTP Shares by CRC to CIESCO shall result in such Series C-4 VRTP Shares being exchanged for an equal number of Series
C-3 VRTP Shares. The Series C-3 VRTP Shares shall have preferences, voting powers, restrictions, limitations as to dividends and
other distributions, qualifications and terms and conditions of redemption, in addition to those required by applicable law and
those that are expressly set forth in the Declaration of Trust and the VRTP Amendment (except as the VRTP Amendment may be expressly
modified by the Appendix C), as are set forth in Appendix C.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.95pt; text-align: justify"><U>Transfers In General</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 23.1pt 0 6pt; text-align: justify; text-indent: 0.5in">Any transfer
of Series C-4 VRTP Shares by CRC shall require delivery of a written notice to the Trust and the Redemption and Paying Agent by
CRC (which may be given at or prior to 3:00 p.m. (New York City time) on the related Transfer Date) providing the Transfer Date,
the transferee, the amount of Series C-4 VRTP Shares being transferred and the amount and applicable Series of VRTP Shares being
exchanged for such Series C-4 VRTP Shares.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.45pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 11pt 0 5.95pt; text-align: justify; text-indent: 0.5in">As of any
Transfer Date, without any requirement for any further approval by the Board of Trustees or any other Person (but subject to the
transfer restrictions set forth in Section 2.17), the Trust shall be deemed to have cancelled and reduced the authorized number
of Series C-4 VRTP Shares in an amount equal to the corresponding number of other Series of VRTP Shares exchanged for Series C-4
VRTP Shares on such Transfer Date, provided that the aggregate number of VRTP Shares Outstanding at any time shall not exceed eight-hundred
(800). As of the settlement date for the transfer of any other Series of VRTP Shares to CRC, without any requirement for any further
approval by the Board of Trustees or any other Person, the Trust shall be deemed to have increased the authorized number of and
issued Series C-4 VRTP Shares in an amount equal to the corresponding number of other Series of VRTP Shares being exchanged for
Series C-4 VRTP Shares, provided that the aggregate number of VRTP Shares Outstanding at any time shall not exceed eight-hundred
(800).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.15in 0 6pt; text-align: justify; text-indent: 0.5in">Notwithstanding
anything to the contrary in the VRTP Amendment or in any Appendix, accrued but unpaid dividends on any Series C-4 VRTP Shares that
have been exchanged for any other Specified Series of VRTP Shares shall be payable by the Trust to CRC on the second Business Day
after the related Transfer Date notwithstanding that such Series C-4 VRTP Shares have been deemed cancelled pursuant to the preceding
paragraph.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 8.4pt 0 6pt; text-align: justify; text-indent: 0.5in">If the
VRTP Shares of the Specified Series are required to be redeemed pursuant to the VRTP Amendment or any Appendix, the Trust shall
only be required to redeem Outstanding VRTP Shares of the Specified Series. If the Outstanding VRTP Shares of any Specified Series
are redeemed, the number of authorized shares of each Specified Series and the permitted maximum aggregate number of Outstanding
VRTP Shares of all Specified Series permitted shall be deemed reduced by the same number of VRTP Shares being redeemed.</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3.95pt 5.85pt 0 0; text-align: right"><B>APPENDIX E</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 57.9pt 0 57.85pt; text-align: center"><B>EATON VANCE FLOATING RATE-INCOME
TRUST</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 4.5pt 57.9pt 0; text-align: center"><B>VARIABLE RATE TERM PREFERRED
SHARES, SERIES L-1</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.4pt 0 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 42pt; text-align: justify">Preliminary Statement and Incorporation
By Reference</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 16.8pt 0 5.95pt; text-align: justify; text-indent: 0.5in">This Appendix
establishes a Series of Variable Rate Term Preferred Shares of Eaton Vance Floating-Rate Income Trust. Except as set forth below,
this Appendix incorporates by reference the terms set forth with respect to all Series of such Variable Rate Term Preferred Shares
in that &ldquo;Amendment No. X to the By-Laws of Eaton Vance Floating-Rate Income Trust Establishing and Fixing the Rights and
Preferences of Variable Rate Term Preferred Shares&rdquo; dated December 18, 2012 (the &ldquo;<U>VRTP Amendment</U>&rdquo;). This
Appendix has been adopted by resolution of the Board of Trustees of Eaton Vance Floating-Rate Income Trust. Capitalized terms used
herein but not defined herein have the respective meanings set forth in the VRTP Amendment.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 42pt; text-align: justify">Section 1.&#9;Designation of Series.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 9.05pt 0 5.95pt; text-align: justify; text-indent: 0.5in">Variable
Rate Term Preferred Shares, Series L-1: A series of up to eight-hundred (800) Preferred Shares classified as Variable Rate Term
Preferred Shares is hereby designated as &ldquo;Series L-1 Variable Rate Term Preferred Shares&rdquo; (the &ldquo;<U>Series L-1
VRTP Shares</U>&rdquo;). Each Series L-1 VRTP Share shall have such preferences, voting powers, restrictions, limitations as to
dividends and other distributions, qualifications and terms and conditions of redemption, in addition to those required by applicable
law and those that are expressly set forth in the Declaration of Trust and the VRTP Amendment (except as the VRTP Amendment may
be expressly modified by this Appendix), as are set forth in this Appendix E. The Series L-1 VRTP Shares shall constitute a separate
series of Preferred Shares and of the Variable Rate Term Preferred Shares and each Series L-1 VRTP Share shall be identical. The
following terms and conditions shall apply solely to the Series L-1 VRTP Shares:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 41.95pt; text-align: justify">Section 2.&#9;Number of Authorized
Shares of Series.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.4pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 24.15pt 0 5.95pt; text-align: justify; text-indent: 0.5in">The number
of authorized Series L-1 VRTP Shares at any time is eight-hundred (800) <U>minus</U> the aggregate number of VRTP Shares of each
other Series Outstanding at such time.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 42pt; text-align: justify">Section 3.&#9;Issuance Date of
Shares of Series.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.45pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 6.15pt 0 6pt; text-align: justify; text-indent: 0.5in">The &ldquo;Issuance
Date&rdquo; for each Series L-1 VRTP Share will be deemed to be the date that a VRTP Share of any other Specified Series is exchanged
for such Series L-1 VRTP Share.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.45pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/186% Times New Roman, Times, Serif; margin: 0.05pt 152.2pt 0 41.95pt; text-align: justify">Section 4.&#9;Liquidation
Preference Applicable to Series.</P>

<P STYLE="font: 11pt/186% Times New Roman, Times, Serif; margin: 0.05pt 152.2pt 0 41.95pt; text-align: justify">The Liquidation
Preference is $100,000.00 per share.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3.8pt 0 0 42pt; text-align: justify">Section 5.&#9;Term Redemption
Date Applicable to Series.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 15.35pt 0 6pt; text-align: justify; text-indent: 0.5in">The Term
Redemption Date is April 7, 2017, subject to extension pursuant to <U>Section 2.5(a)</U> of the VRTP Amendment.</P>


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<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 42pt; text-align: justify">Section 6.&#9;Dividend Payment
Dates Applicable to Series.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.45pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 12.45pt 0 6pt; text-align: justify; text-indent: 0.5in">The
Dividend Payment Date is the date that is two (2) Business Days after the end of each Dividend Period; provided, that all accrued
but unpaid dividends on any Series L-1 VRTP Share that has been transferred to any Person other than a Conduit Purchaser shall
be payable to the transferor on the second Business Day after the related Transfer Date.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 42pt; text-align: justify">Section 7.&#9;Liquidity Account Initial
Date Applicable to Series.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 5.45pt 0 5.95pt; text-align: justify; text-indent: 0.5in">The Liquidity
Account Initial Date is June 18, 2015 or, if applicable, the date that is six months prior to the Term Redemption Date as extended
pursuant to <U>Section 2.5(a)</U> of the VRTP Amendment or, if such date is not a Business Day, the Business Day immediately preceding
such date.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 41.95pt; text-align: justify">Section 8.&#9;Exceptions to
Certain Definitions Applicable to Series.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 15.35pt 0 6pt; text-align: justify; text-indent: 0.5in">The following
definitions contained under the heading &ldquo;Definitions&rdquo; in the VRTP Amendment are hereby amended as follows:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.95pt; text-align: justify">Not applicable.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 41.95pt; text-align: justify">Section 9.&#9;Additional Definitions
Applicable to Series.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.45pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 8.15pt 0 5.95pt; text-align: justify; text-indent: 0.5in">The
following terms shall have the following meanings (with terms defined in the singular having comparable meanings when used in the
plural and vice versa), unless the context otherwise requires:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.45pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 8.15pt 0 5.95pt; text-align: justify; text-indent: 0.5in">&ldquo;Bank
Rate&rdquo; means, with respect to any Dividend Period, an interest rate per annum equal to the Eurodollar Rate for such Dividend
Period; provided, however, in the case of any Dividend Period commencing after the Agent shall have notified the Trust that the
introduction of or any change in or in the interpretation of any law or regulation makes it unlawful, or any central bank or other
governmental authority asserts that it is unlawful, for any or all of the Holders or Designated Owners of the Series L-1 VRTP Shares
to maintain investments in such VRTP Shares at the Eurodollar Rate, the Bank Rate for such Dividend Period shall be an interest
rate per annum equal to the Base Rate in effect on the first day of such Dividend Period.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.4pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 10.45pt 0 6pt; text-align: justify; text-indent: 0.5in">&ldquo;Base
Rate&rdquo; means the rate of interest from time to time announced publicly by Citibank at its Principal Office as its base rate.
The &ldquo;Base Rate&rdquo; is a reference rate and does not necessarily represent the lowest or best rate actually charged to
any customer of Citibank.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 6.1pt 0 6pt; text-align: justify; text-indent: 0.5in">&ldquo;Dividend
Period&rdquo; means, with respect to each Outstanding Series L-1 VRTP Share, in the case of the first Dividend Period following
the Issuance Date of such VRTP Share, the period beginning on (and including) such Issuance Date and ending on (and including)
the last calendar day of the month in which such Issuance Date occurs and, for each subsequent Dividend Period, the period beginning
on (and including) the first calendar day of the month following the month in which the previous Dividend Period ended and ending
on (and including) the last calendar day of such month.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 9.75pt 0 6pt; text-align: justify; text-indent: 0.5in">&ldquo;Eurocurrency
Liabilities&rdquo; shall have the meaning assigned to such term in Regulation D of the Board of Governors of the Federal Reserve
System, as in effect from time to time.</P>


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<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 6.8pt 0 6pt; text-align: justify; text-indent: 0.5in">&ldquo;Eurodollar
Rate&rdquo; means, with respect to any Dividend Period, an interest rate per annum obtained by dividing (a) the rate per annum
at which deposits in Dollars are offered by the principal office of Citibank in London, England to prime banks in the London interbank
market at 11:00 A.M. (London time) on the related Rate Determination Date in an amount substantially equal to the aggregate Liquidation
Preference of the Outstanding Series L-1 VRTP Shares on such Rate Determination Date and for a period substantially equal to one
month by (b) the amount equal to 1.00 minus the Eurodollar Rate Reserve Percentage (expressed as a decimal) for such Dividend Period.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 7.85pt 0 5.95pt; text-align: justify; text-indent: 0.5in">&ldquo;Eurodollar
Rate Reserve Percentage&rdquo; means, with respect to any Dividend Period, the reserve percentage applicable on the related Rate
Determination Date under regulations issued from time to time by the Board of Governors of the Federal Reserve System (or any successor)
(or if more than one such percentage shall be applicable, the daily average of such percentages for those days in such period during
which any such percentage shall be so applicable) for determining the maximum reserve requirement (including, without limitation,
any emergency, supplemental or other marginal reserve requirement) for a member bank of the Federal Reserve System (or any successor)
with respect to liabilities or assets consisting of or including Eurocurrency Liabilities (or any other category of liabilities
that includes deposits by reference to which the interest rate on Eurocurrency Liabilities is determined) having a term comparable
to such period.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.55pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 39.45pt 0 6pt; text-align: justify; text-indent: 0.5in">&ldquo;Index
Rate&rdquo; means, with respect to each day in a Dividend Period and solely with respect to any Series L-1 VRTP Shares Outstanding
on such day, the Bank Rate.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 10.4pt 0 6pt; text-align: justify; text-indent: 0.5in">&ldquo;Principal
Office&rdquo; means the principal office of Citibank presently located at 399 Park Avenue, New York, New York or at such other
location as Citibank shall designate in writing to the Trust.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 11.15pt 0 6pt; text-align: justify; text-indent: 0.5in">&ldquo;Transfer
Date&rdquo; means, with respect to any Series L-1 VRTP Share being transferred for a VRTP Share of any other Series, the settlement
date for such transfer.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 42pt; text-align: justify">Section 10.&#9;Amendments to Terms
of VRTP Shares Applicable to Series.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 21.05pt 0 6pt; text-align: justify; text-indent: 0.5in">The following
provisions contained under the heading &ldquo;Terms of the VRTP Shares&rdquo; in the VRTP Amendment are hereby amended as follows:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 42pt; text-align: justify"><U>Reporting of Index Rate and Dividend
Rate</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 3pt 0 5.95pt; text-align: justify; text-indent: 0.5in">Prior to each
Dividend Period, the Agent shall determine the applicable Bank Rate for such Dividend Period and provide notice thereof to the
Trust and the Redemption and Paying Agent by 3:00 p.m. (New York City time) on or prior to the first day of such Dividend Period.
With respect to any Outstanding Series L-1 VRTP Shares, the Agent shall determine in accordance with the terms hereof the applicable
initial Dividend Rate for such Series for each Dividend Period and provide notice thereof to the Trust and the Redemption and Paying
Agent by 3:00 p.m. (New York City time) on or prior to the first day of such Dividend Period. The Agent shall also determine in
accordance with the terms hereof each adjustment that is required to be made to the then-applicable Dividend Rate for such Series
during each Dividend Period and provide notice thereof to the Trust and the Redemption and Paying Agent by 3:00 p.m. (New York
City time) on the day such adjustment is required to be made or as soon as practicable thereafter. Such notices shall set forth
the Index Rate and the Applicable Spread (which may be the Applicable Spread for the Increased Rate, if applicable) used in connection
with the calculation of the Dividend Rate for such Series. Each determination of the Dividend Rate for such Series and any adjustments
thereof by the Agent shall be conclusive and binding for all purposes on the Trust, absent manifest error.</P>


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<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.95pt; text-align: justify"><U>Liquidation Fee</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 11.9pt 0 6pt; text-align: justify; text-indent: 0.5in">The Trust
shall compensate any Designated Owner of the Series L-1 VRTP Shares and any of its affiliates (each such Person, an &ldquo;<U>Affected
Person</U>&rdquo;), upon the Agent&rsquo;s written request (which request shall set forth the basis for requesting such amounts),
for all reasonable losses, expenses and liabilities (including, without limitation, any interest paid by such Affected Person to
lenders of funds borrowed by it to make or carry its investment in such Series L-1 VRTP Shares and any loss sustained by such Affected
Person in connection with the re-employment of such funds), which such Affected Person may sustain if any optional redemption of
such Series L-1 VRTP Shares under <U>Section 2.5</U> is not made on the date specified in the related Notice of Redemption or occurs
on a date which is not the last day of a Dividend Period.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 17.75pt 0 6pt; text-align: justify; text-indent: 0.5in"><U>Transfers
to a Person (other than a Conduit Purchaser) that is not a member bank of the Federal Reserve System</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.45pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 6.45pt 0 5.95pt; text-align: justify; text-indent: 0.5in">Any transfer
of Series L-1 VRTP Shares to any Person that (x) is not a Conduit Purchaser and (y) is not a member of the Federal Reserve System
(or any successor) (or is not otherwise subject to Regulation D of the Board of Governors of the Federal Reserve System) shall
result in such Series L-1 VRTP Shares being exchanged for an equal number of Series L-2 VRTP Shares. The Series L-2 VRTP Shares
shall have preferences, voting powers, restrictions, limitations as to dividends and other distributions, qualifications and terms
and conditions of redemption, in addition to those required by applicable law and those that are expressly set forth in the Declaration
of Trust and the VRTP Amendment (except as the VRTP Amendment may be expressly modified by Appendix F), as are set forth in Appendix
F.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.95pt; text-align: justify"><U>Transfers to Conduit Purchasers</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 5.95pt; text-align: justify; text-indent: 0.5in">Any transfer of
Series L-1 VRTP Shares to CHARTA shall result in such Series L-1 VRTP Shares being exchanged for an equal number of Series C-1
VRTP Shares. The Series C-1 VRTP Shares shall have preferences, voting powers, restrictions, limitations as to dividends and other
distributions, qualifications and terms and conditions of redemption, in addition to those required by applicable law and those
that are expressly set forth in the Declaration of Trust and the VRTP Amendment (except as the VRTP Amendment may be expressly
modified by Appendix A), as are set forth in Appendix A.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 6.4pt 0 6pt; text-align: justify; text-indent: 0.5in">Any transfer
of Series L-1 VRTP Shares to CAFCO shall result in such Series L-1 VRTP Shares being exchanged for an equal number of Series C-2
VRTP Shares. The Series C-2 VRTP Shares shall have preferences, voting powers, restrictions, limitations as to dividends and other
distributions, qualifications and terms and conditions of redemption, in addition to those required by applicable law and those
that are expressly set forth in the Declaration of Trust and the VRTP Amendment (except as the VRTP Amendment may be expressly
modified by Appendix B), as are set forth in Appendix B</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.45pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 6.35pt 0 6pt; text-align: justify; text-indent: 0.5in">Any transfer
of Series L-1 VRTP Shares to CIESCO shall result in such Series L-1 VRTP Shares being exchanged for an equal number of Series C-3
VRTP Shares. The Series C-3 VRTP Shares shall have preferences, voting powers, restrictions, limitations as to dividends and other
distributions, qualifications and terms and conditions of redemption, in addition to those required by applicable law and those
that are expressly set forth in the Declaration of Trust and the VRTP Amendment (except as the VRTP Amendment may be expressly
modified by the Appendix C), as are set forth in Appendix C.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 6.4pt 0 6pt; text-align: justify; text-indent: 0.5in">Any transfer
of Series L-1 VRTP Shares to CRC shall result in such Series L-1 VRTP Shares being exchanged for an equal number of Series C-4
VRTP Shares. The Series C-4 VRTP Shares shall have preferences, voting powers, restrictions, limitations as to dividends and other
distributions, qualifications and terms and conditions of redemption, in addition to those required by applicable law and those
that are expressly set forth in the Declaration
of Trust and the VRTP Amendment (except as the VRTP Amendment may be expressly modified by the Appendix D), as are set forth in
Appendix D.</P>


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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 6.4pt 0 6pt; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 42pt; text-align: justify"><U>Transfers In General</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 6.5pt 0 5.95pt; text-align: justify; text-indent: 0.5in">Any transfer
of Series L-1 VRTP Shares shall require delivery of a written notice to the Trust by the applicable transferor (which may be given
at or prior to 3:00 p.m. (New York City time) on the related Transfer Date) providing the Transfer Date, the transferee, the amount
of Series L-1 VRTP Shares being transferred and the amount and applicable Series of VRTP Shares being exchanged for such Series
L-1 VRTP Shares.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.45pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 10.9pt 0 5.95pt; text-align: justify; text-indent: 0.5in">As of any
Transfer Date, without any requirement for any further approval by the Board of Trustees or any other Person (but subject to the
transfer restrictions set forth in Section 2.17), the Trust shall be deemed to have cancelled and reduced the authorized number
of Series L-1 VRTP Shares in an amount equal to the corresponding number of other Series of VRTP Shares exchanged for Series L-1
VRTP Shares on such Transfer Date, provided that the aggregate number of VRTP Shares Outstanding at any time shall not exceed eight-hundred
(800). As of the settlement date for the transfer of any Series of VRTP Shares other than Series L-1 VRTP Shares to any Person
that (x) is not a Conduit Purchaser and (y) is a member bank of the Federal Reserve System (or any successor) (or is otherwise
subject to Regulation D of the Board of Governors of the Federal Reserve System), without any requirement for any further approval
by the Board of Trustees or any other Person, the Trust shall be deemed to have increased the authorized number of and issued Series
L-1 VRTP Shares in an amount equal to the corresponding number of other Series of VRTP Shares being exchanged for Series L-1 VRTP
Shares, provided that the aggregate number of VRTP Shares Outstanding at any time shall not exceed eight-hundred (800).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 12.35pt 0 6pt; text-align: justify; text-indent: 0.5in">Notwithstanding
anything to the contrary in the VRTP Amendment or in any Appendix, accrued but unpaid dividends on any Series L-1 VRTP Shares that
have been exchanged for any other Specified Series of VRTP Shares shall be payable by the Trust to the applicable transferor on
the second Business Day after the related Transfer Date notwithstanding that such Series L-1 VRTP Shares have been deemed cancelled
pursuant to the preceding paragraph.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.45pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 8.4pt 0 6pt; text-align: justify; text-indent: 0.5in">If the
VRTP Shares of the Specified Series are required to be redeemed pursuant to the VRTP Amendment or any Appendix, the Trust shall
only be required to redeem Outstanding VRTP Shares of the Specified Series. If the Outstanding VRTP Shares of any Specified Series
are redeemed, the number of authorized shares of each Specified Series and the permitted maximum aggregate number of Outstanding
VRTP Shares of all Specified Series permitted shall be deemed reduced by the same number of VRTP Shares being redeemed.</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3.95pt 5.85pt 0 0; text-align: right"><B>APPENDIX F</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 57.9pt 0 57.85pt; text-align: center"><B>EATON VANCE FLOATING RATE-INCOME
TRUST</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 4.5pt 57.9pt 0; text-align: center"><B>VARIABLE RATE TERM PREFERRED
SHARES, SERIES L-2</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.4pt 0 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 42pt; text-align: justify">Preliminary Statement and Incorporation
By Reference</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 16.8pt 0 5.95pt; text-align: justify; text-indent: 0.5in">This Appendix
establishes a Series of Variable Rate Term Preferred Shares of Eaton Vance Floating-Rate Income Trust. Except as set forth below,
this Appendix incorporates by reference the terms set forth with respect to all Series of such Variable Rate Term Preferred Shares
in that &ldquo;Amendment No. X to the By-Laws of Eaton Vance Floating-Rate Income Trust Establishing and Fixing the Rights and
Preferences of Variable Rate Term Preferred Shares&rdquo; dated December 18, 2012 (the &ldquo;<U>VRTP Amendment</U>&rdquo;). This
Appendix has been adopted by resolution of the Board of Trustees of Eaton Vance Floating-Rate Income Trust. Capitalized terms used
herein but not defined herein have the respective meanings set forth in the VRTP Amendment.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 42pt; text-align: justify">Section 1.&#9;Designation of Series.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 9.7pt 0 5.95pt; text-align: justify; text-indent: 0.5in">Variable
Rate Term Preferred Shares, Series L-2: A series of up to eight-hundred (800) Preferred Shares classified as Variable Rate Term
Preferred Shares is hereby designated as &ldquo;Series L-2 Variable Rate Term Preferred Shares&rdquo; (the &ldquo;<U>Series L-2
VRTP Shares</U>&rdquo;). Each Series L-2 VRTP Share shall have such preferences, voting powers, restrictions, limitations as to
dividends and other distributions, qualifications and terms and conditions of redemption, in addition to those required by applicable
law and those that are expressly set forth in the Declaration of Trust and the VRTP Amendment (except as the VRTP Amendment may
be expressly modified by this Appendix), as are set forth in this Appendix F. The Series L-2 VRTP Shares shall constitute a separate
series of Preferred Shares and of the Variable Rate Term Preferred Shares and each Series L-2 VRTP Share shall be identical. The
following terms and conditions shall apply solely to the Series L-2 VRTP Shares:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 41.95pt; text-align: justify">Section 2.&#9;Number of Authorized
Shares of Series.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.4pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 24.15pt 0 5.95pt; text-align: justify; text-indent: 0.5in">The number
of authorized Series L-2 VRTP Shares at any time is eight-hundred (800) <U>minus</U> the aggregate number of VRTP Shares of each
other Series Outstanding at such time.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 42pt; text-align: justify">Section 3.&#9;Issuance Date of
Shares of Series.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.45pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 6.15pt 0 6pt; text-align: justify; text-indent: 0.5in">The &ldquo;Issuance
Date&rdquo; for each Series L-2 VRTP Share will be deemed to be the date that a VRTP Share of any other Specified Series is exchanged
for such Series L-2 VRTP Share.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.45pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/186% Times New Roman, Times, Serif; margin: 0.05pt 152.2pt 0 41.95pt; text-align: justify">Section 4.&#9;Liquidation
Preference Applicable to Series.</P>

<P STYLE="font: 11pt/186% Times New Roman, Times, Serif; margin: 0.05pt 152.2pt 0 41.95pt; text-align: justify">The Liquidation
Preference is $100,000.00 per share.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3.8pt 0 0 42pt; text-align: justify">Section 5.&#9;Term Redemption
Date Applicable to Series.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 6.15pt 0 6pt; text-align: justify; text-indent: 0.5in">The Term
Redemption Date is January 24, 2024, subject to extension pursuant to <U>Section 2.5(a)</U> of the VRTP Amendment.</P>


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<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 42pt; text-align: justify">Section 6.&#9;Dividend Payment
Dates Applicable to Series.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.45pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 12.45pt 0 6pt; text-align: justify; text-indent: 0.5in">The
Dividend Payment Date is the date that is two (2) Business Days after the end of each Dividend Period; provided, that all accrued
but unpaid dividends on any Series L-2 VRTP Share that has been transferred to any Person other than a Conduit Purchaser shall
be payable to the transferor on the second Business Day after the related Transfer Date.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 42pt; text-align: justify">Section 7.&#9;Liquidity Account Initial
Date Applicable to Series.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 5.45pt 0 5.95pt; text-align: justify; text-indent: 0.5in">The Liquidity
Account Initial Date is the date that is six months prior to the Term Redemption Date as may be revised or extended in accordance
with Section 2.5(a) of the VRTP Amendment or Section 5 of Appendix F to the VRTP Amendment or, if such date is not a Business Day,
the Business Day immediately preceding such date.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 41.95pt; text-align: justify">Section 8.&#9;Exceptions to
Certain Definitions Applicable to Series.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 6.15pt 0 6pt; text-align: justify; text-indent: 0.5in">The following
definitions contained under the heading &ldquo;Definitions&rdquo; in the VRTP Amendment are hereby amended as follows:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.95pt; text-align: justify">Not applicable.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 41.95pt; text-align: justify">Section 9.&#9;Additional Definitions
Applicable to Series.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.45pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 8.15pt 0 5.95pt; text-align: justify; text-indent: 0.5in">The
following terms shall have the following meanings (with terms defined in the singular having comparable meanings when used in the
plural and vice versa), unless the context otherwise requires:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.45pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 8.15pt 0 5.95pt; text-align: justify; text-indent: 0.5in">&ldquo;Bank
Rate&rdquo; with respect to any Dividend Period, an interest rate per annum equal to the Eurodollar Rate for such Dividend Period;
provided, however, in the case of any Dividend Period commencing after the Agent shall have notified the Trust that the introduction
of or any change in or in the interpretation of any law or regulation makes it unlawful, or any central bank or other governmental
authority asserts that it is unlawful, for any or all of the Holders or Designated Owners of the Series L-2 VRTP Shares to maintain
investments in such VRTP Shares at the Eurodollar Rate, the Bank Rate for such Dividend Period shall be an interest rate per annum
equal to the Base Rate in effect on the first day of such Dividend Period. Notwithstanding the foregoing, the Bank Rate shall not
be less than zero.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.4pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 10.45pt 0 6pt; text-align: justify; text-indent: 0.5in">&ldquo;Base
Rate&rdquo; means the rate of interest from time to time announced publicly by Barclays Bank PLC at its Principal Office as its
base rate. The &ldquo;Base Rate&rdquo; is a reference rate and does not necessarily represent the lowest or best rate actually
charged to any customer of Barclays Bank PLC.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 6.1pt 0 6pt; text-align: justify; text-indent: 0.5in">&ldquo;Dividend
Period&rdquo; means, with respect to each Outstanding Series L-2 VRTP Share, in the case of the first Dividend Period following
the Issuance Date of such VRTP Share, the period beginning on (and including) such Issuance Date and ending on (and including)
the last calendar day of the calendar quarter in which such Issuance Date occurs and, for each subsequent Dividend Period, the
period beginning on (and including) the first calendar day of the calendar quarter following the month in which the previous Dividend
Period ended and ending on (and including) the last calendar day of such calendar quarter.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 6.8pt 0 6pt; text-align: justify; text-indent: 0.5in">&ldquo;Eurodollar
Rate&rdquo; means, with respect to any Dividend Period, an interest rate per annum equal to the rate per annum appearing on the
display designated as &ldquo;BBAM&rdquo; on the screens maintained by Bloomberg, L.P. at 11:00 A.M. (London time) (&ldquo;LIBOR
Rate&rdquo;) on the related Rate Determination Date in an amount substantially equal to the aggregate Liquidation Preference of
the Outstanding Series L-2 VRTP Shares on such Rate Determination Date and for a period substantially equal to three months, provided,</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 6.8pt 0 6pt; text-align: justify; text-indent: 0pt">however, that if at any time
with respect to any Dividend Period, LIBOR Rate is not displayed, the Trust and the Agent may, by mutual agreement, determine an
alternate rate of interest as the Eurodollar Rate that gives due consideration to the then prevailing market convention for determining
a rate of interest for syndicated loans in the United States of America at such time, and the Trust shall amend the Amendment to
reflect such alternate rate of interest, together with any conforming changes to any relevant defined terms, timing and frequency
of determining rates and making dividend payments and other administrative matters as may be agreed by the Trust and the Agent;
provided that until the Trust and the Agent have mutually agreed upon an alternative rate of interest, the Eurodollar Rate for
any day shall be equal to a fluctuating rate per annum equal to the Overnight Bank Funding Rate plus fifty (50) basis points (0.50%).
Notwithstanding the foregoing, the Eurodollar Rate shall not be less than zero.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 39.45pt 0 6pt; text-align: justify; text-indent: 0.5in">&ldquo;Index
Rate&rdquo; means, with respect to each day in a Dividend Period and solely with respect to any Series L-2 VRTP Shares Outstanding
on such day, the Bank Rate.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 39.45pt 0 6pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 6.8pt 0 6pt; text-align: justify; text-indent: 0.5in">&ldquo;Overnight
Bank Funding Rate&rdquo; means, for any day (such day, the &ldquo;OBFR Day&rdquo;), the overnight bank funding rate published in
respect of such OBFR Day on the website http://www.federalreserve.gov, which can be sourced from the Reuters Screen USONBFR= Page
or Bloomberg Screen OBFR01 Page, at approximately 9:00 a.m. (New York City time) on the Business Day immediately following such
OBFR Day; provided that if, by 5:00 p.m. (New York City time), on the Business Day immediately following such OBFR Day, such rate
for such OBFR Day is not yet published on the website http://www.federalreserve.gov, the rate for such OBFR Day will be the rate
for the first preceding day for which such rate is published on the website http://www.federalreserve.gov.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 10.4pt 0 6pt; text-align: justify; text-indent: 0.5in">&ldquo;Principal
Office&rdquo; means the principal office of Barclays Bank PLC presently located at 1 Churchill Place, London, Greater London E14,
5HP, United Kingdom, or at such other location as Barclays Bank PLC shall designate in writing to the Trust.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 11.15pt 0 6pt; text-align: justify; text-indent: 0.5in">&ldquo;Transfer
Date&rdquo; means, with respect to any Series L-2 VRTP Share being transferred for a VRTP Share of any other Series, the settlement
date for such transfer.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 42pt; text-align: justify">Section 10.&#9;Amendments to Terms
of VRTP Shares Applicable to Series.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 21.05pt 0 6pt; text-align: justify; text-indent: 0.5in">The following
provisions contained under the heading &ldquo;Terms of the VRTP Shares&rdquo; in the VRTP Amendment are hereby amended as follows:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 42pt; text-align: justify"><U>Reporting of Index Rate and Dividend
Rate</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 7.35pt 0 5.95pt; text-align: justify; text-indent: 0.5in">Prior
to each Dividend Period, the Agent shall determine the applicable Bank Rate for such Dividend Period and provide notice
thereof to the Trust and the Redemption and Paying Agent by 3:00 p.m. (New York City time) on or prior to the first day of
such Dividend Period. With respect to any Outstanding Series L-2 VRTP Shares, the Agent shall determine in accordance with
the terms hereof the applicable initial Dividend Rate for such Series for each Dividend Period and provide notice thereof to
the Trust and the Redemption and Paying Agent by 3:00 p.m. (New York City time) on or prior to the first day of such Dividend
Period. The Agent shall also determine in accordance with the terms hereof each adjustment that is required to be made to the
then-applicable Dividend Rate for such Series during each Dividend Period and provide notice thereof to the Trust and the
Redemption and Paying Agent by 3:00 p.m. (New York City time) on the day such adjustment is required to be made or as soon as
practicable thereafter. Such notices shall set forth the Index Rate and the Applicable Spread (which may be the Applicable
Spread for the Increased Rate, if applicable) used in connection with the calculation of the Dividend Rate for such Series.
Each determination of the Dividend Rate for such Series and any adjustments thereof by the
Agent shall be conclusive and binding for all purposes on the Trust, absent manifest error.</P>


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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 7.35pt 0 5.95pt; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.45pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.95pt; text-align: justify"><U>Liquidation Fee</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3.8pt 11.9pt 0 6pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3.8pt 11.9pt 0 6pt; text-align: justify; text-indent: 0.5in">The Trust
shall compensate any Designated Owner of the Series L-2 VRTP Shares and any of its affiliates (each such Person, an &ldquo;<U>Affected
Person</U>&rdquo;), upon the Agent&rsquo;s written request (which request shall set forth the basis for requesting such amounts),
for all reasonable losses, expenses and liabilities (including, without limitation, any interest paid by such Affected Person to
lenders of funds borrowed by it to make or carry its investment in such Series L-2 VRTP Shares and any loss sustained by such Affected
Person in connection with the re-employment of such funds), which such Affected Person may sustain if any optional redemption of
such Series L-2 VRTP Shares under <U>Section 2.5</U> is not made on the date specified in the related Notice of Redemption or occurs
on a date which is not the last day of a Dividend Period.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 36.1pt 0 6pt; text-align: justify; text-indent: 0.5in"><U>Transfers
to a Person (other than a Conduit Purchaser) that is a member bank of the Federal Reserve System</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 6.45pt 0 5.95pt; text-align: justify; text-indent: 0.5in">Any transfer
of Series L-2 VRTP Shares to any Person that (x) is not a Conduit Purchaser and (y) is a member of the Federal Reserve System (or
any successor) (or is otherwise subject to Regulation D of the Board of Governors of the Federal Reserve System) shall result in
such Series L-2 VRTP Shares being exchanged for an equal number of Series L-1 VRTP Shares. The Series L-1 VRTP Shares shall have
preferences, voting powers, restrictions, limitations as to dividends and other distributions, qualifications and terms and conditions
of redemption, in addition to those required by applicable law and those that are expressly set forth in the Declaration of Trust
and the VRTP Amendment (except as the VRTP Amendment may be expressly modified by Appendix E), as are set forth in Appendix E.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.95pt; text-align: justify"><U>Transfers to Conduit Purchasers</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 5.95pt; text-align: justify; text-indent: 0.5in">Any transfer of
Series L-2 VRTP Shares to CHARTA shall result in such Series L-2 VRTP Shares being exchanged for an equal number of Series C-1
VRTP Shares. The Series C-1 VRTP Shares shall have preferences, voting powers, restrictions, limitations as to dividends and other
distributions, qualifications and terms and conditions of redemption, in addition to those required by applicable law and those
that are expressly set forth in the Declaration of Trust and the VRTP Amendment (except as the VRTP Amendment may be expressly
modified by Appendix A), as are set forth in Appendix A.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.45pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 6.45pt 0 5.95pt; text-align: justify; text-indent: 0.5in">Any transfer
of Series L-2 VRTP Shares to CAFCO shall result in such Series L-2 VRTP Shares being exchanged for an equal number of Series C-2
VRTP Shares. The Series C-2 VRTP Shares shall have preferences, voting powers, restrictions, limitations as to dividends and other
distributions, qualifications and terms and conditions of redemption, in addition to those required by applicable law and those
that are expressly set forth in the Declaration of Trust and the VRTP Amendment (except as the VRTP Amendment may be expressly
modified by Appendix B), as are set forth in Appendix B</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 5.4pt 0 5.95pt; text-align: justify; text-indent: 0.5in">Any transfer
of Series L-2 VRTP Shares to CIESCO shall result in such Series L-2 VRTP Shares being exchanged for an equal number of Series C-3
VRTP Shares. The Series C-3 VRTP Shares shall have preferences, voting powers, restrictions, limitations as to dividends and other
distributions, qualifications and terms and conditions of redemption, in addition to those required by applicable law and those
that are expressly set forth in the Declaration of Trust and the VRTP Amendment (except as the VRTP Amendment may be expressly
modified by the Appendix C), as are set forth in Appendix C.</P>


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<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 6.4pt 0 6pt; text-align: justify; text-indent: 0.5in">Any transfer
of Series L-2 VRTP Shares to CRC shall result in such Series L-2 VRTP Shares being exchanged for an equal number of Series C-4
VRTP Shares. The Series C-4 VRTP Shares shall have preferences, voting powers, restrictions, limitations as to dividends and other
distributions, qualifications and terms and conditions of redemption, in addition to those required by applicable law and those
that are expressly set forth in the Declaration of Trust and the VRTP Amendment (except as the VRTP Amendment may be expressly
modified by the Appendix D), as are set forth in Appendix D.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.45pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 42pt; text-align: justify"><U>Transfers In General</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 6.5pt 0 5.95pt; text-align: justify; text-indent: 0.5in">Any transfer
of Series L-2 VRTP Shares shall require delivery of a written notice to the Trust by the applicable transferor (which may be given
at or prior to 3:00 p.m. (New York City time) on the related Transfer Date) providing the Transfer Date, the transferee, the amount
of Series L-2 VRTP Shares being transferred and the amount and applicable Series of VRTP Shares being exchanged for such Series
L-2 VRTP Shares.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 5.95pt; text-align: justify; text-indent: 0.5in">As of any Transfer
Date, without any requirement for any further approval by the Board of Trustees or any other Person (but subject to the transfer
restrictions set forth in Section 2.17), the Trust shall be deemed to have cancelled and reduced the authorized number of Series
L-2 VRTP Shares in an amount equal to the corresponding number of other Series of VRTP Shares exchanged for Series L-2 VRTP Shares
on such Transfer Date, provided that the aggregate number of VRTP Shares Outstanding at any time shall not exceed eight-hundred
(800). As of the settlement date for the transfer of any Series of VRTP Shares other than Series L-2 VRTP Shares to any Person
that (x) is not a Conduit Purchaser and (y) is not a member bank of the Federal Reserve System (or any successor) (or is not otherwise
subject to Regulation D of the Board of Governors of the Federal Reserve System), without any requirement for any further approval
by the Board of Trustees or any other Person, the Trust shall be deemed to have increased the authorized number of and issued Series
L-2 VRTP Shares in an amount equal to the corresponding number of other Series of VRTP Shares being exchanged for Series L-2 VRTP
Shares, provided that the aggregate number of VRTP Shares Outstanding at any time shall not exceed eight-hundred (800).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.45pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 12.35pt 0 5.95pt; text-align: justify; text-indent: 0.5in">Notwithstanding
anything to the contrary in the VRTP Amendment or in any Appendix, accrued but unpaid dividends on any Series L-2 VRTP Shares that
have been exchanged for any other Specified Series of VRTP Shares shall be payable by the Trust to the applicable transferor on
the second Business Day after the related Transfer Date notwithstanding that such Series L-2 VRTP Shares have been deemed cancelled
pursuant to the preceding paragraph.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.5pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 8.45pt 0 5.95pt; text-align: justify; text-indent: 0.5in">If the
VRTP Shares of the Specified Series are required to be redeemed pursuant to the VRTP Amendment or any Appendix, the Trust shall
only be required to redeem Outstanding VRTP Shares of the Specified Series. If the Outstanding VRTP Shares of any Specified Series
are redeemed, the number of authorized shares of each Specified Series and the permitted maximum aggregate number of Outstanding
VRTP Shares of all Specified Series permitted shall be deemed reduced by the same number of VRTP Shares being redeemed.</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SCHEDULE I</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>[INDUSTRY CLASSIFICATIONS]</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Aerospace and Defense</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Air Transport</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Automotive</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Beverage and Tobacco</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Brokers, Dealers &amp; Investment Houses</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Building and Development</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Business Equipment and Services</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Cable and Satellite TV</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Chemicals and Plastics</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Clothing - Textiles</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Conglomerates</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Containers and Glass Products</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Cosmetics/Toiletries</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Drugs</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Ecological Services and Equipment</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Electronics &ndash; Electrical</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Equipment Leasing</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Farming/Agriculture</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Financial Intermediaries</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Food and Drug Retailers</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Food Products</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Food Service</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Forest Products</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Healthcare</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Home Furnishings</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Industrial Equipment</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Insurance</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Leisure Goods &ndash; Activities &ndash; Movies</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Lodging and Casinos</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Nonferrous Materials &ndash; Minerals</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Oil and Gas</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Publishing</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Radio and Television</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Rail Industries</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Retailers (Not Food and Drug)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Steel</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Surface Transport</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Telecom</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Utilities</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

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<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"></P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>


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