<SEC-DOCUMENT>0001104659-24-033892.txt : 20240313
<SEC-HEADER>0001104659-24-033892.hdr.sgml : 20240313
<ACCEPTANCE-DATETIME>20240313152853
ACCESSION NUMBER:		0001104659-24-033892
CONFORMED SUBMISSION TYPE:	N-CEN
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20231231
FILED AS OF DATE:		20240313
DATE AS OF CHANGE:		20240313
EFFECTIVENESS DATE:		20240313

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ADAMS NATURAL RESOURCES FUND, INC.
		CENTRAL INDEX KEY:			0000216851
		ORGANIZATION NAME:           	
		IRS NUMBER:				135506797
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		N-CEN
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-02736
		FILM NUMBER:		24745792

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ADAMS NATURAL RESOURCES FUND
		DATE OF NAME CHANGE:	20150331

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PETROLEUM & RESOURCES CORP
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
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<SEQUENCE>1
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<DOCUMENT>
<TYPE>INTERNAL CONTROL RPT
<SEQUENCE>2
<FILENAME>peo-letter.htm
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                           <P STYLE="margin: 0pt">&nbsp;</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8pt 0pt 0">In planning and performing our audit of the financial
statements of Adams Natural Resources Fund, Inc. (the &quot;Fund&quot;) as of and for the year ended December 31, 2023, in
accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), we considered the
Fund&rsquo;s internal control over financial reporting, including controls over safeguarding securities, as a basis for designing
our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of
Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Fund&rsquo;s internal control over
financial reporting. Accordingly, we do not express an opinion on the effectiveness of the Fund's internal control over financial
reporting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8pt 0pt 0">The management of the Fund is responsible for establishing
and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management
are required to assess the expected benefits and related costs of controls. A company&rsquo;s internal control over financial reporting
is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial
reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately
and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions
are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and
that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the
company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition
of a company&rsquo;s assets that could have a material effect on the financial statements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5pt 0pt 0">Because of its inherent limitations, internal control over
financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are
subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies
or procedures may deteriorate.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt; text-indent: -0.5pt">A deficiency in internal control over
financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing
their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or a combination
of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement
of the company's annual or interim financial statements will not be prevented or detected on a timely basis.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5pt 0pt 0">Our consideration of the Fund&rsquo;s internal control over
financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in
internal control over financial reporting that might be material weaknesses under standards established by the PCAOB.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">However, we noted no deficiencies in the Fund&rsquo;s internal control
over financial reporting and its operation, including controls over safeguarding securities, that we consider to be material weaknesses
as defined above as of December 31, 2023.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0">This report is intended solely for the information and use
of the Board of Directors of Adams Natural Resources Fund, Inc. and the Securities and Exchange Commission and is not intended to be and
should not be used by anyone other than these specified parties.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">February 12, 2024</P>

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

<P STYLE="margin: 0pt"><I>PricewaterhouseCoopers LLP, 100 East Pratt Street, Suite 2600, Baltimore, MD 21202</I></P>

<P STYLE="margin: 0pt"><I>T: (410) 783-7600, F: (410) 783-7680, </I>www.pwc.com/us</P>

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

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

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<DOCUMENT>
<TYPE>MATERIAL AMENDMENTS
<SEQUENCE>3
<FILENAME>peo-bylaws.htm
<DESCRIPTION>MATERIAL AMENDMENTS
<TEXT>
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<P STYLE="border-bottom: Black 1pt solid; font-size: 10pt; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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

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

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

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

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

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

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

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

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

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B>AS AMENDED NOVEMBER 13,
2023</B></FONT></P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">(b)&nbsp;<U>Stockholder-Requested
Special Meetings</U>.</FONT></P>

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

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

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

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in"><FONT STYLE="font-size: 10pt">(3)&nbsp;The
Secretary shall inform the requesting stockholders of the reasonably estimated cost of preparing and delivering the notice of the
meeting (including the Fund&rsquo;s proxy </FONT>materials). The Secretary shall not be required to call a special meeting upon
stockholder request and such meeting shall not be held unless, in addition to the documents required by paragraph (2)&nbsp;of this
Section&nbsp;2.2(b), the Secretary receives payment of such reasonably estimated cost prior to the preparation and delivery of any
notice of the meeting.</P>

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in"><FONT STYLE="font-size: 10pt">(7)&nbsp;For purposes
of these Bylaws, &ldquo;Business Day&rdquo; shall mean any day other than a Saturday, a Sunday or other day on which banking institutions
in the State of Maryland are authorized or obligated by law or executive order to close.</FONT></P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)&nbsp;The
Board of Directors may designate one or more directors as alternate members of any such committee, who may replace any absent member
or members at any meeting of such committee.</FONT></P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section&nbsp;</FONT><FONT>4.11.
<I>Treasurer.</I> The Treasurer shall assist the Chief Financial Officer in the performance of his or her responsibilities and shall
exercise such additional powers and perform such duties as the Board of Directors may from time to time prescribe.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section&nbsp;</FONT><FONT>4.12.
<I>Secretary.</I> The Secretary shall keep the minutes of all meetings of stockholders and of the Board of Directors. S/he shall be custodian
of the corporate seal and shall affix it or cause it to be affixed to such instruments as require such seal and attest the same and shall,
subject to the direction of the Board of Directors, exercise the powers and perform the duties incident to the office of Secretary.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section&nbsp;</FONT><FONT>4.13.
<I>Other Officers</I>. Each other officer of the Fund shall, subject to the direction of the Board of Directors, exercise the powers
and perform the duties incident to his office.</FONT></P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 36pt"></TD><TD STYLE="font-size: 10pt; width: 17pt"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><U>Procedure
                                            for Determination of Entitlement to Indemnification</U>.</FONT></TD></TR></TABLE>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section&nbsp;</FONT><FONT>5.5.
<I>Severability.</I> If any provisions or provisions of this Article&nbsp;shall be held to be invalid, illegal or unenforceable for any
reason whatsoever: (a)&nbsp;the validity, legality and enforceability of the remaining provisions of this Article&nbsp;(including, without
limitation, all portions of any paragraph of this Article&nbsp;containing any such provision held to be invalid, illegal or unenforceable,
that are not themselves invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby; and (b)&nbsp;to the
fullest extent possible, the provisions of this Article&nbsp;(including, without limitation, all portions of any paragraph of this Article&nbsp;containing
any such provision held to be invalid, illegal or unenforceable, that are not themselves invalid, illegal or unenforceable) shall be
construed so as to give effect to the intent manifested by the provision held invalid, illegal or unenforceable.</FONT></P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section&nbsp;</FONT>7.5. <I>Exclusive
Forum For Certain Litigation.</I> Unless the Fund consents in writing to the selection of an alternative forum, the Circuit Court
for Baltimore City, Maryland, or, if that Court does not have jurisdiction, the United States District Court for the District of
Maryland, Baltimore Division, shall, to the fullest extent permitted by law, be the sole and exclusive forum for (a)&nbsp;any
Internal Corporate Claim, as such term is defined in Section&nbsp;1-101(p)&nbsp;of the Maryland <FONT STYLE="font-size: 9.5pt">General
Corporation Law (the &ldquo;MGCL&rdquo;), or any successor provision thereof, (b)&nbsp;any derivative action or proceeding brought
on behalf of the Fund, (c)&nbsp;any action asserting a claim of breach of any duty owed by any director or officer or other employee
of the Fund to the Fund or to the stockholders of the Fund, (d)&nbsp;any action asserting a claim against the Fund or any director
or officer or other employee of the Fund arising out of, relating to, or connected in any way with, (i)&nbsp;the charter of the
Fund, (ii)&nbsp;these Bylaws, (iii)&nbsp;any decision by the Board or any committee thereof, (iv)&nbsp;any provision of the MGCL, or
(v)&nbsp;any other part of Maryland statutory or common law, (e)&nbsp;any action asserting a claim against the Fund or any director
or officer or other employee of the Fund that is governed by the internal affairs doctrine, and (f)&nbsp;any action asserting a
claim against the Fund or any director or officer or other employee of the Fund arising out of, related to, or connected in any way
with, any federal statute or law, including, but not limited to, the following federal securities laws: (i)&nbsp;the Securities Act
of 1933, as amended; (ii)&nbsp;the Securities Exchange Act of 1934, as amended; or (iii)&nbsp;the Investment Company Act of 1940, as
amended.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">For the avoidance
of doubt, none of the foregoing actions, claims, or proceedings may be brought in any court sitting outside the State of Maryland unless
the Fund consents in writing to such other court. Any person or entity purchasing or otherwise acquiring any interest in any security
of the Fund shall be deemed to have notice of, and consented to, the provisions of this Section.</FONT></P>

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

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9.5pt; font-variant: small-caps">Section</FONT><FONT STYLE="font-size: 9.5pt">&nbsp;7.6.<I>&nbsp;Maryland&nbsp;Control&nbsp;Share&nbsp;Acquisition&nbsp;Act.</I>&nbsp;Pursuant&nbsp;to&nbsp;a&nbsp;resolution&nbsp;adopted&nbsp;by&nbsp;the&nbsp;Board&nbsp;of&nbsp;Directors&nbsp;in&nbsp;accordance&nbsp;with&nbsp;Section
3-702(c)(4) of the MGCL, the Corporation is subject to Title 3, Subtitle 7 of the MGCL, which shall apply to any acquisition or proposed
acquisition of shares of stock of the Corporation to the extent provided in such Subtitle, subject to any limitations under the Act.</FONT></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 9.5pt">&nbsp;</FONT></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">ARTICLE&nbsp;EIGHT</FONT></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">DISTRIBUTIONS</FONT></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section&nbsp;</FONT><FONT>8.1.
<I>Authorization.</I> Dividends and other distributions upon the stock of the Fund may be authorized by the Board of Directors, subject
to the provisions of law and the charter of the Fund. Dividends and other distributions may be paid in cash, property or stock of the
Fund, subject to the provisions of law and the charter.</FONT></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section&nbsp;</FONT>8.2. <I>Contingencies.</I>
Before payment of any dividends or other distributions, there may be set aside out of any assets of the Fund available for dividends
or other distributions such sum or sums as the Board of Directors may from time to time, in its absolute discretion, think proper as
a reserve fund for contingencies, for equalizing dividends, for repairing or maintaining any property of the Fund or for such other
purpose as the Board of Directors shall determine, and the Board of Directors may modify or abolish any such reserve.</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">ARTICLE&nbsp;NINE</FONT></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">AMENDMENT OF BYLAWS</FONT></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Section&nbsp;</FONT><FONT>9.1.
<I>Amendment.</I> The Board of Directors shall have the exclusive power, at any time, to adopt, alter or repeal any provision of these
Bylaws and to make new Bylaws.</FONT></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

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