<SEC-DOCUMENT>0001398344-16-010208.txt : 20160224
<SEC-HEADER>0001398344-16-010208.hdr.sgml : 20160224
<ACCEPTANCE-DATETIME>20160224160210
ACCESSION NUMBER:		0001398344-16-010208
CONFORMED SUBMISSION TYPE:	NSAR-B
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20151231
FILED AS OF DATE:		20160224
DATE AS OF CHANGE:		20160224
EFFECTIVENESS DATE:		20160224

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CORNERSTONE STRATEGIC VALUE FUND INC
		CENTRAL INDEX KEY:			0000814083
		IRS NUMBER:				133407699
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		NSAR-B
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05150
		FILM NUMBER:		161451924

	BUSINESS ADDRESS:	
		STREET 1:		C/O AST FUND SOLUTIONS
		STREET 2:		48 WALL STREET
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10005
		BUSINESS PHONE:		866-668-6558

	MAIL ADDRESS:	
		STREET 1:		C/O AST FUND SOLUTIONS
		STREET 2:		48 WALL STREET
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10005

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CORNERSTONE STRATEGIC VALUE FUND INC/ NEW
		DATE OF NAME CHANGE:	20010503

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CLEMENTE STRATEGIC VALUE FUND INC
		DATE OF NAME CHANGE:	19990622

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CLEMENTE GLOBAL GROWTH FUND INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
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087 A020000 21924B302
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SIGNATURE   FRANK J. MARESCA
TITLE       TREASURER

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77B ACCT LTTR
<SEQUENCE>2
<FILENAME>fp0018153_ex77b.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">REPORT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM</P>

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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Stockholders <FONT STYLE="font-size: 11pt">and
Board of Directors</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Cornerstone Strategic Value Fund, Inc.</B></P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In planning and performing our audit of
the financial statements of Cornerstone Strategic Value Fund, Inc., (the &quot;Fund&quot;), as of and for the year ended December
31, 2015, in accordance with the standards of the Public Company Accounting Oversight Board (United States), we considered its
internal control over financial reporting, including control activities for 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-SAR, but not for the purpose of expressing an opinion on the effectiveness of Fund&rsquo;s internal control over financial
reporting. Accordingly, we express no such opinion.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The management of the Fund is responsible
for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates
and<FONT STYLE="font-size: 14pt"> </FONT>judgments<FONT STYLE="font-size: 14pt"> </FONT>by<FONT STYLE="font-size: 14pt"> </FONT>management<FONT STYLE="font-size: 14pt">
</FONT>are required to assess the expected benefits and related costs of controls. A fund&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 fund&rsquo;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 fund; (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 fund are being made only in accordance with authorizations
of management and directors of the fund; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized
acquisition, use or disposition of a fund&rsquo;s assets that could have a material effect on the financial statements.</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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<FONT STYLE="font-size: 14pt">
</FONT>their<FONT STYLE="font-size: 14pt"> </FONT>assigned<FONT STYLE="font-size: 14pt"> </FONT>functions, to prevent or detect
misstatements on a timely basis. A material weakness is a deficiency, or combination of deficiencies, in internal control over
financial reporting, such that there is a reasonable possibility that a material misstatement of the fund&rsquo;s annual or interim
financial statements will not be prevented or detected on a timely basis.</P>

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

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

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

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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Shareholders and Board of Directors</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Cornerstone Strategic Value Fund, Inc.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Page Two</B></P>



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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our consideration of the Fund&rsquo;s internal
control over financial reporting was for the limited purpose described in<FONT STYLE="font-size: 14pt"> </FONT>the<FONT STYLE="font-size: 14pt">
</FONT>first<FONT STYLE="font-size: 14pt"> </FONT>paragraph<FONT STYLE="font-size: 14pt"> </FONT>and<FONT STYLE="font-size: 14pt">
</FONT>would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established
by the Public Company Accounting Oversight Board (United States). However, we noted no deficiencies in the Fund&rsquo;s internal
control over financial reporting and its operation, including controls for safeguarding securities, that we consider to be material
weaknesses, as defined above, as of December 31, 2015.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This report is intended solely for the
information and use of management, Shareholders and Board of Directors of Cornerstone Strategic Value 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>February 23, 2016</B></P>



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

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77C VOTES
<SEQUENCE>3
<FILENAME>fp0018153_ex77c.htm
<TEXT>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Results of Annual Meeting of Stockholders </B><FONT STYLE="font-size: 11pt">(<FONT STYLE="text-transform: uppercase">unaudited</FONT>)</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">On October 20, 2015, the Annual Meeting of Stockholders of the
Fund was held and the following matter were voted upon based on 21,109,119 shares of common stock outstanding on the record date
of August 24, 2015.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="width: 36px; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">To approve the election of two directors to hold office until the year 2018 Annual Meeting of Stockholders.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR>
    <TD STYLE="vertical-align: bottom; width: 35%; border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Name of Directors</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 29%; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>For</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 29%; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Withhold</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 3%; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">Robert E. Dean</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">16,649,403</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">879,138</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">Scott B. Rogers</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">16,671,681</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">856,860</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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



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

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77Q1 OTHR EXHB
<SEQUENCE>4
<FILENAME>fp0018153_ex77q1a.htm
<TEXT>
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<P STYLE="margin: 0"></P>

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CORNERSTONE STRATEGIC VALUE FUND, INC.</B></P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Amended and Restated as of November 13,
2015</B></P>

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

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

<!-- Field: Page; Sequence: 1 -->
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    <!-- Field: /Page -->

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>NAME OF CORPORATION, LOCATION OF OFFICES
AND SEAL</U></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 1.01&#9;<U>Name</U>.
The name of the Corporation (the &ldquo;Corporation&rdquo;) is</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CORNERSTONE STRATEGIC VALUE FUND, INC.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 1.02&#9;<U>Principal
Offices</U>. The principal office of the Corporation in the State of Maryland shall be located at such place as the Board of Directors
may designate. The Corporation may, in addition, establish and maintain such other offices and places of business as the Board
of Directors may, from time to time, determine.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 1.03&#9;<U>Seal</U>.
The corporate seal of the Corporation shall be circular in form and shall bear the name of the Corporation, the year of its incorporation,
and the word &ldquo;Maryland.&rdquo; The form of the seal shall be subject to alteration by the Board of Directors and the seal
may be used by causing it or a facsimile to be impressed or affixed or printed or otherwise reproduced. Any officer or director
of the Corporation shall have authority to affix the corporate seal of the Corporation to any document requiring the same.</P>

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 2.01&#9;<U>Annual
Meetings</U>. An annual meeting of stockholders for the election of directors and the transaction of any business within the powers
of the Corporation shall be held on the date and at the time and place set by the Board of Directors. Any business of the Corporation
may be transacted at an annual meeting without being specifically designated in the notice unless otherwise provided by statute,
the charter of the Corporation (the &ldquo;Charter&rdquo;) or these Bylaws.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 2.02&#9;<U>Special
Meetings</U>.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&#9;<U>General</U>.
Each of the chairman of the board, president, or any vice president, or a majority of the Board of Directors may call a special
meeting of stockholders. Except as provided in paragraph (4) of Section 2.02(b), a special meeting of stockholders shall be held
on the date and at the time and place set by the chairman of the board, president, or any vice president, or the Board of Directors,
whoever has called the meeting. Subject to Section 2.02, a special meeting of stockholders shall also be called by the secretary
of the Corporation to act on any matter that may properly be considered at a meeting of stockholders upon the written request of
stockholders entitled to cast not less than a majority of all the votes entitled to be cast on such matter at such meeting.</P>

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

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">(b)&#9;<U>Stockholder-Requested
Special Meetings</U>.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(1)&#9;Any stockholder
of record seeking to have stockholders request a special meeting shall, by sending written notice to the secretary (the &ldquo;Record
Date Request Notice&rdquo;) 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 &ldquo;Request Record Date&rdquo;). The Record Date Request
Notice shall set forth the purpose of the meeting and the matters proposed to be acted on at the meeting, 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 each matter proposed to be acted on at the meeting that would be required to be disclosed
in connection with the solicitation of proxies for the election of directors in an election contest (even if an election contest
is not 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, and the rules and regulations promulgated thereunder
(the &ldquo;Exchange Act&rdquo;). 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 5:00 p.m., Eastern Time, 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 a Record Date
Request Notice is received by the secretary.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(2)&#9;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 &ldquo;Special Meeting Request&rdquo;) 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 &ldquo;Special Meeting Percentage&rdquo;)
shall be delivered to the secretary. In addition, the Special Meeting Request shall (a) 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) bear the date of signature of each such stockholder (or such agent) signing the Special
Meeting Request, (c)&nbsp;set forth (i)&nbsp;the name and address, as they appear in the Corporation&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 Corporation which are owned (beneficially or of record) by each such stockholder and (iii)&nbsp;the nominee
holder for, and number of, shares of stock of the Corporation owned beneficially but not of record by such stockholder, (d)&nbsp;be
sent to the secretary by registered mail, return receipt requested, and (e)&nbsp;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 of 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.</P>

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

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;(3)&#9;The secretary
shall inform the requesting stockholders of the reasonably estimated cost of preparing and mailing or delivering the notice of
the meeting (including, without limitation, the Corporation&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) of this Section 2.02(b), the secretary receives payment of such reasonably estimated cost prior to the preparation
and mailing or delivery of such notice of the meeting.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(4)&#9;In the case of
any special meeting called by the secretary upon the request of stockholders (a &ldquo;Stockholder-Requested Meeting&rdquo;), such
meeting shall be held at such place, date and time as may be designated by the Board of Directors; <I>provided, however,</I> that
the date of any Stockholder-Requested Meeting shall be not more than 90 days after the record date for such meeting (the &ldquo;Meeting
Record Date&rdquo;); and <I>provided</I> 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 &ldquo;Delivery Date&rdquo;), a date and time for
a Stockholder-Requested Meeting, then such meeting shall be held at 2:00 p.m., local time, on the 90<SUP>th</SUP> day after the
Meeting Record Date or, if such 90<SUP>th</SUP> day is not a Business Day (as defined below), on the first preceding Business Day;
and <I>provided</I> 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 Corporation.
In fixing a date for a Stockholder-Requested 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 30<SUP>th</SUP> 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) of this Section 2.02(b).</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(5)&#9;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 on the matter to the secretary: (i) 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 that have
not revoked such requests written notice of any revocation of a request for a special meeting on the matter, or (ii)&nbsp;if the
notice of meeting has been delivered and if the secretary first sends to all requesting stockholders that have not revoked requests
for a special meeting on the matter written notice of any revocation of a request for the special meeting and written notice of
the Corporation&rsquo;s intention to revoke the notice of the meeting or for the chairman of the meeting to adjourn the meeting
without action on the matter, (A) the secretary may revoke the notice of the meeting at any time before ten days before the commencement
of the meeting or (B) the chairman of the meeting may call the meeting to order and adjourn the meeting <I>sine die</I> without
acting on the matter. 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.</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;(6)&#9;The chairman
of the board, president, or any vice president, or the Board of Directors may appoint a regionally or nationally recognized independent
inspector of elections to act as the agent of the Corporation 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 inspector to perform
such review, no such purported Special Meeting Request shall be deemed to have been delivered to the secretary until the earlier
of (i) five Business Days after receipt by the secretary of such purported request and (ii) such date as the independent inspector
certifies to the Corporation that the valid requests received by the secretary represent, as of the Request Record Date, stockholders
of record entitled to cast not less than the Special Meeting Percentage. Nothing contained in this paragraph (6) shall in any
way be construed to suggest or imply that the Corporation 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).</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(7)&#9;Notwithstanding
anything in these Bylaws to the contrary, except as otherwise determined by the chairman of the meeting, if none of the stockholders
signing the Special Meeting Request appears in person (or sends a representative who is qualified under Maryland law to act on
behalf of a signing stockholder) to present the election of each nominee for director or the proposal of business proposed, as
applicable, to be brought before the Stockholder-Requested Meeting, such proposed nominee or business shall not be considered at
the Stockholder-Requested Meeting, and any proxies in respect of such matter shall be disregarded.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(8)&#9;For purposes
of these Bylaws, &ldquo;Business Day&rdquo; shall mean any day other than a Saturday, a Sunday or a day on which banking institutions
in the State of New York are authorized or obligated by law or executive order to close.</P>

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

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 2.03&#9;<U>Notice
of Meetings</U>. 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 but that is entitled to notice of the
meeting notice in writing or by electronic transmission stating the time and place of the meeting and, in the case of a special
meeting or as otherwise may be required by any statute, the purpose for which the meeting is called, by mail, by presenting it
to such stockholder personally, by leaving it at the stockholder&rsquo;s residence or usual place of business, by electronic transmission
or by any other means permitted by Maryland law. If mailed, such notice shall be deemed to be given when deposited in the United
States mail addressed to the stockholder at the stockholder&rsquo;s address as it appears on the records of the Corporation, with
postage thereon prepaid. If transmitted electronically, such notice 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.
The Corporation may give a single notice to all stockholders that share an address, which single notice shall be effective as to
any stockholder at such address, unless a stockholder objects to receiving such single notice or revokes a prior consent to receiving
such single notice. Notice of adjournment of a stockholders&rsquo; meeting to another time (not more than 120 days after the original
record date) or place need not be given, if such time and place are announced at the meeting. Failure to give notice of any meeting
to one or more stockholders, or any irregularity in such notice, shall not affect the validity of any meeting fixed in accordance
with this Article II or the validity of any proceedings at any such meeting.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to Section
2.04(a), any business of the Corporation 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 Corporation may postpone or cancel a
meeting of stockholders by making a public announcement (as defined in Section 2.04(c)(3)) of such postponement or cancellation
prior to the meeting. Notice of the date, time and place 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.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 2.04&#9;<U>Nominations
and Proposals by Stockholders</U></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&#9;<U>Annual Meetings
of Stockholders</U>.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(1)&#9;Nomination of
persons for election to the Board of Directors and the proposal of business to be considered by the stockholders may be made at
an annual meeting of stockholders (i) pursuant to the Corporation&rsquo;s notice of meeting, (ii) by or at the direction of the
Board of Directors or (iii) by any stockholder of the Corporation (A) that is a stockholder of record at the record date set by
the Board of Directors for the purpose of determining stockholders entitled to vote at the annual meeting, at the time of giving
of notice by the stockholder as provided for in this Section 2.04 of the individual so nominated or of any such other business
and at the time of the annual meeting, including any postponement or adjournment, (B) that is entitled to vote at the meeting in
the election of each person so nominated or on any such other business and (C) that has complied with this Section 2.04.</P>

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

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(2)&#9;For nominations
to the Board of Directors or other business to be properly brought before an annual meeting by a stockholder pursuant to clause
(iii) of paragraph (a)(1) of this Section 2.04, the stockholder must have given timely notice thereof in writing to the secretary
of the Corporation and such other business must otherwise be a proper matter for action by stockholders. To be timely, a stockholder&rsquo;s
notice must set forth all information required under this Section 2.04 and must be delivered to the secretary at the principal
executive office of the Corporation by not earlier than the 150<SUP>th</SUP> day nor later than 5:00 p.m., Eastern Time, on the
120<SUP>th</SUP> day prior to the first anniversary of the date of the proxy statement (as defined in Section 2.04(c)(3)) for the
most recent annual meeting; <I>provided, however,</I> that in connection with the Corporation&rsquo;s first annual meeting or 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, in order for notice by the stockholder to be timely, such notice must be so delivered
not earlier than the 120<SUP>th</SUP> day prior to the date of such annual meeting and not later than 5:00 p.m., Eastern Time,
on the later of the 90<SUP>th</SUP> day prior to the date of such annual meeting, as originally convened, or the tenth day following
the day on which public announcement of the date of such meeting is first made by the Corporation. In no event shall the public
announcement of a postponement of such annual meeting or of an adjournment or postponement of an annual meeting to a later date
or time commence a new time period for the giving of a stockholder&rsquo;s notice described above.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in">(3)&#9;A stockholder&rsquo;s
notice to be proper must set forth</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1.5in">(i)&#9;as to each person
whom the stockholder proposes to nominate for election or reelection as a director (each, a &ldquo;Proposed Nominee&rdquo;),</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">(A)&#9;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</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">(B)&#9;whether such stockholder
believes that the Proposed Nominee is, or is not, an &ldquo;interested person&rdquo; of the Corporation, as defined in the Investment
Company Act of 1940, as amended (the &ldquo;Investment Company Act&rdquo;), and information regarding such Proposed Nominee that
is sufficient, in the discretion of the Board of Directors or any committee thereof or any authorized officer of the Corporation,
to make such determination;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(ii)&#9;as to any other
business that the stockholder proposes to bring before the meeting, a description of such business, the stockholder&rsquo;s reasons
for proposing such business at the meeting and any material interest in such business of such stockholder and of each beneficial
owner, if any, on whose behalf the proposal is made, and of any Stockholder Associated Person (as defined below), individually
or in the aggregate, including, without limitation, any anticipated benefit to the stockholder or the Stockholder Associated Person
and each beneficial owner, if any, therefrom;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(iii)&#9;as to the
stockholder giving the notice and each beneficial owner, if any, on whose behalf the nomination or proposal is made, and any Proposed
Nominee and any Stockholder Associated Person,</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">(A)&#9;the name and address
of such stockholder, as they appear on the Corporation&rsquo;s stock ledger, and current name and address, if different, of such
beneficial owner,</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">(B)&#9;the class, series
and number of shares of stock or other securities of the Corporation or any affiliate thereof (collectively, the &ldquo;Company
Securities&rdquo;), if any, which are owned beneficially or of record by such stockholder, beneficial owner, Proposed Nominee or
Stockholder Associated Person, the date on which each such Company Security was acquired and the investment intent of such acquisition,
and any short interest (including opportunity to profit or share in any benefit from any decrease in the price of such stock or
other security) in any Company Securities of any such person,</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">(C) &#9;the nominee holder
for, and number of, any Company Securities owned beneficially but not of record by such stockholder, Proposed Nominee or Stockholder
Associated Person,</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">(D)&#9;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 twelve 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) manage risk or benefit of changes
in the price of (x) Company Securities or (y) any security of any other closed-end investment company (a &ldquo;Peer Group Company&rdquo;)
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 Corporation or any affiliate
thereof (or, as applicable, in any Peer Group Company) disproportionately to such person&rsquo;s economic interest in the Company
Securities (or, as applicable, in any Peer Group Company), and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">(E)&#9;any substantial
interest, direct or indirect (including, without limitation, any existing or prospective commercial, business or contractual relationship
with the Corporation), by security holdings or otherwise, of such stockholder, Proposed Nominee or Stockholder Associated Person,
in the Corporation or any affiliate thereof, other than an interest arising from the ownership of Company 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,</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(iv)&#9;as to the stockholder
giving the notice, any Stockholder Associated Person with an interest or ownership referred to in clauses (ii) or (iii) of this
paragraph&nbsp;(a)(3) of this Section&nbsp;2.04 and any Proposed Nominee,</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">(A)&#9;the name and address
of such stockholder, as they appear on the Corporation&rsquo;s stock ledger, and the current name<B> </B>and business address,
if different, of each such Stockholder Associated Person and any Proposed Nominee and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">(B)&#9;the investment
strategy or objective, if any, of such stockholder and each such Stockholder Associated Person that 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</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(v)&#9;to the extent
known by the stockholder giving the notice, the name and address of any other stockholder supporting the nominee for election or
reelection as a director or the proposal of other business on the date of such stockholder&rsquo;s notice.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(4)&#9;Such stockholder&rsquo;s
notice shall, with respect to any Proposed Nominee, be accompanied by a certificate executed by the Proposed Nominee (A) certifying
that such Proposed Nominee (i) is not, and will not become a party to, any agreement, arrangement or understanding with any person
or entity other than the Corporation in connection with service or action as a director that has not been disclosed to the Corporation
and (ii) will serve as a director of the Corporation if elected; and (B) attaching a completed Proposed Nominee questionnaire (which
questionnaire shall be provided by the Corporation, upon request, by the stockholder providing the notice and shall include 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), would
otherwise be required in connection with such solicitation, in each case pursuant to Regulation 14A (or any successor provision)
under the Exchange Act or would be required pursuant to the rules of any national securities exchange or over-the-counter market
on which the shares of stock owned by the stockholder are listed).</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(5)&#9;Notwithstanding
anything in the second sentence of paragraph (a)(2) of this Section 2.04 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 by the Corporation of such action or specifying
the size of the increased Board of Directors at least 100 days prior to the first anniversary of the date of the proxy statement
(as defined in Section 2.04(c)(3)) for the most recent annual meeting, a stockholder&rsquo;s notice required by this Section 2.04(a)
shall also be considered timely, but only with respect to nominees for any new positions created by such increase, if the notice
is delivered to the secretary at the principal executive offices of the Corporation not later than 5:00 p.m., Eastern Time, on
the tenth day immediately following the day on which such public announcement is first made by the Corporation.</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&#9;<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 Corporation&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 only (i) by or at the direction of the Board
of Directors or (ii) provided that the special meeting has been called in accordance with Section 2.02 for the purpose of electing
directors, by any stockholder of the Corporation (A) that is a stockholder of record at the record date set by the Board of Directors
for the purpose of determining stockholders entitled to vote at the special meeting, at the time of giving of notice provided for
in this Section 2.04 and at the time of the special meeting, including any postponement or adjournment, (B) that is entitled to
vote at the meeting in the election of each individual so nominated and (C) that has complied with this Section 2.04. In the event
the Corporation 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 Corporation&rsquo;s notice of meeting, if the stockholder&rsquo;s notice, containing the information required by paragraphs
(a)(3) and (4) of this Section 2.04 shall be delivered to the secretary at the principal executive office of the Corporation not
earlier than the 120<SUP>th</SUP> day prior to such special meeting and not later than 5:00 p.m., Eastern Time, on the later of
the 90<SUP>th</SUP> 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.</P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(1)&#9;If information
submitted pursuant to this Section 2.04 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 2.04. Any such stockholder shall notify the Corporation 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) written verification, satisfactory, in the discretion of the Board of Directors
or any authorized officer of the Corporation, to demonstrate the accuracy of any information submitted by the stockholder pursuant
to this Section 2.04, and (B) a written update of any information (including, if requested by the Corporation, written confirmation
by such stockholder that it continues to intend to bring such nomination or other business proposal before the meeting) submitted
by the stockholder pursuant to this Section 2.04 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 a written update was requested may be
deemed not to have been provided in accordance with this Section 2.04.</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(2)&#9;Only such persons
who are nominated in accordance with the procedures set forth in this Section 2.04 shall be eligible for election 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 the procedures set forth in this Section 2.04. The chairman of the meeting shall have the power and duty 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 the procedures set forth in this Section 2.04.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(3)&#9;For purposes of
this Section 2.04, (a) &ldquo;the date of the proxy statement&rdquo; shall have the same meaning as &ldquo;the date of the company&rsquo;s
proxy statement released to shareholders&rdquo; as used in Rule 14a-8(e) promulgated under the Exchange Act, as interpreted by
the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) from time to time, (b) &ldquo;public announcement&rdquo; shall mean
disclosure (i) in a press release either transmitted to the principal securities exchange on which shares of the Corporation&rsquo;s
common stock are traded or reported by a recognized news service or (ii) in a document publicly filed by the Corporation with the
SEC and (c) &ldquo;Stockholder Associated Person&rdquo; of any stockholder shall mean (i) any person&nbsp;acting in concert with
such stockholder, (ii) any beneficial owner of shares of stock of the Corporation owned of record or beneficially by such stockholder
(other than a stockholder that is a depositary) and (iii) any&nbsp;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.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(4)&#9;Notwithstanding
the foregoing provisions of this Section 2.04, a stockholder shall also comply with all applicable requirements of state law and
of the Exchange Act with respect to the matters set forth in this Section 2.04. Nothing in this Section 2.04 shall be deemed to
affect any right of a stockholder to request inclusion of a proposal in, nor the right of the Corporation to omit a proposal from,
the Corporation&rsquo;s proxy statement pursuant to Rule 14a-8 (or any successor provision) under the Exchange Act. Nothing in
this Section 2.04 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 such stockholder or Stockholder Associated Person
under Section 14(a) of the Exchange Act.</P>

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

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt -20pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 40pt">Section  2.05&#9;<U>Organization and Conduct</U>. 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 or appointed individual, by the chairman of the board or, in the case of a vacancy in the office or absence of the chairman of the board, by one of the following officers present at the meeting in the following order: the vice chairman of the board, if there is one, the chief executive officer, the president, the vice presidents in their order of rank and seniority, the secretary, 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 stockholders, an assistant secretary, or, in the absence of all 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) restricting admission to the time set for the commencement of the meeting; (b) limiting attendance at the meeting to stockholders of record of the Corporation, their duly authorized proxies and such other individuals as the chairman of the meeting may determine; (c) limiting participation at the meeting on any matter to stockholders of record of the Corporation entitled to vote on such matter, their duly authorized proxies and other such individuals as the chairman of the meeting may determine; (d) limiting the time allotted to questions or comments; (e) determining when and for how long the polls should be opened and when the polls should be closed; (f) maintaining order and security at the meeting; (g) removing any stockholder or any other individual who refuses to comply with meeting procedures, rules 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) 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 of parliamentary procedure.</P>



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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">Section 2.06&#9;<U>Voting</U>.
A plurality of all votes cast at a meeting of stockholders duly called and at which a quorum is present shall be sufficient to
elect a director.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each stockholder shall
be entitled to one vote for each share, and a proportionate vote for each portion of a share, of stock of the Corporation validly
issued and outstanding and held by such stockholder, except that no shares held by the Corporation shall be entitled to a vote.
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. Except as otherwise specifically provided by statute or the Charter or these Bylaws, all matters shall be decided
by a vote of the majority of the votes validly cast. The vote upon any question or in any election shall be by ballot whenever
requested by any person entitled to vote, but, unless such a request is made, voting may be conducted in any way approved at the
meeting.</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 2.07&#9;<U>Stockholders
Entitled to Vote</U>. If, pursuant to Section 7.05 hereof, a record date has been fixed for the determination of stockholders entitled
to notice of or to vote at any meeting of stockholders, each stockholder of the Corporation shall be entitled to vote, in person
or by proxy, each share of stock standing in his, her or its name on the books of the Corporation on such record date and outstanding
at the time of the meeting. If no record date has been fixed for the determination of stockholders, the record date for the determination
of stockholders entitled to notice of or to vote at a meeting of stockholders shall be the close of business on the day on which
notice of the meeting is mailed or the thirtieth day before the meeting, whichever is later.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 2.08&#9;<U>Voting
of Stock by Certain Holders</U>. Stock of the Corporation registered in the name of a corporation, partnership, trust, limited
liability company or other entity, if entitled to be voted, may be voted by the president or a vice president, general partner,
trustee or managing member thereof, as the case may be, or a proxy appointed by any of the foregoing individuals, unless some other
person who has been appointed to vote such stock pursuant to a bylaw or a resolution of the governing body of such corporation
or other entity or agreement of the partners of a partnership presents a certified copy of such bylaw, resolution or agreement,
in which case such person may vote such stock. Any director or fiduciary may vote stock registered in the name of such person in
the capacity of such director or fiduciary, either in person or by proxy.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Shares of stock of
the Corporation directly or indirectly owned by it shall not be voted at any meeting and shall not be counted in determining the
total number of outstanding shares entitled to be voted at any given time, unless they are held by it in a fiduciary capacity,
in which case they may be voted and shall be counted in determining the total number of outstanding shares at any given time.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Board of Directors
may adopt by resolution a procedure by which a stockholder may certify in writing to the Corporation that any shares of stock registered
in the name of the stockholder are held for the account of a specified person other than the stockholder. The resolution shall
set forth the class of stockholders that may make the certification, the purpose for which the certification may be made, the form
of certification and the information to be contained in it; if the certification is with respect to a record date, the time after
the record date within which the certification must be received by the Corporation; and any other provisions with respect to the
procedure which the Board of Directors considers necessary or desirable. On receipt by the Corporation of such certification, the
person specified in the certification shall be regarded as, for the purposes set forth in the certification, the holder of record
of the specified stock in place of the stockholder that makes the certification.</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 2.09&#9;<U>Proxies</U>.
A holder of record of shares of stock of the Corporation may cast votes in person or by proxy executed by the stockholder or by
the stockholder&rsquo;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 Corporation before or at the meeting. No proxy shall be valid more than eleven months
after its date unless otherwise provided in the proxy.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 2.10&#9;<U>Quorum</U>.
The presence at any meeting of stockholders, in person or by proxy, of stockholders entitled to cast a majority<B><I> </I></B>of
the all the votes entitled to be cast at such meeting shall constitute a quorum, except as provided in the Charter with respect
to any matter which requires approval by a separate vote of one or more series or classes of stock.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the absence of a
quorum, the chairman of the meeting may adjourn the meeting <I>sine die</I> or from time to time. Any business that might have
been transacted at the meeting originally called may be transacted at any such adjourned meeting at which a quorum is present.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The stockholders present
either in person or by proxy, at a meeting which has been duly called and at which a quorum has been established, may continue
to transact business until adjournment, notwithstanding the withdrawal from the meeting of enough stockholders to leave fewer than
would be required to establish a quorum.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Section 2.11&#9;<U>Stock
Ledger and List of Stockholders.</U> It shall be the duty of the secretary or assistant secretary of the Corporation to cause an
original or duplicate stock ledger to be maintained at the office of the Corporation&rsquo;s transfer agent in New York.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 2.12&#9;<U>Inspector.</U>
The Board of Directors or the chairman of the meeting may appoint, before or at the meeting, an inspector for the meeting and any
successor to the inspector. Except as otherwise provided by the chairman of the meeting, the inspector, if any, shall (i) determine
the number of shares of stock represented at the meeting, in person or by proxy, and the validity and effect of proxies, (ii) receive
and tabulate all votes, ballots or consents, (iii) report such tabulation to the chairman of the meeting, (iv) hear and determine
all challenges and questions arising in connection with the right to vote, and (v) do such acts as are proper to fairly conduct
the election or vote. Each such report shall be in writing and signed by the inspector. The report of the inspector on the number
of shares represented at the meeting and the results of the voting shall be <I>prima facie</I> evidence thereof.</P>

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3.01&#9;<U>General
Powers</U>. The business and affairs of the Corporation shall be managed by or under the direction of the Board of Directors, which
may exercise all the powers of the Corporation except those powers vested solely in the stockholders of the Corporation by statute,
the Charter or these Bylaws.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3.02&#9;<U>Number,
Election and Term of Directors</U>. The number of directors shall be fixed from time to time by resolution of the Board of Directors
adopted by a majority of the directors then in office; <I>provided, however,</I> that the number of directors shall in no event
be fewer than the minimum number required by the Maryland General Corporation Law (the &ldquo;MGCL&rdquo;), nor more than 15. The
directors (other than any director elected solely by holders of one or more classes or series of preferred stock in connection
with dividend arrearages) shall be classified, with respect to the terms for which they severally hold office, into three classes,
as determined by the Board of Directors, as nearly equal in size as is practicable, designated as Class I, Class II and Class III.
At each annual meeting of the stockholders, the successors to the class of directors whose term expires at such meeting shall be
elected to hold office for a term expiring at the third succeeding annual meeting of stockholders following the meeting at which
they were elected and until their successors are duly elected and qualify.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3.03&#9;<U>Resignation.</U>
A director of the Corporation may resign at any time by giving written notice of his or her resignation to the Board of Directors
or the chairman of the board or to the president or the secretary of the Corporation. Any resignation shall take effect immediately
upon its receipt or at such later time specified in the resignation. Acceptance of a resignation shall not be necessary to make
it effective unless the resignation states otherwise.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3.04&#9;<U>Vacancies</U>.
If for any reason any or all of the directors cease to be directors, such event shall not terminate the Corporation or affect these
Bylaws or the powers of the remaining directors hereunder.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to the provisions
of the Investment Company Act, any vacancy on the Board of Directors, whether arising from death, resignation, removal or any other
cause except an increase in the number of directors, shall be filled by a vote of the majority of the remaining directors even
if that majority is less than a quorum, <I>provided</I> that no vacancy shall be filled by action of the remaining directors if,
after the filling of the vacancy, fewer than two-thirds of the directors then holding office shall have been elected by the stockholders
of the Corporation. A majority of the entire Board of Directors may fill a vacancy that results from an increase in the number
of directors. In the event that at any time a vacancy exists in any directorship that may not be filled by the remaining directors,
a special meeting of the stockholders shall be held as promptly as possible and in any event within 60 days, for the purpose of
filling the vacancy. Any individual appointed by the Board of Directors to fill a vacancy shall serve only until the next annual
meeting of stockholders of the Corporation and until a successor has been elected and qualifies or until his or her earlier resignation
or removal. Any director elected by the stockholders to fill a vacancy shall hold office for the balance of the term of the director
whose death, resignation or removal occasioned the vacancy and until a successor has been elected and qualifies or until his or
her earlier resignation or removal.</P>

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

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3.05&#9;<U>Regular
Meeting</U>. The Board of Directors may provide, by resolution, the time and place of regular meetings of the Board of Directors
without other notice than such resolution.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to the Investment
Company Act, directors or any committee designated by the Board of Directors may participate in a meeting of such Board or committee
by means of a conference telephone or similar communications equipment by means which all persons participating in the meeting
can hear each other at the same time and participation by such means shall constitute presence in person at a meeting, <I>provided</I>
that any such meeting is not for the purpose of voting on an investment advisory agreement.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3.06&#9;<U>Special
Meetings</U>. Special meetings of the Board of Directors shall be held whenever called by the chairman of the board, the president
(or, in the absence or disability of the president, by any vice president), the treasurer, or two or more directors, at the time
and place (within or outside the State of Maryland) specified in the respective notices or waivers of notice of such meetings.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3.07&#9;<U>Notice</U>.
Notice of any special meeting of the Board of Directors shall be delivered personally or by telephone, electronic mail, facsimile
transmission, courier or United States mail 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 Business Days 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 Corporation 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 Corporation 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.</P>

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

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3.08&#9;<U>Waiver
of Notice</U>. No notice of any special meeting need be given to any director who attends such meeting in person or to any director
who waives notice of such meeting in writing (which waiver shall be filed with the records of such meeting), whether before or
after the time of the meeting.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3.09&#9;<U>Quorum
and Voting</U>. At all meetings of the Board of Directors, the presence of a majority<B> </B>of directors then in office shall
constitute a quorum for the transaction of business, <I>provided</I> that there shall be present no fewer than one-third of the
total number of directors fixed pursuant to Section 3.02 nor fewer than two directors. In the absence of a quorum, a majority of
the directors present may adjourn the meeting, from time to time, until a quorum shall be present. Notice of the time and place
of any adjourned meeting shall be given to the directors who were not present at the time of the adjournment and, unless the time
and place were announced at the meeting at which the adjournment was taken, to the other directors. At any adjourned meeting at
which a quorum is present, any business may be transacted that might have been transacted at the meeting as originally called.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The action of a 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 statute, the Charter or these Bylaws, <I>provided</I> that, if, pursuant
to applicable law, the Charter or these Bylaws, the vote of a majority or other percentage of a particular group of directors is
required for action, a quorum must also include a majority or such other percentage of such group. If enough directors have withdrawn
from a meeting to leave fewer than required to establish 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.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3.10&#9;<U>Organization</U>.
At each meeting of the Board of Directors, the chairman of the board or, in the absence of the chairman, the vice chairman of the
board, if any, shall act as chairman of the meeting. In the absence of both the chairman and vice chairman of the board, the chief
executive officer or, in the absence of the chief executive officer, the president or, in the absence of the president, a director
chosen by a majority of the directors present, shall act as chairman of the meeting. The secretary or, in his or her absence, an
assistant secretary of the Corporation, or, in the absence of the secretary and all assistant secretaries, an individual appointed
by the chairman of the meeting, shall act as secretary of the meeting.</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3.11&#9;<U>Compensation</U>.
Directors shall not receive any stated salary for their services as directors but, by resolution of the Board of Directors, may
receive compensation per year and/or per meeting and for any service or activity they performed or engaged in as directors. Directors
may be reimbursed for expenses of attendance, if any, at each annual, regular or special meeting of the Board of Directors or of
any committee thereof and for their expenses, if any; but nothing herein contained shall be construed to preclude any directors
from serving the Corporation in any other capacity and receiving compensation therefor.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3.12&#9;<U>Reliance</U>.
Each director and officer of the Corporation shall, in the performance of his or her duties with respect to the Corporation, be
entitled to rely on any information, opinion, report or statement, including, without limitation, any financial statement or other
financial data, prepared or presented by an officer or employee of the Corporation 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.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3.13&#9;<U>Ratification</U>.
The Board of Directors or the stockholders may ratify and make binding on the Corporation any action or inaction by the Corporation
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 proceeding commenced by a stockholder in the right or on behalf of the Corporation 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 Corporation and its stockholders and shall constitute a bar to any claim or execution of any judgment in respect
of such questioned action or inaction.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3.14&#9;<U>Action
Without a Meeting</U>. Subject to the Investment Company Act, any action required or permitted to be taken at any meeting of the
Board of Directors (except voting on an investment advisory agreement) or of any committee thereof may be taken without a meeting
if written consents thereto are signed by all directors or such committee members and such written consents are filed with the
minutes of proceedings of the Board or such committee.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3.15&#9;<U>Emergency
Provisions</U>. Notwithstanding any other provision in the Charter or these Bylaws, this Section 3.15 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
III of these Bylaws cannot readily be obtained (an &ldquo;Emergency&rdquo;). During any Emergency, unless otherwise provided by
the Board<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; color: blue"> </FONT>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, without limitation, 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.</P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>EXECUTIVE COMMITTEE AND OTHER COMMITTEES</U></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 4.01&#9;<U>Number,
Tenure and Qualifications</U>. By resolution adopted by the Board of Directors, the Board may designate one or more committees
including, without limitation, an Executive Committee, each consisting of one or more directors. Each member of a committee shall
be a director and shall hold office during the pleasure of the Board. The chairman of the board, if any, and the president shall
be members of the Executive Committee. Except as may be otherwise provided by the Board of Directors, in the absence of any member
of any committee, the members thereof present at any meeting, whether or not they constitute a quorum, may appoint another director
to act in the place of such absent member.<B> </B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 4.02&#9;<U>Powers
of the Executive Committee</U>. Unless otherwise provided by resolution of the Board of Directors, when the Board of Directors
is not in session the Executive Committee shall have and may exercise all powers of the Board of Directors in the management of
the business and affairs of the Corporation that may lawfully be exercised by a committee of the Board of Directors.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 4.03&#9;<U>Other
Committees of the Board of Directors</U>. To the extent provided by resolution of the Board, other committees shall have and may
exercise any of the powers that may lawfully be granted to the Executive Committee.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 4.04&#9;<U>Meetings</U>.
Notice of committee meetings shall be given in the same manner as notice for special meetings of the Board of Directors. A majority
of the members of the committee shall constitute a quorum for the transaction of business at any meeting of the committee. The
act of a majority of the committee members present at a meeting shall be the act of such committee. The Board of Directors may
designate a chairman of any committee, and such chairman or, in the absence of a chairman, any two members of any committee (if
there are at least two members of the committee) may fix the time and place of its meeting unless the Board shall otherwise provide.
In the absence of any member of any such committee, the members thereof present at any meeting, whether or not they constitute
a quorum, may appoint another director to act in the place of such absent member.</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to the Investment
Company Act, members of a committee of the Board of Directors may participate in a meeting of such committee by means of a conference
telephone or similar communications equipment by means which all persons participating in the meeting can hear each other at the
same time and participation by such means shall constitute presence in person at a meeting, <I>provided</I> that any such meeting
is not for the purpose of voting on an investment advisory agreement.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 4.05&#9;<U>Proceedings,
Quorum and Manner of Acting</U>. In the absence of an appropriate resolution of the Board of Directors, each committee may adopt
such rules and regulations governing its proceedings, quorum and manner of acting as it shall deem proper and desirable, <I>provided</I>
that<B> </B>a majority of the members of the committee shall constitute a quorum. In the absence of any member of any such committee,
the members thereof present at any meeting, whether or not they constitute a quorum may appoint a member of the Board of Directors
to act in the place of such absent member.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 4.06&#9;<U>Consent
by Committees Without a Meeting</U>. Any action required or permitted to be taken at any meeting of a committee 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
member of the committee and is filed with the minutes of proceedings of such committee.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 4.07&#9;<U>Vacancies</U>.
Subject to the provisions hereof, the Board of Directors shall have the power at any time to change the membership of any committee,
[to appoint the chair of any committee,] to fill any vacancy, to designate an alternate member to replace any absent or disqualified
member or to dissolve any such committee.</P>

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 5.01&#9;<U>General</U>.
The officers of the Corporation shall be a president, an executive vice president, a secretary and a treasurer, and may include
one or more vice presidents, assistant secretaries or assistant treasurers, and such other officers as may be appointed in accordance
with the provisions of Section 5.14 hereof. The Board of Directors may elect, but shall not be required to elect, a chairman of
the board. Each officer shall serve until his or her successor is elected and qualifies or until his or her death, or his or her
resignation or removal in the manner hereinafter provided. Any two or more offices except president and vice president may be held
by the same person. Election of an officer or agent shall not of itself create contract rights between the Corporation and such
officer or agent.</P>

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

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 5.02&#9;<U>Election,
Term of Office and Qualifications</U>. The officers of the Corporation (except those appointed pursuant to Section 5.14 hereof)
shall be chosen by the Board of Directors at its first meeting or such subsequent meetings as shall be held prior to its first
annual meeting, and thereafter annually at its annual meeting. If any officers are not chosen at any annual meeting, such officers
may be chosen at any subsequent regular or special meeting of the Board. Except as provided in Section 5.03, 5.04 and 5.05 hereof,
each officer chosen by the Board of Directors shall hold office until the next annual meeting of the Board of Directors and until
his or her successor shall have been elected and qualified. Any person may hold one or more offices of the Corporation except the
offices of president and vice president; <I>provided</I> that a person who holds more than one office in the Corporation may not
act in more than one capacity to execute, acknowledge or verify an instrument required by law to be executed, acknowledged or verified
by more than one officer. The chairman of the board shall be chosen from among the directors of the Corporation and may hold such
offices only so long as they continue to be directors. No other officer need be a director.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 5.03&#9;<U>Resignation</U>.
Any officer may resign his or her office at any time by delivering a written resignation to the Board of Directors, the chairman
of the board, the president, the secretary, or any assistant secretary. Unless otherwise specified therein, such resignation shall
take effect upon delivery. 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 Corporation.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 5.04&#9;<U>Removal</U>.
Any officer may be removed from office, whenever in the Board&rsquo;s judgment the best interest of the Corporation will be served
thereby, by the vote of a majority of the Board of Directors given at any regular meeting or any special meeting called for such
purposes,<B> </B>but such removal shall be without prejudice to the contract rights, if any, of the person so removed. In addition,
any officer or agent appointed in accordance with the provisions of Section 5.14 hereof may be removed, either with or without
cause, by any officer upon whom such power of removal shall have been conferred by the Board of Directors.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 5.05&#9;<U>Vacancies
and Newly Created Offices</U>. If any vacancy shall occur in any office by reason of death, resignation, removal, disqualification
or other cause, or if any new office shall be created, such vacancies or newly created offices may be filled by the Board of Directors
at any regular or special meeting or, in the case of any office created pursuant to Section 5.14 hereof, by any officer upon whom
such power shall have been conferred by the Board of Directors.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 5.06&#9;<U>Chairman
of the Board</U>. The Board of Directors may designate from among its members a chairman of the board, who shall not, solely by
reason of these Bylaws, be an officer of the Corporation. The Board of Directors may designate the chairman of the board as an
executive or non-executive chairman. The chairman of the board shall preside over the meetings of the Board of Directors. The chairman
of the board shall perform such other duties as may be assigned to him or her by these Bylaws or the Board of Directors.</P>

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

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 5.07&#9;<U>Chief
Financial Officer</U>. The Board of Directors may designate a chief financial officer. The chief financial officer shall have the
responsibilities and duties as determined by the Board of Directors or the chief executive officer.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 5.08&#9;<U>Chief
Compliance Officer</U>. The Board of Directors may designate a chief compliance officer. The chief compliance officer shall have
the responsibilities and duties as determined by the Board of Directors or the chief executive officer.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 5.09&#9;<U>President</U>.
In the absence of a chief executive officer,<B><I> </I></B>the president shall be the chief executive officer of the Corporation
and, in the absence of the chairman of the board or if no chairman of the board has been chosen, he or she shall preside at all
stockholders&rsquo; meetings and at all meetings of the Board of Directors and shall in general exercise the powers and perform
the duties of the chairman of the board. Subject to the supervision of the Board of Directors, these Bylaws or any other law, he
or she shall have general charge of the business, affairs and property of the Corporation and general supervision over its officers,
employees and agents. He or she may execute any deed, mortgage, bond, contract or other instrument, except in cases where the execution
thereof shall be expressly delegated by the Board of Directors or by these Bylaws to some other officer or agent of the Corporation
or shall be required by law to be otherwise executed; and in general shall perform all duties incident to the office of president
and such other duties as may be prescribed by the Board of Directors from time to time.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 5.10&#9;<U>Executive
Vice President</U>. The executive vice president, subject to the direction and control of the Board of Directors, shall be in charge
of the day-to-day business of the Corporation. He or she may assign such duties within the scope of his or her responsibility to
such officers and employees of the Corporation as he or she deems necessary. In the absence of the president or in the event of
a vacancy in such office, the executive vice president shall perform the duties of the president, and when so acting shall have
all the powers of and be subject to all the restrictions upon the president.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 5.11<B><I>
&#9;</I></B><U>Vice President</U>. The Board of Directors may from time to time, designate and elect one or more vice presidents
who shall have such powers and perform such duties as from time to time may be assigned to them by the Board of Directors, the
president or the executive vice president. At the request or in the absence or disability of the executive vice president or in
the event of a vacancy in such office, the vice president (or, if there are two or more vice presidents, then the senior of the
vice presidents present and able to act) may perform all the duties of the executive vice president and, when so acting, shall
have all the powers of and be subject to all the restrictions upon the executive vice president.</P>

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

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 5.12&#9;<U>Treasurer
and Assistant Treasurers</U>. The treasurer shall keep full and accurate accounts of receipts and disbursements in books belonging
to the Corporation and shall deposit all moneys and other valuable effects in the name and to the credit of the Corporation in
such depositories as may be designated by the Board of Directors and in general perform such other duties as from time to time
may be assigned to him or her by the chief executive officer, the president or the Board of Directors. In the absence of a designation
of a chief financial officer by the Board of Directors, the treasurer shall be the chief financial officer of the Corporation.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;The treasurer shall
disburse the funds of the Corporation as may be ordered by the Board of Directors, taking proper vouchers for such disbursements,
and shall render to the president and Board of Directors, upon request, an account of all his or her transactions as treasurer
and of the financial condition of the Corporation.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 5.13&#9;<U>Secretary
and Assistant Secretaries</U>. The secretary shall attend to the giving and serving of all notices of the Corporation and shall
record all proceedings of the meetings of the stockholders and directors in a book to be kept for that purpose. He or she shall
keep in safe custody the seal of the Corporation, and shall have charge of the records of the Corporation, including, without limitation,
the stock books and such other books and papers as the Board of Directors may direct and such books, reports, certificates and
other documents required by law to be kept, all of which shall at all reasonable times be open to inspection by any director. He
or she shall perform such other duties as appertain to his or her office or as may be required by the Board of Directors.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any assistant secretary
may perform such duties of the secretary as the secretary or the Board of Directors may assign, and, in the absence of the secretary
or in the event of a vacancy in such office, he or she may perform all the duties of the secretary.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 5.14&#9;<U>Subordinate
Officers</U>. The Board of Directors from time to time may appoint such other officers or agents as it may deem advisable, each
of whom shall have such title, hold office for such period, have such authority and perform such duties as the Board of Directors
may determine. The Board of Directors from time to time may delegate to one or more officers or agents the power to appoint any
such subordinate officers or agents and to prescribe their respective rights, terms of office, authorities and duties.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 5.15&#9;<U>Remuneration</U>.
The salaries or other compensation of the officers of the Corporation shall be fixed from time to time by resolution of the Board
of Directors, except that the Board of Directors may by resolution delegate to any person or group of persons the power to fix
the salaries or other compensation of any subordinate officers or agents appointed in accordance with the provisions of Section
5.14 hereof.</P>

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

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 5.16&#9;<U>Surety
Bonds</U>. The Board of Directors may require any officer or agent of the Corporation to execute a bond (including, without limitation,
any bond required by the Investment Company Act) to the Corporation in such sum and with such surety or sureties as the Board of
Directors may determine, conditioned upon the faithful performance of his or her duties to the Corporation, including, without
limitation, responsibility for negligence and for the accounting of any of the Corporation&rsquo;s property, funds or securities
that may come into his or her hands.</P>

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 6.01&#9;<U>General</U>.
The Board of Directors may authorize any officer or agent to enter into any contract or to execute and deliver any instrument in
the name of and on behalf of the Corporation and such authority may be general or confined to specific instances. Any agreement,
deed, mortgage, lease or other document shall be valid and binding upon the Corporation when duly authorized or ratified by action
of the Board of Directors or a manager acting within the scope of its authority pursuant to a management agreement and executed
by the chief executive officer, the president or any other person authorized by the Board of Directors or such a manager.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 6.02&#9;<U>Checks,
Notes, Drafts, etc.</U> So long as the Corporation shall employ a custodian to keep custody of the cash and securities of the Corporation,
all checks and drafts for the payment of money by the Corporation may be signed in the name of the Corporation by the custodian.
Except as otherwise authorized by the Board of Directors, all requisitions or orders for the assignment of securities standing
in the name of the custodian or its nominee, or for the execution of powers to transfer the same, shall be signed in the name of
the Corporation by the president or a vice president and by the treasurer or an assistant treasurer. Promissory notes, checks or
drafts payable to the Corporation may be endorsed only to the order of the custodian or its nominee and only by the treasurer or
president or a vice president or by such other person or persons as shall be authorized by the Board of Directors.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 6.03&#9;<U>Voting
of Securities</U>. Unless otherwise ordered by the Board of Directors, the president or any vice president shall have full power
and authority on behalf of the Corporation to attend and to act and to vote, or in the name of the Corporation to execute proxies
to vote, at any meeting of stockholders of any company in which the Corporation may hold stock. At any such meeting such officer
shall possess and may exercise (in person or by proxy) any and all rights, powers and privileges incident to the ownership of such
stock. The Board of Directors may by resolution from time to time confer like powers upon any other person or persons.</P>

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 7.01&#9;<U>Certificate
of Stock</U>. Except as may be otherwise provided by the Board of Directors, the shares of the Corporation&rsquo;s stock shall
be uncertificated, and shall be entered in the books of the Corporation and registered as they are issued. In the event that the
Corporation issues shares of stock represented by certificates, such certificates shall be in such form as prescribed by the Board
of Directors or a duly authorized officer, shall contain the statements and information required by the MGCL and shall be signed
by the officers of the Corporation in the manner permitted by the MGCL. In the event that the Corporation issues shares of stock
without certificates, to the extent then required by the MGCL, the Corporation shall provide to the record holders of such shares
a written statement of the information required by the MGCL to be included on stock certificates, including, without limitation,
the name of the stockholder, the class of stock and number of shares it represents, and any restrictions on the transfer or registration
of such shares of stock. There shall be no differences in the rights and obligations of stockholders based on whether or not their
shares are represented by certificates. Every certificate returned to the Corporation shall be marked &ldquo;Cancelled&rdquo; with
the date of cancellation.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any officer of the
Corporation may direct a new certificate or certificates to be issued in place of any certificate or certificates theretofore issued
by the Corporation alleged to have been lost, destroyed, stolen or mutilated, upon the making of an affidavit of that fact by the
person claiming the certificate to be lost, destroyed, stolen or mutilated; <I>provided, however,</I> if such shares have ceased
to be certificated, no new certificate shall be issued unless requested in writing by such stockholder and the Board of Directors
or an officer of the Corporation has determined that such certificates may be issued. Unless otherwise determined by an officer
of the Corporation, the owner of such lost, destroyed, stolen or mutilated certificate or certificates, or his or her legal representative,
shall be required, as a condition precedent to the issuance of a new certificate or certificates, to give the Corporation a bond
in such sums as it may direct as indemnity against any claim that may be made against the Corporation.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 7.02&#9;<U>Transfer
of Capital Stock</U>.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&#9; Transfers of
shares of the stock of the Corporation shall be made on the books of the Corporation by the holder of record thereof (in person
or by his or her attorney thereunto duly authorized by a power of attorney duly executed in writing and filed with the Secretary
of the Corporation) upon presentation of such evidence of transfer as the Board of Directors, an officer of the Corporation, or
the Corporation&rsquo;s transfer agent may prescribe and, if such shares are certificated, upon surrender of certificates duly
endorsed. The issuance of a new certificate upon the transfer of certificated shares is subject to the determination of the Board
of Directors or an officer of the Corporation that such shares shall no longer be represented by certificates. Upon the transfer
of any uncertificated shares, to the extent then required by the MGCL, the Corporation or the Corporation&rsquo;s transfer agent
shall provide to the record holders of such shares a written statement of the information required by the MGCL to be included on
stock certificates.</P>

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

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&#9;The Corporation
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 expressly provided by the laws of the State of Maryland.
Notwithstanding the foregoing, transfers of shares of any class or series of stock will be subject in all respects to the Charter
and all of the terms and conditions contained therein.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 7.03&#9;<U>Transfer
Agents and Registrars</U>. The Board of Directors may, from time to time, appoint or remove transfer agents and/or registrars of
transfers of shares of stock of the Corporation, and it may appoint the same person as both transfer agent and registrar. The Corporation
shall maintain, or shall cause its transfer agent to maintain, at the Corporation&rsquo;s 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. Such stock ledger may be in written form or any other form capable
of being converted into written form within a reasonable time for visual inspection.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 7.04&#9;<U>Transfer
Regulations</U>. The shares of stock of the Corporation may be freely transferred, and the Board of Directors may, from time to
time, adopt rules and regulations with reference to the method of transfer of the shares of stock of the Corporation.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 7.05&#9;<U>Fixing
of Record Date</U>. The Board of Directors may fix in advance a date as a record date for the determination of the stockholders
entitled to notice of or to vote at any meeting of stockholders or any postponement or adjournment thereof, or to express consent
to corporate action in writing without a meeting, or to receive payment of any dividend or other distribution or allotment of any
rights, or to exercise any rights in respect of any change, conversion or exchange of stock, or for the purpose of any other lawful
action, <I>provided</I> that such record date shall not be a date more than 90 nor less than ten days prior to the date on which
the particular action requiring such determination of stockholders is to be taken. In such case only such stockholders as shall
be stockholders of record on the record date so fixed shall be entitled to such notice of, and to vote at, such meeting or adjournment,
or to give such consent, or to receive payment of such dividend or other distribution, or to receive such allotment of rights,
or to exercise such rights, or to take such other action, as the case may be, notwithstanding any transfer of any shares on the
books of the Corporation after any such record date.</P>

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

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;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 7.05, such record date shall continue to apply to the meeting if postponed or adjourned, except if the meeting
is postponed or adjourned or postponed to a date more than 120 days after the record date originally fixed for the meeting, in
which case a new record date for such meeting may be determined as set forth herein.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 7.06&#9;<U>Fractional
Stock; Issuance of Units</U>. The Board of Directors may authorize the Corporation to issue fractional shares of stock or authorize
the issuance of scrip, all on such terms and under such conditions as it 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 Corporation. Any
security issued in a unit shall have the same characteristics as any identical securities issued by the Corporation, except that
the Board of Directors may provide that for a specified period securities of the Corporation issued in such unit may be transferred
on the books of the Corporation only in such unit.</P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>DETERMINATION OF NET ASSET VALUE, NET
INCOME AND DISTRIBUTIONS</U></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 8.01&#9;<U>General</U>.
The Board of Directors, in its absolute discretion, may prescribe and shall set forth in a duly adopted resolution of the Board
such bases and times for determining the per share net asset value of the outstanding shares of capital stock of the Corporation
or net income, or the declaration and payment of dividends and distributions, as they may deem necessary or desirable. Dividends
and other distributions may be paid in cash, property or stock of the Corporation, subject to the provisions of law and the Charter.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 8.02&#9;<U>Contingencies</U>.
Before payment of any dividend or other distribution, there may be set aside out of any assets of the Corporation 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 Corporation
or for such other purpose as the Board of Directors shall determine, and the Board of Directors may modify or abolish any such
reserve.</P>

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 9.01&#9;<U>Fiscal
Year</U>. The fiscal year of the Corporation shall, unless otherwise ordered by the Board of Directors, be twelve calendar months
beginning on the first day of January in each year and ending on the last day of the following December.</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 9.02&#9;<U>Accountant</U>.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&#9;The Corporation
shall employ an independent public accountant or a firm of independent public accountants as its accountant to examine the accounts
of the Corporation and to sign and certify financial statements filed by the Corporation. The accountant&rsquo;s certificates and
reports shall be addressed both to the Board of Directors and to the stockholders. The employment of the accountant shall be conditioned
upon the right of the Corporation to terminate the employment forthwith without any penalty by vote of a majority of the outstanding
voting securities at any stockholders&rsquo; meeting called for that purpose.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&#9;A majority of
the members of the Board of Directors who are not interested persons (as such term is defined in the Investment Company Act) of
the Corporation shall select the accountant at any meeting held within 30 days before or after the beginning of the fiscal year
of the Corporation or before the annual meeting of stockholders in that year. Such selection shall be submitted for ratification
or rejection at the next succeeding annual meeting of stockholders. If such meeting shall reject such selection, the accountant
shall be selected by the affirmative vote of the holders of a majority of the Corporation&rsquo;s outstanding shares of voting
stock, either at the meeting at which the rejection occurred or at a subsequent meeting of stockholders called for the purpose.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&#9;Any vacancy
occurring between annual meetings, due to the death or resignation of the Accountant, may be filled by the Board of Directors.</P>

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 10.01&#9;<U>Indemnification
of Directors and Officers</U>. To the maximum extent permitted by Maryland law in effect from time to time, the Corporation shall
indemnify and, without requiring a preliminary determination of the ultimate entitlement to indemnification, shall pay or reimburse
reasonable expenses in advance of final disposition of a proceeding to (a) any individual who is a present or former director or
officer of the Corporation and who is made or threatened to be made a party to, or witness in, the proceeding by reason of his
or her service in that capacity or (b) any individual who, while a director or officer of the Corporation and at the request of
the Corporation, serves or has served as a director, officer, partner, trustee, member or manager of another corporation, real
estate investment trust, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise
or employee benefit plan and who is made or threatened to be made a party to, or witness in, the proceeding by reason of his or
her service in that capacity. The rights to indemnification and advance of expenses provided by the Charter and these Bylaws shall
vest immediately upon election of a director or officer. The Corporation may, with the approval of its Board of Directors, provide
such indemnification and advance for expenses to an individual who served a predecessor of the Corporation in any of the capacities
described in (a) or (b) above and to any employee or agent of the Corporation or a predecessor of the Corporation. Any indemnification
or advance of expenses made pursuant to this Article shall be subject to applicable requirements of the Investment Company Act,
including, without limitation, any written interpretation thereof by the SEC or its staff. The indemnification and payment or reimbursement
of expenses provided in these Bylaws shall not be deemed exclusive of or limit in any way other rights to which any person seeking
indemnification or payment or reimbursement of expenses may be or may become entitled under any bylaw, resolution, insurance, agreement
or otherwise.</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 10.02&#9;<U>Insurance
of Officers, Directors, Employees and Agents</U>. The Corporation may purchase and maintain insurance on behalf of any person who
is or was a director, officer, employee or agent of the Corporation, or while a director, officer, employee or agent of the Corporation
is or was serving at the request of the Corporation as a director, officer, partner, trustee, member or manager of another corporation,
real estate investment trust, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise
or employee benefit plan against any liability asserted against and incurred by such person in any such capacity or arising out
of such person&rsquo;s position.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 10.03&#9;<U>Effect
of Amendment or Repeal</U>. Neither the amendment nor repeal of this Article, nor the adoption or amendment of any other provision
of the Charter or these Bylaws inconsistent with this Article, shall apply to or affect in any respect the applicability of the
preceding paragraph with respect to any act or failure to act which occurred prior to such amendment, repeal or adoption.</P>

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 11.01&#9;<U>Employment
of a Custodian</U>. The Corporation shall place and at all times maintain in the custody of a custodian (including, without limitation,
any sub-custodian for the custodian) all funds, securities and similar investments owned by the Corporation. The custodian (and
any sub-custodian) shall be an institution conforming to the requirements of Section 17(f) of the Investment Company Act. The custodian
shall be appointed from time to time by the Board of Directors, which shall fix its remuneration.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 11.02&#9;<U>Termination
of Custodian Agreement</U>. Upon termination of the custodian agreement or inability of the custodian to continue to serve, the
Board of Directors shall promptly appoint a successor custodian, but in the event that no successor custodian can be found who
has the required qualifications and is willing to serve, the Board of Directors shall call as promptly as possible a special meeting
of the stockholders to determine whether the Corporation shall function without a custodian or shall be liquidated. If so directed
by vote of the holders of a majority of the outstanding shares of stock entitled to vote of the Corporation, the custodian shall
deliver and pay over all property of the Corporation held by it as specified in such vote.</P>

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 12.01&#9;<U>Powers
of the Board of Directors</U>. All corporate powers and authority of the Corporation (except as at the time otherwise provided
by statute, by the Charter or by these Bylaws) shall be vested in and exercised by the Board of Directors. The Corporation may
enter into one or more contracts for exclusive or non-exclusive advisory or management services with any partnership, corporation,
trust, association or other organization (such entity hereinafter referred to as the &ldquo;Investment Adviser&rdquo;), every such
contract to comply with any provisions governing such a contract contained in the Investment Company Act, or exemptive order granted
thereunder, all as from time to time amended; and any such contract may contain such other terms as the stockholders or the Board
of Directors may approve, including, without limitation, the granting of authority to the Investment Adviser to determine which
securities shall be purchased or sold by the Corporation and what portion of its assets shall be held unvested, which authority
shall include the power to make changes in the Corporation&rsquo;s investments, subject always to the Corporation&rsquo;s stated
investment objectives, policies and restrictions as from time to time amended and to the direction of the Board. The Board of Directors
shall have authority to appoint an underwriter or distributor or distributors or an agent or agents for the sale of shares of common
stock of the Corporation and to pay such underwriter, distributor or distributors and agent or agents such compensation as the
Board of Directors shall deem appropriate, and to enter into such contract or contracts with such underwriter, distributor or distributors
and agent or agents as the Board of Directors may in its discretion deem reasonable and proper. Any such contract may be made with
the Investment Adviser or any firm or corporation in which any director or directors may be interested.</P>

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 13.01&#9;<U>General</U>.
Except as provided in Section 13.02 hereof, all Bylaws of the Corporation, whether adopted by the Board of Directors or the stockholders,
shall be subject to amendment, alteration or repeal, and new Bylaws may be made, by the affirmative vote of a majority of either:</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&#9;the holders
of record of the outstanding shares of stock of the Corporation entitled to vote, at any annual or special meeting the notice or
waiver of notice of which shall have specified or summarized the proposed amendment, alteration, repeal or new Bylaw; or</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&#9;the directors,
at any regular or special meeting the notice or waiver of notice of which shall have specified or summarized the proposed amendment,
alteration, repeal or new Bylaw.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 13.02&#9;<U>By
Stockholders Only</U>.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&#9;No amendment
of any section of these Bylaws shall be made except by the stockholders of the Corporation if the Bylaws provide that such section
may not be amended, altered or repealed except by the stockholders.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&#9;From and after
the issue of any shares of the capital stock of the Corporation, no amendment of this Article XIII shall be made except by the
stockholders of the Corporation.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-weight: normal">ARTICLE
XIV</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-weight: normal"><U>WAIVER
OF NOTICE</U></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Whenever any notice
of a meeting is required to be given pursuant to the Charter or these Bylaws or pursuant to applicable law, a signed waiver thereof
in writing or by electronic transmission, given by the person or persons entitled to such notice, whether before or after the time
stated therein, shall be deemed equivalent to the giving of such notice. Neither the business to be transacted at nor the purpose
of any meeting need be set forth in the waiver of notice of such meeting, unless specifically required by statute. The attendance
of any person at any meeting shall constitute a waiver of notice of such meeting, except where such person attends a meeting for
the express purpose of objecting to the transaction of any business on the ground that the meeting has not been lawfully called
or convened.</P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>EXCLUSIVE FORUM FOR CERTAIN LITIGATION</U></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unless the Corporation
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) any derivative action or proceeding brought on behalf of the Corporation, (b) any action asserting
a claim of breach of any duty owed by any director, officer or agent of the Corporation to the Corporation or to the stockholders
of the Corporation, (c) any action asserting a claim against the Corporation or any director, officer or agent of the Corporation
arising pursuant to any provision of the MGCL, the Charter or these Bylaws, or (d) any action asserting a claim against the Corporation
or any director, officer or agent of the Corporation that is governed by the internal affairs doctrine.</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">30</P>

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