<SEC-DOCUMENT>0001104659-21-036247.txt : 20210315
<SEC-HEADER>0001104659-21-036247.hdr.sgml : 20210315
<ACCEPTANCE-DATETIME>20210315161229
ACCESSION NUMBER:		0001104659-21-036247
CONFORMED SUBMISSION TYPE:	N-CEN
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20201231
FILED AS OF DATE:		20210315
DATE AS OF CHANGE:		20210315
EFFECTIVENESS DATE:		20210315

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ADAMS DIVERSIFIED EQUITY FUND, INC.
		CENTRAL INDEX KEY:			0000002230
		IRS NUMBER:				134912740
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		N-CEN
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-00248
		FILM NUMBER:		21741621

	BUSINESS ADDRESS:	
		STREET 1:		500 EAST PRATT STREET
		STREET 2:		SUITE 1300
		CITY:			BALTIMORE
		STATE:			MD
		ZIP:			21202
		BUSINESS PHONE:		4107525900

	MAIL ADDRESS:	
		STREET 1:		500 EAST PRATT STREET
		STREET 2:		SUITE 1300
		CITY:			BALTIMORE
		STATE:			MD
		ZIP:			21202

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ADAMS DIVERSIFIED EQUITY FUND
		DATE OF NAME CHANGE:	20150331

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ADAMS EXPRESS CO
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CEN
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
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        <locationBooksRecord>
          <officeName>The Northern Trust Company</officeName>
          <officeAddress1>50 South La Salle Street</officeAddress1>
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        <locationBooksRecord>
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<DOCUMENT>
<TYPE>INTERNAL CONTROL RPT
<SEQUENCE>2
<FILENAME>adx-letter.htm
<DESCRIPTION>INTERNAL CONTROL RPT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<IMG SRC="pwc-logo.jpg" ALT=""></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">&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">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>Report of Independent Registered Public Accounting
Firm</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To the Board of Directors and Shareholders of Adams Diversified
Equity Fund, Inc.</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-indent: -0.45pt">In planning and performing our
audit of the financial statements of Adams Diversified Equity Fund, Inc. (&quot;the Fund&quot;) as of and for the year ended December
31, 2020, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (&ldquo;PCAOB&rdquo;),
we considered the Fund&rsquo;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 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&rsquo;s
internal control over financial reporting. Accordingly, we do not express an opinion on the effectiveness of the Fund's internal
control over financial reporting.</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 5pt 0pt 0; text-indent: -0.45pt">The 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&rsquo;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 a company&rsquo;s assets that could have a material effect on the
financial statements.</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 2pt 0pt 0; text-indent: -0.5pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt; text-indent: -0.5pt">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's annual or interim financial statements will not be prevented or detected on a timely basis.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.5pt">Our consideration of the Fund&rsquo;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 over financial reporting that might be material weaknesses under standards established by
the PCAOB. However, we noted no deficiencies in the Fund&rsquo;s internal control over financial reporting and its operation, including
controls over safeguarding securities that we consider to be material weaknesses as defined above as of December 31, 2020.</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 2pt 0pt 0; text-indent: -0.5pt">This report is intended solely
for the information and use of the Board of Directors of Adams Diversified Equity Fund, Inc. 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ PricewaterhouseCoopers LLP</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">Baltimore, MD</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">February 12, 2021</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; color: Red"><B>&nbsp;</B></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>PricewaterhouseCoopers LLP, 100 East Pratt Street, Suite
2600, Baltimore, MD 21202</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>T: (410) 783-7600, F: (410) 783-7680, </I>www.pwc.com/us</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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<DOCUMENT>
<TYPE>MATERIAL AMENDMENTS
<SEQUENCE>4
<FILENAME>adx-bylaws.htm
<DESCRIPTION>MATERIAL AMENDMENTS
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; border-top: Black 1pt solid; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Adams
Diversified Equity Fund,&nbsp;Inc.</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a
Maryland Corporation)</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amended
and Restated Bylaws</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>AS
AMENDED SEPTEMBER 22, 2020</B></FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Adams
Diversified Equity Fund,&nbsp;Inc.</B></FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amended
and Restated Bylaws</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;ONE</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">INVESTMENT
OBJECTIVES; OFFICES</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1.
<I>Investment Objectives.</I> Consistent with the Corporation's history and structure as a closed-end fund (hereinafter, the &ldquo;Fund&rdquo;),
the Fund has a long-term investment objective focusing on (a)&nbsp;preservation of capital, (b)&nbsp;reasonable income and (c)&nbsp;opportunity
for capital gain.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.2.
<I>Fund&rsquo;s Office in Maryland. </I>The principal office of the Fund in the State of Maryland shall be located at such place
as the Board of Directors may designate.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.3.
<I>Other Offices</I>. The Fund may have other offices, including a principal executive office, at such places as the Board of
Directors may from time to time determine.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;TWO</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">STOCKHOLDER
MEETINGS</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1.
<I>Annual Meetings</I>. An annual meeting of stockholders to elect directors and transact such other business as may properly
be presented to the meeting shall be held on a date and at the time set by the Board of Directors.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.2.
<I>Special Meetings</I>.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;<U>General</U>.
The Non-Executive Chairman of the Board, the Chief Executive Officer, the President, or the Board of Directors may call a special
meeting of the stockholders. Subject to subsection (b)&nbsp;of this Section&nbsp;2.2, a special meeting of stockholders shall
also be called by the Secretary of the Fund upon the written request of stockholders entitled to cast not less than a majority
of all the votes entitled to be cast at such meeting.</FONT></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; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;<U>Stockholder-Requested
Special Meetings</U>.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)&nbsp;Any
stockholder of record seeking to have stockholders request a special meeting shall, by sending written notice to the Secretary
(the &quot;Record Date Request Notice&quot;) by registered mail, return receipt requested, request the Board of Directors to fix
a record date to determine the stockholders entitled to request a special meeting (the &quot;Request Record Date&quot;). The Record
Date Request Notice shall set forth the purpose of the meeting and the matters proposed to be acted on at it, shall be signed
by one or more stockholders of record as of the date of signature (or their agents duly authorized in a writing accompanying the
Record Date Request Notice), shall bear the date of signature of each such stockholder (or such agent) and shall set forth all
information relating to each such stockholder and to each individual whom the stockholder proposes to nominate for election or
re-election as a director that would be required to be disclosed in connection with a solicitation of proxies for the election
of directors in an election contest (even if an election contest would not be involved), or would otherwise be required in connection
with such a solicitation, in each case pursuant to Regulation 14A (or any successor provision) under the Securities Exchange Act
of 1934, as amended (the &quot;Exchange Act&quot;). Upon receiving the Record Date Request Notice, the Board of Directors may
fix a Request Record Date. The Request Record Date shall not precede and shall not be more than ten days after the close of business
on the date on which the resolution fixing the Request Record Date is adopted by the Board of Directors. If the Board of Directors,
within ten days after the date on which a valid Record Date Request Notice is received, fails to adopt a resolution fixing the
Request Record Date, the Request Record Date shall be the close of business on the tenth day after the first date on which the
Record Date Request Notice is received by the Secretary.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)&nbsp;In
order for any stockholder to request a special meeting to act on any matter that may properly be considered at a meeting of stockholders,
one or more written requests for a special meeting (collectively, the &quot;Special Meeting Request&quot;) signed by stockholders
of record (or their agents duly authorized in a writing accompanying the request) as of the Request Record Date entitled to cast
not less than a majority of all of the votes entitled to be cast on such matter at such meeting (the &quot;Special Meeting Percentage&quot;)
shall be delivered to the Secretary. In addition, the Special Meeting Request (a)&nbsp;shall set forth the purpose of the meeting
and the matters proposed to be acted on at it (which shall be limited to those lawful matters set forth in the Record Date Request
Notice received by the Secretary), (b)&nbsp;shall bear the date of signature of each such stockholder (or such agent) signing
the Special Meeting Request, (c)&nbsp;shall set forth (i)&nbsp;the name and address, as they appear in the Fund&rsquo;s books,
of each stockholder signing such request (or on whose behalf the Special Meeting Request is signed), (ii)&nbsp;the class, series
and number of all shares of stock of the Fund which are owned by each such stockholder, and (iii)&nbsp;the nominee holder for,
and number of shares of stock of the Fund owned by beneficially but not of record by such stockholder (d)&nbsp;shall be sent to
the Secretary by registered mail, return receipt requested, and (e)&nbsp;shall be received by the Secretary within 60 days after
the Request Record Date. Any requesting stockholder (or agent duly authorized in a writing accompanying the revocation or the
Special Meeting Request) may revoke his, her or its request for a special meeting at any time by written revocation delivered
to the Secretary.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)&nbsp;The
Secretary shall inform the requesting stockholders of the reasonably estimated cost of preparing and delivering the notice of
the meeting (including the Fund&rsquo;s proxy materials). The Secretary shall not be required to call a special meeting upon stockholder
request and such meeting shall not be held unless, in addition to the documents required by paragraph (2)&nbsp;of this Section&nbsp;2.2(b),
the Secretary receives payment of such reasonably estimated cost prior to the preparation and delivery of any notice of the meeting.</FONT></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; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)&nbsp;In
the case of any special meeting called by the Secretary upon the request of stockholders (a &quot;Stockholder-Requested Meeting&quot;),
such meeting shall be held at such place, date and time as may be designated by the Board of Directors; provided, however, that
the date of any Stockholder-Requested Meeting shall be not more than 90 days after the record date for such meeting (the &quot;Meeting
Record Date&quot;); and provided further that if the Board of Directors fails to designate, within ten days after the date that
a valid Special Meeting Request is actually received by the Secretary (the &quot;Delivery Date&quot;), a date and time for a Stockholder-Requested
Meeting, then such meeting shall be held at 2:00 p.m., local time, on the 90th day after the Meeting Record Date or, if such 90th
day is not a Business Day (as defined below), on the first preceding Business Day; and provided further that in the event that
the Board of Directors fails to designate a place for a Stockholder-Requested Meeting within ten days after the Delivery Date,
then such meeting shall be held at the principal executive office of the Fund. In fixing a date for any special meeting the Board
of Directors may consider such factors as it deems relevant, including, without limitation, the nature of the matters to be considered,
the facts and circumstances surrounding any request for the meeting and any plan of the Board of Directors to call an annual meeting
or a special meeting. In the case of any Stockholder-Requested Meeting, if the Board of Directors fails to fix a Meeting Record
Date that is a date within 30 days after the Delivery Date, then the close of business on the 30th day after the Delivery Date
shall be the Meeting Record Date. The Board of Directors may revoke the notice for any Stockholder-Requested Meeting in the event
that the requesting stockholders fail to comply with the provisions of paragraph (3)&nbsp;of this Section&nbsp;2.2(b).</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)&nbsp;If
written revocations of the Special Meeting Request have been delivered to the Secretary and the result is that stockholders of
record (or their agents duly authorized in writing), as of the Request Record Date, entitled to cast less than the Special Meeting
Percentage have delivered, and not revoked, requests for a special meeting to the Secretary: (i)&nbsp;if the notice of meeting
has not already been delivered, the Secretary shall refrain from delivering the notice of the meeting and send to all requesting
stockholders who have not revoked such requests written notice of any revocation of a request for the special meeting, or (ii)&nbsp;if
the notice of meeting has been delivered and if the Secretary first sends to all requesting stockholders who have not revoked
requests for a special meeting written notice of any revocation of a request for the special meeting and written notice of the
Secretary&rsquo;s intention to, revoke the notice of the meeting at any time before ten days before the commencement of the meeting.
Any request for a special meeting received after a revocation by the Secretary of a notice of a meeting shall be considered a
request for a new special meeting.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6)&nbsp;The
Board of Directors, the Non-Executive Chairman of the Board, the Chief Executive Officer, or the President may appoint independent
inspectors of elections to act as the agent of the Fund for the purpose of promptly performing a ministerial review of the validity
of any purported Special Meeting Request received by the Secretary. For the purpose of permitting the inspectors to perform such
review, no such purported request shall be deemed to have been delivered to the Secretary until the earlier of (i)&nbsp;five Business
Days after receipt by the Secretary of such purported request and (ii)&nbsp;such date as the independent inspectors certify to
the Fund whether the valid requests received by the Secretary represent at least the Special Meeting Percentage, as of the Request
Record Date, stockholders of record entitled to cast not less than a majority of the votes that would be entitled to be cast at
such meeting. Nothing contained in this paragraph (6)&nbsp;shall in any way be construed to suggest or imply that the Fund or
any stockholder shall not be entitled to contest the validity of any request, whether during or after such five Business Day period,
or to take any other action (including, without limitation, the commencement, prosecution or defense of any litigation with respect
thereto, and the seeking of injunctive relief in such litigation).</FONT></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; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(7)&nbsp;For
purposes of these Bylaws, &quot;Business Day&quot; shall mean any day other than a Saturday, a Sunday or other day on which banking
institutions in the State of Maryland are authorized or obligated by law or executive order to close.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.3.
<I>Place of Meetings</I>. Meetings of stockholders shall be held at such place as the Board of Directors shall fix. If no place
shall be so fixed, the meeting shall be held at the principal executive office of the Fund in the State of Maryland.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.4.
<I>Notice of Meetings</I>.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;Not
less than ten nor more than 90 days before each meeting of stockholders, the Secretary shall give to each stockholder entitled
to vote at such meeting and to each stockholder not entitled to vote who is entitled to notice of the meeting notice in writing
or by electronic transmission stating the place and time of the meeting and, in the case of a special meeting or as otherwise
required by statute, the purpose or purposes for which the meeting is called, by mail, by presenting it to such stockholder personally,
by leaving it at the stockholder's residence or usual place of business or by any other means permitted by Maryland law. If mailed,
such notice is given when deposited in the United States mail, with postage thereon prepaid, directed to each stockholder at his
address as it appears on the record of stockholders, or, if a stockholder shall have duly filed with the Secretary of the Fund
a written request that notices to him be mailed to some other address, then directed to such stockholder at such other address.
If transmitted electronically, such notices shall be deemed to be given when transmitted to the stockholder by an electronic transmission
to any address or number of the stockholder at which the stockholder receives electronic transmissions.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to Section&nbsp;2.9(a), any business of the Fund may be transacted at an annual meeting of stockholders without being specifically
designated in the notice, except such business as is required by any statute to be stated in such notice. No business shall be
transacted at a special meeting of stockholders except as specifically designated in the notice. The Fund may postpone or cancel
a meeting of stockholders by making a &quot;public announcement&quot; (as defined in Section&nbsp;2.9(c)(3)) of such postponement
or cancellation prior to the meeting. Notice of the date to which the meeting is postponed shall be given not less than ten days
prior to such date and otherwise in the manner set forth in this section.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;When
a meeting is adjourned to another time or place, it shall not be necessary to give any notice of the adjourned meeting if the
time and place to which the meeting is adjourned are announced at the meeting at which the adjournment is taken, and at the adjourned
meeting any business may be transacted that might have been transacted on the original date of the meeting. However, if after
adjournment the Board of Directors fixes a new record date for the adjourned meeting, a notice of the adjourned meeting shall
be given to each stockholder of record on the new record date entitled to notice under paragraph (a)&nbsp;of this Section&nbsp;2.4.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.5.
<I>Quorum</I>. The presence in person or by proxy of the holders of shares of stock of the Fund entitled to cast a majority of
the votes entitled to be cast on a matter (without regard to class) shall constitute a quorum at any meeting of the stockholders
with respect to such matter, except with respect to any such matter that, under applicable statutes or regulatory requirements
or the charter of the Fund, requires approval by a separate vote of the holders of one or more classes of stock, in which case
the presence in person or by proxy of the holders of shares entitled to cast a majority of the votes entitled to be cast by each
such class on such a matter shall constitute a quorum. This section shall not affect any requirement under any statute or the
charter of the Fund for the vote necessary for the adoption of any measure.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If,
however, such quorum shall not be present at any meeting of the stockholders, the chairman of the meeting shall have the power
to adjourn the meeting from time to time to a date not more than 120 days after the original record date without notice other
than announcement at the meeting pursuant to Section&nbsp;2.4(b). At such adjourned meeting at which a quorum shall be present,
any business may be transacted which might have been transacted at the meeting as originally notified.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
stockholders present either in person or by proxy, at a meeting which has been duly called and convened, may continue to transact
business until adjournment, notwithstanding the withdrawal of enough stockholders to leave less than a quorum.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.6.
<I>Organization and Conduct</I>. Every meeting of stockholders shall be conducted by an individual appointed by the Board of Directors
to be chairman of the meeting or, in the absence of such appointment, by the Non-Executive Chairman of the Board, if any, or by
an individual appointed by the Non-Executive Chairman to be chairman of the meeting or, in the case of a vacancy in the office
or absence of the Non-Executive Chairman of the Board, by one of the following officers present at the meeting: the Chief Executive
Officer, the President, any Vice President, the Secretary, the Treasurer or, in the absence of such officers, a chairman chosen
by the stockholders by the vote of a majority of the votes cast by stockholders present in person or by proxy. The Secretary or,
in the Secretary&rsquo;s absence, an Assistant Secretary or, in the absence of both the Secretary and Assistant Secretaries, an
individual appointed by the Board of Directors or, in the absence of such appointment, an individual appointed by the chairman
of the meeting shall act as secretary. In the event that the Secretary presides at a meeting of the stockholders, an Assistant
Secretary, or, in the absence of Assistant Secretaries, an individual appointed by the Board of Directors or the chairman of the
meeting, shall record the minutes of the meeting. The order of business and all other matters of procedure at any meeting of stockholders
shall be determined by the chairman of the meeting. The chairman of the meeting may prescribe such rules, regulations and procedures
and take such action as, in the discretion of the chairman and without any action by the stockholders, are appropriate for the
proper conduct of the meeting, including, without limitation, (a)&nbsp;restricting admission to the time set for the commencement
of the meeting; (b)&nbsp;limiting attendance at the meeting to stockholders of record of the Fund, their duly authorized proxies
and other such individuals as the chairman of the meeting may determine; (c)&nbsp;limiting participation at the meeting on any
matter to stockholders of record of the Fund entitled to vote on such matter, their duly authorized proxies or other such individuals
as the chairman of the meeting may determine; (d)&nbsp;limiting the time allotted to questions or comments by participants; (e)&nbsp;determining
when the polls should be opened and closed; (f)&nbsp;maintaining order and security at the meeting; (g)&nbsp;removing any stockholder
or any other individual who refuses to comply with meeting procedures, rules&nbsp;or guidelines as set forth by the chairman of
the meeting; (h)&nbsp;concluding a meeting or recessing or adjourning the meeting to a later date and time and at a place announced
at the meeting; and (i)&nbsp;complying with any state and local laws and regulations concerning safety and security. Unless otherwise
determined by the chairman of the meeting, meetings of stockholders shall not be required to be held in accordance with the rules&nbsp;of
parliamentary procedure.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.7.
<I>Voting.</I> A plurality of all the votes cast at a meeting of stockholders duly called and at which a quorum is present shall
be sufficient to elect a director. Each share may be voted for as many individuals as there are directors to be elected and for
whose election the share is entitled to be voted. A majority of the votes cast at a meeting of stockholders duly called and at
which a quorum is present shall be sufficient to approve any other matter which may properly come before the meeting, unless more
than a majority of the votes cast is required by statute or by the charter of the Fund. Unless otherwise provided by statute or
by the charter, each outstanding share, regardless of class, shall be entitled to one vote on each matter submitted to a vote
at a meeting of stockholders. Voting on any question or in any election may be viva voce unless the chairman of the meeting shall
order that voting be by ballot.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.8.
<I>Proxies.</I> A stockholder may cast the votes entitled to be cast by the holder of the shares of stock owned of record by the
stockholder in person or by proxy executed by the stockholder or the stockholder's duly authorized agent in any manner permitted
by law. Such proxy or evidence of authorization of such proxy shall be filed with the Secretary of the Fund before or at the meeting.
No proxy shall be valid after the expiration of eleven months from the date thereof, unless otherwise provided in the proxy. Every
proxy shall be revocable at the pleasure of the stockholder executing it, except in those cases where an irrevocable proxy is
expressly stated to be given and is permitted by law.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;2.9.
<I>Advance Notice of Stockholder Nominees for Director and Other Stockholder Proposals</I>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;<U>Annual
Meetings of Stockholders</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)&nbsp;Nominations
of individuals for election to the Board of Directors and the proposal of other business to be considered by the stockholders
may be made at an annual meeting of stockholders (i)&nbsp;pursuant to the Fund&rsquo;s notice of meeting, (ii)&nbsp;by or at the
direction of the Board of Directors or (iii)&nbsp;by any stockholder of the Fund who was a stockholder of record both at the time
of giving of notice by the stockholder as provided for in this Section&nbsp;2.9(a)&nbsp;and at the time of the annual meeting,
who is entitled to vote at the meeting on the election or the proposal for other business, as the case may be, and who has complied
with this Section&nbsp;2.9(a).</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)&nbsp;For
nominations or other business to be properly brought before an annual meeting by a stockholder pursuant to clause (iii)&nbsp;of
paragraph (a)(1)&nbsp;of this Section&nbsp;2.9, the stockholder must have given timely notice thereof in writing to the Secretary
of the Fund and such other business must otherwise be a proper matter for action by the stockholders. To be timely, a stockholder&rsquo;s
notice shall set forth all information required under this Section&nbsp;2.9 and shall be delivered to the Secretary at the principal
executive office of the Fund not earlier than the 150th day prior to the first anniversary of the date of the proxy statement
for the preceding year's annual meeting nor later than 5:00 p.m., Eastern Time, on the 120th day prior to the first anniversary
of the date of the proxy statement for the preceding year&rsquo;s annual meeting; provided, however, that in the event that the
date of the annual meeting is advanced or delayed by more than 30 days from the first anniversary of the date of the preceding
year&rsquo;s annual meeting, notice by the stockholder to be timely must be so delivered not earlier than the 150th day prior
to the date of such annual meeting and not later than 5:00 p.m., Eastern Time, on the later of the 120th day prior to the date
of such annual meeting or the tenth day following the day on which public announcement of the date of such meeting is first made.
The public announcement of a postponement or adjournment of an annual meeting shall not commence a new time period for the giving
of a stockholder&rsquo;s notice as described above.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)&nbsp;
Such stockholder&rsquo;s notice shall set forth:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;as
to each individual whom the stockholder proposes to nominate for election or reelection as a director, (each, a &quot;Proposed
Nominee&quot;),</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(A)&nbsp;
all information relating to the Proposed Nominee that would be required to be disclosed in connection with the solicitation of
proxies for the election of the Proposed Nominee as a director in an election contest (even if an election contest is not involved),
or would otherwise be required in connection with such solicitation, in each case pursuant to Regulation 14A (or any successor
provision) under the Exchange Act and the rules&nbsp;thereunder (including the Proposed Nominee's written consent to being named
in the proxy statement as a nominee and to serving as a director if elected); and</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(B)&nbsp;
whether such stockholder believes any such Proposed Nominee is, or is not, an &quot;interested person&quot; of the Fund, as defined
in the Investment Company Act of 1940, as amended, and the rules&nbsp;promulgated thereunder (the &quot;Investment Company Act&quot;)
and information regarding such individual that is sufficient, in the discretion of the Board of Directors or any committee thereof
or any authorized officer of the Fund, to make such determination;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;as
to any business that the stockholder proposes to bring before the meeting, a description of such business, the stockholder's reasons
for proposing such business at the meeting and any material interest in such business of such stockholder or any Stockholder Associated
Person (as defined below), individually or in the aggregate, including any anticipated benefit to the stockholder or the Stockholder
Associated Person therefrom;</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&nbsp;as
to the stockholder giving the notice, any Proposed Nominee and any Stockholder Associated Person,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(A)&nbsp;the
class, series and number of all shares of stock or other securities of the Fund (collectively, the &quot;Fund Securities&quot;),
if any, which are owned (beneficially or of record) by such stockholder, Proposed Nominee or Stockholder Associated Person, and
any short interest (including any opportunity to profit or share in any benefit from any decrease in the price of such stock or
other security) in any Fund Securities of any such person;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(B)&nbsp;the
nominee holder for, and number of, any Fund Securities owned beneficially but not of record by such stockholder, Proposed Nominee
or Stockholder Associated Person;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(C)&nbsp;whether
and the extent to which such stockholder, Proposed Nominee or Stockholder Associated Person, directly or indirectly (through brokers,
nominees or otherwise), is subject to or during the last six months has engaged in any hedging, derivative or other transaction
or series of transactions or entered into any other agreement, arrangement or understanding (including any short interest, any
borrowing or lending of securities or any proxy or voting agreement), the effect or intent of which is to (I)&nbsp; manage risk
or benefit of changes in the price of (x)&nbsp;Fund Securities or (y)&nbsp;any security of any other closed-end investment company
(a &quot;Peer Group Fund&quot;) for such stockholder, Proposed Nominee or Stockholder Associated Person or (<FONT STYLE="font-variant: small-caps">II</FONT>)&nbsp;increase
or decrease the voting power of such stockholder, Proposed Nominee or Stockholder Associated Person in the Fund or any affiliate
thereof (or, as applicable, in any Peer Group Fund) disproportionately to such person&rsquo;s economic interest in the Fund Securities
(or, as applicable, in any Peer Group Fund); and</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(D)&nbsp;any
substantial interest, direct or indirect (including, without limitation, any existing or prospective commercial, business or contractual
relationship with the Fund), by security holdings or otherwise, of such stockholder, Proposed Nominee or Stockholder Associated
Person, in the Fund or any affiliate thereof, other than an interest arising from the ownership of Fund Securities where such
stockholder, Proposed Nominee or Stockholder Associated Person receives no extra or special benefit not shared on a <I>pro rata
</I>basis by all other holders of the same class or series;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)&nbsp;as
to the stockholder giving the notice, any Stockholder Associated Person with an interest or ownership referred to in clauses (ii)&nbsp;or
(iii)&nbsp;of this paragraph (3)&nbsp;of this Section&nbsp;2.9(a)&nbsp;and any Proposed Nominee;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(A)&nbsp;the
name and address of such stockholder, as they appear on the Fund&rsquo;s stock ledger and the current name and business address,
if different, of each such Stockholder Associated Person and any Proposed Nominee; and</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(B)&nbsp;the
investment strategy or objective, if any, of such stockholder and each such Stockholder Associated Person who is not an individual
and a copy of the prospectus, offering memorandum or similar document, if any, provided to investors or potential investors in
such stockholder and each such Stockholder Associated Person; and</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)&nbsp;to
the extent known by the stockholder giving the notice, the name and address of any other stockholder supporting the nominee for
election or re-election as a director or the proposal of other business on the date of such stockholder&rsquo;s notice.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)&nbsp;Notwithstanding
anything in this subsection (a)&nbsp;of this Section&nbsp;2.9 to the contrary, in the event that the number of directors to be
elected to the Board of Directors is increased and there is no public announcement of such action at least 130 days prior to the
first anniversary of the date of the proxy statement for the preceding year&rsquo;s annual meeting, a stockholder&rsquo;s notice
required by this Section&nbsp;2.9(a)&nbsp;shall also be considered timely, but only with respect to nominees for any new positions
created by such increase, if it shall be delivered to the Secretary at the principal executive office of the Fund not later than
5:00 p.m., Eastern Time, on the tenth day following the day on which such public announcement is first made by the Fund.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)&nbsp;For
purposes of this Section&nbsp;2.9, &quot;Stockholder Associated Person&quot; of any stockholder shall mean (i)&nbsp;any person
acting in concert with, such stockholder (including, without limitation, any person who is a member of a &quot;group&quot; for
purposes of Section&nbsp;13(d)&nbsp;of the Exchange Act, or any successor provision, that includes such stockholder), (ii)&nbsp;any
beneficial owner of shares of stock of the Fund owned of record or beneficially by such stockholder (other than a stockholder
that is a depositary) and (iii)&nbsp;any person that directly, or indirectly through one or more intermediaries controls, or is
controlled by, or is under common control with, such stockholder or such Stockholder Associated Person.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;<U>Special
Meetings of Stockholders</U>. Only such business shall be conducted at a special meeting of stockholders as shall have been brought
before the meeting pursuant to the Fund&rsquo;s notice of meeting. Nominations of individuals for election to the Board of Directors
may be made at a special meeting of stockholders at which directors are to be elected (i)&nbsp;pursuant to the Fund&rsquo;s notice
of meeting, (ii)&nbsp;by or at the direction of the Board of Directors or (iii)&nbsp;provided that the Board of Directors has
determined that directors shall be elected at such special meeting, by any stockholder of the Fund who is a stockholder of record
both at the time of giving of notice provided for in this Section&nbsp;2.9 and at the time of the special meeting, who is entitled
to vote at the meeting and who complied with the notice procedures set forth in this Section&nbsp;2.9. In the event the Fund calls
a special meeting of stockholders for the purpose of electing one or more individuals to the Board of Directors, any such stockholder
may nominate an individual or individuals (as the case may be) for election as a director as specified in the Fund&rsquo;s notice
of meeting, if the stockholder&rsquo;s notice required by paragraph (2)&nbsp;of this Section&nbsp;2.9(a)&nbsp;shall be delivered
to the Secretary at the principal executive office of the Fund not earlier than the 120th day prior to such special meeting and
not later than 5:00 p.m., Eastern Time, on the later of the 90th day prior to such special meeting or the tenth day following
the day on which public announcement is first made of the date of the special meeting and of the nominees proposed by the Board
of Directors to be elected at such meeting. The public announcement of a postponement or adjournment of a special meeting shall
not commence a new time period for the giving of a stockholder&rsquo;s notice as described above.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;<U>General</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)&nbsp;If
information submitted pursuant to this Section&nbsp;2.9 by any stockholder proposing a nominee for election as a director or any
proposal for other business at a meeting of stockholders shall be inaccurate in any material respect, such information may be
deemed not to have been provided in accordance with this Section&nbsp;2.9. Any such stockholder shall notify the Fund of any inaccuracy
or change (within two Business Days of becoming aware of such inaccuracy or change) in any such information. Upon written request
by the Secretary or the Board of Directors, any such stockholder shall provide, within five Business Days of delivery of such
request (or such other period as may be specified in such request), (A)&nbsp;written verification, satisfactory, in the discretion
of the Board of Directors or any authorized officer of the Fund, to demonstrate the accuracy of any information submitted by the
stockholder pursuant to this Section&nbsp;2.9, and (B)&nbsp;a written update of any information submitted by the stockholder pursuant
to this Section&nbsp;2.9 as of an earlier date. If a stockholder fails to provide such written verification or written update
within such period, the information as to which written verification or written update was requested may be deemed not to have
been provided in accordance with this Section&nbsp;2.9.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)&nbsp;Only
such individuals who are nominated in accordance with this Section&nbsp;2.9 shall be eligible for election by stockholders as
directors, and only such business shall be conducted at a meeting of stockholders as shall have been brought before the meeting
in accordance with this Section&nbsp;2.9. The chairman of the meeting shall have the power to determine whether a nomination or
any other business proposed to be brought before the meeting was made or proposed, as the case may be, in accordance with this
Section&nbsp;2.9.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)&nbsp;&quot;Public
announcement&quot; shall mean disclosure (i)&nbsp;in a press release reported by the Dow Jones News Service, Associated Press,
Business Wire, PR Newswire or other widely circulated news or wire service or (ii)&nbsp;in a document publicly filed by the Fund
with the Securities and Exchange Commission pursuant to the Exchange Act or the Investment Company Act.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)&nbsp;Notwithstanding
the foregoing provisions of this Section&nbsp;2.9, a stockholder shall also comply with all applicable requirements of state law
and of the Exchange Act and the rules&nbsp;and regulations thereunder with respect to the matters set forth in this Section&nbsp;2.9.
Nothing in this Section&nbsp;2.9 shall be deemed to affect any right of a stockholder to request inclusion of a proposal in, nor
the right of the Fund to omit a proposal from, the Fund&rsquo;s proxy statement pursuant to Rule&nbsp;14a-8 (or any successor
provision) under the Exchange Act. Nothing in this Section&nbsp;2.9 shall require disclosure of revocable proxies received by
the stockholder or Stockholder Associated Person pursuant to a solicitation of proxies after the filing of an effective Schedule
14A by the stockholder or Stockholder Associated Person under Section&nbsp;14(a)&nbsp;of the Exchange Act.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;THREE</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DIRECTORS</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1.
<I>Number; Term of Office; Qualifications; Vacancies.</I> The business and affairs of the Fund shall be managed under the direction
of its Board of Directors, each of whom shall be at least twenty-one years of age. At any regular meeting or at any special meeting
called for that purpose, a majority of the entire Board of Directors may establish, increase or decrease the number of directors,
and further provided that the tenure of office of a director shall not be affected by any decrease in the number of directors.
Directors shall be elected at each annual meeting of stockholders to hold office until the next annual meeting of stockholders.
Subject to Section&nbsp;3.2, each director shall hold office until the expiration of the term for which he is elected and until
his successor has been elected and qualifies. If for any reason any or all the directors cease to be directors, such event shall
not terminate the Fund or affect these Bylaws or the powers of the remaining directors hereunder, if any. Pursuant to the Fund's
election in Article&nbsp;IV of the charter, except as may be provided by the Board of Directors in setting the terms of any class
or series of preferred stock, (a)&nbsp;any vacancy on the Board of Directors may be filled only by a majority of the remaining
directors, even if the remaining directors do not constitute a quorum, and (b)&nbsp;any director elected to fill a vacancy shall
serve for the remainder of the full term of the class in which the vacancy occurred and until a successor is elected and qualifies.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.2.
<I>Resignation</I>. Any director of the Fund may resign at any time by delivering his or her resignation to the Board of Directors,
the Non-Executive Chairman of the Board or the Secretary of the Fund. Any resignation shall take effect immediately upon its receipt
or at such later time specified in the resignation. The acceptance of a resignation shall not be necessary to make it effective
unless otherwise stated in the resignation.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.3.
<I>Retirement. </I>Upon attaining the age of 75, any director who was first elected to serve on the Fund&rsquo;s Board of Directors
after July&nbsp;9, 1998, shall be required to retire at the expiration of the term then being served and will not be permitted
to stand for re-election at the next annual meeting of stockholders.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.4.
<I>Annual and Regular Meetings; Notice.</I> An annual meeting of the Board of Directors shall be held immediately after and at
the same place as the annual meeting of stockholders, no notice other than this Bylaw being necessary. In the event such meeting
is not so held, the meeting may be held at such time and place as shall be specified in a notice given as hereinafter provided
for special meetings of the Board of Directors. Regular meetings of the Board of Directors shall be held at such time and at such
place (within or without the State of Maryland) as the Board of Directors may from time to time prescribe. Notice of any regular
meeting shall be given as set forth in Section&nbsp;3.5 herein, except that such notice need not state the purpose of the meeting.
The Board of Directors may provide, by resolution, the time and place for the holding of regular meetings of the Board of Directors
without other notice than such resolution.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.5.
<I>Special Meetings; Notice. </I>A special meeting of the Board of Directors may be called at any time by the Board of Directors
or its Non-Executive Chairman. The person or persons authorized to call special meetings of the Board of Directors may fix any
place as the place for holding any special meeting of the Board of Directors called by them. The Board of Directors may provide,
by resolution, the time and place for the holding of special meetings of the Board of Directors without other notice than such
resolution. Notice of any special meeting of the Board of Directors shall be delivered personally or by telephone, electronic
mail, facsimile transmission, United States mail or courier to each director at his or her business or residence address. Notice
by personal delivery, telephone, electronic mail or facsimile transmission shall be given at least 24 hours prior to the meeting.
Notice by United States mail shall be given at least three days prior to the meeting. Notice by courier shall be given at least
two days prior to the meeting. Telephone notice shall be deemed to be given when the director or his or her agent is personally
given such notice in a telephone call to which the director or his or her agent is a party. Electronic mail notice shall be deemed
to be given upon transmission of the message to the electronic mail address given to the Fund by the director. Facsimile transmission
notice shall be deemed to be given upon completion of the transmission of the message to the number given to the Fund by the director
and receipt of a completed answer-back indicating receipt. Notice by United States mail shall be deemed to be given when deposited
in the United States mail properly addressed, with postage thereon prepaid. Notice by courier shall be deemed to be given when
deposited with or delivered to a courier properly addressed. Neither the business to be transacted at, nor the purpose of, any
annual, regular or special meeting of the Board of Directors need be stated in the notice, unless specifically required by statute
or these Bylaws.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.6.
<I>Presiding Officer and Secretary at Meetings. </I>There shall preside at each meeting of the Board of Directors, the Non-Executive
Chairman of the Board of Directors or, in his absence, such member of the Board of Directors as shall be chosen by the meeting.
The Secretary, or in his absence a Secretary chosen by the meeting, shall act as secretary of the meeting.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.7.
<I>Quorum; Voting. </I>A majority of the entire Board of Directors shall be necessary and sufficient to constitute a quorum for
the transaction of business at any meeting. A majority of the directors present, whether or not a quorum is present, may adjourn
the meeting to another time and place, without notice other than announcement at the meeting. In the absence of any such announcement,
notice of any such adjournment shall be given in accordance with the provisions of Section&nbsp;3.5. The action of the majority
of the directors present at a meeting at which a quorum is present shall be the action of the Board of Directors, unless the concurrence
of a greater proportion is required for such action by applicable law, the charter or these Bylaws. If enough directors have withdrawn
from a meeting to leave less than a quorum but the meeting is not adjourned, the action of the majority of that number of directors
necessary to constitute a quorum at such meeting shall be the action of the Board of Directors, unless the concurrence of a greater
proportion is required for such action by applicable law, the charter or these Bylaws.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.8.
<I>Executive and Other Committees.</I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;The
Board of Directors, by resolution adopted by a majority of the entire Board of Directors, may designate from among its members
an executive committee and other committees, each consisting of one or more directors and each of which, to the extent provided
in the resolution, shall have all the authority of the Board of Directors, to the extent permitted by the MGCL, in the intervals
between meetings of the Board of Directors.</FONT></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; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;The
Board of Directors may designate one or more directors as alternate members of any such committee, who may replace any absent
member or members at any meeting of such committee.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;
Subject to the provisions hereof, the Board of Directors shall have the power at any time to change the membership of any committee,
to fill all vacancies, to designate alternate members to replace any absent or disqualified member or to dissolve any such committee.
Subject to the power of the Board of Directors, the members of the committee shall have the power to fill any vacancies on the
committee.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;3.9.
<I>Compensation</I>. Each director for his or her services as a director or as a member of a committee may receive compensation
therefor at a fixed annual rate or in the form of fees for attendance at meetings, plus reimbursement for expenses in attending
such meetings, or a combination thereof, in each case as may from time to time be fixed by the Board of Directors. Any director
who serves the Fund in any capacity other than as a member of the Board of Directors or a committee may also receive compensation
therefor.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;3.10.
<I>Telephone Meetings</I>. Directors may participate in a meeting by means of a conference telephone or other communications equipment
if all persons participating in the meeting can hear each other at the same time. Participation in a meeting by these means shall
constitute presence in person at the meeting.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;3.11.
<I>Written Consent by Directors</I>. Any action required or permitted to be taken at any meeting of the Board of Directors may
be taken without a meeting, if a consent to such action is given in writing or by electronic transmission by each director and
is filed with the minutes of proceedings of the Board of Directors.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;3.12.
<I>Reliance</I>. Each director and officer of the Fund shall, in the performance of his or her duties with respect to the Fund,
be entitled to rely on any information, opinion, report or statement, including any financial statement or other financial data,
prepared or presented by an officer or employee of the Fund whom the director or officer reasonably believes to be reliable and
competent in the matters presented, by a lawyer, certified public accountant or other person, as to a matter which the director
or officer reasonably believes to be within the person&rsquo;s professional or expert competence, or, with respect to a director,
by a committee of the Board of Directors on which the director does not serve, as to a matter within its designated authority,
if the director reasonably believes the committee to merit confidence.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;3.13.
<I>Ratification</I>. The Board of Directors or the stockholders may ratify and make binding on the Fund any action or inaction
by the Fund or its officers to the extent that the Board of Directors or the stockholders could have originally authorized the
matter. Moreover, any action or inaction questioned in any stockholders&rsquo; derivative proceeding or any other proceeding on
the ground of lack of authority, defective or irregular execution, adverse interest of a director, officer or stockholder, non-disclosure,
miscomputation, the application of improper principles or practices of accounting, or otherwise, may be ratified, before or after
judgment, by the Board of Directors or by the stockholders, and if so ratified, shall have the same force and effect as if the
questioned action or inaction had been originally duly authorized, and such ratification shall be binding upon the Fund and its
stockholders and shall constitute a bar to any claim or execution of any judgment in respect of such questioned action or inaction.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;3.14.
<I>Emergency Provisions</I>. <B>&nbsp;</B>Notwithstanding any other provision in the charter or these Bylaws, this Section&nbsp;3.14
shall apply during the existence of any catastrophe, or other similar emergency condition, as a result of which a quorum of the
Board of Directors under Article&nbsp;Three of these Bylaws cannot readily be obtained (an &quot;Emergency&quot;).&nbsp;&nbsp;During
any Emergency, unless otherwise provided by the Board&nbsp;of Directors, (i)&nbsp;a meeting of the Board of Directors or a committee
thereof may be called by any director or officer by any means feasible under the circumstances; (ii)&nbsp;notice of any meeting
of the Board of Directors during such an Emergency may be given less than 24 hours prior to the meeting to as many directors and
by such means as may be feasible at the time, including publication, television or radio, and (iii)&nbsp;the number of directors
necessary to constitute a quorum shall be one-third of the entire Board of Directors.</FONT></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1.
<I>Election; Qualification. </I>The officers of the Fund shall be a Chief Executive Officer, a President, one or more Vice Presidents,
a Treasurer, and a Secretary, each of whom shall be elected by the Board of Directors. The Board of Directors may elect such other
officers as it may from time to time determine. Two or more offices of President and Vice President may not be held by the same
person.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2.
<I>Term of Office. </I>Each officer shall serve from the time of his election and qualification to the time at which his successor
is elected and qualified, unless sooner he shall die or resign or shall be removed pursuant to Section&nbsp;4.4.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3.
<I>Resignation. </I>Any officer of the Fund may resign at any time by delivering his or her resignation to the Board of Directors,
the Non-Executive Chairman of the Board, the Chief Executive Officer, the President, or the Secretary. Any resignation shall take
effect immediately upon its receipt or at such later time specified in the resignation. The acceptance of a resignation shall
not be necessary to make it effective unless otherwise stated in the resignation. Such resignation shall be without prejudice
to the contract rights, if any, of the Fund.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.4.
<I>Removal. </I>Any officer of the Fund may be removed at any time, with or without cause, by the Board of Directors if the Board
of Directors in its judgment finds that the best interest of the Fund will be served by such removal, but such removal shall be
without prejudice to the contract rights, if any, of the person so removed.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.5.
<I>Compensation. </I>The compensation of each officer shall be such as the Board of Directors may from time to time determine.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.6.
<I>Non-Executive Chairman of the Board.</I> The Non-Executive Chairman of the Board shall not be an officer of the Fund and shall
preside at all meetings of stockholders and of the Board of Directors. The Non-Executive Chairman of the Board of Director shall
also exercise the powers and perform the duties as the Board of Directors may from time to time prescribe, subject to the direction
of the Board of Directors.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.7.
<I>Chief Executive Officer.</I> The Chief Executive Officer shall have general charge of the business affairs of the Fund, subject,
however, to the right of the Board of Directors to confer specified powers on officers and subject generally to the direction
of the Board of Directors.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.8.
<I>President. </I>The President shall assist the Non-Executive Chairman and the Chief Executive Officer in the performance of
their responsibilities and shall exercise such powers and perform such duties as the Board of Directors, the Non-Executive Chairman,
or the Chief Executive Officer may from time to time prescribe.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.9.
<I>Vice President. </I>Each Vice President shall exercise such powers and perform such duties as generally pertain to the office
of Vice President and as the Board of Directors or the Non-Executive Chairman of the Board or the Chief Executive Officer may
from time to time prescribe. During the absence of each of the Non-Executive Chairman, the Chief Executive Officer, and the President,
or during their inability to act, the Vice President, or if there shall be more than one Vice President, then that one designated
by the Board of Directors, shall, subject to the direction of the Board of Directors, exercise the powers and perform the duties
of such offices.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;4.10.
<I>Treasurer. </I> The Treasurer shall have care of all funds and securities of the Fund, shall have supervision over the books
of account of the Fund and shall, subject to the direction of the Board of Directors, exercise the powers and perform the duties
incident to the office of Treasurer.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;4.11.
<I>Secretary. </I>The Secretary shall keep the minutes of all meetings of stockholders and of the Board of Directors. He shall
be custodian of the corporate seal and shall affix it or cause it to be affixed to such instruments as require such seal and attest
the same and shall, subject to the direction of the Board of Directors, exercise the powers and perform the duties incident to
the office of Secretary.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;4.12.
<I>Other Officers</I>. Each other officer of the Fund shall, subject to the direction of the Board of Directors, exercise the
powers and perform the duties incident to his office.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;FIVE</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">INDEMNIFICATION</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1.
<I>Right to Indemnification. </I>To the fullest extent permitted by applicable law as then in effect, including the Maryland General
Corporation Law (the &quot;MGCL&quot;) and the Investment Company Act of 1940 (the &quot;Act&quot;), the Fund shall indemnify
any person (the &quot;Indemnitee&quot;) who was or is involved in any manner (including, without limitation, as a party or a witness)
or is threatened to be made so involved in any threatened, pending or completed investigation, claim, action, suit or proceeding,
whether civil, criminal, administrative or investigative (including, without limitation, any action, suit or proceeding by or
in the right of the Fund to procure a judgment in its favor) (a &quot;Proceeding&quot;) by reason of the fact that he is or was,
or his testator or intestate is or was, a director or officer, or, at the option of the Board of Directors in any particular case,
an employee or agent of the Fund, or is or was serving at the request of the Fund as a director, officer, partner or trustee or,
at the option of the Board of Directors in any particular case, an employee or agent of another Fund, partnership, joint venture,
trust or other enterprise (including, without limitation, any employee benefit plan) against all liabilities, expenses (including
attorneys&rsquo; fees), judgments, penalties, fines and amounts paid in settlement actually and reasonably incurred by him in
connection with such Proceeding. Such indemnification shall be a contract right and shall include the right to receive payment
in advance of any expenses incurred by the Indemnitee in connection with such Proceeding, consistent with the provisions of applicable
law as then in effect.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.2.
<I>Insurance, Contracts and Funding. </I>The Fund may purchase and maintain insurance to protect itself and any Indemnitee against
any expenses, judgments, penalties, fines and amounts paid in settlement as specified in Section&nbsp;5.1 of this Article&nbsp;or
incurred by an Indemnitee in connection with any Proceeding referred to in Section&nbsp;5.1 of this Article, to the fullest extent
permitted by applicable law as then in effect (including the MGCL and the Act). The Fund may enter into contracts with any director,
officer, employee or agent of the Fund in furtherance of the provisions of this Article&nbsp;and may create a trust fund, grant
a security interest or use other means (including, without limitation, a letter of credit) to ensure the payment of such amounts
as may be necessary to effect indemnification as provided in this Article.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.3.
<I>Indemnification; Not Exclusive Right. </I>The right of indemnification provided in this Article&nbsp;shall not be exclusive
of any other rights to which those seeking indemnification may otherwise be entitled, and the provisions of this Article&nbsp;shall
inure to the benefit of the heirs and legal representatives of any person entitled to indemnity under this Article&nbsp;and shall
be applicable to Proceedings commended or continuing after the adoption of this Article, whether arising from acts or omissions
occurring before or after such adoption.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.4.
<I>Advancement of Expenses; Procedures; Presumptions and Effect of Certain Proceedings; Remedies. </I>In furtherance, but not
in limitation of the foregoing provisions, the following procedures, presumptions and remedies shall apply with respect to advancement
of expenses and the right to indemnification under this Article:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;<U>Advancement
of Expenses</U>. All reasonable expenses incurred by or on behalf of the Indemnitee in connection with any Proceeding shall be
advanced to the Indemnitee by the Fund within 20 days after the receipt by the Fund of a statement or statements from the Indemnitee
requesting such advance or advances from time to time, whether prior to or after final disposition of such Proceedings. Such statement
or statements shall set forth a written affirmation of the Indemnitee&rsquo;s good faith belief that he is entitled to indemnification
pursuant to this Article, shall reasonably evidence the expenses incurred by the Indemnitee and, if required by law at the time
of such advance, shall include or be accompanied by an undertaking by or on behalf of the Indemnitee to repay the amounts advanced
if it should ultimately be determined that the Indemnitee is not entitled to be indemnified against such expenses pursuant to
this Article.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;<U>Procedure
for Determination of Entitlement to Indemnification</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;To
obtain indemnification under this Article, an Indemnitee shall submit to the Secretary of the Fund a written request, including
such documentation and information as is reasonably available to the Indemnitee and reasonably necessary to determine whether
and to what extent the Indenmitee is entitled to indemnification (the &quot;Supporting Documentation&quot;). The determination
of the Indemnitee&rsquo;s entitlement to indemnification shall be made not later than 60 days after receipt by the Fund of the
written request for indemnification together with the Supporting Documentation. The Secretary of the Fund shall, promptly upon
receipt of such a request for indemnification, advise the Board of Directors in writing that the Indemnitee has requested indemnification.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;The
Indemnitee&rsquo;s entitlement to indemnification under this Article&nbsp;shall be determined in one of the following ways: (A)&nbsp;by
a majority vote of the Disinterested Directors (as hereinafter defined), if they constitute a quorum of the Board of Directors;
(B)&nbsp;by a written opinion of Independent Counsel (as hereinafter defined) if a quorum of the Board of Directors consisting
of Disinterested Directors is not obtainable or, even if obtainable, a majority of such Disinterested Directors so directs; (C)&nbsp;by
the stockholders of the Fund (but only if a majority of the Disinterested Directors, if they constitute a quorum of the Board
of Directors, presents the issue of entitlement to indemnification to the stockholders for their determination); or (D)&nbsp;as
provided in Section&nbsp;5.4(c).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&nbsp;In
the event the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section&nbsp;5.4(b)(ii),
a majority of the Disinterested Directors shall select Independent Counsel, but only an Independent Counsel to which the Indemnitee
does not reasonably object. If there are less than two Disinterested Directors, the Independent Counsel shall be selected by a
majority vote of the full Board, but shall be an Independent Counsel to which the Indemnitee does not reasonably object.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;<U>Presumptions
and Effect of Certain Proceedings</U>. Except as otherwise expressly provided in this Article, the Indemnitee shall be presumed
to be entitled to indemnification under this Article&nbsp;upon submission of a request for indemnification together with the Supporting
Documentation in accordance with Section&nbsp;5.4(b)(i), and thereafter the Fund shall have the burden of proof to overcome that
presumption in reaching a contrary determination. In any event, if the person or persons empowered under Section&nbsp;5.4(b)&nbsp;to
determine entitlement to indemnification shall not have been appointed or shall not have made a determination within 60 days after
receipt by the Fund of the request therefor together with the Supporting Documentation, the Indemnitee shall be deemed to be entitled
to indemnification and the Indemnitee shall be entitled to such indemnification unless (A)&nbsp;the Indemnitee misrepresented
or failed to disclose a material fact in making the request for indemnification or in the Supporting Documentation or (B)&nbsp;such
indemnification is prohibited by law (including the MGCL and the Act). Subject to applicable law (including the MGCL and the Act),
the termination of any Proceeding described in Section&nbsp;5.1, or of any claim, issue or matter therein, by judgment, order,
settlement or conviction, or upon a plea of <I>nolo contendere </I>or its equivalent, shall not, of itself adversely affect the
right of the Indemnitee to indemnification or create a presumption that the Indemnitee is not entitled to indemnification under
this Article.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;<U>Remedies
of Indemnitee</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;In
the event that a determination is made pursuant to Section&nbsp;5.4(b)&nbsp;that the Indemnitee is not entitled to indemnification
under this Article, (A)&nbsp;the Indemnitee shall be entitled to seek an adjudication of his entitlement to such indemnification
either, at the Indemnitee&rsquo;s sole option, in (x)&nbsp;an appropriate court of the State of Maryland or any other court of
competent jurisdiction or (y)&nbsp;an arbitration to be conducted by a single arbitrator pursuant to the rules&nbsp;of the American
Arbitration Association; (B)&nbsp;any such judicial proceeding or arbitration shall be <I>de novo</I> and the Indemnitee shall
not be prejudiced by reason of such adverse determination; and (C)&nbsp;in any such judicial proceeding or arbitration the Fund
shall have the burden of proving that the Indemnitee is not entitled to indemnification under this Article.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;If
a determination shall have been made or deemed to have been made, pursuant to Section&nbsp;5.4(b)&nbsp;or (c), that the Indemnitee
is entitled to indemnification, the Fund shall be obligated to pay the amounts constituting such indemnification within five days
after such determination has been made or deemed to have been made and shall be conclusively bound by such determination unless
(A)&nbsp;the Indemnitee misrepresented or failed to disclose a material fact in making the request for indemnification or in the
Supporting Documentation or (B)&nbsp;such Indemnification is prohibited by law (including the MGCL and the Act). In the event
that (C)&nbsp;advancement of expenses is not timely made pursuant to Section&nbsp;5.4(a)&nbsp;or (D)&nbsp;payment to indemnification
is not made within five days after a determination of entitlement to indemnification has been made or deemed to have been made
pursuant to Section&nbsp;5.4(b)&nbsp;or (c), the Indemnitee shall be entitled to seek judicial enforcement of the Fund&rsquo;s
obligation to pay to the Indemnitee such advancement of expenses or indemnification. Notwithstanding the foregoing, the Fund may
bring an action, in an appropriate court in the State of Maryland or any other court of competent jurisdiction, contesting the
right of the Indemnitee to receive indemnification hereunder due to the occurrence of an event described in subclause (A)&nbsp;or
(B)&nbsp;of this clause (ii)&nbsp;(a &quot;Disqualifying Event&quot;); provided, however, that in any such action the Fund shall
have the burden of proving the occurrence of such Disqualifying Event.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&nbsp;Except
as required by the MGCL and the Act, the Fund shall be precluded from asserting in any judicial proceeding or arbitration commenced
pursuant to this section 5.4(d)&nbsp;that the procedures and presumptions of this Article&nbsp;are not valid, binding and enforceable
and shall stipulate in any such court or before any such arbitrator that the Fund is bound by all the provisions of this Article.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)&nbsp;In
the event that the Indemnitee, pursuant to this Section&nbsp;5.4(d), seeks a judicial adjudication of or an award in arbitration
to enforce his rights under, or to recover damages for breach of, this Article, the Indemnitee shall be entitled to recover from
the Fund, and shall be indemnified by the Fund against, any expenses actually and reasonably incurred by him if the Indemnitee
prevails in such judicial adjudication or arbitration. If it shall be determined in such judicial adjudication or arbitration
that the Indemnitee is entitled to receive part but not all of the indemnification or advancement of expenses sought, the expenses
incurred by the Indemnitee in connection with such judicial adjudication or arbitration shall be prorated accordingly.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)&nbsp;<U>Definitions</U>.
For purposes of this Section&nbsp;5.4:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;&quot;Disinterested
Director&quot; means a director of the Fund who is not or was not a party to the Proceeding in respect of which Indemnification
is sought by the Indemnitee.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&quot;Independent
Counsel&quot; means a law firm or a member of a law firm that neither presently is, nor in the past five years has been, retained
to represent: (i)&nbsp;the Fund or the Indemnitee in any matter material to either such party or (ii)&nbsp;any other party to
the Proceeding giving rise to a claim for indemnification under this Article. Notwithstanding the foregoing, the Term &quot;Independent
Counsel&quot; shall not include any person who, under the applicable standards of professional conduct then prevailing under the
law of the State of Maryland, would have a conflict of interest in representing either the Fund or the Indemnitee in an action
to determine the Indemnitee&rsquo;s rights under this Article.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.5.
<I>Severability. </I>If any provisions or provisions of this Article&nbsp;shall be held to be invalid, illegal or unenforceable
for any reason whatsoever: (a)&nbsp;the validity, legality and enforceability of the remaining provisions of this Article&nbsp;(including,
without limitation, all portions of any paragraph of this Article&nbsp;containing any such provision held to be invalid, illegal
or unenforceable, that are not themselves invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby;
and (b)&nbsp;to the fullest extent possible, the provisions of this Article&nbsp;(including, without limitation, all portions
of any paragraph of this Article&nbsp;containing any such provision held to be invalid, illegal or unenforceable, that are not
themselves invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested by the provision
held invalid, illegal or unenforceable.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;SIX</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">STOCK</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.1.
<I>Certificates; Required Information</I>. Except as may be otherwise provided by the Board of Directors, stockholders of the
Fund are not entitled to certificates representing the shares of stock held by them. In the event that the Fund issues shares
of stock represented by certificates, such certificates shall be signed by the officers of the Fund in the manner permitted by
the MGCL and contain the statements and information required by the MGCL. In the event that the Fund issues shares of stock without
certificates, the Fund shall (to the extent then required by the MGCL) provide to record holders of such shares a written statement
of the information required by the MGCL to be included on stock certificates.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.2.
<I>Transfers When Certificates Issued</I>. Subject to Section&nbsp;6.1, upon surrender to the Fund or the transfer agent of the
Fund of a stock certificate duly endorsed or accompanied by proper evidence of succession, assignment or authority to transfer,
the Fund shall issue a new certificate to the person entitled thereto, cancel the old certificate and record the transaction upon
its books. The Fund shall be entitled to treat the holder of record of any share of stock as the holder in fact thereof and, accordingly,
shall not be bound to recognize any equitable or other claim to or interest in such share or on the part of any other person,
whether or not it shall have express or other notice thereof, except as otherwise provided by the laws of the State of Maryland.
Notwithstanding the foregoing, transfers of shares of any class of stock will be subject in all respects to the charter of the
Fund and all of the terms and conditions contained therein.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.3.
<I>Replacement Certificate</I>. Subject to Section&nbsp;6.1, the Chief Executive Officer, the President, the Secretary, the Treasurer
or any officer designated by the Board of Directors may direct a new certificate to be issued in place of any certificate previously
issued by the Fund alleged to have been lost, stolen or destroyed upon the making of an affidavit of that fact by the person claiming
the certificate to be lost, stolen or destroyed. When authorizing the issuance of a new certificate, an officer designated by
the Board of Directors may, in his or her discretion and as a condition precedent to the issuance thereof, require the owner of
such lost, stolen or destroyed certificate or the owner's legal representative to advertise the same in such manner as he or she
shall require and/or to give bond, with sufficient surety, to the Fund to indemnify it against any loss or claim which may arise
as a result of the issuance of a new certificate.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.4.
<I>Fixing of Record Date</I>. The Board of Directors may set, in advance, a record date for the purpose of determining stockholders
entitled to notice of or to vote at any meeting of stockholders or determining stockholders entitled to receive payment of any
dividend or the allotment of any other rights, or in order to make a determination of stockholders for any other proper purpose.
Such date, in any case, shall not be prior to the close of business on the day the record date is fixed and shall be not more
than 90 days and, in the case of a meeting of stockholders, not less than ten days, before the date on which the meeting or particular
action requiring such determination of stockholders of record is to be held or taken. When a record date for the determination
of stockholders entitled to notice of and to vote at any meeting of stockholders has been set as provided in this section, such
record date shall continue to apply to the meeting if adjourned, except if the meeting is adjourned to a date more than 120 days
or postponed to a date more than 90 days after the original record date fixed for the meeting, in which case a new record date
for such meeting may be determined as set forth herein.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.5.
<I>Stock Ledger</I>. The Fund shall maintain at its principal office or at the office of its counsel, accountants or transfer
agent, an original or duplicate stock ledger containing the name and address of each stockholder and the number of shares of each
class held by such stockholder.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.6.
<I>Fractional Stock; Issuance of Units</I>. The Board of Directors may issue fractional stock or provide for the issuance of scrip,
all on such terms and under such conditions as they may determine. Notwithstanding any other provision of the charter or these
Bylaws, the Board of Directors may issue units consisting of different securities of the Fund. Any security issued in a unit shall
have the same characteristics as any identical securities issued by the Fund, except that the Board of Directors may provide that
for a specified period securities of the Fund issued in such unit may be transferred on the books of the Fund only in such unit.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;SEVEN</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MISCELLANEOUS</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.1.
<I>Inspection of Records. </I>The Board of Directors shall have power, except as otherwise provided by law, to determine the extent
to which the books and records of account of the Fund shall be open to inspection by a stockholder.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.2.
<I>Waiver of Notice and Lapse of Time.</I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;Any
action that is authorized to be taken after notice or after the lapse of a prescribed period of time may be taken without notice
and without the lapse of such period of time, if at any time before or after such action is completed the person entitled to such
notice or entitled to participate in the action to be taken, or, in the case of a stockholder, his attorney-in-fact, submits a
signed waiver of notice or of such time requirement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;Notice
of any stockholder&rsquo;s meeting need not be given to any stockholder who submits a signed waiver of notice, in person or by
proxy, whether before or after the meeting. The attendance of any stockholder at a meeting, in person or by proxy, without protesting
prior to the conclusion of the meeting the lack of notice of such meeting, shall constitute a waiver of notice of meeting by such
stockholder.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;Notice
of any directors&rsquo; meeting need not be given to any director who submits a signed waiver of notice before or after the meeting,
or who attends the meeting without protesting, prior thereto or at its commencement, the lack of notice to such director.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.3.
<I>Fiscal Year. </I>The fiscal year of the Fund shall start on such date as the Board of Directors shall from time to time prescribe
by duly adopted resolution.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.4.
<I>Corporate Seal. </I>The corporate seal shall be in such form as the Board of Directors may from time to time prescribe.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;7.5.
<I>Exclusive Forum For Certain Litigation. </I>Unless the Fund consents in writing to the selection of an alternative forum, the
Circuit Court for Baltimore City, Maryland, or, if that Court does not have jurisdiction, the United States District Court for
the District of Maryland, Baltimore Division, shall be the sole and exclusive forum for (a)&nbsp;any derivative action or proceeding
brought on behalf of the Fund, (b)&nbsp;any action asserting a claim of breach of any duty owed by any director or officer or
other employee of the Fund to the Fund or to the stockholders of the Fund, (c)&nbsp;any action asserting a claim against the Fund
or any director or officer or other employee of the Fund arising pursuant to any provision of the MGCL or the charter of the Fund
or these Bylaws, or (d)&nbsp;any action asserting a claim against the Fund or any director or officer or other employee of the
Fund that is governed by the internal affairs doctrine.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;7.6.
<I>Maryland Control Share Acquisition Act. </I>Pursuant to a resolution adopted by the Board of Directors in accordance with Section&nbsp;3-702(c)(4)&nbsp;of
the MGCL, the Corporation is subject to Title 3, Subtitle 7 of the MGCL, which shall apply to any acquisition or proposed acquisition
of shares of stock of the Corporation to the extent provided in such Subtitle, subject to any limitations under the Act.</FONT></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.1.
<I>Authorization.</I> Dividends and other distributions upon the stock of the Fund may be authorized
by the Board of Directors, subject to the provisions of law and the charter of the Fund. Dividends and other distributions may
be paid in cash, property or stock of the Fund, subject to the provisions of law and the charter.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.2.
<I>Contingencies.</I> Before payment of any dividends or other distributions, there may be set aside out of any assets of the
Fund available for dividends or other distributions such sum or sums as the Board of Directors may from time to time, in its absolute
discretion, think proper as a reserve fund for contingencies, for equalizing dividends, for repairing or maintaining any property
of the Fund or for such other purpose as the Board of Directors shall determine, and the Board of Directors may modify or abolish
any such reserve.</FONT></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AMENDMENT
OF BYLAWS</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section&nbsp;9</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.1.
<I>Amendment. </I>The Board of Directors shall have the exclusive power, at any time, to adopt, alter or repeal any provision
of these Bylaws and to make new Bylaws.</FONT></P>

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