# EDGAR Filing Document

**Accession Number:** 0001732078
**File Stem:** 0001213900-23-005928
**Filing Date:** 2023-1
**Character Count:** 60694
**Document Hash:** 3928916db5f34531184f02b6eb7e13ae
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-23-005928.hdr.sgml**: 20230130

**ACCESSION NUMBER**: 0001213900-23-005928

**CONFORMED SUBMISSION TYPE**: POS EX

**PUBLIC DOCUMENT COUNT**: 11

**FILED AS OF DATE**: 20230130

**DATE AS OF CHANGE**: 20230130

**EFFECTIVENESS DATE**: 20230130

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Flat Rock Opportunity Fund
- **CENTRAL INDEX KEY:** 0001732078
- **IRS NUMBER:** 826905131
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** POS EX
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-237929
- **FILM NUMBER:** 23566741

**BUSINESS ADDRESS:**
- **STREET 1:** 680 S. CACHE STREET
- **STREET 2:** SUITE 100
- **CITY:** JACKSON
- **STATE:** WY
- **ZIP:** 83001
- **BUSINESS PHONE:** (307) 500-5200

**MAIL ADDRESS:**
- **STREET 1:** 680 S. CACHE STREET
- **STREET 2:** SUITE 100
- **CITY:** JACKSON
- **STATE:** WY
- **ZIP:** 83001

?xml version="1.0" encoding="ASCII"?

**As filed with the Securities and Exchange Commission on January 30, 2023**

**Registration File No. 333-237929**

**Registration File No. 811-23328**

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION**

**Washington, DC 20549**

**FORM N-2**

☒ **REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933**

☐ **Pre-Effective Amendment No.** 

☒ **Post-Effective Amendment No. 3**

☒ **REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940**

☒ **Amendment No. 10**

**Flat Rock Opportunity Fund**

**(Exact Name of Registrant as Specified in Charter)**

**Robert K. Grunewald**

**Chief Executive Officer**

**680 S. Cache Street, Suite 100, P.O. Box 7403, Jackson, WY 83001**

**(307) 500-5200**

**(Address and Telephone Number, Including Area Code, of Principal Executive Offices)**

**The Corporation Trust Company**

**Corporation Trust Center**

**1209 Orange St.**

**Wilmington, DE 19801**

**(Name and Address of Agent for Service)**

**Copies to:**

**Owen J. Pinkerton, Esq.**

**Eversheds Sutherland (US) LLP**

**700 Sixth Street, NW, Suite 700**

**Washington, DC 20001**

**(202) 383-0262**

**It is proposed that this filing will become effective immediately upon filing pursuant to Rule 462(d) under the Securities Act of 1933, as amended.**

If the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans, check the following box ☐

If any securities being registered on this Form will be offered on a delayed or continuous basis in reliance on Rule 415 under the Securities Act of 1933 (the "Securities Act"), other than securities offered in connection with dividend or interest reinvestment plans, check the following box ☒

If this Form is a registration statement pursuant to General Instruction A.2 or a post-effective amendment thereto, check the following box ☐

If this Form is a registration statement pursuant to General Instruction B or a post-effective amendment thereto that will become effective upon filing with the Commission pursuant to Rule 462(e) under the Securities Act, check the following box ☐

If this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction B to register additional securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act, check the following box ☐

**It is proposed that this filing will become effective (check appropriate box):**

☐ when declared effective pursuant to Section 8(c) of the Securities Act

**If appropriate, check the following box:**

☐ This [post-effective] amendment designates a new effective date for a previously filed [post-effective amendment][registration statement].

☐ This Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is: _______.

☐ This Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is: ______.

☒ This Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is: **<u>333-237929</u>**.

**Check each box that appropriately characterizes the Registrant:**

☒ Registered Closed-End Fund (closed-end company that is registered under the Investment Company Act of 1940 (the "Investment Company Act")).

☐ Business Development Company (closed-end company that intends or has elected to be regulated as a business development company under the Investment Company Act.

☒ Interval Fund (Registered Closed-End Fund or a Business Development Company that makes periodic repurchase offers under Rule 23c-3 under the Investment Company Act).

☐ A.2 Qualified (qualified to register securities pursuant to General Instruction A.2 of this Form).

☐ Well-Known Seasoned Issuer (as defined by Rule 405 under the Securities Act).

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

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

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

**Explanatory Note**

This Post-Effective No. 3 to the Registration Statement on Form N-2 (File Nos. 333-237929 and 811-23328) of Flat Rock Opportunity Fund (as amended, the "Registration Statement") is being filed pursuant to Rule 462(d) under the Securities Act of 1933, as amended (the "Securities Act"), solely for the purpose of filing Exhibit (a)(5) to the Registration Statement. No changes have been made to Part A, B or Part C of the Registration Statement, other than Item 25(2) of Part C as set forth below.

 **PART C — OTHER INFORMATION**

**Item 25. Financial Statements and Exhibits**

**(2) Exhibits**

---

| | |
|:---|:---|
| (a)(5) | [Supplement to Preferred Appendix of the Second Amended and Restated Agreement and Declaration of Trust for 5.85% Series B Cumulative Term Preferred Shares due 2029.\*](s148639_ex99-a5.htm) |

---

\* Filed herewith.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Jackson, State of Wyoming, on the 30th day of January 2023.

---

| | |
|:---|:---|
| **FLAT ROCK OPPORTUNITY FUND** | **FLAT ROCK OPPORTUNITY FUND** |
| By: | /s/ Robert K. Grunewald |
|  | Robert K. Grunewald |
|  | Chief Executive Officer |

---

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed below by the following persons in the capacities and on the dates indicated.

---

| | | | |
|:---|:---|:---|:---|
| **Signature** | **Signature** | **Title** | **Date** |
| /s/ Robert K. Grunewald | /s/ Robert K. Grunewald | Chairman of the Board of Trustees and | January 30, 2023 |
| Robert K. Grunewald | Robert K. Grunewald | Chief Executive Officer (Principal Executive Officer) |  |
| /s/ Ryan Ripp | /s/ Ryan Ripp | Chief Financial Officer (Principal Financial and<br> Accounting Officer) | January 30, 2023 |
| Ryan Ripp | Ryan Ripp |  |  |
| \* | \* | Independent Trustee | January 30, 2023 |
| R. Scott Coolidge | R. Scott Coolidge |  |  |
| \* | \* | Independent Trustee | January 30, 2023 |
| Marshall H. Durston | Marshall H. Durston |  |  |
| \* By: | /s/ Robert K. Grunewald |  |  |
|  | Attorney-in-fact, Power of Attorney Granted Pursuant to Post-Effective Amendment No. 1 to the Registration Statement |  |  |

---

## Ex-99.(A)(5)

**Exhibit (a)(5)**

ARTICLE X

<u>Preferred Appendix</u>.

**FLAT ROCK OPPORTUNITY FUND**

**STATEMENT OF RIGHTS AND PREFERENCES** 

**OF**

**5.85% SERIES B CUMULATIVE TERM PREFERRED SHARES due 2029**

Flat Rock Opportunity Fund, a Delaware statutory trust (the "<u>Trust</u>"), hereby states that:

The Trust has (i) classified an unlimited number of shares as authorized but unissued preferred shares of the Trust, par value $0.001 per share; (ii) approved the designation and issuance by the Trust of up to 2,000 shares of 5.85% Series B Cumulative Term Preferred Shares, par value $0.001 per share; and (iii) the preferences, rights, voting powers, restrictions, limitations as to dividends and distributions, qualifications, and terms and conditions of redemption of the Trust's 5.85% Series B Cumulative Term Preferred Shares, par value $0.001 per share, as set by the Board, are as follows.

**DESIGNATION**

5.85% Series B Cumulative Term Preferred Shares: A series of 2,000 preferred shares, par value $0.001 per share, liquidation preference $10,000 per share, is hereby designated "5.85% Series B Cumulative Term Preferred Shares" (the "<u>Series B Preferred Shares</u>"). Each Series B Preferred Share may be issued on a date to be determined by the Board of Trustees or its delegates and as are set forth in this Statement of Rights and Preferences; and shall have such other preferences, rights, voting powers, restrictions, limitations as to dividends and distributions, qualifications and terms and conditions of redemption, in addition to those required by applicable law or set forth in the Governing Documents applicable to preferred shares of the Trust ("<u>Preferred Shares</u>"), as are set forth in this Statement of Rights and Preferences. The Series B Preferred Shares shall constitute a separate series of Preferred Shares.

This Statement of Rights and Preferences sets forth the rights, powers, preferences, and privileges of the holders of the Series B Preferred Shares and the provisions set forth herein shall operate either as additions to or modifications of the rights, powers, preferences, and privileges of the holders of the Series B Preferred Shares under the Declaration (as defined herein), as the context may require. To the extent the provisions set forth herein conflict with the provisions of the Declaration with respect to any such rights, powers, preferences, and privileges, this Statement of Rights and Preferences shall control. Except as contemplated by the immediately preceding sentence, the Declaration shall control as to the Trust generally and the rights, powers, preferences, and privileges of the other shareholders of the Trust.

**PART I**

**DEFINITIONS**

Unless the context or use indicates another or different meaning or intent, each of the following terms when used in this Statement of Rights and Preferences shall have the meaning ascribed to it below, whether such term is used in the singular or plural and regardless of tense:

"<u>1940 Act</u>" means the Investment Company Act of 1940, as amended, or any successor statute.

"<u>Adviser</u>" means Flat Rock Global, LLC or such other Person as shall be serving as the investment adviser of the Trust.

"<u>Asset Coverage</u>" means asset coverage, as determined in accordance with Section 18(h) of the 1940 Act, of at least 200% with respect to all outstanding senior securities of the Trust which are stock, including all Outstanding Series A and B Preferred Shares (or such other asset coverage as may in the future be specified in or under the 1940 Act as the minimum asset coverage for senior securities which are stock of a closed-end investment company as a condition of declaring dividends on its common stock/shares or repurchase of its common stock/shares), determined on the basis of values calculated as of a time within 48 hours (not including Saturdays, Sundays, or holidays) next preceding the time of such determination.

"<u>Board of Trustees</u>" means the Board of Trustees of the Trust or any duly authorized committee thereof as permitted by applicable law.

"<u>Business Day</u>" means a day on which the New York Stock Exchange is open for trading and that is neither a Saturday nor a Sunday.

"<u>By-Laws</u>" means the By-Laws of the Trust, as further amended from time to time.

"<u>Common Shares</u>" means the non-senior Shares of beneficial interest, par value $0.001 per share, of the Trust.

"<u>Date of Original Issue</u>" means January 31, 2022 with respect to the Series B Preferred Shares, and for the purposes of this Statement of Rights and Preferences shall have a correlative meaning with respect to any other class or series of Preferred Shares.

"<u>Declaration</u>" means the Second Amended and Restated Agreement and Declaration of Trust, and as further amended, supplemented or restated from time to time (including by this Statement of Rights and Preferences or by way of any other supplement or Statement of Rights and Preferences authorizing or creating a class of shares of beneficial interest in the Trust).

"<u>Deposit Assets</u>" means cash, Short Term Money Market Instruments and U.S. Government Obligations. Each Deposit Asset shall be deemed to have a value equal to its principal or face amount payable at maturity plus any interest payable thereon after delivery of such Deposit Asset but only if payable on or prior to the applicable payment date in advance of which the relevant deposit is made.

"<u>Dividend Disbursing Agent</u>" means, with respect to the Series B Preferred Shares, U.S. Bank, N.A. and its successors or any other dividend disbursing agent appointed by the Trust and, with respect to any other class or series of Preferred Shares, the Person appointed by the Trust as dividend disbursing or paying agent with respect to such class or series.

"<u>Dividend Payment Date</u>" means with respect to the Series B Preferred Shares, any date on which dividends and distributions declared by, or under authority granted by, the Board of Trustees thereon are payable pursuant to the provisions of paragraph 2(a) of Part II of this Statement of Rights and Preferences and shall for the purposes of this Statement of Rights and Preferences have a correlative meaning with respect to any other class or series of Preferred Shares.

"<u>Dividend Period</u>" shall have the meaning set forth in paragraph 2(a) of Part II hereof, and for the purposes of this Statement of Rights and Preferences shall have a correlative meaning with respect to any other class or series of Preferred Shares.

"<u>Governing Documents</u>" means the Declaration and the By-Laws.

"<u>Liquidation Preference</u>" shall, with respect to the Series B Preferred Shares, have the meaning set forth in paragraph 3(a) of Part II hereof, and for the purposes of this Statement of Rights and Preferences shall have a correlative meaning with respect to any other class or series of Preferred Shares.

"<u>Market Value</u>" means the amount determined by the Trust with respect to specific assets in accordance with valuation policies adopted from time to time by the Board of Trustees as being in compliance with the requirements of the 1940 Act.

"<u>Notice of Redemption</u>" shall have the meaning set forth in paragraph 4(c)(i) of Part II hereof.

"<u>Outstanding</u>" means, as of any date, Preferred Shares theretofore issued by the Trust except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any such Preferred Share theretofore cancelled by the Trust
or delivered to the Trust for cancellation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any such Preferred Share as to which a notice of redemption
shall have been given and for whose payment at the redemption thereof Deposit Assets in the necessary amount are held by the Trust in
trust for, or have been irrevocably deposited with the relevant disbursing agent for payment to, the holder of such share pursuant to
this Statement of Rights and Preferences with respect thereto; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any such Preferred Share in exchange for or in lieu of which
other shares have been issued and delivered.

Notwithstanding the foregoing, for purposes of voting rights (including the determination of the number of shares required to constitute a quorum), any Preferred Shares as to which the Trust or any subsidiary of the Trust is the holder will be disregarded and deemed not Outstanding.

"<u>Person</u>" means and includes an individual, a partnership, the Trust, a trust, a corporation, a limited liability company, an unincorporated association, a joint venture or other entity or a government or any agency or political subdivision thereof.

"<u>Preferred Shares</u>" means all series of the preferred shares, par value $0.001 per share, of the Trust, and includes the Series B Preferred Shares.

"<u>Record Date</u>" shall have the meaning set forth in paragraph 2(a) of Part II hereof, and for the purposes of this Statement of Rights and Preferences shall have a correlative meaning with respect to any other class or series of Preferred Shares.

"<u>Redemption Price</u>" has the meaning set forth in paragraph 4(a) of Part II hereof, and for the purposes of this Statement of Rights and Preferences shall have a correlative meaning with respect to any other class or series of Preferred Shares.

"<u>Series B Preferred Shares</u>" means the 5.85% Series B Cumulative Term Preferred Shares, par value $0.001 per share, of the Trust.

"<u>Series B Asset Coverage Cure Date</u>" means, with respect to the failure by the Trust to maintain Asset Coverage (as required by paragraph 6(a)(i) of Part II hereof) as of the last Business Day of each month, the shorter of (i) the Business Day immediately prior to the declaration of a dividend or distribution on Common Shares, or (ii) the Business Day immediately prior to a notice of offer to repurchase Common Shares, including pursuant to Rule 23c-3 under the 1940 Act.

"<u>Short Term Money Market Instruments</u>" means the following types of instruments if, on the date of purchase or other acquisition thereof by the Trust, the remaining term to maturity thereof is not in excess of 180 days:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) commercial paper rated A-1 or higher or deemed to be of comparable
quality by the Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) demand or time deposits in, and banker's 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 United States 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);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) overnight funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) U.S. Government Obligations.

"<u>Trust</u>" means Flat Rock Opportunity Fund, a Delaware statutory trust.

"<u>U.S. Government Obligations</u>" means direct obligations of the United States or obligations issued by its agencies or instrumentalities and that, other than United States Treasury Bills, provide for the periodic payment of interest and the full payment of principal at maturity or call for redemption.

"<u>Valuation Date</u>" means such date as the context indicates.

"<u>Voting Period</u>" shall have the meaning set forth in paragraph 5(b) of Part II hereof.

**PART II**

**5.85% SERIES B CUMULATIVE TERM PREFERRED SHARES due 2029**

1. Number of Shares; Ranking.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The initial number of authorized Shares constituting the Series
B Preferred Shares to be issued is 2,000. No fractional Series B Preferred Shares shall be issued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Series B Preferred Shares which at any time have been redeemed
or purchased by the Trust shall, after such redemption or purchase, have the status of authorized but unissued Preferred Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Series B Preferred Shares shall rank on a parity with
any other series of Preferred Shares as to the payment of dividends, distributions and liquidation preference to which such Shares are
entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No holder of Series B Preferred Shares shall have, solely
by reason of being such a holder, any preemptive or other right to acquire, purchase or subscribe for any Preferred Shares or Common
Shares or other securities of the Trust which it may hereafter issue or sell.

2. Dividends and Distributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Holders of Series B Preferred Shares shall be entitled to
receive, when, as and if declared by, or under authority granted by, the Board of Trustees, out of funds legally available therefor,
cumulative cash dividends and distributions at the rate of 5.85% per annum (computed on the basis of a 360-day year consisting of twelve
30-day months, i.e. 1.4625% per quarter) of the Liquidation Preference on the Series B Preferred Shares and no more, payable quarterly
on December 15, March 15, June 15 and September 15 in each year (each a " <u>Dividend Payment Date</u> ") commencing on March
15, 2022 (or, if any such day is not a Business Day, then on the next succeeding Business Day without any additional payment for the
delay in payment). Dividends and distributions will be payable to holders of record of Series B Preferred Shares as they appear on the
share register of the Trust at the close of business on the preceding Business Day (each, a " <u>Record Date</u> ") in preference
to dividends and distributions on Common Shares and any other capital shares of the Trust ranking junior to the Series B Preferred Shares
in payment of dividends and distributions. Dividends and distributions on Series B Preferred Shares that were originally issued on the
Date of Original Issue shall accumulate from the Date of Original Issue. Dividends and distributions on all other Series B Preferred
Shares shall accumulate from (i) the date on which such shares are originally issued if such date is a Dividend Payment Date, (ii) the
immediately preceding Dividend Payment Date if the date on which such shares are originally issued is other than a Dividend Payment Date
and is on or before a Record Date or (iii) the immediately following Dividend Payment Date if the date on which such shares are originally
issued is during the period between a Record Date and a Dividend Payment Date. Each period beginning on and including a Dividend Payment
Date (or the Date of Original Issue, in the case of the first dividend period after the issuance of such shares) and ending on but excluding
the next succeeding Dividend Payment Date is referred to herein as a " <u>Dividend Period</u>." Dividends and distributions
on account of arrears for any past Dividend Period or in connection with the redemption of Series B Preferred Shares may be declared
and paid at any time, without reference to any Dividend Payment Date, to holders of record on such date not exceeding 30 days preceding
the payment date thereof as shall be fixed by the Board of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) No full dividends or distributions shall be declared or
paid on Series B 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 series of Preferred Shares ranking on a parity with the Series B Preferred Shares
as to the payment of dividends and distributions 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 paid on all such Outstanding Preferred Shares,
any dividends and distributions being paid on such Preferred Shares (including the Series B Preferred Shares) will be 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. No holders of Series B Preferred Shares shall be entitled to any dividends
or distributions, whether payable in cash, property or shares, in excess of full cumulative dividends and distributions as provided in
this paragraph 2(b)(i) on Series B Preferred Shares. No interest or sum of money in lieu of interest shall be payable in respect of any
dividend payments on any Series B Preferred Shares that may be in arrears.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) For so long as Series B Preferred Shares are Outstanding, the Trust shall not pay any dividend or other distribution (other than a dividend or distribution paid in Common Shares, or options, warrants or rights to subscribe for or purchase Common Shares or other shares, if any, ranking junior to the Series B Preferred Shares as to dividends and distribution of assets upon liquidation) in respect of the Common Shares or any other shares of the Trust ranking junior to the Series B Preferred Shares as to the payment of dividends and the distribution of assets upon liquidation, or (except as required under Rule 23c-3 under the 1940 Act) call for redemption, redeem, purchase or otherwise acquire for consideration any Common Shares or any other shares of the Trust ranking junior to the Series B Preferred Shares as to the payment of dividends and the distribution of assets upon liquidation (except by conversion into or exchange for shares of the Trust ranking junior to the Series B Preferred Shares as to dividends and distribution of assets upon liquidation), unless, in each case, all cumulative dividends and distributions on all Series B Preferred Shares due on or prior to the date of the transaction have been declared and paid (or shall have been declared and sufficient funds for the payment thereof deposited with the applicable Dividend Disbursing Agent) and the Trust has redeemed the full number of Series B Preferred Shares to be redeemed mandatorily pursuant to any provision contained herein for mandatory redemption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Any dividend payment made on the Series B 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Not later than the Business Day immediately preceding each
Dividend Payment Date, the Trust shall deposit with the Dividend Disbursing Agent Deposit Assets having an initial combined value sufficient
to pay the dividends and distributions that are payable on such Dividend Payment Date, which Deposit Assets shall mature (if such assets
constitute debt securities or time deposits) on or prior to such Dividend Payment Date. The Trust may direct the Dividend Disbursing
Agent with respect to the investment of any such Deposit Assets, provided that such investment consists exclusively of Deposit Assets
and provided further that the proceeds of any such investment will be available at the opening of business on such Dividend Payment Date.

3. Liquidation Rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the event of any liquidation, dissolution, or winding up
of the affairs of the Trust, whether voluntary or involuntary, the holders of Series B Preferred Shares shall be entitled to receive
out of the assets of the Trust 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 or any other shares of the Trust ranking junior to the Series B Preferred Shares
as to liquidation payments, a liquidation distribution in the amount of $10,000.00 per share (the " <u>Liquidation Preference</u> "),
plus an amount equal to all unpaid dividends and distributions accumulated to and including the date fixed for such distribution or payment
(whether or not earned or declared by the Trust, but excluding interest thereon), 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 of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If, upon any liquidation, dissolution or winding up of the
affairs of the Trust, whether voluntary or involuntary, the assets of the Trust available for distribution among the holders of all Outstanding
Series B Preferred Shares, and any other Outstanding class or series of Preferred Shares ranking on a parity with the Series B Preferred
Shares as to payment upon liquidation, shall be insufficient to permit the payment in full to such holders of Series B Preferred Shares
of the Liquidation Preference plus accumulated and unpaid dividends and distributions and the amounts due upon liquidation with respect
to such other Preferred Shares, then such available assets shall be distributed among the holders of Series B Preferred Shares and such
other Preferred Shares ratably in proportion to the respective preferential liquidation amounts to which they are entitled. Unless and
until the Liquidation Preference plus accumulated and unpaid dividends and distributions has been paid in full to the holders of Series
B Preferred Shares, no dividends or distributions will be made to holders of the Common Shares or any other shares of the Trust ranking
junior to the Series B Preferred Shares as to liquidation.

4. Redemption.

The Series B Preferred Shares shall be redeemed by the Trust as provided below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Mandatory Redemptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. If the Trust is required to redeem any Preferred Shares (which
may include Series B Preferred Shares) pursuant to paragraphs 6(b) or 6(c) of Part II hereof, then the Trust shall, to the extent permitted
by the 1940 Act and Delaware law, by the close of business on a Series B Asset Coverage Cure Date (a " <u>Cure Date</u> "), as
the case may be, fix a redemption date that is on or before the Cure Date and proceed to redeem shares as set forth in paragraph 4(c)
hereof; provided, however, that the Trust may fix a redemption date that is after the Cure Date, with respect to a Rule 23c-3 repurchase,
if the Board of Trustees determines in good faith that extraordinary market conditions exist as a result of which disposal by the Trust
of securities owned by it is not reasonably practicable, or is not reasonably practicable at fair value, (i.e., as contemplated under
Rule 23c-3, for any period during which an emergency exists as a result of which disposal by the Fund of securities owned by it is not
reasonably practicable, or during which it is not reasonably practicable for the Fund fairly to determine the value of its net assets).
On such redemption date, the Trust shall redeem, out of funds legally available therefor, (i) the number of Preferred Shares, which,
to the extent permitted by the 1940 Act and Delaware law, at the option of the Trust may include any proportion of Series B Preferred
Shares or any other series of Preferred Shares, equal to the minimum number of shares the redemption of which, if such redemption had
occurred immediately prior to the opening of business on such Cure Date, would have resulted in the Trust having Asset Coverage equal
to or greater than the, as the case may be, immediately prior to the opening of business on such Cure Date or (ii) if such Asset Coverage
equal to or greater than the, as the case may be, cannot be so restored, all of the Outstanding Series B Preferred Shares, at a price
equal to $10,000.00 per share plus accumulated but unpaid dividends and distributions (whether or not earned or declared by the Trust)
through the date of redemption (the " <u>Redemption Price</u> ").

In the event that Preferred Shares are redeemed pursuant to paragraphs 6(b) or 6(c) of Part II hereof, the Trust may, but is not required to, redeem an additional number of Series B Preferred Shares pursuant to this paragraph 4(a) which, in the event that all of the Series B Preferred Shares then Outstanding are required to be redeemed pursuant to paragraph 6 of Part II hereof, the Trust shall redeem such shares at the Redemption Price and proceed to do so as set forth in paragraph 4(c) hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. If for any reason the Trust is no longer registered as an investment
company under the 1940 Act, the Trust shall within ten business days redeem pursuant to a Redemption Notice as described in paragraph
4(c) of Part II hereof, all then outstanding Series B Preferred Shares, at a price equal to $10,000.00 per Share plus accumulated but
unpaid dividends and distributions (whether or not earned or declared by the Trust) through the date of redemption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. In all circumstances, all remaining Series B Preferred Shares
shall be redeemed by March 15, 2029 (or the next business day) at the then current Redemption Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Redemptions at Option of Trust.

Series B Preferred Shares are subject to optional redemption by the Trust at the discretion of the Board at any time upon Notice of Redemption to redeem the Series B Preferred Shares in whole or in part at the then current Redemption Price per share, which notice shall specify a redemption date of not fewer than 10 days nor more than 40 days after the date of such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Procedures for Redemption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If the Trust shall determine to, or be required to, redeem
Series B Preferred Shares pursuant to this paragraph 4, it shall mail a written notice of redemption (" <u>Notice of Redemption</u> ")
with respect to such redemption by email or first class mail to each holder of the shares to be redeemed at such holder's address as
the same appears on the share register of the Trust on the close of business on such date as the Board of Trustees or its delegatee may
determine, which date shall not be earlier than the second Business Day prior to the date upon which such Notice of Redemption is mailed
to the holders of Series B Preferred Shares. Each such Notice of Redemption shall state:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the redemption date as established by the Board of Trustees
or its delegatee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the number of Series B Preferred Shares to be redeemed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the CUSIP number(s) of such shares (if any);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) the Redemption Price (specifying the amount of accumulated dividends
and distributions to be included therein);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) the place or places where the certificate(s) (if any) for such
shares (properly endorsed or assigned for transfer, if the Board of Trustees or its delegatee shall so require and the Notice of Redemption
shall so state), are to be surrendered for payment in respect of such redemption;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) that dividends and distributions on the shares to be redeemed
will cease to accrue on such redemption date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) the provisions of this paragraph 4 under which such redemption
is made; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(H) in the case of a redemption pursuant to paragraph 4(b), any
conditions precedent to such redemption.

If fewer than all Series B Preferred Shares held by any holder are to be redeemed, the Notice of Redemption mailed to such holder also shall specify the number or percentage of shares to be redeemed from such holder. No defect in the Notice of Redemption or the mailing thereof shall affect the validity of the redemption proceedings, except as required by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If the Trust shall give a Notice of Redemption, then by the
close of business on the Business Day preceding the redemption date specified in the Notice of Redemption (so long as any conditions
precedent to such redemption have been met) or, if the Dividend Disbursing Agent so agrees, another date not later than the redemption
date, the Trust shall (A) deposit with the Dividend Disbursing Agent Deposit Assets that shall mature (if such assets constitute debt
securities or time deposits) on or prior to such redemption date having an initial combined value sufficient to effect the redemption
of the Series B Preferred Shares to be redeemed and (B) give the Dividend Disbursing Agent irrevocable instructions and authority to
pay the Redemption Price to the holders of the Series B Preferred Shares called for redemption on the redemption date. The Trust may
direct the Dividend Disbursing Agent with respect to the investment of any Deposit Assets so deposited provided that the proceeds of
any such investment will be available at the opening of business on such redemption date. Upon the date of such deposit (unless the Trust
shall default in making payment of the Redemption Price), all rights of the holders of the Series B 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 shares shall no longer
be deemed Outstanding for any purpose. The Trust shall be entitled to receive, promptly after the date fixed for redemption, any cash
in excess of the aggregate Redemption Price of the Series B Preferred Shares called for redemption on such date and any remaining Deposit
Assets. Any assets so deposited that are unclaimed shall, to the extent permitted by law, be repaid to the Trust, after which the holders
of the Series B Preferred Shares so called for redemption shall look only to the Trust for payment of the Redemption Price thereof. The
Trust shall be entitled to receive, from time to time after the date fixed for redemption, any interest on the Deposit Assets so deposited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) On or after the redemption date, each holder of Series B
Preferred Shares that are subject to redemption shall surrender such shares (or be deemed to have surrendered such shares) to the Trust
as instructed in the Notice of Redemption and shall then be entitled to receive the cash Redemption Price, without interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) In the case of any redemption of less than all of the Series
B Preferred Shares pursuant to this Statement of Rights and Preferences, such redemption shall be made pro rata from each holder of Series
B Preferred Shares in accordance with the respective number of shares held by each such holder on the record date for such redemption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Notwithstanding the other provisions of this paragraph 4,
the Trust shall not redeem any Series B Preferred Shares unless all accumulated and unpaid dividends and distributions on all Outstanding
Series B Preferred Shares and other Preferred Shares ranking on a parity with the Series B Preferred Shares with respect to dividends
and distributions for all applicable past Dividend Periods (whether or not earned or declared by the Trust) shall have been or are contemporaneously
paid or declared and Deposit Assets for the payment of such dividends and distributions shall have been deposited with the Dividend Disbursing
Agent as set forth in paragraph 2(c) of Part II hereof, provided, however, that the foregoing shall not prevent the purchase or acquisition
of Outstanding Preferred Shares pursuant to the successful completion of an otherwise lawful purchase or exchange offer made on the same
terms to holders of all Outstanding Series B Preferred Shares.

If the Trust shall not have funds legally available for the redemption of, or is otherwise unable to redeem, all the Series B Preferred Shares or other Preferred Shares designated to be redeemed on any redemption date, the Trust shall redeem on such redemption date the number of Series B Preferred Shares and other Preferred Shares so designated as it shall have legally available funds, or is otherwise able, to redeem ratably on the basis of the Redemption Price from each holder whose shares are to be redeemed, and the remainder of the Series B Preferred Shares and other Preferred Shares designated to be redeemed shall be redeemed on the earliest practicable date on which the Trust shall have funds legally available for the redemption of, or is otherwise able to redeem, such shares upon Notice of Redemption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Redemptions at Option of Holders

Upon notice of any material amendment, alteration, addition to, or repeal of the any provision of this Statement of Rights and preferences (regardless of whether it is deemed to, in the aggregate, adversely affect the rights and preferences of the holders of the Series B Preferred Shares), the holders of the Series B Preferred Shares may redeem the all or a portion of the Series B Preferred Shares upon not less than two business days' notice to the Trust (a "Holder Redemption Notice"). Upon delivery of a Holder Redemption Notice, the Trust and the holders shall follow the procedures for redemption described in described in paragraph 4(c) of this Part II.

5. Voting Rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) General.

Except as otherwise provided in the Governing Documents or a resolution of the Board of Trustees, or as required by applicable law, holders of Series B Preferred Shares shall have no power to vote on any matter except matters submitted to a vote of the Common Shares. In any matter submitted to a vote of the holders of the Common Shares, each holder of Series B Preferred Shares shall be entitled to one vote for each Series B Preferred Share held and the holders of the Outstanding Preferred Shares, including Series B Preferred Shares, and the Common Shares shall vote together as a single class; provided, however, that the holders of the Outstanding Preferred Shares, including Series B Preferred Shares, shall be entitled, as a separate class, to the exclusion of the holders of all other securities and classes of capital shares of the Trust, to elect two of the Trust's trustees. Subject to paragraph 5(b) of Part II hereof, the holders of the outstanding capital shares of the Trust, including the holders of the Outstanding Preferred Shares, including the Series B Preferred Shares, voting as a single class, shall elect the balance of the trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Right to Elect Majority of Board of Trustees.

During any period in which any one or more of the conditions described below shall exist (such period being referred to herein as a "<u>Voting Period</u>"), the number and/or composition of trustees constituting the Board of Trustees shall be automatically adjusted as necessary to permit the holders of Outstanding Preferred Shares, including the Series B Preferred Shares, voting separately as one class (to the exclusion of the holders of all other securities and classes of capital shares of the Trust) to elect the number of trustees that, when added to the two trustees elected exclusively by the holders of Preferred Shares pursuant to paragraph 5(a) above (if any), would constitute a simple majority of the Board of Trustees as so adjusted. The Trust and the Board of Trustees shall take all necessary actions, including effecting the removal of trustees or amendment of the Declaration, to effect an adjustment of the number and/or composition of trustees as described in the preceding sentence. A Voting Period shall commence:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if at any time accumulated dividends and distributions (whether
or not earned or declared, and whether or not funds are then legally available in an amount sufficient therefor) on the Outstanding Series
B Preferred Shares equal to at least two full years' dividends and distributions shall be due and unpaid and sufficient Deposit Assets
shall not have been deposited with the Dividend Disbursing Agent for the payment of such accumulated dividends and distributions; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if at any time holders of any other Preferred Shares are
entitled to elect a majority of the trustees of the Trust under the 1940 Act or Statement of Rights and Preferences creating such shares.

Upon the termination of a Voting Period, the voting rights described in this paragraph 5(b) shall cease, subject always, however, to the reverting of such voting rights in the holders of Preferred Shares upon the further occurrence of any of the events described in this paragraph 5(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Right to Vote with Respect to Certain Other Matters.

Subject to paragraph 1 of Part III of this Statement of Rights and Preferences, so long as any Series B Preferred Shares are Outstanding, the Trust shall not, without the affirmative vote of the holders of a majority (as defined in the 1940 Act) of the Preferred Shares Outstanding at the time, voting separately as one class, amend, alter or repeal the provisions of this Statement of Rights and Preferences so as to in the aggregate adversely affect the rights and preferences set forth in any Statement of Rights and Preferences, including the Series B Preferred Shares (significantly reduces, or is expected to reduce, the market price of Preferred Shares). To the extent permitted under the 1940 Act, in the event that more than one series of Preferred Shares are Outstanding, the Trust shall not effect any of the actions set forth in the preceding sentence which in the aggregate adversely affects the rights and preferences set forth in the Statement of Rights and Preferences for a series of Preferred Shares (significantly reduces, or is expected to reduce, the market price of Preferred Shares) differently than such rights and preferences for any other series of Preferred Shares without the affirmative vote of the holders of at least a majority of the Preferred Shares Outstanding of each series adversely affected (each such adversely affected series voting separately as a class to the extent its rights are affected differently). The holders of the Series B Preferred Shares shall not be entitled to vote on any matter that affects the rights or interests of only one or more other series of Preferred Shares. Unless a higher percentage is required under the Governing Documents or applicable provisions of the Delaware Statutory Trust Act or the 1940 Act, the affirmative vote of the holders of a majority of the Outstanding Preferred Shares, including Series B Preferred Shares, voting together as a single class, will be required to approve any plan of reorganization adversely affecting the Preferred Shares (significantly reduces, or is expected to reduce, the market price of Preferred Shares) or any action requiring a vote of security holders under Section 13(a) of the 1940 Act. For purposes of this paragraph 5(c), the phrase "vote of the holders of a majority of the Outstanding Preferred Shares" (or any like phrase) shall mean, in accordance with Section 2(a)(42) of the 1940 Act, the vote, at the annual or a special meeting of the shareholders of the Trust duly called (i) of 67 percent or more of the Preferred Shares present at such meeting, if the holders of more than 50 percent of the Outstanding Preferred Shares are present or represented by proxy; or (ii) of more than 50 percent of the Outstanding Preferred Shares, whichever is less. The class vote of holders of Preferred Shares described above will in each case be in addition to a separate vote of the requisite percentage of Common Shares and Preferred Shares, including Series B Preferred Shares, voting together as a single class, necessary to authorize the action in question. An increase in the number of authorized Preferred Shares pursuant to the Governing Documents or the issuance of additional shares of any series of Preferred Shares (including Series B Preferred Shares) pursuant to the Governing Documents shall not in and of itself be considered to adversely affect the rights and preferences of the Preferred Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Voting Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) As soon as practicable after the accrual of any right of
the holders of Preferred Shares to elect additional trustees as described in paragraph 5(b) above, the Trust shall call a special meeting
of such holders and instruct an agent to mail a notice of such special meeting to such holders, such meeting to be held not less than
7 nor more than 40 days after the date of mailing of such notice. If the Trust fails to send such notice to an agent or if the Trust
does not call such a special meeting, it may be called by any such holder on like notice. The record date for determining the holders
entitled to notice of and to vote at such special meeting shall be the close of business on the day on which such notice is mailed or
such other date as the Board of Trustees shall determine. At any such special meeting and at each meeting held during a Voting Period,
such holders of Preferred Shares, voting together as a class (to the exclusion of the holders of all other securities and classes of
capital shares of the Trust), shall be entitled to elect the number of trustees prescribed in paragraph 5(b) above on a one-vote-per-share
basis. At any such meeting, or adjournment thereof in the absence of a quorum, a majority of such holders present in person or by proxy
shall have the power to adjourn the meeting without notice, other than by an announcement at the meeting, to a date not more than 120
days after the original record date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) For purposes of determining any rights of the holders of
Series B Preferred Shares to vote on any matter or the number of shares required to constitute a quorum, whether such right is created
by this Statement of Rights and Preferences, by the other provisions of the Governing Documents, by statute or otherwise, any Series
B Preferred Share which is not Outstanding shall not be counted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The terms of office of all persons who are trustees of the
Trust at the time of a special meeting of holders of Preferred Shares to elect trustees and who remain trustees following such meeting
shall continue, notwithstanding the election at such meeting by such holders of the number of trustees that they are entitled to elect,
and the persons so elected by such holders, together with the two incumbent trustees elected by the holders of Preferred Shares (if any)
and the remaining incumbent trustees elected by the holders of the Common Shares and Preferred Shares, shall constitute the duly elected
trustees of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Upon the expiration of a Voting Period, the terms of office
of the additional trustees elected by the holders of Preferred Shares pursuant to paragraph 5(b) above shall expire at the earliest time
permitted by law and the remaining trustees shall constitute the trustees of the Trust and the voting rights of such holders of Preferred
Shares, including Series B Preferred Shares, to elect additional trustees pursuant to paragraph 5(b) above shall cease, subject to the
provisions of the last sentence of paragraph 5(b). Upon the expiration of the terms of the trustees elected by the holders of Preferred
Shares pursuant to paragraph 5(b) above, the number of trustees shall be automatically reduced to the number of trustees on the Board
immediately preceding such Voting Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Exclusive Remedy.

Unless otherwise required by law, the holders of Series B Preferred Shares shall not have any rights or preferences other than those specifically set forth herein. The holders of Series B Preferred Shares shall have no preemptive rights or rights to cumulative voting. In the event that the Trust fails to pay any dividends and distributions on the Series B Preferred Shares, the exclusive remedy of the holders shall be the right to vote for trustees pursuant to the provisions of this paragraph 5.

6. Coverage Tests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Determination of Compliance.

For so long as any Series B Preferred Shares are Outstanding, the Trust shall make the following determinations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Asset Coverage. The Trust shall have Asset Coverage prior
to making dividend payments to or disbursements to, or repurchasing Common Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Failure to Meet Asset Coverage.

If the Trust fails to have Asset Coverage as provided in paragraph 6(a)(i) hereof and such failure is not promptly cured (i.e. within five Business Days, the "Cure Date") as of the related Series B Asset Coverage Cure Date, (i) the Trust shall give a Notice of Redemption as described in paragraph 4 of Part II hereof with respect to the redemption of a sufficient number of Preferred Shares, which at the Trust's determination (to the extent permitted by the 1940 Act and Delaware law) may include any proportion of Series B Preferred Shares, to enable it to meet the requirements of paragraph 6(a)(i) above, and, at the Trust's discretion, such additional number of Series B Preferred Shares or other Preferred Shares in order that the Trust have Asset Coverage with respect to the Series B Preferred Shares and any other Preferred Shares remaining Outstanding after such redemption and (ii) deposit with the Dividend Disbursing Agent Deposit Assets having an initial combined value sufficient to effect the redemption of the Series B Preferred Shares or other Preferred Shares to be redeemed, as contemplated by paragraph 4 of Part II hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Status of Shares Called for Redemption.

For purposes of determining whether the requirements of paragraphs 6(a)(i) and 6(a)(ii) hereof are satisfied, (i) no Series B Preferred Share shall be deemed to be Outstanding for purposes of any computation if, prior to or concurrently with such determination, sufficient Deposit Assets to pay the full Redemption Price for such share shall have been deposited in trust with the Dividend Disbursing Agent (or applicable paying agent) and the requisite Notice of Redemption shall have been given, and (ii) such Deposit Assets deposited with the Dividend Disbursing Agent (or paying agent) shall not be included.

7. Limitation on Incurrence of Additional Indebtedness and Issuance of Additional Preferred Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) So long as any Series B Preferred Shares are Outstanding,
the Trust may issue and sell one or more series of a class of senior securities of the Trust representing indebtedness under Section
18 of the 1940 Act and/or otherwise create or incur indebtedness, provided that, immediately after giving effect to the incurrence of
such indebtedness and to its receipt and application of the proceeds thereof, the Trust shall have an "asset coverage" for
all senior securities representing indebtedness, as defined in Section 18(h) of the 1940 Act, of at least 300% of the amount of all indebtedness
of the Trust then outstanding and no such additional indebtedness shall have any preference or priority over any other indebtedness of
the Trust upon the distribution of the assets of the Trust or in respect of the payment of interest. Any possible liability resulting
from lending and/or borrowing portfolio securities, entering into reverse repurchase agreements, entering into futures contracts and
writing options, to the extent such transactions are made in accordance with the investment restrictions of the Trust then in effect,
shall not be considered to be indebtedness limited by this paragraph 8(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) So long as any Series B Preferred Shares are Outstanding,
the Trust may issue and sell shares of one or more other series of Preferred Shares constituting a series of a class of senior securities
of the Trust representing stock under Section 18 of the 1940 Act in addition to the Series B Preferred Shares and other Preferred Shares
then Outstanding, provided that (i) the Trust shall, immediately after giving effect to the issuance of such additional Preferred Shares
and to its receipt and application of the proceeds thereof, including, without limitation, to the redemption of Preferred Shares for
which a Notice of Redemption has been mailed prior to such issuance, have an "asset coverage" for all senior securities which
are stock, as defined in Section 18(h) of the 1940 Act, of at least 200% of the sum of the Liquidation Preference of the Series B Preferred
Shares and all other Preferred Shares then Outstanding, and (ii) no such additional Preferred Shares shall have any preference or priority
over any other Preferred Shares upon liquidation or the distribution of the assets of the Trust or in respect of the payment of dividends.

**PART III**

**ABILITY OF THE BOARD OF TRUSTEES TO MODIFY** 

**THE STATEMENT OF RIGHTS AND PREFERENCES**

The Board of Trustees, without further action by the shareholders, may amend, alter, add to, or repeal any provision of this Statement of Rights and Preferences if such amendments or modifications will not in the aggregate adversely affect the rights and preferences of the holders of any series of the Preferred Shares (significantly reduces, or is expected to reduce, the market price of Preferred Shares). To the extent permitted by law, the Board of Trustees or its delegatee, without the vote of the holders of the Series B Preferred Shares or any other shares of the Trust, may amend the provisions of this Statement of Rights and Preferences to resolve any inconsistency or ambiguity or to remedy any formal defect so long as the amendment does not in the aggregate adversely affect the rights and preferences of the Series B Preferred Shares (significantly reduces, or is expected to reduce, the market price of Series B Preferred Shares). In all cases, the holders of the Series B Preferred Shares shall be provided at least ten business days' notice of any such change contemplated by this Part III.

IN WITNESS WHEREOF, with effect as of January 28, 2022, the Trustees named below hereby supplement "ARTICLE X, Preferred Appendix" of the Second Amended and Restated Agreement and Declaration of Trust to include "Statement of Rights and Preferences of 5.85% Series B Cumulative Term Preferred Shares due 2029" as described above.

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| | |
|:---|:---|
| **Trustee** | **Signature** |
| Robert K. Grunewald | /s/ Robert K. Grunewald |
| R. Scott Coolidge | /s/ R. Scott Coolidge |
| Marshall H. Durston | /s/ Marshall H. Durston |

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