<SEC-DOCUMENT>0001896036-25-000002.txt : 20250417
<SEC-HEADER>0001896036-25-000002.hdr.sgml : 20250417
<ACCEPTANCE-DATETIME>20250417153235
ACCESSION NUMBER:		0001896036-25-000002
CONFORMED SUBMISSION TYPE:	N-CEN/A
PUBLIC DOCUMENT COUNT:		8
CONFORMED PERIOD OF REPORT:	20241231
FILED AS OF DATE:		20250417
DATE AS OF CHANGE:		20250417
EFFECTIVENESS DATE:		20250417

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Eagle Point Institutional Income Fund
		CENTRAL INDEX KEY:			0001896036
		ORGANIZATION NAME:           	
		EIN:				873667759
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		N-CEN/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-23758
		FILM NUMBER:		25846990

	BUSINESS ADDRESS:	
		STREET 1:		C/O EAGLE POINT CREDIT MANAGEMENT LLC
		STREET 2:		600 STEAMBOAT ROAD, SUITE 202
		CITY:			GREENWICH
		STATE:			CT
		ZIP:			06830
		BUSINESS PHONE:		203.340.8500

	MAIL ADDRESS:	
		STREET 1:		C/O EAGLE POINT CREDIT MANAGEMENT LLC
		STREET 2:		600 STEAMBOAT ROAD, SUITE 202
		CITY:			GREENWICH
		STATE:			CT
		ZIP:			06830
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CEN/A
<SEQUENCE>1
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<DOCUMENT>
<TYPE>INTERNAL CONTROL RPT
<SEQUENCE>2
<FILENAME>tm2512453d1_acctsreport.htm
<DESCRIPTION>INTERNAL CONTROL RPT
<TEXT>
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<P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="margin: 0pt"><IMG SRC="tm2512453d1_acctsreport-img1.jpg" ALT="">&nbsp;</P>

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

<P STYLE="margin: 0pt 0 0pt 1.9in">KPMG LLP</P>

<P STYLE="margin: 0pt 0 0pt 1.9in">345 Park Avenue</P>

<P STYLE="margin: 0pt 0 0pt 1.9in">New York, NY 10154-0102</P>

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

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Report of Independent Registered Public Accounting Firm</B></P>

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

<P STYLE="margin: 0pt">To the Shareholders and Board of Trustees</P>

<P STYLE="margin: 0pt">Eagle Point Institutional Income Fund:</P>

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

<P STYLE="text-align: justify; margin: 0pt">In planning and performing our audit of the consolidated financial statements of Eagle Point Institutional Income Fund &amp; Subsidiaries
(the Fund) as of and for the year ended December 31, 2024, in accordance with the standards of the Public Company Accounting Oversight
Board (United States), we considered the Fund's internal control over financial reporting, including controls over safeguarding securities,
as a basis for designing our auditing procedures for the purpose of expressing our opinion on the consolidated financial statements and
to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal
control over financial reporting. Accordingly, we express no such opinion.</P>

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

<P STYLE="text-align: justify; margin: 0pt">Management of the Fund is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling
this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls.
A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability
of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance
of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2)
provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with
generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations
of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized
acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.</P>

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

<P STYLE="text-align: justify; margin: 0pt">Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections
of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in
conditions, or that the degree of compliance with the policies or procedures may deteriorate.</P>

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

<P STYLE="text-align: justify; margin: 0pt">A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or
employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material
weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable
possibility that a material misstatement of the company&rsquo;s annual or interim financial statements will not be prevented or detected
on a timely basis.</P>

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

<P STYLE="text-align: justify; margin: 0pt">Our consideration of the Fund's internal control over financial reporting was for the limited purpose described in the first paragraph
and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established
by the Public Company Accounting Oversight Board (United States). However, we noted no deficiencies in the Fund's internal control over
financial reporting and its operation, including controls over safeguarding securities, that we consider to be a material weakness as
defined above as of December 31, 2024.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; width: 25%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 50%">&nbsp;<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt">KPMG LLP, a Delaware limited liability partnership and a member firm of</P>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt">the KPMG global organization of independent member firms affiliated
with</P>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt">KPMG International Limited, a private English company limited by
guarantee.</P>

</TD>
    <TD STYLE="text-align: justify; width: 25%">&nbsp;</TD></TR>
  </TABLE>

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

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

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="margin: 0pt"><IMG SRC="tm2512453d1_acctsreport-img2.jpg" ALT="">&nbsp;</P>

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

<P STYLE="text-align: justify; margin: 0pt">This report is intended solely for the information and use of the management and the Board of Trustees of Eagle Point Institutional Income
Fund &amp; Subsidiaries and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than
these specified parties.</P>

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

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm2512453d1_acctsreport-img3.jpg" ALT="">&nbsp;</P>

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

<P STYLE="margin: 0pt">New York, New York</P>

<P STYLE="margin: 0pt">February 26, 2025</P>

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

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    <!-- Field: /Page -->



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</DOCUMENT>
<DOCUMENT>
<TYPE>MATERIAL AMENDMENTS
<SEQUENCE>6
<FILENAME>tm2512453d1_bylaws.htm
<DESCRIPTION>MATERIAL AMENDMENTS
<TEXT>
<HTML>
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<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EAGLE POINT INSTITUTIONAL INCOME FUND</B></P>

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

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Dated as of February 12, 2025</B></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#8239;&#8239;</P>

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

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

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

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; width: 95%">ARTICLE I SHAREHOLDER MEETINGS</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; text-transform: uppercase; width: 5%">1</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 1.25in; text-transform: uppercase; text-indent: -1.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">1.1.</TD><TD STYLE="padding-right: 0.5in">Chair</TD>
                                                                <TD STYLE="text-align: right; width: 0.5in">1</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">1.2.</TD><TD STYLE="padding-right: 0.5in">Proxies; Voting</TD>
                                                                <TD STYLE="text-align: right; width: 0.5in">1</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">1.3.</TD><TD>Notice of Meeting and Fixing Record Dates</TD>
                                                                <TD STYLE="text-align: right; width: 0.5in">1</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">1.4.</TD><TD>Inspectors of Election</TD>
                                                                <TD STYLE="text-align: right; width: 0.5in">1</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">1.5.</TD><TD>Records at Shareholder Meetings</TD>
                                                                <TD STYLE="text-align: right; width: 0.5in">2</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">1.6.</TD><TD>Postponement, Adjournment and Change of Place of Meetings</TD>
                                                                <TD STYLE="text-align: right; width: 0.5in">2</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">1.7.</TD><TD>Meetings by Remote Communication</TD>
                                                                <TD STYLE="text-align: right; width: 0.5in">3</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">1.8.</TD><TD>Meeting Proposals</TD>
                                                                <TD STYLE="text-align: right; width: 0.5in">3</TD></TR></TABLE>

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

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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; width: 95%">ARTICLE II TRUSTEES</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; text-transform: uppercase; width: 5%">4</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 1.25in; text-transform: uppercase; text-indent: -1.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">2.1.</TD><TD>Annual and Regular Meetings</TD>
                                                                <TD STYLE="text-align: right; width: 0.5in">4</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">2.2.</TD><TD>Chair; Records</TD>
                                                                <TD STYLE="text-align: right; width: 0.5in">4</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">2.3.</TD><TD>Nominations</TD>
                                                                <TD STYLE="text-align: right; width: 0.5in">4</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; width: 95%">ARTICLE III OFFICERS</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; text-transform: uppercase; width: 5%"> 5</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 1.25in; text-transform: uppercase; text-indent: -1.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">3.1.</TD><TD>Officers of the Trust</TD>
                                                                <TD STYLE="text-align: right; width: 0.5in">5</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">3.2.</TD><TD>Election and Tenure</TD>
                                                                <TD STYLE="text-align: right; width: 0.5in">5</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">3.3.</TD><TD>Removal and Resignation of Officers</TD>
                                                                <TD STYLE="text-align: right; width: 0.5in">5</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">3.4.</TD><TD>Bonds and Surety</TD>
                                                                <TD STYLE="text-align: right; width: 0.5in">5</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">3.5.</TD><TD>Chief Executive Officer and Vice Presidents</TD>
                                                                <TD STYLE="text-align: right; width: 0.5in">5</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">3.6.</TD><TD>Secretary</TD>
                                                                <TD STYLE="text-align: right; width: 0.5in">6</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">3.7.</TD><TD>Chief Financial Officer</TD>
                                                                <TD STYLE="text-align: right; width: 0.5in">6</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">3.8.</TD><TD>Chief Compliance Officer</TD>
                                                                <TD STYLE="text-align: right; width: 0.5in">7</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">3.9.</TD><TD>Other Officers and Duties</TD>
                                                                <TD STYLE="text-align: right; width: 0.5in">7</TD></TR></TABLE>

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

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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; width: 95%">ARTICLE IV MISCELLANEOUS</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; text-transform: uppercase; width: 5%">7</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 1.25in; text-transform: uppercase; text-indent: -1.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">4.1.</TD><TD>Depositories</TD>
                                                                <TD STYLE="text-align: right; width: 0.5in">7</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">4.2.</TD><TD>Signatures</TD>
                                                                <TD STYLE="text-align: right; width: 0.5in">7</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">4.3.</TD><TD>Seal</TD>
                                                                <TD STYLE="text-align: right; width: 0.5in">7</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; width: 95%">ARTICLE V SHARE TRANSFERS</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; text-transform: uppercase; width: 5%">7</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 1.25in; text-transform: uppercase; text-indent: -1.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">5.1.</TD><TD>Transfer Agents, Registrars and the Like</TD>
                                                                <TD STYLE="text-align: right; width: 0.5in">7</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">5.2.</TD><TD>Transfer of Shares</TD>
                                                                <TD STYLE="text-align: right; width: 0.5in">8</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">5.3.</TD><TD>Registered Shareholders</TD>
                                                                <TD STYLE="text-align: right; width: 0.5in">8</TD></TR></TABLE>

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

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

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

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

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

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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 90%; text-transform: uppercase; text-align: left; text-indent: -1.25in; padding-left: 1.25in">ARTICLE VI AMENDMENT OF BYLAWS</TD>
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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">6.1.</TD><TD STYLE="padding-right: 0.5in">Amendment and Repeal of Bylaws</TD>
                                                                <TD STYLE="text-align: right; width: 0.5in">8</TD></TR></TABLE>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><B>EAGLE POINT
INSTITUTIONAL INCOME FUND<BR>
<BR>
<U>AMENDED AND RESTATED BYLAWS</U></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These Amended and Restated Bylaws (the &ldquo;Bylaws&rdquo;)
are made and adopted pursuant to Section 3.8 of the Amended and Restated Declaration of Trust of Eagle Point Institutional Income Fund
(the &ldquo;Trust&rdquo;), dated as of January 25, 2022, as from time to time amended (the &ldquo;Declaration&rdquo;). All words and terms
capitalized in these Bylaws shall have the meaning or meanings set forth for such words or terms in the Declaration.</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE
I</B></FONT></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></B></FONT><U>SHAREHOLDER MEETINGS</U></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;
</FONT><U>Chair</U><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">. The Chair of the Board of Trustees, if
any, shall act as chair at all meetings of the shareholders of the Trust (&ldquo;Shareholders&rdquo;); in the Chair&rsquo;s absence, the
Trustee or Trustees present at each meeting may elect a temporary chair for the meeting, who may be one of themselves.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;
</FONT><U>Proxies; Voting</U><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">. Shareholders may vote either
in person or by duly executed proxy and each full Share represented at the meeting shall have one vote and each fractional Share shall
be entitled to a vote of such fraction, all as provided in Article X of the Declaration.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;
</FONT><U>Notice of Meeting and Fixing Record Dates</U><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">. Notice
of all meetings of Shareholders, stating the time, place (including that the meeting will be held by remote communication, as applicable)
and purposes of the meeting, shall be sent or otherwise given to each Shareholder of record entitled to vote thereat at its registered
address, not less than ten (10) nor more than one hundred and twenty (120) days before the date of the meeting. Business transacted at
any special meeting of Shareholders shall be limited to matters relating to the purpose or purposes stated in the notice of meeting. For
the purpose of determining the Shareholders who are entitled to notice of or to vote or act at any meeting, including any adjournment
thereof, or who are entitled to participate in any dividends, or for any other proper purpose, the Trustees may from time to time, without
closing the transfer books, fix a record date in the manner provided in Section 10.3 of the Declaration. If the Trustees do not prior
to any meeting of Shareholders so fix a record date or close the transfer books, then the date of mailing of notice of the meeting or
the date upon which the dividend resolution is adopted, as the case may be, shall be the record date. Notice of any meeting of Shareholders
shall be deemed waived by any Shareholder who attends the meeting in person or by proxy or who before or after the meeting submits a signed
waiver of notice that is filed with the records of the meeting.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.4.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;
</FONT><U>Inspectors of Election</U><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">. In advance of any meeting
of Shareholders, the Trustees may appoint Inspectors of Election to act at the meeting or any adjournment thereof. If Inspectors of Election
are not so appointed, the person acting as chair at any meeting of Shareholders may, and on the request of any Shareholder or Shareholder
proxy shall, appoint Inspectors of Election of the meeting. The number of Inspectors of Election shall be either one or three. If appointed
at the meeting on the request of one or more Shareholders or proxies, a majority of the Trust&rsquo;s shares of beneficial interest (&ldquo;Shares&rdquo;)
present shall determine whether one or three Inspectors of Election are to be appointed, but failure to allow such determination by the
Shareholders shall not affect the validity of the appointment of Inspectors of Election. In case any person appointed as Inspector of
Election fails to appear or fails or refuses to act, the vacancy may be filled by appointment made by the Trustees in advance of the convening
of the meeting or at the meeting by the person acting as chair. The Inspectors of Election shall determine the number of Shares outstanding,
the Shares represented at the meeting and the voting power of each Share, the existence of a quorum, the authenticity, validity and effect
of proxies, shall receive votes, ballots or consents, shall hear and determine all challenges and questions in any way arising in connection
with the right to vote, shall count and tabulate all votes or consents, determine the results, and do such other acts as may be proper
to conduct the election or vote with fairness to all Shareholders. If there are three Inspectors of Election, the decision, act or certificate
of a majority is effective in all respects as the decision, act or certificate of all. On request of the person acting as chair of the
meeting, or of any Shareholder or Shareholder proxy, the Inspectors of Election shall make a report in writing of any challenge or question
or matter determined by them and shall execute a certificate of any facts found by them.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.5.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;
</FONT><U>Records at Shareholder Meetings</U><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">. At each meeting
of the Shareholders, there shall be made available for inspection at a convenient time and place during normal business hours, if requested
by Shareholders, the minutes of the last previous meeting of Shareholders of the Trust and a list of the Shareholders of the Trust, as
of the record date of the meeting or the date of closing of transfer books, as the case may be. Such list of Shareholders shall contain
the name and the address of each Shareholder in alphabetical order and the number of Shares owned by such Shareholder. Shareholders shall
have such other rights and procedures of inspection of the books and records of the Trust as are granted to stockholders of a Delaware
business corporation.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.6.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;
</FONT><U>Postponement, Adjournment and Change of Place of Meetings</U><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.
Prior to the date upon which any meeting of Shareholders is to be held, the Board of Trustees may, in its sole discretion, which may be
delegated to the officers of the Trust, postpone or change the place of such meeting (including by specifying that the meeting will be
held by remote communication) one or more times for any reason by giving notice to each Shareholder entitled to vote at the meeting so
postponed or changed of the place (including that the meeting will be held by remote communication, as applicable), date and hour at which
such meeting will be held. Such notice shall be given not fewer than two (2) days before the date of such meeting and otherwise in accordance
with Section 1.3. Any Shareholders&rsquo; meeting may be adjourned by the chair of the meeting one or more times for any reason, including
the failure of a quorum to be present at the meeting with respect to any proposal or the failure of any proposal to receive sufficient
votes for approval. No Shareholder vote shall be required for any adjournment. A Shareholders&rsquo; meeting may be adjourned by the chair
of the meeting as to one or more proposals regardless of whether action has been taken on other matters. No notice of adjournment of a
meeting to another time or place need be given to Shareholders if such time and place are announced at the meeting at which the adjournment
is taken or notice is given to persons present at the meeting. Any adjourned meeting may be held at such time and place (including that
the meeting will be held by remote communication, as applicable) as determined by the Board of Trustees or by the chair of the meeting
or the officers of the Trust or other authorized persons pursuant to delegated authority from the Trustees in the sole discretion of such
Trustees, chair, officers or authorized persons and announced at the meeting. Any business that might have been transacted at the original
meeting may be transacted at any adjourned meeting. If, after a postponement or adjournment, a new record date is fixed for the postponed
or adjourned meeting, the Secretary shall give notice of the postponed or adjourned meeting to Shareholders of record entitled to vote
at such meeting. If a quorum is present with respect to any one or more proposals, the chair of the meeting may, but shall not be required
to, cause a vote to be taken with respect to any such proposal or proposals which vote can be certified as final and effective notwithstanding
the adjournment of the meeting with respect to any other proposal or proposals.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.7.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;
</FONT><U>Meetings by Remote Communication</U><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">. The Trustees
may, in their sole discretion, determine that a meeting of Shareholders may be held solely by means of remote communication. If authorized
by the Trustees, in their sole discretion, and subject to such guidelines and procedures as the Trustees may adopt, Shareholders and proxyholders
not physically present at a meeting of Shareholders may, by means of remote communication: (a) participate in a meeting of Shareholders;
and (b) be deemed present in person and vote at a meeting of Shareholders whether such meeting is to be held at a designated place or
solely by means of remote communication, provided that: (i) the Trust shall implement such measures as the Trustees deem to be reasonable
(A) to verify that each person deemed present and permitted to vote at the meeting by means of remote communication is a Shareholder or
proxyholder; and (B) to provide such Shareholders and proxyholders a reasonable opportunity to participate in the meeting and to vote
on matters submitted to the Shareholders; and (ii) if any Shareholder or proxyholder votes or takes other action at the meeting by means
of remote communication, a record of such vote or other action shall be maintained by the Trust.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.8.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;
</FONT><U>Meeting Proposals</U><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">. To be properly brought before
an annual meeting (if any) of Shareholders, business must be either (i) brought before the annual meeting by or at the direction of the
Board of Trustees, (ii) pursuant to the notice of meeting, or (iii) otherwise properly brought before the annual meeting by a Shareholder
who is entitled to vote at the meeting and who has complied with the advance notice procedures of these Bylaws. In addition to any other
applicable requirements, for business to be properly brought before an annual meeting by a Shareholder, the Shareholder must have given
timely notice thereof in writing to the Secretary of the Trust. To be timely, the Shareholder&rsquo;s notice must be delivered by a nationally
recognized courier service or mailed by first class U.S. mail, postage or delivery charges prepaid, and received at the principal executive
offices of the Trust addressed to the attention of the Secretary of the Trust not less than ninety (90) days nor more than one hundred
twenty (120) days in advance of the anniversary of the date the Trust&rsquo;s proxy statement was released to the Shareholders in connection
with the previous year&rsquo;s annual meeting of Shareholders; provided, however, that in the event that no annual meeting was held in
the previous year or the date of the annual meeting has been changed by more than thirty (30) days from the date contemplated at the time
of the previous year&rsquo;s proxy statement, notice by the Shareholder must be received by the Secretary of the Trust not later than
the close of business on the later of (x) the ninetieth (90th) day prior to such annual meeting and (y) the seventh (7th) day following
the day on which public announcement of the date of such meeting is first made. A Shareholder&rsquo;s notice to the Secretary shall set
forth (i) as to each matter the Shareholder proposes to bring before the annual meeting (a) a brief description of the business desired
to be brought before the annual meeting and the reasons for conducting such business at the annual meeting and (b) any material interest
of the Shareholder in such business, and (ii) as to the Shareholder giving the notice (a) the name and record address of the Shareholder
and (b) the class, series and number of shares of beneficially owned by the Shareholder. Notwithstanding anything in these Bylaws to the
contrary, no business shall be conducted at an annual meeting except in accordance with the procedures set forth in this Article I. The
presiding officer at an annual meeting shall, if the facts warrant, determine and declare to the annual meeting that business was not
properly brought before the annual meeting in accordance with the provisions of this Article I, and, if such officer should so determine,
such officer shall so declare to the annual meeting and any such business not properly brought before the meeting shall not be transacted.</FONT></P>

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II</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;
</FONT><U>Annual and Regular Meetings</U><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">. Meetings of the Trustees
shall be held from time to time upon the call of the Chair, if any, the Chief Executive Officer, the Secretary or any three Trustees.
Regular meetings of the Trustees may be held without call or notice and shall generally be held quarterly. Except as may be required by
applicable law, neither the business to be transacted at, nor the purpose of, any meeting of the Board of Trustees need be stated in the
notice or waiver of notice of such meeting, and no notice need be given of action proposed to be taken by unanimous written consent.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;
</FONT><U>Chair; Records</U><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">. The Chair, if any, shall act as
chair at all meetings of the Trustees; in the absence of a Chair, the Trustees present shall elect one Trustee to act as chair of the
meeting. The results of all actions taken at a meeting of the Trustees, or by unanimous written consent of the Trustees, shall be recorded
by the Secretary or such other person as the Board of Trustees or Secretary may from time to time designate.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;
</FONT><U>Nominations</U><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">. Nominations of persons for election
to the Board of Trustees at a meeting of Shareholders of the Trust may be made only (i) by or at the direction of the Board of Trustees,
(ii) pursuant to the notice of meeting or (iii) by a Shareholder who is entitled to vote at the meeting and who has complied with the
advance notice procedures of these Bylaws. Such nominations by any Shareholder shall be made pursuant to timely notice in writing to the
Secretary of the Trust. To be timely, the Shareholder&rsquo;s notice must be delivered by a nationally recognized courier service or mailed
by first class United States mail, postage or delivery charges prepaid, and received at the principal executive offices of the Trust addressed
to the attention of the Secretary of the Trust not less than ninety (90) days nor more than one hundred twenty (120) days in advance of
the anniversary of the date the Trust&rsquo;s proxy statement was released to the Shareholders in connection with the previous year&rsquo;s
annual meeting of Shareholders; provided, however, that in the event that no annual meeting was held in the previous year or the date
of the annual meeting has been changed by more than thirty (30) days from the date contemplated at the time of the previous year&rsquo;s
proxy statement, notice by the Shareholder must be received by the Secretary of the Trust not later than the close of business on the
later of (x) the ninetieth (90th) day prior to such annual meeting and (y) the seventh (7th) day following the day on which public announcement
of the date of such meeting is first made. Such Shareholder&rsquo;s notice to the Secretary shall set forth (i) as to each person whom
the Shareholder proposes to nominate for election or reelection as a Trustee, (a) the name, age, business address and residence address
of the person, (b) the principal occupation or employment of the person, (c) the class and number of shares of capital stock of the Trust
that are beneficially owned by the person and (d) any other information relating to the person that is required to be disclosed in solicitations
for proxies for election of Trustees pursuant to the rules and regulations of the Securities and Exchange Commission under Section 14
of the Securities Exchange Act of 1934, as amended, and (ii) as to the Shareholder giving the notice (a) the name and record address of
the Shareholder and (b) the class and number of shares of the Trust that are beneficially owned by the Shareholder. The Trust may require
any proposed nominee to furnish such other information as may reasonably be required by the Trust to determine the eligibility of such
proposed nominee to serve as a Trustee of the Trust. No person shall be eligible for election as a Trustee of the Trust unless nominated
in accordance with the procedures set forth herein. The presiding officer at an annual meeting shall, if the facts warrant, determine
and declare to the meeting that a nomination was not made in accordance with the foregoing procedure, and if he or she should so determine,
he or she shall so declare to the meeting and the defective nomination shall be disregarded.</FONT></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE
III</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></B></FONT><U>OFFICERS</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;
</FONT><U>Officers of the Trust</U><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">. The officers of the Trust
shall consist of a Principal Executive Officer, a Chief Executive Officer, a Secretary, a Chief Financial Officer, a Principal Accounting
Officer, a Chief Operating Officer and a Chief Compliance Officer and may also include such other officers or assistant officers as may
be elected or authorized by the Trustees. Any two or more of the offices may be held by the same person, except that the same person may
not be both Chief Executive Officer and Secretary. No officer of the Trust need be a Trustee.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;
</FONT><U>Election and Tenure</U><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">. At the initial organization
meeting, the Trustees shall elect the Principal Executive Officer, Chief Executive Officer, Secretary, Chief Financial Officer, Principal
Accounting Officer, Chief Operating Officer and Chief Compliance Officer and such other officers as the Trustees shall deem necessary
or appropriate in order to carry out the business of the Trust. Such officers shall serve at the pleasure of the Trustees or until their
successors have been duly elected and qualified. The Trustees may fill any vacancy in office or add any additional officers at any time.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;
</FONT><U>Removal and Resignation of Officers</U><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">. Any officer
may be removed at any time, with or without cause, by action of a majority of the Trustees. This provision shall not prevent the making
of a contract of employment for a definite term with any officer and shall have no effect upon any cause of action which any officer may
have as a result of removal in breach of a contract of employment. Any officer may resign at any time by notice in writing signed by such
officer and delivered or mailed to the Chair, if any, Chief Executive Officer or Secretary, and such resignation shall take effect immediately
upon receipt by the Chair, if any, Chief Executive Officer or Secretary, or at a later date according to the terms of such notice in writing.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.4.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;
</FONT><U>Bonds and Surety</U><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">. Any officer may be required
by the Trustees to be bonded for the faithful performance of such officer&rsquo;s duties in such amount and with such sureties as the
Trustees may determine.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.5.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;
</FONT><U>Chief Executive Officer and Vice Presidents</U><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">. The
Chief Executive Officer shall be a principal executive officer of the Trust and, subject to the control of the Trustees, 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 Chief Executive Officer of a corporation. Subject to direction of the Trustees, the Chief Executive
Officer shall have power in the name and on behalf of the Trust to execute any and all loans, documents, contracts, agreements, deeds,
mortgages, registration statements, applications, requests, filings and other instruments in writing, and to employ and discharge employees
and agents of the Trust. Unless otherwise directed by the Trustees, the Chief Executive Officer shall have full authority and power, on
behalf of all of the Trustees, to attend and to act and to vote, on behalf of the Trust at any meetings of business organizations in which
the Trust holds an interest, or to confer such powers upon any other persons, by executing any proxies duly authorizing such persons.
The Chief Executive Officer shall have such further authorities and duties as the Trustees shall from time to time determine. In the absence
or disability of the Chief Executive Officer, the Vice-Presidents in order of their rank as fixed by the Trustees or, if more than one
and not ranked, the Vice-President designated by the Trustees, shall perform all of the duties of the Chief Executive Officer, and when
so acting shall have all the powers of and be subject to all of the restrictions upon the Chief Executive Officer. Subject to the direction
of the Trustees, and of the Chief Executive Officer, each Vice-President shall have the power in the name and on behalf of the Trust to
execute any and all instruments in writing, and, in addition, shall have such other duties and powers as shall be designated from time
to time by the Trustees or by the Chief Executive Officer.</FONT></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.6.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;
</FONT><U>Secretary</U><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">. The Secretary shall maintain the minutes
of all meetings of, and record all votes of, Shareholders, Trustees and any committee of the Trustees. The Secretary shall be custodian
of the seal of the Trust, if any, and the Secretary (and any other person so authorized by the Trustees) shall affix the seal, or if permitted,
facsimile thereof, to any instrument executed by the Trust which would be sealed by a Delaware business corporation executing the same
or a similar instrument and shall attest the seal and the signature or signatures of the officer or officers executing such instrument
on behalf of the Trust. The Secretary shall also perform any other duties commonly incident to such office in a Delaware business corporation,
and shall have such other authorities and duties as the Trustees shall from time to time determine.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.7.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;
</FONT><U>Chief Financial Officer</U><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">. Except as otherwise directed
by the Trustees, the Chief Financial Officer shall be responsible for the general supervision of the monies, funds, securities, notes
receivable and other valuable papers and documents of the Trust, and shall have and exercise, under the supervision of the Trustees and
the Chief Executive Officer, all powers and duties normally incident to the office in a Delaware business corporation. The Chief Financial
Officer may endorse for deposit or collection all notes, checks and other instruments payable to the Trust or to its order. The Chief
Financial Officer shall deposit all funds of the Trust in such depositories as the Trustees shall designate. The Chief Financial Officer
shall be responsible for such disbursement of the funds of the Trust as may be ordered by the Trustees or the Chief Executive Officer.
The Chief Financial Officer shall keep accurate account of the books of the Trust&rsquo;s transactions which shall be the property of
the Trust, and which together with all other property of the Trust in the Chief Financial Officer&rsquo;s possession, shall be subject
at all times to the inspection and control of the Trustees. The Chief Financial Officer shall have such other duties and authorities as
the Trustees shall from time to time determine. Notwithstanding anything to the contrary herein contained, the Trustees may authorize
any adviser, administrator, manager or transfer agent to maintain bank accounts and deposit and disburse funds of any class of securities
of the Trust on behalf of such class.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.8.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;
</FONT><U>Chief Compliance Officer</U><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">. The Trustees shall designate
a Chief Compliance Officer to the extent required by, and consistent with the requirements of, the 1940 Act. The Chief Compliance Officer,
subject to the direction of and reporting to the Board of Trustees, shall be responsible for the oversight of the Trust&rsquo;s compliance
with the Federal securities laws and other applicable regulatory requirements. The designation, compensation and removal of the Chief
Compliance Officer must be approved by the Trustees, including a majority of the trustees who are not Interested Persons of the Trust.
The Chief Compliance Officer shall perform such executive, supervisory and management functions and duties as the Trustees may assign
to him or her from time to time.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.9.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;
</FONT><U>Other Officers and Duties</U><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">. The Trustees may elect
such other officers and assistant officers as they shall from time to time determine to be necessary or desirable in order to conduct
the business of the Trust. Assistant officers shall act generally in the absence of the officer whom they assist and shall assist that
officer in the duties of the office. Each officer, employee and agent of the Trust shall have such other duties and authority as may be
conferred upon such person by the Trustees or delegated to such person by the Chief Executive Officer.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE
IV</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></B></FONT><U>MISCELLANEOUS</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;
</FONT><U>Depositories</U><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">. In accordance with Section 8.1 of
the Declaration, the funds of the Trust shall be deposited in such custodians as the Trustees shall designate and shall be drawn out on
checks, drafts or other orders signed by such officer, officers, agent or agents (including the adviser, administrator or manager), as
the Trustees may from time to time authorize.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;
</FONT><U>Signatures</U><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">. All contracts and other instruments
shall be executed on behalf of the Trust by its properly authorized officers, agent or agents, as provided in the Declaration or these
Bylaws or as the Trustees may provide from time to time by resolution.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;
</FONT><U>Seal</U><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">. The Trust is not required to have any seal,
and the adoption or use of a seal shall be purely ornamental and be of no legal effect. The seal, if any, of the Trust may be affixed
to any instrument, and the seal and its attestation may be lithographed, engraved or otherwise printed on any document with the same force
and effect as if it had been imprinted and affixed manually in the same manner and with the same force and effect as if done by a Delaware
business corporation. The presence or absence of a seal shall have no effect on the validity, enforceability or binding nature of any
document or instrument that is otherwise duly authorized, executed and delivered.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE
V</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></B></FONT><U>SHARE TRANSFERS</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;
</FONT><U>Transfer Agents, Registrars and the Like</U><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">. As provided
in Section 6.8 of the Declaration, the Trustees shall have authority to employ and compensate such transfer agents and registrars with
respect to the Shares as the Trustees shall deem necessary or desirable. In addition, the Trustees shall have power to employ and compensate
such dividend disbursing agents, warrant agents and agents for the reinvestment of dividends as they shall deem necessary or desirable.
Any of such agents shall have such power and authority as is delegated to any of them by the Trustees.</FONT></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;
</FONT><U>Transfer of Shares</U><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">. The Shares shall be subject
to the limitations on transfer as provided in Section 6.9 of the Declaration. The Trust, or its transfer agents, shall be authorized to
refuse any transfer unless and until presentation of proper evidence as may be reasonably required to show that the requested transfer
is proper.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;
</FONT><U>Registered Shareholders</U><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">. The Trust may deem and
treat the holder of record of any Shares as the absolute owner thereof for all purposes and shall not be required to take any notice of
any right or claim of right of any other person.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE
VI</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></B></FONT><U>AMENDMENT OF BYLAWS</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;
</FONT><U>Amendment and Repeal of Bylaws</U><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">. In accordance
with Section 3.8 of the Declaration, the Trustees shall have the exclusive power to amend or repeal these Bylaws or adopt new Bylaws at
any time. Action by the Trustees with respect to the Bylaws shall be taken by an affirmative vote of a majority of the Trustees. The Trustees
shall in no event adopt Bylaws which are in conflict with the Declaration, and any apparent inconsistency shall be construed in favor
of the related provisions in the Declaration.</FONT></P>

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

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

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<DOCUMENT>
<TYPE>INST DEFINING RIGHTS
<SEQUENCE>7
<FILENAME>tm2512453d1_declaration.htm
<DESCRIPTION>INST DEFINING RIGHTS
<TEXT>
<HTML>
<HEAD>
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<P STYLE="margin: 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>AMENDED AND RESTATED DECLARATION OF TRUST</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>EAGLE POINT INSTITUTIONAL INCOME FUND</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>8.125% SERIES A TERM PREFERRED SHARES DUE
2029</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Supplement to Amended and Restated Declaration
of Trust (the &ldquo;Supplement&rdquo;) made as of October 11, 2024 by the Trustees hereunder</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>WHEREAS</B>, the Trustees
of Eagle Point Institutional Income Fund, a Delaware statutory trust (the &ldquo;<U>Fund</U>&rdquo;), may authorize and issue preferred
shares of the Fund having such terms, rights, preferences, privileges, limitations and restrictions as the Trustees see fit under Sections
6.1 and 6.2 of the Fund&rsquo;s Amended and Restated Declaration of Trust made as of January 25, 2022 (the &ldquo;<U>Original Declaration
of Trust</U>,&rdquo; as restated, amended or supplemented from time to time, together with this Supplement is referred to herein as the
&ldquo;<U>Declaration of Trust</U>&rdquo;) without the approval of any holders of shares of beneficial interests in the Fund; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>WHEREAS</B>, the Trustees
have made this Supplement to the Original Declaration of Trust to establish the terms, rights, preferences, privileges, limitations and
restrictions of the 8.125% Series&nbsp;A Term Preferred Shares due 2029 of the Fund.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>NOW, THEREFORE</B>, the
Trustees hereby supplement the Original Declaration of Trust to authorize the issuance by the Fund of its 8.125% Series&nbsp;A Term Preferred
Shares due 2029 as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE I<BR>
NUMBER OF SHARES; RANKING</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.1. A series of 1,426,000
preferred shares of beneficial interest authorized by the Original Declaration of Trust are hereby designated as the 8.125% Series&nbsp;A
Term Preferred Shares due 2029 (the &ldquo;<U>Series A Term Preferred Shares</U>&rdquo;). Each Series A Term Preferred Share shall have
such preferences, voting powers, restrictions, limitations as to dividends and 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 Original Declaration of Trust,
as are set forth in this Supplement. The Series A Term Preferred Shares shall constitute a separate series of Shares (as defined below)
and each Series A Term Preferred Share shall be identical. No fractional Series A Term Preferred Share shall be issued.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.2. The Series A Term Preferred
Shares shall rank on parity with any other preferred shares of beneficial interest hereafter authorized and issued by the Fund of a class
having priority over any other class as to distribution of assets or payments of dividends (collectively with the Series A Term Preferred
Shares, the &ldquo;<U>Preferred Shares</U>&rdquo;) as to the payment of dividends and as to the distribution of assets upon dissolution,
liquidation or winding up of the affairs of the Fund. The Series A Term Preferred Shares 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 Fund over the common shares
of beneficial interest (the &ldquo;<U>Common Shares</U>&rdquo; and, together with the Preferred Shares, the &ldquo;<U>Shares</U>&rdquo;),
of the Fund as set forth herein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.3. No individual, partnership,
trust, corporation, limited liability company, unincorporated association, joint venture or other entity, or government or any agency
or political subdivision thereof (each, a &ldquo;<U>Person</U>&rdquo;) in whose name the Series A Term Preferred Shares or any other security
issued by the Fund is registered in the registration books of the Fund maintained by Equiniti Trust Company, LLC and its successors, or
any other redemption and paying agent appointed by the Fund with respect to the Series A Term Preferred Shares (the &ldquo;<U>Redemption
and Paying Agent</U>&rdquo;) or otherwise (such Person, a &ldquo;<U>Holder</U>&rdquo;), shall have, solely by reason of being such a Holder,
any preemptive or other right to acquire, purchase or subscribe for any Series A Term Preferred Shares, other Preferred Shares, Common
Shares or other securities of the Fund that it may hereafter issue or sell.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE II<BR>
DIVIDENDS AND DISTRIBUTIONS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.1. The Holders of Series
A Term Preferred Shares shall be entitled to receive, when, as and if declared by, or under authority granted by, the Board of Trustees
of the Fund (the &ldquo;<U>Board of Trustees</U>&rdquo;), out of funds legally available therefor and in preference to dividends and distributions
on the Common Shares, cumulative cash dividends and distributions on each Series A Term Preferred Share, calculated separately for each
Dividend Period (as defined below) at, as of any date, 8.125% per annum (the &ldquo;<U>Fixed Dividend Rate</U>&rdquo;) as adjusted, if
a Default Period (as defined below) shall be in existence on such date, in accordance with the provisions of <U>Section 2.8</U> (the &ldquo;<U>Dividend
Rate</U>&rdquo;) in effect from time to time for the Series A Term Preferred Shares during such Dividend Period, computed on the basis
of a 360- day year consisting of twelve 30-day months, on an amount equal to $25.00 (the &ldquo;<U>Liquidation Preference</U>&rdquo;)
for each Series A Term Preferred Share, and no more. In the case of each Series A Term Preferred Share issued on October 17, 2024 (the
&ldquo;<U>Date of Original Issue</U>&rdquo;), dividends and distributions on such Series A Term Preferred Shares shall accumulate from
the Date of Original Issue. In the case of a Series A Term Preferred Share issued on a date subsequent to the Date of Original Issue,
(a) if such share is issued before the Record Date (as defined below) for the Dividend Period in which such share is issued, dividends
and distributions on such Series A Term Preferred Share shall accumulate from the first day of such Dividend Period and (b) if such share
is issued after the Record Date for the Dividend Period in which such share is issued, dividends and distributions on such Series A Term
Preferred Share shall accumulate from the first day of the Dividend Period immediately following the issuance of such share. Dividends
and distributions on all Series A Term Preferred Shares shall be payable monthly in arrears as provided in <U>Section 2.2</U>. The amount
of dividends payable on the Series A Term Preferred Shares on any date prior to the end of a Dividend Period, and for the initial Dividend
Period, will be computed on the basis of actual days elapsed over a 30-day month.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Dividend Period</U>&rdquo;
means, with respect to each Series A Term Preferred Share then Outstanding (as defined below), in the case of the first Dividend Period,
the period beginning on and including the Date of Original Issue and ending on, but excluding November 29, 2024 and, for each subsequent
Dividend Period, the period beginning on and including the last Dividend Payment Date (as defined below) and ending on, but excluding,
the next Dividend Payment Date or the stated maturity date, as the case may be.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.2. <U>Declaration and Payment;
Dividends in Arrears</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a) Dividends on the Series
A Term Preferred Shares with respect to any Dividend Period shall be declared to the Holders of record of such shares as their names shall
appear on the registration books of the Fund at the close of business on the applicable record date, which shall be such date designated
by the Board of Trustees that is not more than twenty (20) nor less than seven (7) calendar days prior to the Dividend Payment Date with
respect to such Dividend Period (each, a &ldquo;<U>Record Date</U>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b) Dividends declared pursuant
to <U>Section 2.1</U> shall be paid on the last day of every calendar month, beginning November 29, 2024 (each, a &ldquo;<U>Dividend Payment
Date</U>&rdquo;) to the Holders of Series A Term Preferred Shares as their names appear on the registration books of the Fund at the close
of business on the applicable Record Date for such dividend; <U>provided</U>, <U>however</U>, that dividends with respect to the first
Dividend Period of the Series A Term Preferred Shares will be paid on November 29, 2024 to Holders of record of such Series A Term Preferred
Shares as their names appear on the registration books of the Fund at the close of business on November 12, 2024. If a Dividend Payment
Date falls on a non-Business Day (as defined below), the applicable dividend payment will be made on the next Business Day and no additional
dividend payment will accrue as a result of such delayed payment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c) Dividends in arrears on
Series A Term Preferred Shares for any past Dividend Period may be declared and paid at any time, without reference to any regular Dividend
Payment Date, to the Holders of such shares as their names appear on the registration books of the Fund on the applicable Record Date.
No interest or sum of money in lieu of interest will be payable in respect of any dividend payment or payments on Series A Term Preferred
Shares which may be in arrears.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.3. No full dividends and
distributions shall be declared or paid on the Series A Term Preferred Shares for any Dividend Period or part thereof unless full cumulative
dividends and distributions due through the most recent Dividend Payment Dates therefor for all Outstanding Preferred Shares have been
or contemporaneously are declared and paid through the most recent Dividend Payment Dates therefor. If full cumulative dividends and distributions
due have not been declared and paid on all Outstanding Preferred Shares, any dividends and distributions being declared and paid on the
Series A Term Preferred Shares will be declared and paid as nearly pro rata as possible in proportion to the respective amounts of dividends
and distributions accumulated but unpaid on each such series of Preferred Shares on the relevant dividend payment date for such series.
No Holders of Series A Term Preferred Shares shall be entitled to any dividends and distributions, whether payable in cash, property or
shares, in excess of full cumulative dividends and distributions as provided in this <U>Section 2.3</U> on the Series A Term Preferred
Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.4. For so long as any Series
A Term Preferred Shares are Outstanding, the Fund shall not: (x) declare any dividend or other distribution (other than a dividend or
distribution paid in Common Shares) in respect of the Common Shares, (y) call for redemption, redeem, purchase or otherwise acquire for
consideration any Common Shares, or (z) pay any proceeds of the liquidation of the Fund in respect of the Common Shares, unless, in each
case,</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a) immediately thereafter,
the Fund shall have &ldquo;asset coverage,&rdquo; as defined for purposes of Section 18(h) of the Investment Company Act of 1940, as amended,
or any successor statute (the &ldquo;<U>1940 Act</U>&rdquo;), of at least 200% with respect to all Outstanding senior securities which
are shares of the Fund, including all Outstanding Series A Term Preferred Shares (or such other percentage as may in the future be specified
in the 1940 Act or by rule, regulation or order of the Securities and Exchange Commission (the &ldquo;<U>SEC</U>&rdquo;) as the minimum
asset coverage for senior securities which are shares of a closed-end registered investment company), after deducting the amount of such
dividend or distribution or redemption or purchase price or liquidation proceeds;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b) all cumulative dividends
and distributions on all Preferred Shares due on or prior to the date of the applicable dividend, distribution, redemption, purchase or
acquisition shall have been either (i) declared and paid or (ii) declared and Deposit Securities (as defined below) or sufficient funds
(in accordance with the terms of such Preferred Shares) for the payment thereof shall have been deposited irrevocably with the paying
agent for such Preferred Shares; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c) the Fund shall have deposited
Deposit Securities pursuant to and in accordance with the requirements of <U>Section 5.4</U> hereof with respect to Outstanding Series
A Term Preferred Shares to be redeemed pursuant to <U>Section 5.1</U> or <U>Section 5.2 </U>hereof for which a Notice of Redemption (as
defined below) 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 the applicable dividend, distribution, redemption, purchase or acquisition.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Outstanding</U>&rdquo;
means, as of any date with respect to a series of Preferred Shares, the number of shares of such series of Preferred Shares theretofore
issued by the Fund except (without duplication): (A) any shares of the applicable series of Preferred Shares theretofore cancelled or
redeemed or delivered to the Redemption and Paying Agent for cancellation or redemption in accordance with the terms hereof; (B) any shares
of the applicable series of Preferred Shares as to which the Fund shall have given a Notice of Redemption and irrevocably deposited with
the Redemption and Paying Agent sufficient Deposit Securities to redeem such shares in accordance with <U>ARTICLE V </U>hereof; and (C)
any shares of the applicable series of Preferred Shares as to which the Fund shall be the Holder or the beneficial owner.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Deposit Securities</U>&rdquo;
means, as of any date, any U.S. 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 Redemption Date (as defined below), Dividend Payment Date or
other payment date in respect of which such security or other investment has been deposited or set aside as a Deposit Security: (A) cash
or any cash equivalent; (B) any U.S. Government Obligation (as defined below); (C) any Short-Term Money Market Instrument (as defined
below); (D) 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 Short-Term Money Market Instruments
or U.S. Government Obligations or any combination thereof; or (E) any letter of credit from a bank or other financial institution that
has a credit rating from at least one nationally recognized statistical rating organization that is the highest applicable rating generally
ascribed by such rating agency to bank deposits or short-term debt of similar banks or other financial institutions as of the date of
this Supplement (or such rating&rsquo;s future equivalent).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Short-Term Money
Market Instruments</U>&rdquo; means the following types of instruments if, on the date of purchase or other acquisition thereof by the
Fund, the remaining term to maturity thereof is not in excess of 180 days: (i) commercial paper rated A-1, if such commercial paper matures
within 30 days, or A-1+, if such commercial paper matures in over 30 days; (ii) demand or time deposits in, and bankers&rsquo; acceptances
and certificates of deposit of (A) a depository institution or trust company incorporated under the laws of the United States of America
or any state thereof or the District of Columbia or (B) a U.S. branch office or agency of a foreign depository institution (provided that
such branch office or agency is subject to banking regulation under the laws of the United States, any state thereof or the District of
Columbia); and (iii) overnight funds.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.5. Any dividend payment
made on Series A Term Preferred Shares shall first be credited against the dividends and distributions accumulated with respect to the
earliest Dividend Period for which dividends and distributions have not been paid.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.6. Not later than 12:00
noon, New York City time, on a Dividend Payment Date, the Fund shall deposit with the Redemption and Paying Agent Deposit Securities having
an aggregate Market Value (as defined below) on such date sufficient to pay the dividends and distributions that are payable on such Dividend
Payment Date. The Fund may direct the Redemption and Paying Agent with respect to the investment or reinvestment of any such Deposit Securities
prior to the Dividend Payment Date, <U>provided</U>, that such investment consists exclusively of Deposit Securities and <U>provided</U>,
<U>further</U>, 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Market Value</U>&rdquo;
of any asset means, for securities for which market quotations are readily available, the market value thereof determined by an independent
third-party pricing service designated from time to time by the Board of Trustees or its designee. Market Value of any asset shall include
any interest accrued thereon. The pricing service values portfolio securities at the mean between the quoted bid and asked price or the
yield equivalent when quotations are readily available. Securities for which quotations are not readily available are valued at fair value
as determined by the pricing service using methods that include consideration of: yields or prices of securities of comparable quality,
type of issue, coupon, maturity and rating, indications as to value from dealers and general market conditions. The pricing service may
employ electronic data processing techniques or a matrix system, or both, to determine recommended valuations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.7. All Deposit Securities
paid to the Redemption and Paying Agent for the payment of dividends payable on the Series A Term Preferred Shares shall be held in trust
for the payment of such dividends by the Redemption and Paying Agent for the benefit of the Holders entitled to the payment of such dividends
pursuant to <U>Section 2.2</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 Fund as soon as possible after the date on which such moneys were to have been so applied, upon request
of the Fund.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.8. <U>Dividend Default</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a) The Dividend Rate on the
Series A Term Preferred Shares shall be adjusted, for any calendar day, to the Fixed Dividend Rate plus two percent (2%) per annum (the
&ldquo;<U>Default Rate</U>&rdquo;) in the following circumstances. Subject to the cure provisions below, a &ldquo;<U>Default Period</U>&rdquo;
with respect to the Series A Term Preferred Shares shall commence on any date the Fund fails to deposit with the Redemption and Paying
Agent by 12:00 noon, New York City time, on (A) a Dividend Payment Date, Deposit Securities that will provide funds available to the Redemption
and Paying Agent on such Dividend Payment Date sufficient to pay the full amount of any dividend payable on such Dividend Payment Date
(a &ldquo;<U>Dividend Default</U>&rdquo;) or (B) an applicable Redemption Date, Deposit Securities that will provide funds available to
the Redemption and Paying Agent on such Redemption Date sufficient to pay the full amount of the Liquidation Preference for the Series
A Term Preferred Shares, plus an amount equal to all unpaid dividends and distributions on such shares accumulated to (but excluding)
the date fixed for such distribution or payment on such shares (whether or not earned or declared by the Fund, but excluding interest
thereon) (such amount, the &ldquo;<U>Redemption Price</U>&rdquo;), payable in respect of such series on such Redemption Date (a &ldquo;<U>Redemption
Default</U>&rdquo; and together with a Dividend Default, hereinafter referred to as &ldquo;<U>Default</U>&rdquo;). Subject to the cure
provisions of <U>Section 2.8(b)</U> below, a Default Period with respect to a Default on the Series A Term Preferred Shares shall end
on the calendar day on which the New York Stock Exchange is open for trading (each such day, a &ldquo;<U>Business Day</U>&rdquo;) on which,
by 12:00 noon, New York City time, an amount equal to all unpaid dividends and any unpaid Redemption Price shall have been deposited irrevocably
in trust in same day funds with the Redemption and Paying Agent. The Dividend Rate on the Series A Term Preferred Shares for each calendar
day during the Default Period will be equal to the Default Rate.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b) No Default Period for
the Series A Term Preferred Shares with respect to any Default on the Series A Term Preferred Shares shall be deemed to commence if the
amount of any dividend or any Redemption Price due in respect of the Series A Term Preferred Shares (if such Default is not solely due
to the willful failure of the Fund) is deposited irrevocably in trust, in same-day funds, with the Redemption and Paying Agent by 12:00
noon, New York City time, on a Business Day that is not later than three (3) Business Days after the applicable Dividend Payment Date
or Redemption Date with respect to which such Default occurred, together with an amount equal to the Default Rate applied to the amount
and period of such non-payment based on the actual number of calendar days comprising such period divided by three hundred and sixty (360).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.1. In the event of any liquidation,
dissolution or winding up of the affairs of the Fund, whether voluntary or involuntary, the Holders of Series A Term Preferred Shares
shall be entitled to receive out of the assets of the Fund available for distribution to shareholders, after satisfying claims of creditors
but before any distribution or payment shall be made in respect of the Common Shares, a liquidation distribution of the Redemption Price,
and such Holders shall be entitled to no further participation in any distribution or payment in connection with any such liquidation,
dissolution or winding up.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.2. If, upon any liquidation,
dissolution or winding up of the affairs of the Fund, whether voluntary or involuntary, the assets of the Fund available for distribution
among the Holders of all Outstanding Series A Term Preferred Shares and any other Outstanding Preferred Shares shall be insufficient to
permit the payment in full to such Holders of the Redemption Price as provided in <U>Section 3.1</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 Series A Term Preferred
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 Fund, whether voluntary or involuntary, unless and
until the Redemption Price as provided in <U>Section 3.1</U> above has been paid in full to the Holders of such shares, no dividends,
distributions or other payments will be made on, and no redemption, purchase or other acquisition by the Fund will be made by the Fund
in respect of, Common Shares.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.3. Neither the sale of all
or substantially all of the property or business of the Fund, nor the merger, consolidation or reorganization of the Fund 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 Fund shall be a dissolution, liquidation or winding up, whether voluntary
or involuntary, for the purpose of this <U>ARTICLE III</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE IV<BR>
ASSET COVERAGE TEST</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.1. <U>Asset Coverage Requirement</U>.
For so long as any Series A Term Preferred Shares are Outstanding, the Fund shall have &ldquo;asset coverage&rdquo; of a class of senior
security which are shares, as defined for purposes of Section 18(h) of the 1940 Act as in effect on the date hereof (&ldquo;<U>Asset Coverage</U>&rdquo;),
of at least 200% as of the close of business on the last Business Day of any of the three month periods ending March 31, June 30, September
30 or December 31 of each year (each, a &ldquo;<U>Calendar Quarter</U>&rdquo;). If the Fund 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 5.2(a)</U> shall be
applicable, which provisions shall constitute the sole remedy for the Fund&rsquo;s failure to comply with the provisions of this <U>Section
4.1</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.2. <U>Calculation of Asset
Coverage</U>. For purposes of determining whether the requirements of <U>Section 4.1</U> are satisfied, (i) no Series A Term Preferred
Shares or other Preferred Shares shall be deemed to be Outstanding for purposes of any computation required by <U>Section 4.1</U> if,
prior to or concurrently with such determination, either (x) sufficient Deposit Securities or other sufficient funds (in accordance with
the terms of the Series A Term Preferred Shares or other Preferred Shares) to pay the full Redemption Price for the Series A Term Preferred
Shares or other Preferred Shares (or the portion thereof to be redeemed) shall have been deposited in trust with the paying agent for
the Series A Term Preferred Shares or other Preferred Shares and the requisite notice of redemption for the Series A Term Preferred Shares
or other Preferred Shares (or the portion thereof to be redeemed) shall have been given or (y) sufficient Deposit Securities or other
sufficient funds (in accordance with the terms of the Series A Term Preferred Shares or other Preferred Shares) to pay the full Redemption
Price for the Series A Term Preferred Shares or other Preferred Shares (or the portion thereof to be redeemed) shall have been segregated
by a bank, as defined in Section 2(a)(5) of the 1940 Act, that has the qualifications prescribed in Section 26(a)(1) of the 1940 Act,
or such other entity as shall be then providing custodian services to the Fund as permitted by the 1940 Act or any rule, regulation, or
order thereunder (the &ldquo;<U>Custodian</U>,&rdquo; which shall include any similarly qualified sub-custodian duly appointed by the
Custodian) and the Fund from the assets of the Fund, by means of appropriate identification on the Custodian&rsquo;s books and records
or otherwise in accordance with the Custodian&rsquo;s normal procedures, and (ii) the Deposit Securities or other sufficient funds that
shall have been deposited with the applicable paying agent and/or segregated by the Custodian, as applicable, as provided in clause (i)
of this sentence shall not be included as assets of the Fund for purposes of such computation.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Series A Term Preferred Shares
shall be subject to redemption by the Fund as provided below:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.1. <U>Term Redemption</U>.
The Fund shall redeem all Series A Term Preferred Shares on October 31, 2029 (the &ldquo;<U>Term Redemption Date</U>&rdquo;) at a price
per share equal to the Redemption Price.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.2. <U>Asset Coverage Mandatory
Redemption</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a) If the Fund fails to comply
with the Asset Coverage requirement as provided in <U>Section 4.1</U> as of the last Business Day of any Calendar Quarter and such failure
is not cured as of the date that is thirty (30) calendar days following the date of filing of the Fund&rsquo;s Annual Report on Form N-CSR,
Semiannual Report on Form N-CSRS or Reports on Form N-PORT, as applicable (each, an &ldquo;<U>SEC Report</U>&rdquo;) with the SEC with
respect to such Calendar Quarter (such Business Day, the &ldquo;<U>Asset Coverage Cure Date</U>&rdquo;), the Fund shall, to the extent
permitted by the 1940 Act and Delaware law, by the close of business on such Asset Coverage Cure Date, fix a redemption date and proceed
to redeem in accordance with the terms of such Preferred Shares, a sufficient number of Preferred Shares, which at the Fund&rsquo;s sole
option (to the extent permitted by the 1940 Act and Delaware law) may include any number or proportion of the Series A Term Preferred
Shares, to enable it to meet the requirements of <U>Section 5.2(b)</U>. In the event that any Series A Term Preferred Shares then Outstanding
are to be redeemed pursuant to this <U>Section 5.2(a)</U>, the Fund shall redeem such shares at a price per share equal to the Redemption
Price.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b) On the redemption date
for a redemption contemplated by <U>Section 5.2(a)</U>, the Fund shall redeem, out of funds legally available therefor, (x) such number
of Preferred Shares (which may include at the sole option of the Fund any number or proportion of the Series A Term Preferred Shares)
that, when combined with any debt securities redeemed for failure to maintain the asset coverage required by the indenture governing such
securities, the redemption of which, if deemed to have occurred immediately prior to the opening of business on the Asset Coverage Cure
Date, would result in the Fund having Asset Coverage on such Asset Coverage Cure Date of at least 200% (<U>provided</U>, <U>however</U>,
that if there is no such minimum number of Series A Term Preferred Shares and other Preferred Shares the redemption or retirement of which
would have such result, all Series A Term Preferred Shares and other Preferred Shares then Outstanding shall be redeemed), or (y) if fewer,
the maximum number of Preferred Shares that can be redeemed out of funds expected to be legally available therefor in accordance with
the Declaration of Trust and applicable law, <U>provided</U>, <U>further</U>, that in connection with redemption for failure to maintain
such Asset Coverage requirement, the Fund may at its sole option, but is not required to, redeem a sufficient number of Series A Term
Preferred Shares pursuant to this <U>Section 5.2</U> that, when aggregated with other Preferred Shares redeemed by the Fund, would result,
if deemed to have occurred immediately prior to the opening of business on the Asset Coverage Cure Date, in the Fund having Asset Coverage
on such Asset Coverage Cure Date of up to and including 285%. The Fund shall effect such redemption on the date fixed by the Fund therefor,
which date shall not be later than ninety (90) calendar days after such Asset Coverage Cure Date, except that if the Fund does not have
funds legally available for the redemption of all of the required number of Series A Term Preferred Shares and other Preferred Shares
which have been designated to be redeemed or the Fund otherwise is unable to effect such redemption on or prior to ninety (90) calendar
days after such Asset Coverage Cure Date, the Fund shall redeem those Series A Term Preferred Shares and other Preferred Shares which
it was unable to redeem on the earliest practicable date on which it is able to effect such redemption. If fewer than all of the Outstanding
Series A Term Preferred Shares are to be redeemed pursuant to this <U>Section 5.2</U>, the number of Series A Term Preferred Shares to
be redeemed shall be redeemed (A) pro rata among the Outstanding Series A Term Preferred Shares or (B) by lot.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.3. <U>Optional Redemption</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a) Subject to the provisions
of <U>Section 5.3(b)</U>, on any Business Day following the expiration of the &ldquo;<U>No-Call Period</U>,&rdquo; which is the period
beginning on the Date of Original Issue and ending at the close of business on October 16, 2026, the Fund may redeem in whole or in part
from time to time the Outstanding Series A Term Preferred Shares at a price per share equal to the Redemption Price (any such Business
Day referred to in this sentence, an &ldquo;<U>Optional Redemption Date</U>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b) If fewer than all of the
Outstanding Series A Term Preferred Shares are to be redeemed pursuant to <U>Section 5.3(a)</U>, the Series A Term Preferred Shares to
be redeemed shall be selected either (A) pro rata or (B) by lot. Subject to the provisions of this Supplement and applicable law, the
Board of Trustees will have the full power and authority to prescribe the terms and conditions upon which Series A Term Preferred Shares
will be redeemed pursuant to this <U>Section 5.3 </U>from time to time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c) The Fund may not on any
date deliver a Notice of Redemption pursuant to <U>Section 5.4</U> in respect of a redemption contemplated to be effected pursuant to
this <U>Section 5.3</U> unless on such date the Fund has available Deposit Securities for the Optional Redemption Date contemplated by
such Notice of Redemption having a Market Value not less than the amount due to Holders of Series A Term Preferred Shares by reason of
the redemption of such Series A Term Preferred Shares on such Optional Redemption Date.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.4. <U>Procedures for Redemption</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a) If the Fund shall determine
or be required to redeem, in whole or in part, Series A Term Preferred Shares pursuant to <U>Section 5.1</U>, <U>Section 5.2</U>, or <U>Section
5.3</U>, the Fund 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 (as defined below) to Holders thereof, or request the Redemption and Paying Agent,
on behalf of the Fund, 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 less than thirty (30) nor more than sixty (60) calendar days prior to the date 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 number of Series A Term Preferred Shares to be redeemed; (C) the CUSIP number for Series A Term Preferred Shares; (D) the
applicable Redemption Price on a per share basis; (E) that dividends on the Series A Term Preferred Shares to be redeemed will cease to
accumulate from and after such Redemption Date; and (F) the provision(s) of this Supplement under which such redemption is made. If fewer
than all Series A Term Preferred Shares held by any Holder are to be redeemed, the Notice of Redemption delivered to such Holder shall
also specify the number of Series A Term Preferred Shares to be redeemed from such Holder or the method of determining such number. The
Fund may provide in any Notice of Redemption relating to a redemption contemplated to be effected pursuant to this Supplement that such
redemption is subject to one or more conditions precedent and that the Fund 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Electronic Means</U>&rdquo;
means e-mail transmission, facsimile transmission or other similar electronic means of communication providing evidence of 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 any two parties, or, if not operative, by telephone (promptly confirmed by any other method set forth
in this definition), which, in the case of notices to the Redemption and Paying Agent and the Custodian, shall be sent by such means to
each of its representatives set forth in (i) the Redemption and Paying Agent Agreement, or other similarly titled agreement, by and among
the Redemption and Paying Agent for the Series A Term Preferred Shares and the Fund and (ii) the Custodian Agreement by and among the
Custodian and the Fund with respect to the Series A Term Preferred Shares, respectively.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b) If the Fund shall give
a Notice of Redemption, then at any time from and after the giving of such Notice of Redemption and prior to 12:00 noon, New York City
time, on the Redemption Date (so long as any conditions precedent to such redemption have been met or waived by the Fund), the Fund 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 Series A Term Preferred 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 the Series A Term Preferred Shares
called for redemption on the Redemption Date. The Fund 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, <U>provided</U>, that the proceeds of any such investment
shall be available at the opening of business on the Redemption Date as same day funds.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c) Upon the date of the deposit
of such Deposit Securities, which in the case of term redemption pursuant to <U>Section 5.1</U>, shall be no later than fifteen (15) calendar
days prior to the Term Redemption Date, all rights of the Holders of the Series A Term Preferred Shares so called for redemption shall
cease and terminate except the right of the Holders thereof to receive the Redemption Price thereof and such Series A Term Preferred 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 up to (but excluding) the applicable Redemption
Date, which accumulated dividends, unless previously or contemporaneously declared and paid as contemplated by <U>Section 5.4(d)</U> below,
shall be payable only as part of the applicable Redemption Price on the Redemption Date). The Fund shall be entitled to receive, promptly
after the Redemption Date, any Deposit Securities in excess of the aggregate Redemption Price of the Series A Term Preferred Shares called
for redemption on the Redemption Date. Any Deposit Securities so deposited that are unclaimed at the end of ninety (90) calendar days
from the Redemption Date shall, to the extent permitted by law, be repaid to the Fund, after which the Holders of the Series A Term Preferred
Shares so called for redemption shall look only to the Fund for payment of the Redemption Price thereof. The Fund shall be entitled to
receive, from time to time after the Term Redemption Date, any interest on the Deposit Securities so deposited.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d) Notwithstanding the other
provisions of this <U>ARTICLE V</U>, except as otherwise required by law, the Fund shall not redeem any Series A Term Preferred Shares
unless all accumulated and unpaid dividends and distributions on all Outstanding Series A Term Preferred Shares and other series of Preferred
Shares ranking on a parity with the Series A Term Preferred Shares with respect to dividends and distributions for all applicable past
Dividend Periods (whether or not earned or declared by the Fund) (x) shall have been or are contemporaneously paid or (y) shall have been
or are contemporaneously declared and Deposit Securities or sufficient funds (in accordance with the terms of such Preferred Shares) for
the payment of such dividends and distributions shall have been or are contemporaneously deposited with the Redemption and Paying Agent
or other applicable paying agent for such Preferred Shares in accordance with the terms of such Preferred Shares, <U>provided</U>, <U>however</U>,
that the foregoing shall not prevent the purchase or acquisition of Outstanding Series A Term Preferred Shares pursuant to an otherwise
lawful purchase or exchange offer made on the same terms to Holders of all Outstanding Series A Term Preferred Shares and any other series
of Preferred Shares for which all accumulated and unpaid dividends and distributions have not been paid.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e) To the extent that any
redemption for which 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 and applicable law, such redemption shall be made as soon as practicable to the extent such funds
become available. No Redemption Default shall be deemed to have occurred if the Fund shall fail to deposit in trust with the Redemption
and Paying Agent the Redemption Price with respect to any shares where (1) the Notice of Redemption relating to such redemption provided
that such redemption was subject to one or more conditions precedent and (2) any such condition precedent shall not have been satisfied
at the time or times and in the manner specified in such Notice of Redemption. Notwithstanding the fact that a Notice of Redemption has
been provided with respect to any Series A Term Preferred Shares, dividends may be declared and paid on the Series A Term Preferred Shares
in accordance with their terms if Deposit Securities for the payment of the Redemption Price of such Series A Term Preferred Shares shall
not have been deposited in trust with the Redemption and Paying Agent for that purpose.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.5. <U>Redemption Date After
Record Date and Before Dividend Payment Date</U>. Notwithstanding <U>Section 5.1</U>, <U>Section 5.2</U>, and <U>Section 5.3</U>, if any
Redemption Date occurs after the applicable Record Date for a dividend, but on or prior to the related Dividend Payment Date, the dividend
payable on such Dividend Payment Date in respect of such Series A Term Preferred Shares shall be payable on such Dividend Payment Date
to the Holders of record of such Series A Term Preferred Shares at the close of business on the applicable Record Date, and shall not
be payable as part of the Redemption Price for such Series A Term Preferred Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.6. <U>Redemption and Paying
Agent as Trustee of Redemption Payments by Fund</U>. All Deposit Securities transferred to the Redemption and Paying Agent for payment
of the Redemption Price of the Series A Term Preferred Shares called for redemption shall be held in trust by the Redemption and Paying
Agent for the benefit of Holders of Series A Term Preferred Shares so to be redeemed until paid to such Holders in accordance with the
terms hereof or returned to the Fund in accordance with the provisions of <U>Section 5.4(c)</U> above.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.7. <U>Compliance with Applicable
Law</U>. In effecting any redemption pursuant to this <U>ARTICLE V</U>, the Fund shall use its best efforts to comply with all applicable
conditions precedent to effecting such redemption under the 1940 Act and any applicable Delaware law, but shall effect no redemption except
in accordance with the 1940 Act and any applicable Delaware law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.8. <U>Modification of Redemption
Procedures</U>. Notwithstanding the foregoing provisions of this <U>ARTICLE V</U>, the Fund may, in its sole discretion and without a
shareholder vote, modify the procedures set forth above with respect to notification of redemption for the Series A Term Preferred Shares,
<U>provided</U>, that such modification does not materially and adversely affect the Holders of the Series A Term Preferred Shares or
cause the Fund to violate any applicable law, rule or regulation; and <U>provided</U>, <U>further</U>, 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.1. <U>One Vote Per Series
A Term Preferred Share</U>. Except as otherwise provided in the Declaration of Trust or as otherwise required by applicable law, (i) each
Holder of Series A Term Preferred Shares shall be entitled to one vote for each Series A Term Preferred Share held by such Holder on each
matter submitted to a vote of shareholders of the Fund, and (ii) the Holders of Outstanding Preferred Shares, including Outstanding Series
A Term Preferred Shares, and holders of outstanding Common Shares shall vote together as a single class; <U>provided</U>, <U>however</U>,
that the Holders of Outstanding Preferred Shares, including Outstanding Series A Term Preferred Shares, shall be entitled, as a class,
to the exclusion of the Holders of all other securities and classes of Shares of the Fund, to elect two Trustees of the Fund at all times.
Subject to <U>Section 6.2</U>, the Holders of outstanding Common Shares and Preferred Shares, including Series A Term Preferred Shares,
voting together as a single class, shall elect the balance of the Trustees.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.2. <U>Voting For Additional
Trustees</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a) <I>Voting Period</I>.
During any period in which any one or more of the conditions described in clauses (i) or (ii) of this <U>Section 6.2(a)</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 Preferred
Shares, including Series A Term Preferred Shares, would constitute a majority of the Board of Trustees as so increased by such smallest
number; and the Holders of Preferred Shares, including Series A Term Preferred 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 Fund), 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>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; width: 1in">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;if, at the close of business on any dividend payment date for any Outstanding Preferred Shares including any Outstanding Series A Term Preferred Shares, accumulated dividends (whether or not earned or declared) on such Outstanding Preferred 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 </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 1in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;if at any time Holders of Preferred Shares are otherwise entitled under the applicable provisions of the 1940 Act to elect a majority of the Board of Trustees. </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Upon the termination of a
Voting Period, the voting rights described in this <U>Section 6.2(a)</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 6.2(a)</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b) <I>Notice of Special Meeting</I>.
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 6.2(a)</U>, the Fund 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)
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. If the Fund fails to call such a special meeting, it may be called at the expense of the
Fund 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 Business Day preceding the calendar day on which such notice is mailed.
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 Shares of the
Fund), shall be entitled to elect the number of Trustees prescribed in <U>Section 6.2(a)</U> on a one-vote-per-share basis.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c) <I>Terms of Office of
Existing Trustees</I>. The terms of office of the incumbent Trustees of the Fund at the time of a special meeting of Holders of the Preferred
Shares to elect additional Trustees in accordance with <U>Section 6.2(a)</U> shall not be affected by the election at such meeting by
the Holders of Series A Term Preferred 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 Series A Term Preferred 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 6.1</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 Fund.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d) <I>Terms of Office of
Certain Trustees to Terminate Upon Termination of Voting Period</I>. 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 6.2(a)</U> shall terminate,
the remaining Trustees shall constitute the Trustees of the Fund and the voting rights of the Holders of Preferred Shares to elect additional
Trustees pursuant to <U>Section 6.2(a)</U> shall cease, subject to the provisions of the last sentence of <U>Section 6.2(a)</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.3. <U>Holders of Series
A Term Preferred Shares to Vote on Certain Matters</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a) <I>Certain
Amendments Requiring Approval of Preferred Shares</I>. Except as otherwise permitted by the terms of this Supplement, (1) so long as
any Preferred Shares are Outstanding, the Fund shall not, without the affirmative vote or consent of the Holders of at least
two-thirds of the Preferred Shares Outstanding at the time, voting together as a separate class, amend, alter or repeal the
provisions of the Declaration of Trust (or any other document governing the rights of the Preferred Shares or the Holders thereof as
may be required by the rules of any applicable securities exchange), whether by merger, consolidation or otherwise, so as to
materially and adversely affect any preference, right or power of such Preferred Shares or the Holders thereof and (2) so long as
any Series A Term Preferred Shares are Outstanding, the Fund shall not, without the affirmative vote or consent of the Holders of at
least two-thirds of the Series A Term Preferred Shares Outstanding at the time, voting together as a separate class, amend, alter or
repeal the provisions of the Declaration of Trust (or any other document governing the rights of the Series A Term Preferred Shares
or the Holders thereof as may be required by the rules of any applicable securities exchange), whether by merger, consolidation or
otherwise, so as to materially and adversely affect any preference, right or power of such Series A Term Preferred Shares or the
Holders thereof differently than shares of any other series of Preferred Shares; <U>provided</U>, <U>however</U>, that for purposes
of this <U>Section 6.3(a)</U>, (i) a change in the capitalization of the Fund in accordance with <U>Section 7.1</U> hereof shall not
be considered to materially and adversely affect the rights and preferences of the Preferred Shares, including the Series A Term
Preferred Shares, and (ii) a division of a Preferred Share, including the Series A Term Preferred Shares, shall be deemed to affect
such preferences, rights or powers only if the terms of such division materially and adversely affect the Holders of the shares. For
purposes of the foregoing, no matter shall be deemed to adversely affect any preference, right or power of a Preferred Share or any
series thereof, or the Holder of any such share unless such matter (x) alters or abolishes any preferential right of such Preferred
Share, or (y) creates, alters or abolishes any right in respect of redemption of such share (other than as a result of a division of
a Preferred Share). So long as any Preferred Shares are Outstanding, the Fund shall not, without the affirmative vote or consent of
at least two-thirds of the Holders of the Preferred 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 Fund is solvent
and does not foresee becoming insolvent.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b) <I>Certain Amendments
Requiring Approval of Series A Term Preferred Shares</I>. The Fund cannot effect any amendment, alteration or repeal of the obligation
to redeem all of the Series A Term Preferred Shares on October 31, 2029 without the prior unanimous consent of the Holders of Series A
Term Preferred Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c) <I>1940 Act Matters</I>.
Unless a higher percentage is provided for in the Declaration of Trust, the affirmative vote of the Holders of at least &ldquo;a majority
of the outstanding Preferred Shares,&rdquo; including Series A Term Preferred Shares Outstanding at the time, voting as a separate class,
shall be required (A) to approve any plan of reorganization (as such term is used in the 1940 Act) adversely affecting such shares or
(B) any action requiring a vote of Holders of the Fund&rsquo;s securities pursuant to Section 13(a) of the 1940 Act. For purposes of the
foregoing, the vote of a &ldquo;majority of the outstanding Preferred Shares&rdquo; means the vote at an annual or special meeting duly
called of (i) sixty-seven percent (67%) or more of such shares present at a meeting, if the Holders of more than fifty percent (50%) of
such shares are present or represented by proxy at such meeting, or (ii) more than fifty percent (50%) of such shares, whichever is less.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.4. <U>Voting Rights Set
Forth Herein Are Sole Voting Rights</U>. Unless otherwise required by law or the Declaration of Trust, the Holders of Series A Term Preferred
Shares shall not have any relative rights or preferences or other special rights with respect to voting other than those specifically
set forth in this <U>ARTICLE VI</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.5. <U>No Cumulative Voting</U>.
The Holders of Series A Term Preferred Shares shall have no rights to cumulative voting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.6. <U>Voting for Trustees
Sole Remedy for Fund&rsquo;s Failure to Declare or Pay Dividends</U>. In the event that the Fund fails to declare or pay any dividends
on Series A Term Preferred Shares on the Dividend Payment Date therefor, the exclusive remedy of the Holders of the Series A Term Preferred
Shares shall be the right to vote for Trustees pursuant to the provisions of this <U>ARTICLE VI</U>. Nothing in this <U>Section 6.6</U>
shall be deemed to affect the obligation of the Fund to accumulate and, if permitted by applicable law and the Declaration of Trust, pay
dividends at the Default Rate in the circumstances contemplated by <U>Section 2.8</U> hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.7. <U>Holders Entitled to
Vote</U>. For purposes of determining any rights of the Holders of Series A Term Preferred Shares to vote on any matter, whether such
right is created by the Declaration of Trust, by statute or otherwise, no Holder of Series A Term Preferred Shares shall be entitled to
vote any Series A Term Preferred Share and no Series A Term Preferred 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 the time of the actual vote on the matter, as the case may be, the requisite Notice of Redemption with respect
to such Series A Term Preferred Share shall have been given in accordance with this Supplement and Deposit Securities for the payment
of the Redemption Price of such Series A Term Preferred Share shall have been deposited in trust with the Redemption and Paying Agent
for that purpose. No Series A Term Preferred Share held by the Fund 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.1. <U>Issuance of Additional
Preferred Shares</U>. So long as any Series A Term Preferred Shares are Outstanding, the Fund may, without the vote or consent of the
Holders thereof, (a) authorize, establish and create and issue and sell shares of one or more series of a class of senior securities of
the Fund representing shares under Section 18 of the 1940 Act, ranking on a parity with the Series A Term Preferred Shares as to the payment
of dividends and the distribution of assets upon dissolution, liquidation or the winding up of the affairs of the Fund, in addition to
then Outstanding Series A Term Preferred Shares, and (b) authorize, issue and sell additional shares of any such series then Outstanding
or so established and created, including additional Series A Term Preferred Shares, in each case in accordance with applicable law, <U>provided</U>,
that the Fund shall, immediately after giving effect to the issuance of such additional Preferred Shares and to its receipt and application
of the proceeds thereof, including to the redemption of Preferred Shares with such proceeds, have Asset Coverage (calculated in the same
manner as is contemplated by <U>Section 4.2</U> hereof) of at least 200%.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.2. <U>Status of Redeemed
or Repurchased Series A Term Preferred Shares</U>. Series A Term Preferred Shares that at any time have been redeemed or purchased by
the Fund shall, after such redemption or purchase, have the status of authorized but unissued Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.3. <U>Registered Name</U>.
Prior to the commencement of a Voting Period, (i) all Series A Term Preferred Shares Outstanding from time to time shall be registered
in the name of the Depository Trust Company and its successors and assigns, or any other securities depository selected by the Fund that
agrees to follow the procedures required to be followed by such securities depository as set forth in this Supplement with respect to
the Series A Term Preferred Shares (the &ldquo;<U>Securities Depository</U>&rdquo;) or its nominee and (ii) no registration of transfer
of such Series A Term Preferred Shares shall be made on the books of the Fund to any Person other than the Securities Depository or its
nominee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.4. <U>Notice</U>. All notices
or communications hereunder, unless otherwise specified in this Supplement, shall be sufficiently given if in writing and delivered in
person, by Electronic Means or by overnight mail or delivery or mailed by first-class mail, postage prepaid. Notices delivered pursuant
to this <U>Section 7.4</U> shall be deemed given on the date received or, if mailed by first class mail, on the date five (5) calendar
days after which such notice is mailed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.5. <U>Termination</U>. In
the event that no Series A Term Preferred Shares are Outstanding, all rights and preferences of the Series A Term Preferred Shares established
and designated hereunder shall cease and terminate, and all obligations of the Fund under this Supplement with respect to such Series
A Term Preferred Shares shall terminate.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.6. <U>Amendment</U>. The
Board of Trustees may, by resolution duly adopted, without shareholder approval (except as otherwise provided by this Supplement or required
by applicable law) amend this Supplement so as to reflect any amendments to the terms applicable to the Series A Term Preferred Shares,
including an increase in the number of authorized Series A Term Preferred Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.7. <U>Actions on Other than
Business Days</U>. 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 Supplement, 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.8. <U>Modification</U>.
The Board of Trustees, without the vote of the Holders of Series A Term Preferred Shares, may interpret, supplement or amend the provisions
of this Supplement to supply any omission, resolve any inconsistency or ambiguity or to cure, correct or supplement any defective or inconsistent
provision, including any provision that becomes defective after the date hereof because of impossibility of performance or any provision
that is inconsistent with any provision of any other Shares of the Fund.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.9. <U>Information Rights</U>.
During any period in which the Fund is not subject to the reporting requirements of Section 13 or 15(d) of the Securities Exchange Act
of 1934, as amended (the &ldquo;<U>Exchange Act</U>&rdquo;), and any Series A Term Preferred Shares are Outstanding, the Fund will provide
Holders of Series A Term Preferred Shares, without cost, copies of SEC Reports that the Fund would have been required to file pursuant
to Section 13 or 15(d) of the Exchange Act if the Fund was subject to such provisions or, alternatively, the Fund will voluntarily file
SEC Reports as if the Fund was subject to Section 13 or 15(d) of the Exchange Act.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.10. <U>No Additional Rights</U>.
Unless otherwise required by law or the Declaration of Trust, the Holders of Series A Term Preferred Shares shall not have any relative
rights or preferences or other special rights other than those specifically set forth in this Supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.11. <U>Interpretation</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a) The headings preceding
the text of the Articles and Sections included in this Supplement are for convenience only and shall not be deemed part of this Supplement
or be given any effect in interpreting this Supplement. 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 Supplement. 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b) Reference to any agreement
(including this Supplement), 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 Articles and Sections shall refer to
those portions of this Supplement. The use of the terms &ldquo;hereunder,&rdquo; &ldquo;hereof,&rdquo; &ldquo;hereto&rdquo; and words
of similar import shall refer to this Supplement as a whole and not to any particular Article, Section or clause of this Supplement.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>[Signature Page Follows]</I></P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">IN
WITNESS WHEREOF, the Fund has caused this Supplement to be duly executed by its duly authorized officer as of this 11th day of October
2024.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><B>EAGLE POINT INSTITUTIONAL INCOME FUND </B> <B>&nbsp;</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Kenneth P. Onorio</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 5%">Name:</TD>
    <TD STYLE="width: 42%">Kenneth P. Onorio</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title: </FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Chief Financial Officer</FONT></TD></TR>
  </TABLE>
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<TYPE>INST DEFINING RIGHTS
<SEQUENCE>8
<FILENAME>tm2512453d1_epiifsecdesc.htm
<DESCRIPTION>INST DEFINING RIGHTS
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #333333"><FONT STYLE="background-color: white"><B>Eagle
Point Institutional Income Fund</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #333333"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #333333"><FONT STYLE="background-color: white"><B>Part
G Item 1(b)(ii) &ndash; Terms of New or Amended Securities</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #333333"><FONT STYLE="background-color: white">In
October 2024, Eagle Point Institutional Income Fund (the &ldquo;Registrant&rdquo;) issued 8.125% Series A Term Preferred Stock due 2029
(&ldquo;Series A Term Preferred Stock&rdquo;).&nbsp;&nbsp;A description of the terms of the Series A Term Preferred Stock is included
under the headings &ldquo;Description of the Series A Term Preferred Stock&rdquo; and &ldquo;Additional U.S. Federal Income Tax Matters&rdquo;
in the Registrant&rsquo;s prospectus dated October 8, 2024 and filed with the Securities and Exchange Commission on October 11, 2024 (SEC&nbsp;Accession&nbsp;No.&nbsp;0001104659-24-107826),
which description is incorporated by reference herein.</FONT></P>

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