<SEC-DOCUMENT>0001398344-16-010206.txt : 20160224
<SEC-HEADER>0001398344-16-010206.hdr.sgml : 20160224
<ACCEPTANCE-DATETIME>20160224155913
ACCESSION NUMBER:		0001398344-16-010206
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 TOTAL RETURN FUND INC
		CENTRAL INDEX KEY:			0000033934
		IRS NUMBER:				132727013
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		NSAR-B
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-02363
		FILM NUMBER:		161451908

	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:	EIS FUND INC
		DATE OF NAME CHANGE:	20020109

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	EXCELSIOR INCOME SHARES INC
		DATE OF NAME CHANGE:	19920703
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001 A000000 CORNERSTONE TOTAL RETURN FUND, INC.
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008 B000001 A
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010 A000001 AST FUND SOLUTIONS, LLC
010 C010001 NEW YORK
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012 A000001 AMERICAN STOCK TRANSFER & TRUST CO, LLC
012 B000001 84-00416
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013 B010001 PHILADELPHIA
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<PAGE>      PAGE  2
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020 A000001 CF GLOBAL TRADING, LLC
020 B000001 13-4118257
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<PAGE>      PAGE  7
086 F010000      0
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087 A010000 CORNERSTONE TOTAL RETURN FUND, INC.
087 A020000 21924U300
087 A030000 CRF
088 A030000 N
088 B030000 N
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088 D030000 N
SIGNATURE   FRANK J. MARESCA
TITLE       TREASURER

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77B ACCT LTTR
<SEQUENCE>2
<FILENAME>fp0018152_ex77b.htm
<TEXT>
<HTML>
<HEAD>
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</HEAD>
<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">&nbsp;</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: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Stockholders and Board of Directors</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Cornerstone Total Return 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 Total Return 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<FONT STYLE="font-size: 14pt"> </FONT>exists when the design<FONT STYLE="font-size: 14pt"> </FONT>or operation of a<FONT STYLE="font-size: 14pt">
</FONT>control does not allow management or employees, in the normal course of performing their assigned functions, to prevent
or detect misstatements on a timely basis. A material weakness is a deficiency, or 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"><B>&nbsp;</B></P>

<!-- Field: Page; Sequence: 1 -->
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></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"><B>Shareholders and Board of Directors</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Cornerstone Total Return 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 the first paragraph and would not necessarily disclose
all deficiencies in internal control that might be material weaknesses under standards established by the Public Company Accounting
Oversight Board (United States). However, we noted no deficiencies in the Fund&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 Total Return 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; text-align: justify"><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>fp0018152_ex77c.htm
<TEXT>
<HTML>
<HEAD>
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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 matters were voted upon based on 7,564,330 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; text-indent: 0.5in">&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 five directors to hold office until the year 2016 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">Ralph W. Bradshaw</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; font-size: 11pt">5,179,170</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; font-size: 11pt">255,002</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">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; font-size: 11pt">5,189,007</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; font-size: 11pt">245,166</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">Edwin Meese III</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; font-size: 11pt">4,181,078</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; font-size: 11pt">1,253,094</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; font-size: 11pt">5,188,232</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; font-size: 11pt">245,940</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">Andrew A. Strauss</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; font-size: 11pt">5,197,842</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; font-size: 11pt">236,331</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">Glenn W. Wilcox, Sr.</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; font-size: 11pt">5,200,902</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; font-size: 11pt">233,270</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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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77Q1 OTHR EXHB
<SEQUENCE>4
<FILENAME>fp0018152_ex77q1a.htm
<TEXT>
<HTML>
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</HEAD>
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<P STYLE="margin: 0"></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"><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 TOTAL RETURN 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>Incorporated under the Laws of the</B><BR>
<B>State of New York</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; text-indent: 0in"></P>

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 2.01 <U>Shareholders&rsquo;
Meetings</U>. All meetings of the shareholders shall be held at the principal office of the Company in New York, New York, or such
other place, whether or not in the State of New York as is stated in the call or notice thereof.</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 <U>Annual
Meetings of Shareholders</U>. An annual meeting of shareholders for the election of directors and the transaction of any business
within the powers of the Company shall be held on the date and at the time and place set by the Board of Directors. Any business
of the Company may be transacted at an annual meeting without being specifically designated in the notice unless otherwise provided
by statute, the Certificate of Incorporation or these By-laws. If any such annual meeting shall not be held or the directors shall
not have been elected thereat or at any adjournment thereof, the Board of Directors shall cause a special meeting of the shareholders
for the election of directors to he held as soon thereafter as is convenient. At such special meeting the shareholders may elect
directors and, as long as the notice thereof shall so provide, transact other business with the same force and effect as at an
annual meeting of the shareholders duly called and held.</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 2.03 <U>Special
Meetings of Shareholders</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) <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 shareholders. Except as provided in paragraph (4) of Section 2.03(b), a special meeting of shareholders 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 2.03, a special meeting of shareholders shall also be called by the secretary
of the Company to act on any matter that may properly be considered at a meeting of shareholders upon the written request of shareholders
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: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b) <U>Shareholder-Requested
Special Meeting</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) Any shareholder of
record seeking to have shareholders 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 shareholders 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 it, shall be signed by one or more
shareholders 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 shareholder (or such agent) and shall set forth all information relating
to each such shareholder 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) In order for any
shareholder to request a special meeting to act on any matter that may properly be considered at a meeting of shareholders, one
or more written requests for a special meeting (collectively, the &ldquo;Special Meeting Request&rdquo;) signed by shareholders
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 shareholder (or such agent) signing the Special
Meeting Request, (c)&nbsp;set forth (i)&nbsp;the name and address, as they appear in the Company&rsquo;s books, of each shareholder
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 Company which are owned (beneficially or of record) by each such shareholder and (iii)&nbsp;the nominee
holder for, and number of, shares of stock of the Company owned beneficially but not of record by such shareholder, (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 shareholder (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">&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">(3) The secretary shall
inform the requesting shareholders of the reasonably estimated cost of preparing and mailing or delivering the notice of the meeting
(including, without limitation, the Company&rsquo;s proxy materials). The secretary shall not be required to call a special meeting
upon shareholder request and such meeting shall not be held unless, in addition to the documents required by paragraph (2) of this
Section 2.03(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) In the case of any
special meeting called by the secretary upon the request of shareholders (a &ldquo;Shareholder-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 Shareholder-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 Shareholder-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 Shareholder-Requested
Meeting within ten days after the Delivery Date, then such meeting shall be held at the principal executive office of the Company.
In fixing a date for a Shareholder-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 Shareholder-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 Shareholder-Requested Meeting in the event that the requesting shareholders fail to comply with the
provisions of paragraph (3) of this Section 2.03(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"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(5) If written revocations
of the Special Meeting Request have been delivered to the secretary and the result is that shareholders 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 shareholders 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 shareholders 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 Company&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>

<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">(6) 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 Company 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 Company that the valid requests received by the secretary represent, as of the Request Record Date, shareholders
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 Company or any shareholder 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) Notwithstanding anything
in these By-laws to the contrary, except as otherwise determined by the chairman of the meeting, if none of the shareholders signing
the Special Meeting Request appears in person (or sends a representative who is qualified under New York law to act on behalf of
a signing shareholder) to present the election of each nominee for director or the proposal of business proposed, as applicable,
to be brought before the Shareholder-Requested Meeting, such proposed nominee or business shall not be considered at the Shareholder-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) For purposes of these
By-laws, &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>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 2.04 <U>Notice
of Shareholders&rsquo; Meetings</U>. Except as otherwise required by law, the Certificate of Incorporation or these By-laws, as
from time to time amended, notice of each annual or special meeting of the shareholders shall be given not less than ten days nor
more than sixty days before the day on which the meeting is to be held to each shareholder of record entitled to vote at such meeting
by delivering a written or printed notice thereof to him personally, or by mailing a copy of such notice, first-class postage prepaid,
addressed to him at his post-office address last known to the secretary, or by transmitting notice thereof to him electronically.
If mailed such notice shall be deemed to be given when deposited in the United States mail addressed to the shareholder at his
post-office address as it appears on the records of the Company, with first-class postage thereon pre-paid. If transmitted electronically,
such notice shall be deemed to be given when directed to the shareholder&rsquo;s electronic mail address as supplied by the shareholder
to the secretary or otherwise directed pursuant to the shareholder&rsquo;s authorization or instructions. Except where expressly
required by law, no publication of any notice of meeting of shareholders shall be required. Every notice shall state the time and
place of the meeting, and, in case of a special meeting, shall state briefly the purposes thereof. Notice of any meeting of shareholders
shall not be required to be given to any shareholder who shall attend such meeting in person or by proxy or who shall, in person
or by authorized attorney, waive such notice in writing or by telegraph or cable either before or after such meeting. Notice of
any adjourned session of a meeting of the shareholders shall not be required to be given, except when expressly required by law.<U>
</U></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">Subject to Section
2.05(a), any business of the Company may be transacted at an annual meeting of shareholders 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 shareholders except as specifically designated in the notice. The Company may postpone or cancel a meeting
of shareholders by making a public announcement (as defined in Section 2.05(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 2.05 <U>Nominations
and Proposals by Shareholders</U></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; text-indent: 0.5in">(a) <U>Annual Meetings
of Shareholders</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) Nomination of persons
for election to the Board of Directors and the proposal of business to be considered by the shareholders may be made at an annual
meeting of shareholders (i) pursuant to the Company&rsquo;s notice of meeting, (ii) by or at the direction of the Board of Directors
or (iii) by any shareholder of the Company (A) that is a shareholder of record at the record date set by the Board of Directors
for the purpose of determining shareholders entitled to vote at the annual meeting, at the time of giving of notice by the shareholder
as provided for in this Section 2.05 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 2.05.</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: 1in">(2) For nominations to
the Board of Directors or other business to be properly brought before an annual meeting by a shareholder pursuant to clause (iii)
of paragraph (a)(1) of this Section 2.05, the shareholder must have given timely notice thereof in writing to the secretary of
the Company and such other business must otherwise be a proper matter for action by shareholders. To be timely, a shareholder&rsquo;s
notice must set forth all information required under this Section 2.05 and must be delivered to the secretary at the principal
executive office of the Company 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 2.05(c)(3)) for the most recent annual
meeting; <I>provided, however,</I> that in connection with the Company&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 shareholder 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 Company. 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 shareholder&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: justify; text-indent: 0.5in">(3) A shareholder&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: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(i) as to each person
whom the shareholder 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: justify; text-indent: 1.5in">&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 0pt -20pt; text-align: justify; text-indent: 160pt">(A) 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) whether such shareholder
believes that the Proposed Nominee is, or is not, an &ldquo;interested person&rdquo; of the Company, 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 Company, 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>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(ii) as to any other
business that the shareholder proposes to bring before the meeting, a description of such business, the shareholder&rsquo;s reasons
for proposing such business at the meeting and any material interest in such business of such shareholder and of each beneficial
owner, if any, on whose behalf the proposal is made, and of any Shareholder Associated Person (as defined below), individually
or in the aggregate, including, without limitation, any anticipated benefit to the shareholder or the Shareholder 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) as to the shareholder
giving the notice and each beneficial owner, if any, on whose behalf the nomination or proposal is made, and any Proposed Nominee
and any Shareholder 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) the name and address
of such shareholder, as they appear on the Company&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) the class, series
and number of shares of stock or other securities of the Company or any affiliate thereof (collectively, the &ldquo;Company Securities&rdquo;),
if any, which are owned beneficially or of record by such shareholder, beneficial owner, Proposed Nominee or Shareholder 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>

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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: 2in">(C) the nominee holder
for, and number of, any Company Securities owned beneficially but not of record by such shareholder, Proposed Nominee or Shareholder
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) whether and the extent
to which such shareholder, Proposed Nominee or Shareholder 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 shareholder, Proposed Nominee or Shareholder Associated Person or (<FONT STYLE="font-variant: small-caps">II</FONT>)&nbsp;increase
or decrease the voting power of such shareholder, Proposed Nominee or Shareholder Associated Person in the Company 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>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2in">(E) any substantial interest,
direct or indirect (including, without limitation, any existing or prospective commercial, business or contractual relationship
with the Company), by security holdings or otherwise, of such shareholder, Proposed Nominee or Shareholder Associated Person, in
the Company or any affiliate thereof, other than an interest arising from the ownership of Company Securities where such shareholder,
Proposed Nominee or Shareholder 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) as to the shareholder
giving the notice, any Shareholder Associated Person with an interest or ownership referred to in clauses (ii) or (iii) of this
paragraph&nbsp;(a)(3) of this Section&nbsp;2.05 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>

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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: 2in">(A) the name and address
of such shareholder, as they appear on the Company&rsquo;s stock ledger, and the current name<B> </B>and business address, if different,
of each such Shareholder 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) the investment strategy
or objective, if any, of such shareholder and each such Shareholder 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 shareholder and
each such Shareholder 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) to the extent known
by the shareholder giving the notice, the name and address of any other shareholder supporting the nominee for election or reelection
as a director or the proposal of other business on the date of such shareholder&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) Such shareholder&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 Company in connection with service or action as a director that has not been disclosed to the Company
and (ii) will serve as a director of the Company if elected; and (B) attaching a completed Proposed Nominee questionnaire (which
questionnaire shall be provided by the Company, upon request, by the shareholder 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 shareholder 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) Notwithstanding anything
in the second sentence of paragraph (a)(2) of this Section 2.05 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 Company 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 2.05(c)(3)) for the most recent annual meeting, a shareholder&rsquo;s notice required by this Section 2.05(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 Company 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 Company.</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) <U>Special Meetings
of Shareholders</U>. Only such business shall be conducted at a special meeting of shareholders as shall have been brought before
the meeting pursuant to the Company&rsquo;s notice of meeting. Nominations of individuals for election to the Board of Directors
may be made at a special meeting of shareholders 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 2.03 for the purpose of electing
directors, by any shareholder of the Company (A) that is a shareholder of record at the record date set by the Board of Directors
for the purpose of determining shareholders entitled to vote at the special meeting, at the time of giving of notice provided for
in this Section 2.05 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 2.05. In the event
the Company calls a special meeting of shareholders for the purpose of electing one or more individuals to the Board of Directors,
any such shareholder may nominate an individual or individuals (as the case may be) for election as a director as specified in
the Company&rsquo;s notice of meeting, if the shareholder&rsquo;s notice, containing the information required by paragraphs (a)(3)
and (4) of this Section 2.05 shall be delivered to the secretary at the principal executive office of the Company 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 shareholder&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) <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) If information submitted
pursuant to this Section 2.05 by any shareholder proposing a nominee for election as a director or any proposal for other business
at a meeting of shareholders shall be inaccurate in any material respect, such information may be deemed not to have been provided
in accordance with this Section 2.05. Any such shareholder shall notify the Company 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 shareholder 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 Company, to demonstrate the accuracy of any information submitted by the shareholder pursuant to this Section 2.05,
and (B) a written update of any information (including, if requested by the Company, written confirmation by such shareholder that
it continues to intend to bring such nomination or other business proposal before the meeting) submitted by the shareholder pursuant
to this Section 2.05 as of an earlier date. If a shareholder 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 2.05.</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;(2) Only such
persons who are nominated in accordance with the procedures set forth in this Section 2.05 shall be eligible for election as directors,
and only such business shall be conducted at a meeting of shareholders as shall have been brought before the meeting in accordance
with the procedures set forth in this Section 2.05. 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 2.05.</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) For purposes of this
Section 2.05, (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 Company&rsquo;s
common stock are traded or reported by a recognized news service or (ii) in a document publicly filed by the Company with the SEC
and (c) &ldquo;Shareholder Associated Person&rdquo; of any shareholder shall mean (i) any person&nbsp;acting in concert with such
shareholder, (ii) any beneficial owner of shares of stock of the Company owned of record or beneficially by such shareholder (other
than a shareholder 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 shareholder or such Shareholder Associated Person.</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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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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">(4) Notwithstanding the
foregoing provisions of this Section 2.05, a shareholder 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 2.05. Nothing in this Section 2.05 shall be deemed to affect
any right of a shareholder to request inclusion of a proposal in, nor the right of the Company to omit a proposal from, the Company&rsquo;s
proxy statement pursuant to Rule 14a-8 (or any successor provision) under the Exchange Act. Nothing in this Section 2.05 shall
require disclosure of revocable proxies received by the shareholder or Shareholder Associated Person pursuant to a solicitation
of proxies after the filing of an effective Schedule 14A by such shareholder or Shareholder Associated Person under Section 14(a)
if the Exchange Act.</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: 0.5in">Section 2.06 <U>Organization
and Conduct</U>. Every meeting of shareholders 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 shareholders
by the vote of a majority of the votes cast by shareholders 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 shareholders, 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 shareholders 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 shareholders, 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 shareholders of record of the Company, 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 shareholders of record
of the Company 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 shareholder
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 shareholders 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: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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 <U>Quorum
and Voting</U>. <I>Except as otherwise expressly required by law</I>, the Certificate of Incorporation or these By-laws, as from
time to time amended, at any meeting of the shareholders the holders of 51% of all the capital stock issued and outstanding and
entitled to vote, represented by shareholders of record in person or by proxy, shall constitute a quorum, but a lesser interest
may adjourn any meeting from time to time. When a quorum is present at any meeting, a majority of the stock represented thereat
shall decide any question brought before such meeting unless the question is one upon which by express provision of law, the Certificate
Incorporation or these By-laws a larger or different vote is required, in which case such express provision shall govern and control
the decision of such question.</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 <U>Proxies
and Voting</U>. Each outstanding share of stock having voting power shall be entitled to one vote on each matter submitted to a
vote at a meeting of shareholders. A shareholder may vote the shares owned of record by him either in person or by proxy executed
in writing by the shareholder or by his duly authorized attorney-in-fact. No proxy shall be valid after eleven months from its
date, unless otherwise provided in the proxy. At all meetings of shareholders, unless the voting is conducted by inspectors appointed
by the chairman of the meeting, all questions relating to the qualification of voters and the validity of proxies and the acceptance
or rejection of votes shall be decided by the chairman 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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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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 <U>Stock
Ledger and List of Shareholders</U>. It shall be the duty of the secretary or assistant secretary of the Company to cause an original
or duplicate stock ledger to be maintained at the office of the Company&rsquo;s transfer agent in New York.</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 <U>Inspector</U>.
The Board of Directors shall appoint one or more inspectors to act at the meeting or any adjournment thereof and make a written
report thereof. The Board of Directors may designate one or more persons as alternate inspectors to replace any inspector who fails
to act. If no inspector or alternate has been appointed, or if such persons are unable to act at a meeting of shareholders, the
person presiding at the meeting shall appoint one or more inspectors to act at the meeting. The inspectors shall determine the
number of shares outstanding and the voting power of each, the shares represented at the meeting, the existence of a quorum, the
validity and effect of proxies, and shall receive votes, ballots or consents, hear and determine all challenges and questions arising
in connection with the right to vote, count and tabulate all votes, ballots or consents, determine the result, and do such acts
as are proper to conduct the election or vote with fairness to all shareholders.<FONT STYLE="background-color: #EBEDEE"> </FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 2.11 <U>Consent
of Shareholders in Lieu of Meeting</U>. Notwithstanding anything to the contrary contained in these By-laws, and to the extent
consistent with the Certificate of Incorporation and the Investment Company Act, whenever the vote of the shareholders at a meeting
thereof is required or permitted to be taken for or in connection with any corporate action, by any provision of law, the Certificate
of Incorporation and these By-laws, such meeting and vote of the shareholders may be dispensed with if all of the shareholders
who would have been entitled to vote, if such meeting were held, shall consent in writing to such corporate action being taken.</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; text-indent: 0in">ARTICLE III</P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3.01 <U>Powers
of Directors</U>. The business and affairs of the Company shall be managed by its Board of Directors, which may exercise all of
the powers of the Company, except such as are by law, the Certificate of Incorporation or by these By-laws conferred upon or reserved
to the shareholders.</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 3.02 <U>Number,
Election and Term of Directors</U>. The number of directors of the Company shall be such number, not exceeding nine, as may be
fixed from time to time by the vote of a majority of the entire Board of Directors. The number of directors so fixed may be increased
or decreased from time to time by vote of a majority of the entire Board of Directors, but the tenure of office of a director shall
not be affected by any decrease in the number of directors so made by the Board of Directors. At no time shall there be less than
three directors. At the first annual meeting of shareholders and each annual meeting thereafter, except as otherwise provided by
law, the shareholders shall elect directors to hold office until the next annual meeting or until their successors are duly elected
and qualified or until they sooner die, resign or are removed. If, for a period of one month after the date fixed for the annual
meeting, there is a failure to elect a sufficient number of directors to conduct the business of the Company, the Board of Directors
shall call a special meeting for the election of directors. If such special meeting is not called by the Board within two weeks
after the expiration of such period or if it is so called but there is a failure to elect such directors for a period of two months
after the expiration of such period, holders of ten percent of the votes of the shares entitled to vote in an election of directors
may, in writing, demand the calling of a special meeting for the election of directors specifying the date and month thereof, which
shall not be less than 60 no more than 90 days from the date of such written demand. The secretary upon receiving the written demand
shall promptly give notice of such meeting, of if he fails to do so within five business days thereafter, any shareholder signing
such demand may give such notice. Directors need not be shareholders in the Company.</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 <U>Resignation</U>.
A director of the Company 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 Company. 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 <U>Vacancies</U>.
Any vacancy occurring in the Board of Directors by reason of an increase in the number of directors or by reason of removal of
a director with cause may be filled by a majority of the remaining members of the Board of Directors although such majority is
less than a quorum. A director elected by the Board of Directors to fill a vacancy shall be elected to hold office until the next
annual meeting of shareholders or until his successor is duly elected and qualified or until he sooner dies, resigns or is removed.
Notwithstanding the foregoing, no vacancies occurring in the Board of Directors may be filled by vote of the remaining members
of the Board if immediately after filling any such vacancy less than two-thirds of the directors then holding office shall have
been elected to such office by the holders of the outstanding voting securities of the Company at any annual or special meeting.
In the event that at any time less than a majority of the directors of the Company holding office at that time were so elected
by the holders of the outstanding voting securities, the Board of Directors of the Company shall forthwith cause to be held as
promptly as possible, and in any event within 60 days, a meeting of such holders for the purpose of electing directors to fill
any existing vacancies in the Board of Directors, unless such period is extended by order of the SEC.</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 <U>Regular
Meetings</U>. Regular meetings of the Board of Directors may be held in such places within or without the State of New York, and
at such times as the Board may from time to time determine, and if so determined, notice thereof need not be given. If at any time
the office of chairman of the board is not filled, the president shall preside at all meetings of the Board of Directors at which
he 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">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 <U>Special
Meetings</U>. Special meetings of the Board of Directors may be held in such places within or without the State of New York and
at such times upon call by the president or a majority of the directors, and, except as hereinafter provided, notice thereof shall
be given to each director by the secretary, the president or the directors calling the meeting.</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 3.07 <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 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 Company 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 Company 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 By-laws.</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 3.08 <U>Waiver
of Notice</U>. Notice of any regular or special meeting need not be given to any director who submits a signed waiver of notice,
whether before or after the meeting, or who attends the meeting without protesting, prior thereto or at its commencement, the lack
of notice to him or her.</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 <U>Quorum
and Voting</U>. A majority of the members of the Board of Directors shall constitute a quorum for the transaction of business.
A majority of the Board of Directors present at a meeting thereof, whether or not a quorum is present, may adjourn any meeting
to another time and place. Notice of any adjournment of a meeting to another time or place shall be given to the directors not
present at the time of the adjournment and, unless such time and place are announced at the meeting, to the other directors. When
a quorum is present at any meeting a majority of the members present thereat shall decide any question brought before such meeting
except as otherwise expressly required by law or by these By-laws.</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 3.10 <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 Company, 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>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3.11 <U>Compensation</U>.
The directors may receive such directors&rsquo; fees, compensation and expenses for attendance at directors&rsquo; meetings, for
serving on committees and for discharging their duties as shall be fixed from time to time by resolution of the Board of Directors.
Nothing herein contained shall be construed to preclude any director from serving the Company 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 <U>Reliance</U>.
Each director and officer of the Company shall, in the performance of his or her duties with respect to the Company, 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 Company 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 <U>Ratification</U>.
The Board of Directors or the shareholders may ratify and make binding on the Company any action or inaction by the Company or
its officers to the extent that the Board of Directors or the shareholders could have originally authorized the matter. Moreover,
any action or inaction questioned in any proceeding commenced by a shareholder in the right or on behalf of the Company or any
other proceeding on the ground of lack of authority, defective or irregular execution, adverse interest of a director, officer
or shareholder, 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 shareholders, 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 Company and its shareholders 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>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3.14 <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 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 <U>Emergency
Provisions</U>. Notwithstanding any other provision in the Certificate of Incorporation or these By-laws, 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 By-laws 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>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3.16 <U>Removal
of Directors</U>. Any director may be removed from office for cause, by vote of the holders of a majority of the common stock issued
and outstanding and entitled to vote. Unless in conjunction with such removal the number of directors of the Company has been accordingly
decreased by vote of the holders of a majority of the common stock issued and outstanding and entitled to vote, the shareholders
may elect a successor in accordance with the provisions of these By-laws. To the extent consistent with the Investment Company
Act, the Board of Directors may by vote of not less than a majority of the directors then in office remove from office for cause
any director.</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; text-indent: 0in">ARTICLE IV</P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 4.01 <U>Number,
Tenure and Qualifications</U>. The Board of Directors may, by resolution or resolutions passed by a majority of the whole Board,
designate one or more committees, each such committee to consist of one or more directors of the Company, which, to the extent
provided in said resolution or resolutions, shall have and may exercise the powers of the Board of Directors in the management
of the business and affairs of the Company (including, without limiting the generality of the foregoing, the powers of the Board
of Directors as specified in these By-laws; provided, however, that it shall not have the power to fill vacancies in the Board
of Directors or in any committee thereof, to authorize the issuance of shares of the capital stock of the Company, to submit any
matter to the shareholders which requires shareholders&rsquo; approval, to make or amend these By-laws, to fix the compensation
of any director or to amend or repeal any resolution of the Board of Directors which by its terms shall not be so amendable or
repealable), and may authorize the seal of the Company to be affixed to all papers which may require it, such committee or committees
to have such name or names as may be determined from time to time by resolution adopted 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 4.02 <U>Meetings</U>.
A majority of all the members of any such committee may fix the time and place of its meetings, unless the Board of Directors shall
otherwise provide. 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. The committees shall keep minutes of their proceedings and shall report the same to the Board of Directors
at the meeting next succeeding, and any action by the committees shall be subject to revision and alteration by the Board of Directors,
provided that no rights of third persons shall be affected by any such revision or alteration.</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">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 4.03 <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 4.04 <U>Vacancies</U>.
The Board of Directors shall have power to change the members of any such committee at any time, to designate alternate members
thereof, to fill vacancies therein, and to discharge any such committee, either with or without cause, at any 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: center; text-indent: 0in">ARTICLE V</P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 5.01 <U>General</U>.
The officers of the Company 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 5.12<B> </B>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. Election of an officer or agent shall not of itself create contract
rights between the Company 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>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 5.02 <U>Election,
Term of Office and Qualifications</U>. All officers (except those appointed pursuant to Section 5.12)<B> </B>shall be elected by
the Board of Directors and a regular meeting of the directors may be held for the purpose of electing officers. 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. Two or more offices,
except those of president and secretary, may be held by the same person, but no officer shall execute, acknowledge or verify any
instrument in more than one capacity, if such instrument is require by law, the Certificate of Incorporation or these By-laws to
be executed, acknowledged or verified by two or more officers. The chairman of the board shall be a director of the Company. No
other officer need be a director. The salaries of all officers of the Company shall be fixed 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>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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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 5.03 <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 Company.</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 <U>Removal</U>.
Any officer may be removed from office, whenever in the Board&rsquo;s judgment the best interest of the Company 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 5.12 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 <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 5.12 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>

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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 5.06 <U>Chairman
of the Board</U>. The chairman of the board, if any, shall preside at all meetings of the Board of Directors at which he is present.
He shall have such authority and duties as the Board of Directors shall from time to time determine and as provided by law.</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 5.07 <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 <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 <U>President
and Vice Presidents</U>. The president shall be the chief executive officer and, subject to the Board of Directors, shall have
general charge and management of the property and affairs of the Company. If present, he shall preside at all meetings of the shareholders
unless the Board of Directors shall delegate such duty to the chairman of the board. The president, a vice president, or the treasurer,
unless some other person is thereunto specifically authorized by vote of the Board of Directors, shall sign all deeds, contracts,
registration statements and other documents and instruments of the Company. Vice presidents shall each have such other duties and
shall have such other powers as the Board of Directors shall from time to time designate.</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 designate a vice president as executive vice president. The executive vice president, if any such officer is so designated
by the Board of Directors, shall be the principal executive assistant to the president and, as such, shall coordinate the activities
of all other officers and employees of the Company, shall oversee the general administration of the Company, and shall perform
such other duties and have such other powers as shall be delegated by the Board of Directors and the president. In addition, the
executive vice president shall, in the absence or disability of the president, perform the duties and exercise the powers of 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">5.10 <U>Secretary</U>.
The secretary shall attend all meetings of the Board of Directors and all meetings of the shareholders and record all the proceedings
of the meetings of the Company and of the Board of Directors in a book to be kept for that purpose and shall perform like duties
for the standing committees when required. He shall give, or cause to be given, notice of all meetings of the shareholders and
special meetings of the Board of Directors, and shall perform such other duties as may be prescribed by the Board of Directors
or president, under whose supervision he shall be. He shall keep in safe custody the seal of the Company and, when authorized by
the Board of Directors, affix the same to any instrument requiring it and, when so affixed, it shall be attested by his signature
or by the signature of an Assistant Secretary.</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">5.11 <U>Treasurer</U>.
The Treasurer shall, subject to the order of the Board of Directors and subject to any arrangement made by the Board with a bank
or trust company as custodian pursuant to the provisions of the Certificate of Incorporation, have the care and custody of the
money, funds, portfolio securities, valuable papers and documents of the Company, and shall have and exercise under the supervision
of the Board of Directors all powers and duties commonly incident to his office and as provided by law, including the power to
endorse for deposit or collection all notices, checks and other instruments payable to the Company or its order. He shall keep
accurate books of account of the Company&rsquo;s transactions which shall be the property of the Company and which together with
all other property of the Company in his possession shall be subject at all times to the inspection and control of the Board of
Directors. He shall deposit all funds of the Company in such bank, or banks, trust company or trust companies or such firm or firms
doing a banking business as the Board of Directors shall designate.</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">5.12 <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: center; text-indent: 0in"></P>

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 6.01 <U>Execution
of Instruments and Documents and Signing of Checks and Other Obligations and Transfers</U>. All instruments, documents and other
papers shall be executed in the name and on behalf of the Company and all checks, notes, drafts and other obligations for the payment
of money by the Company shall be signed, and all transfers of securities standing in the name of the Company shall be executed,
by the president, any vice president or the treasurer or by any one or more officers or agents of the Company as shall be designated
for that purpose by vote 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 6.02. <U>Voting
of Portfolio Securities</U>. Portfolio securities of the Company shall be voted in such manner and by such person or persons as
the Board of Directors shall determine 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: center; text-indent: 0in">ARTICLE VII</P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 7.01 <U>Certificate
of Stock</U>. The shares of the Company&rsquo;s capital stock shall be uncertificated, and shall be entered in the books of the
Company and registered as they are issued.</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 <U>Transfer
of Capital Stock</U>. The transfer of shares of stock may be registered on the books of the Company upon written request in proper
form if no share certificate has been issued, or in the event such a certificate has been issued by surrender of said certificate
duly endorsed or accompanied by proper evidence of succession, assignment or authority to transfer.</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">No transfer of shares
shall be permitted if such transfer would or might, in the reasonable opinion of the Company, cause the Company to incur any responsibility
for substantial expenses or any responsibility of the Company to make any regulatory filings in any jurisdiction outside the United
States.</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 <U>Closing,
Transfer Books: Record Date</U>. The transfer books of the stock of the Company may be closed for such period from time to time
in anticipation of shareholder meetings or the declaration of dividends as the directors may from time to time determine. In lieu
of closing its transfer books and in order that the Company may determine the shareholders entitled to notice of or to vote at
any meeting of shareholders or any adjournment thereof, or to express consent to corporate action in writing without a meeting,
or entitled to receive payment of any dividend or other distribution or allotment of any rights, or entitled to exercise any rights
in respect of any change, conversion or exchange of stock or for the purpose of any other lawful action, the Board of Directors
may fix, in advance, a date, which shall not be more than sixty nor less than ten days preceding the date of any meeting of shareholders,
or the event for the purposes of which it was fixed, as a record date for the determination of the shareholders entitled to notice
of, and to vote at, any such meeting and any adjournment thereof, or entitled to receive payment of any such dividend or other
distribution or to any such allotment of rights, or to exercise the rights in respect of any such change, conversion or exchange
of capital stock, or to give such consent, and in such case such shareholders and only such shareholders as shall be shareholders
of record at the close of business on the date so fixed shall be entitled to such notice of, and to vote at, such meeting and any
adjournment thereof, or to receive payment of such dividend or other distribution, or to receive such allotment of rights, or to
exercise such rights, or to give such consent, as the case may be, notwithstanding any transfer of any stock on the books of the
Company after any such record date fixed as aforesaid.</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">The Company shall be
entitled to recognize the exclusive right of a person registered on its books as the owner of shares to receive dividends, and
other distributions, and to vote or consent as such owner, and shall not be bound to recognize any equitable or other claim to
or interest in such share or shares on the part of any other person, whether or not it shall have express or other notice thereof,
except as otherwise provided by the laws of New York.</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 <U>Fractional
Shares</U>. The Board of Directors may authorize the issuance from time to time of shares of the capital stock of the Company in
fractional denominations, provided that the transactions in which the terms upon which shares in fractional denominations may be
issued may from time to time be limited or determined by or under authority 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 7.05 <U>Repurchase
of Shares</U>. The Company may repurchase its authorized and outstanding shares as the Board of Directors may direct. None of the
Company&rsquo;s shares or shareholders shall have the right to effect a redemption at net asset or any other value.</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: center; text-indent: 0in">&nbsp;ARTICLE VIII</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><U>DIVIDENDS AND OTHER
DISTRIBUTIONS</U></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 8.01 <U>General</U>.
Dividends and distributions upon the capital stock of the Company, subject to the provisions of the Certificate of Incorporation,
if any, may be declared by the Board of Directors at any regular or special meeting pursuant to law. They may be paid in cash,
in property or in its own shares, subject to the provisions of law and of the Certificate of Incorporation. Without limiting the
sources of dividends or distributions upon the capital stock of the Company, the Board of Directors may declare them from the following
sources subject to the limitations of Section 19 of the Investment Company Act:</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 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)
</FONT>Net income for and during the current fiscal year or the preceding fiscal year, or accumulated undistributed net income,
or both, not including in either case profits or losses from the sale of securities or other properties.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)
</FONT>Undistributed net profits from the sale of securities or other properties during the current fiscal year.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)
</FONT>Accumulated undistributed net profits from the sale of securities or other properties.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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 <U>Contingencies</U>.
Before payment of any dividend or other distribution, there may be set aside out of any assets of the Company 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 Company 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; text-indent: 0in"></P>

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 9.01 <U>Fiscal
Year</U>. The fiscal year of the Company shall begin and end as determined 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; text-indent: 0in">ARTICLE X</P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 10.01 <U>Indemnification
of Offices, Directors and Others</U>. The Company shall to the fullest extent permitted by applicable law as in effect at any time
indemnify any person made, or threatened to be made, a party to an action or proceeding, whether civil or criminal (including an
action or proceeding by or in the right of the Company or any other corporation of any type or kind, domestic or foreign, or any
partnership, joint venture, trust, employee benefit plan or other enterprise, which any director or officer of the Company served
in any capacity at the request of the Company), by reason of the fact that he, his testator or his interstate was a director or
officer of the Company, or served such other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise
in any capacity against judgments, fines, amounts paid in settlement and reasonable expenses, including attorneys&rsquo; fees actually
and necessarily incurred as a result of such action or proceeding, or any appeal therein, provided that (i) no indemnification
shall be required in connection with the settlement of any pending or threatened action or proceeding, or any other disposition
thereof except a final adjudication, unless the Company has consented to a settlement or other disposition and (ii) the Company
shall not be obligated to indemnify any person by reason of the adoption of this Article X to the extent such person is indemnified
under a policy of insurance. Such indemnification shall be a contract right and shall include the right to be paid advances of
any expenses incurred by such person in connection with such action, suit or proceeding, consistent with the provisions of applicable
law in effect at any time. Notwithstanding any other provision hereof, no repeal of this Article X, or amendment hereof of any
other corporate action or agreement which prohibits or otherwise limits the right of any person to indemnification or advancement
or reimbursement of expenses hereunder, shall be effective as to any person until the 60th day following notice to such person
of such action, and no such repeal or amendment or other corporate action or agreement shall deprive any person of any right hereunder
arising out of any alleged or actual act or omission occurring prior to such 60th day. The Company is hereby authorized, but shall
not be required, to enter into agreement with any of its directors, officers or employees providing for rights to indemnification
and advancement and reimbursement of reasonable expenses, including, attorneys&rsquo; fees, to the extent permitted by law, but
the Company&rsquo;s failure to do so shall not in any manner affect or limit the rights provided for by this Article X or otherwise.
Indemnification shall be deemed to be &ldquo;permitted&rdquo; within the meaning of the first sentence hereof if it is not expressly
prohibited by applicable law as in effect at the time. For purposes of this Article X, the term &ldquo;Company&rdquo; shall include
any legal successor to the Company, including any corporation which acquires all or substantially all the assets of the Company
in one or more transactions. For purposes of Article X, the Company shall be deemed to have requested a person to serve an employee
benefit plan where the performance by such person of his duties to the Company or any subsidiary thereof also imposes duties on,
or otherwise involves services by, such person to the plan or participants or beneficiaries of the plan, and excise taxes assessed
on a person with respect to an employee benefit plan pursuant to applicable law shall be considered fines.</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; text-indent: 0in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">ARTICLE XI</P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 11.01 <U>General</U>.
The seal of the Company shall consist of a flat faced, circular die with the words and figures &ldquo;Cornerstone Total Return
Fund, Inc., New York, 1973&rdquo; inscribed thereon. The seal may be used by causing it or a facsimile thereof to be impressed
or affixed or in any other manner reproduced.</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; text-indent: 0in">ARTICLE XII</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><U>MAJORITY VOTE OF SHAREHOLDERS
PURSUANT TO THE INVESTMENT COMPANY ACT OF 1940</U></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 12.01 <U>General</U>.
Whenever any corporate action, other than the election of directors, is required by the Investment Company Act to be authorized
by the vote of the holders of a majority of the Company&rsquo;s outstanding voting securities, such vote shall mean the vote, at
the annual or a special meeting of the shareholders duly called, of the lesser of (A) 67% or more of the outstanding shares of
Common Stock of the Company present at such meeting, if the holders of more than 50% of the outstanding shares of Common Stock
are present or represented by proxy, or (B) more than 50% of the outstanding shares of Common Stock of the Company.</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; text-indent: 0in"></P>

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 13.01 <U>General</U>.
Except as otherwise provided in the Certificate of Incorporation or these By-laws, these By-laws may be amended or added to, altered
or repealed at any annual or special meeting of the shareholders by the affirmative vote of the holders of a majority of the shares
of capital stock issued and outstanding and entitled to vote, provided notice of the general purport of the proposed amendment,
addition, alteration or repeal is given in the notice of said meeting; or at any meeting of the Board of Directors by vote of a
majority of the directors then in office, except that the Board of Directors may not amend Section 3.16 to permit removal by said
Board without cause of any director elected by the shareholders.</P>

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 14.01 <U>Employment
of a Custodian</U>. The Company 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 Company. 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 14.02 <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 Company 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 Company, the custodian shall deliver
and pay over all property of the Company 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">&nbsp;</P>

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 15.01 <U>General</U>.
Unless the Company consents in writing to the selection of an alternative forum, the Supreme Court of the State of New York, New
York County, or, if that Court does not have jurisdiction, the United States District Court for the Southern District of New York,
shall be the sole and exclusive forum for (a) any derivative action or proceeding brought on behalf of the Company, (b) any action
asserting a claim of breach of any duty owed by any director, officer or agent of the Company to the Company or to the shareholders
of the Company, (c) any action asserting a claim against the Company or any director, officer or agent of the Company arising
pursuant to any provision of the NYBCL, the Certificate of Incorporation or these By-laws, or (d) any action asserting a claim
against the Company or any director, officer or agent of the Company that is governed by the internal affairs doctrine.</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">33</P>

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