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<SEC-DOCUMENT>0000818972-06-000002.txt : 20060523
<SEC-HEADER>0000818972-06-000002.hdr.sgml : 20060523
<ACCEPTANCE-DATETIME>20060523130520
ACCESSION NUMBER:		0000818972-06-000002
CONFORMED SUBMISSION TYPE:	NSAR-A
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20060331
FILED AS OF DATE:		20060523
DATE AS OF CHANGE:		20060523
EFFECTIVENESS DATE:		20060523

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DREYFUS STRATEGIC MUNICIPALS INC
		CENTRAL INDEX KEY:			0000818972
		IRS NUMBER:				133426554
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		NSAR-A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05245
		FILM NUMBER:		06860834

	BUSINESS ADDRESS:	
		STREET 1:		THE DREYFUS CORPORATION
		STREET 2:		200 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10166
		BUSINESS PHONE:		2129228297

	MAIL ADDRESS:	
		STREET 1:		DREYFUS CORP
		STREET 2:		200 PARK AVE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10166
</SEC-HEADER>
<DOCUMENT>
<TYPE>NSAR-A
<SEQUENCE>1
<FILENAME>answer.fil
<DESCRIPTION>SEMI-ANNUAL REPORT
<TEXT>
<PAGE>      PAGE  1
000 A000000 03/31/2006
000 C000000 0000818972
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000 I000000 6.1
000 J000000 U
001 A000000 DREYFUS STRATEGIC MUNICIPALS, INC.
001 B000000 811-5245
001 C000000 2129226817
002 A000000 200 PARK AVENUE
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015 A000001 MELLON TRUST OF NEW ENGLAND, N.A.
015 B000001 C
015 C010001 BOSTON
015 C020001 MA
015 C030001 02108
015 E030001 X
018  000000 Y
019 A000000 Y
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<PAGE>      PAGE  2
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022 A000001 J.P. MORGAN CHASE & CO.
022 B000001 13-3224016
022 C000001     46310
022 D000001     50543
022 A000002 MORGAN STANLEY
022 B000002 13-2655998
022 C000002     32162
022 D000002     33272
022 A000003 BEAR, STEARNS & CO. INC.
022 B000003 13-3299429
022 C000003     36723
022 D000003     23850
022 A000004 CITIGROUP GLOBAL MARKETS INC.
022 B000004 11-2418191
022 C000004     26790
022 D000004     22929
022 A000005 MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
022 B000005 13-5674085
022 C000005     14932
022 D000005     16223
022 A000006 FIRST ALBANY CORPORATION
022 B000006 14-1391446
022 C000006     10736
022 D000006     15585
022 A000007 GOLDMAN, SACHS & CO.
022 B000007 13-5108880
022 C000007      5123
022 D000007     13571
022 A000008 WACHOVIA SECURITIES, INC.
022 B000008 54-0796506
022 C000008     13112
022 D000008      5287
022 A000009 LEHMAN BROTHERS INC.
022 B000009 13-2518466
022 C000009     10740
022 D000009      7027
022 A000010 PIPER JAFFRAY & CO.
022 B000010 41-0953246
022 C000010      5782
022 D000010      1049
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<PAGE>      PAGE  8
078  000000 N
080 A000000 VIGILANT INSURANCE COMPANY
080 B000000 NATIONAL UNION FIRE INSURANCE CO OF PITTSBURG
080 C000000   125000
081 A000000 Y
081 B000000 201
082 A000000 N
082 B000000        0
SIGNATURE   JOHN B. HAMMALIAN
TITLE       SECRETARY

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>item77e506.txt
<DESCRIPTION>LEGAL PROCEEDINGS
<TEXT>
                        SUB-ITEM 77E - LEGAL PROCEEDINGS

In early 2004, a purported  shareholder  in the Dreyfus  Disciplined  Stock
Fund and a  purported  shareholder  in the Dreyfus S&P 500 Stock Index Fund each
filed similar class action  lawsuits in the United States District Court for the
Western District of Pennsylvania  against Mellon Financial  Corporation,  Mellon
Bank, N.A. (the "Mellon  Defendants"),  The Dreyfus Corporation,  Founders Asset
Management  LLC,  and certain  directors  of Dreyfus  Funds  (together  with the
Dreyfus Founders Funds, the "Funds") and certain John Doe defendants  identified
as directors of other Dreyfus Funds.  (Hays v. Mellon  Financial  Corp., et. al.
and Wortman v. Mellon Financial Corp., et. al.)

In September 2004, plaintiffs served a Consolidated Amended Complaint (the
"Amended Complaint") on behalf of a purported class of all persons who acquired
interests in the Funds between January 30, 1999 and November 17, 2003, and
derivatively on behalf of the Funds. In addition to the defendants mentioned
above, Plaintiffs also named Dreyfus Service Corporation and Premier Mutual Fund
Services, Inc. as defendants. The Amended Complaint in the newly styled In re
Dreyfus Mutual Funds Fee Litigation alleged violations of Sections 34(b), 36(a),
36(b), and 48(a) of the Investment Company Act of 1940 (the "ICA"), Section 215
of the Investment Advisers Act of 1940, the Pennsylvania Unfair Trade Practices
and Consumer Protection Law and common-law claims. More specifically, plaintiffs
claimed, among other things, that 12b-1 fees and directed brokerage were
improperly used to pay brokers to recommend the Funds over other funds, and that
such payments were not disclosed to investors. In addition, plaintiffs asserted
that economies of scale and soft-dollar benefits were not passed on to the Funds
and that 12b-1 fees were improperly charged to certain of the Funds that were
closed to new investors. Plaintiffs sought to recover allegedly improper and
excessive Rule 12b-1 and advisory fees allegedly charged to the Funds for
marketing and distribution services. The Amended Complaint sought compensatory
and punitive damages, rescission of the advisory contracts, and an accounting
and restitution of any unlawful fees, as well as an award of attorneys fees and
litigation expenses.

Defendants filed motions to dismiss the Amended Complaint in whole or
substantial part on November 12, 2004. In a Memorandum Opinion dated September
28, 2005, the Court dismissed all of the claims except for a claim against
Dreyfus under Section 36(b) of the ICA which alleged that Dreyfus had breached a
duty to the Dreyfus funds by charging advisory fees that were excessive, and a
claim under section 48(a) of the ICA against the Mellon Defendants claiming that
they were "controlling persons" responsible for that violation.

Dreyfus and the Mellon Defendants answered the Amended Complaint, denying its
material allegations and asserting certain affirmative defenses. Dreyfus and the
Mellon Defendants simultaneously moved for judgment on the pleadings on the
remaining claims on the grounds that, pursuant to the ICA, they should have been
brought derivatively but were improperly brought as class claims. On April 7,
2006, the Court granted this motion and dismissed both remaining claims. On
April 24, 2006, Plaintiffs filed a motion for reconsideration of the Court's
dismissal, seeking leave to replead their excessive fee and control person
claims as derivative. That motion is pending.




</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>3
<FILENAME>bylaws000.htm
<DESCRIPTION>BY-LAWS
<TEXT>
<HTML>
<HEAD>
   <TITLE>bylaws000</TITLE>
   <META name="HandheldFriendly" content="true">
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<BODY bgcolor="#ffffff">


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<P align="right">
<TABLE><TR><TD nowrap>
<FONT face="serif">Sub Item 77Q1</FONT><BR>
<FONT face="serif">By-Laws</FONT><BR>
</TD></TR></TABLE>

<P align="center">
<TABLE><TR><TD nowrap>
<FONT face="serif">BY-LAWS</FONT><BR>
<FONT face="serif">OF </FONT><BR>
</TD></TR></TABLE>

<P align="center">
<TABLE><TR><TD nowrap>
<FONT size=2 face="serif">DREYFUS STRATEGIC MUNICIPALS, INC.</FONT><BR>
</TD></TR></TABLE>

<P align="center">
<TABLE><TR><TD nowrap>
<FONT face="serif">(A Maryland Corporation)</FONT><BR>
</TD></TR></TABLE>

<P align="center">
<TABLE><TR><TD nowrap>
<FONT face="serif">___________</FONT><BR>
</TD></TR></TABLE>

<P align="center">
<TABLE><TR><TD nowrap>
<FONT face="serif">ARTICLE I</FONT><BR>
</TD></TR></TABLE>

<P align="center">
<TABLE><TR><TD nowrap>
<FONT face="serif">STOCKHOLDERS</FONT><BR>
</TD></TR></TABLE>

<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">1.</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">CERTIFICATES REPRESENTING STOCK</FONT></U><FONT face="serif">. Certificates representing shares of stock shall set forth thereon the
statements prescribed by Section 2-211 of the Maryland General Corporation Law ("General Corporation Law") and by any other applicable provision of law and shall be signed by the Chairman of the Board or the President or a Vice President and
countersigned by the Secretary or an Assistant Secretary or the Treasurer or an Assistant Treasurer and may be sealed with the corporate seal. The signatures of any such officers may be either manual or facsimile signatures and the corporate seal
may be either facsimile or any other form of seal. In case any such officer who has signed manually or by facsimile any such certificate ceases to be such officer before the certificate is issued, it nevertheless may be issued by the corporation
with the same effect as if the officer had not ceased to be such officer as of the date of its issue. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">No certificate representing shares of stock shall be issued for any share of stock until such share is fully paid, except as otherwise authorized in Section 2-206 of the General Corporation Law.
</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">The corporation may issue a new certificate of stock in place of any certificate theretofore issued by it, alleged to have been lost, stolen or destroyed, and the Board of Directors may require, in
its discretion, the owner of any such certificate or the owner&#146;s legal representative to give bond, with sufficient surety, to the corporation to indemnify it against any loss or claim that may arise by reason of the issuance of a new
certificate. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">2.</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">SHARE TRANSFERS</FONT></U><FONT face="serif">. Upon compliance with provisions restricting the transferability of shares of stock, if
any, transfers of shares of stock of the corporation shall be made only on the stock transfer books of the corporation by the record holder thereof or by his attorney thereunto authorized by power of attorney duly executed and filed with the
Secretary of the corporation or with a transfer agent or a registrar, if any, and on surrender of the certificate or certificates for such shares of stock properly endorsed and the payment of all taxes due thereon. </FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">3.</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">RECORD DATE FOR STOCKHOLDERS</FONT></U><FONT face="serif">. The Board of Directors may fix, in advance, a date as the record date for the
purpose of determining stockholders entitled to notice of, or to vote at, any meeting of stockholders, or stockholders entitled to receive payment of any dividend or the allotment of any rights or in order to make a determination of stockholders for
any other proper purpose. Such date, in any case, shall be not more than 90 days, and in case of a meeting of stockholders not less than 10 days, prior to the date on which the meeting or particular action requiring such determination of
stockholders is to be held or taken. In lieu of fixing a record date, the Board of Directors may provide that the stock transfer books shall be closed for a stated period but not to exceed 20 days. If the stock transfer books are closed for the
purpose of determining stockholders entitled to notice of, or to vote at, a meeting of stockholders, such books shall be closed for at least 10 days immediately preceding such meeting. If no record date is fixed and the stock transfer books are not
closed for the determination of stockholders: (1) The record date for the determination of stockholders entitled to notice of, or to vote at, a meeting of stockholders shall be at the close of business on the day on which the notice of meeting is
mailed or the day 30 days before the meeting, whichever is the closer date to the meeting; and (2) The record date for the determination of stockholders entitled to receive payment of a dividend or an allotment of any rights shall be at the close of
business on the day on which the resolution of the Board of Directors declaring the dividend or allotment of rights is adopted, provided that the payment or allotment date shall not be more than 60 days after the date on which the resolution is
adopted. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">4.</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">MEANING OF CERTAIN TERMS</FONT></U><FONT face="serif">. As used herein in respect of the right to notice of a meeting of stockholders or
a waiver thereof or to participate or vote thereat or to consent or dissent in writing in lieu of a meeting, as the case may be, the term "share of stock" or "shares of stock" or "stockholder" or "stockholders" refers to an outstanding share or
shares of stock and to a holder or holders of record of outstanding shares of stock when the corporation is authorized to issue only one class of shares of stock and said reference also is intended to include any outstanding share or shares of stock
and any holder or holders of record of outstanding shares of stock of any class or series upon which or upon whom the Charter confers such rights where there are two or more classes or series of shares or upon which or upon whom the General
Corporation Law confers such rights notwithstanding that the Charter may provide for more than one class or series of shares of stock, one or more of which are limited or denied such rights thereunder. </FONT></P>
<TABLE><TR><TD width=72>&nbsp;</TD><TD nowrap>
<FONT face="serif">5.</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">STOCKHOLDER MEETINGS</FONT></U><FONT face="serif">.</FONT><BR>
</TD></TR></TABLE>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">ANNUAL MEETINGS</FONT></U><FONT face="serif">. If a meeting of the stockholders of the corporation is required by the Investment Company Act of 1940, as amended, to elect the directors, then there
shall be submitted to the stockholders at such meeting the question of the election of directors, and a meeting called for that purpose shall be designated the annual meeting of stockholders for that year. In other years in which no action by
stockholders is required for the aforesaid election of directors, no annual meeting need be held. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">SPECIAL MEETINGS</FONT></U><FONT face="serif">. Special stockholder meetings for any purpose may be called by the Board of Directors or the President and shall be called by the Secretary for the
purpose of removing a Director whenever the holders of shares entitled to at least ten percent of all the votes entitled to be cast at such meeting shall make a duly authorized request that such </FONT></P>
<P align="center">
<FONT face="serif">-2- </FONT></P>
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<FONT face="serif">meeting be called. The Secretary shall call a special meeting of stockholders for all other purposes whenever the holders of shares entitled to at least a majority of all the votes entitled to be cast at such meeting shall make a
duly authorized request that such meeting be called. Such request shall state the purpose of such meeting and the matters proposed to be acted on thereat, and no other business shall be transacted at any such special meeting. The Secretary shall
inform such stockholders of the reasonably estimated costs of preparing and mailing the notice of the meeting, and upon payment to the corporation of such costs, the Secretary shall give notice in the manner provided for below. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">PLACE AND TIME</FONT></U><FONT face="serif">. Stockholder meetings shall be held at such place, either within the State of Maryland or at such other place within the United States, and at such date
or dates as the directors from time to time may fix. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">NOTICE OR ACTUAL OR CONSTRUCTIVE WAIVER OF NOTICE</FONT></U><FONT face="serif">. Written or printed notice of all meetings shall be given by the Secretary and shall state the time and place of the
meeting. The notice of a special meeting shall state in all instances the purpose or purposes for which the meeting is called. Written or printed notice of any meeting shall be given to each stockholder either by mail or by presenting it to the
stockholder personally or by leaving it at his or her residence or usual place of business not less than 10 days and not more than 90 days before the date of the meeting, unless any provisions of the General Corporation Law shall prescribe a
different elapsed period of time, to each stockholder at his or her address appearing on the books of the corporation or the address supplied by the stockholder for the purpose of notice. If mailed, notice shall be deemed to be given when deposited
in the United States mail addressed to the stockholder at his or her post office address as it appears on the records of the corporation with postage thereon prepaid. Whenever any notice of the time, place or purpose of any meeting of stockholders
is required to be given under the provisions of these by-laws or of the General Corporation Law, a waiver thereof in writing, signed by the stockholder and filed with the records of the meeting, whether before or after the holding thereof, or actual
attendance or representation at the meeting shall be deemed equivalent to the giving of such notice to such stockholder. The foregoing requirements of notice also shall apply, whenever the corporation shall have any class of stock which is not
entitled to vote, to holders of stock who are not entitled to vote at the meeting, but who are entitled to notice thereof and to dissent from any action taken thereat. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">STATEMENT OF AFFAIRS</FONT></U><FONT face="serif">. The President of the corporation or, if the Board of Directors shall determine otherwise, some other executive officer thereof, shall prepare or
cause to be prepared annually a full and correct statement of the affairs of the corporation, including a balance sheet and a financial statement of operations for the preceding fiscal year, which shall be filed at the principal office of the
corporation in the State of Maryland. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">QUORUM</FONT></U><FONT face="serif">. At any meeting of stockholders, the presence in person or by proxy of stockholders entitled to cast one-third of the votes thereat shall constitute a quorum.
In the absence of a quorum, the stockholders present in person or by proxy, by majority vote and without notice other than by announcement, may adjourn the meeting from time to time, but not for a period exceeding 120 days after the original record
date until a quorum shall attend. </FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">ADJOURNED MEETINGS</FONT></U><FONT face="serif">. A meeting of stockholders convened on the date for which it was called (including one adjourned to achieve a quorum as provided in the paragraph
above) may be adjourned from time to time without further notice to a date not more than 120 days after the original record date, and any business may be transacted at any adjourned meeting which could have been transacted at the meeting as
originally called. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">CONDUCT OF MEETING</FONT></U><FONT face="serif">. Meetings of the stockholders shall be presided over by one of the following officers in the order of seniority and if present and acting: the
President, a Vice President or, if none of the foregoing is in office and present and acting, by a chairman to be chosen by the stockholders. The Secretary of the corporation or, in his or her absence, an Assistant Secretary, shall act as secretary
of every meeting, but if neither the Secretary nor an Assistant Secretary is present the chairman of the meeting shall appoint a secretary of the meeting. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">PROXY REPRESENTATION</FONT></U><FONT face="serif">. Every stockholder may authorize another person or persons to act for him by proxy in all matters in which a stockholder is entitled to
participate, whether for the purposes of determining the stockholder&#146;s presence at a meeting, or whether by waiving notice of any meeting, voting or participating at a meeting, expressing consent or dissent without a meeting or otherwise. Every
proxy shall be executed in writing by the stockholder or by his or her duly authorized attorney-in-fact or be in such other form as may be permitted by the Maryland General Corporation Law, including documents conveyed by electronic transmission and
filed with the Secretary of the corporation. A copy, facsimile transmission or other reproduction of the writing or transmission may be substituted for the original writing or transmission for any purpose for which the original transmission could be
used. No unrevoked proxy shall be valid after 11 months from the date of its execution, unless a longer time is expressly provided therein. The placing of a stockholder&#146;s name on a proxy pursuant to telephonic or electronically transmitted
instructions obtained pursuant to procedures reasonably designed to verify that such instructions have been authorized by such stockholder shall constitute execution of such proxy by or on behalf of such stockholder. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">INSPECTORS OF ELECTION</FONT></U><FONT face="serif">. The directors, in advance of any meeting, may, but need not, appoint one or more inspectors to act at the meeting or any adjournment thereof.
If an inspector or inspectors are not appointed, the person presiding at the meeting may, but need not, appoint one or more inspectors. In case any person who may be appointed as an inspector fails to appear or act, the vacancy may be filled by
appointment made by the directors in advance of the meeting or at the meeting by the person presiding thereat. Each inspector, if any, before entering upon the discharge of his duties, shall take and sign an oath to execute faithfully the duties of
inspector at such meeting with strict impartiality and according to the best of his ability. The inspectors, if any, shall determine the number of shares outstanding and the voting power of each, the shares represented at the meeting, the existence
of a quorum and the validity and effect of proxies, and shall receive votes, ballots or consents, hear and determine all challenges and questions arising in connection with the right to vote, count and tabulate all votes, ballots or consents,
determine the result and do such acts as are proper to conduct the election or vote with fairness to all stockholders. On request of the person presiding at the meeting or any stockholder, the inspector or inspectors, if any, shall make a report in
</FONT></P>
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<FONT face="serif">writing of any challenge, question or matter determined by him or them and execute a certificate of any fact found by him or them. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">VOTING</FONT></U><FONT face="serif">. Each share of stock shall entitle the holder thereof to one vote, except in the election of directors, at which each said vote may be cast for as many persons
as there are directors to be elected. Except for election of directors, a majority of the votes cast at a meeting of stockholders, duly called and at which a quorum is present, shall be sufficient to take or authorize action upon any matter which
may come before a meeting, unless more than a majority of votes cast is required by the corporation&#146;s Articles of Incorporation. A plurality of all the votes cast at a meeting at which a quorum is present shall be sufficient to elect a
director. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">6.</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">INFORMAL ACTION</FONT></U><FONT face="serif">. Any action required or permitted to be taken at a meeting of stockholders may be taken
without a meeting if a consent in writing, setting forth such action, is signed by all the stockholders entitled to vote on the subject matter thereof and any other stockholders entitled to notice of a meeting of stockholders (but not to vote
thereat) have waived in writing any rights which they may have to dissent from such action and such consent and waiver are filed with the records of the corporation. </FONT></P>
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<FONT face="serif">ARTICLE II</FONT><BR>
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<FONT face="serif">BOARD OF DIRECTORS</FONT><BR>
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<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">1.</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">FUNCTIONS AND DEFINITION</FONT></U><FONT face="serif">. The business and affairs of the corporation shall be managed under the direction
of a Board of Directors. The use of the phrase "entire board" herein refers to the total number of directors which the corporation would have if there were no vacancies. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">2.</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">AUTHORITY TO RETAIN EXPERTS AND ADVISERS. </FONT></U><FONT face="serif">The directors who are not "interested persons" (as that term is
defined in the Investment Company Act of 1940, as amended) of the corporation may hire employees and retain experts and advisers, including independent legal counsel, at the expense of the corporation, to the extent such directors deem necessary to
carry out their duties as directors. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">3.</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">QUALIFICATIONS AND NUMBER</FONT></U><FONT face="serif">. Each director shall be a natural person of full age. A director need not be a
stockholder, a citizen of the United States or a resident of the State of Maryland. The initial Board of Directors shall consist of one person. Thereafter, the number of directors constituting the entire board shall never be less than three or the
number of stockholders, whichever is less. At any regular meeting or at any special meeting called for that purpose, a majority of the entire Board of Directors may increase or decrease the number of directors, provided that the number thereof shall
never be less than three or the number of stockholders, whichever is less, nor more than twelve and further provided that the tenure of office of a director shall not be affected by any decrease in the number of directors. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">4.</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">ELECTION AND TERM</FONT></U><FONT face="serif">. The first Board of Directors shall consist of the director named in the Articles of
Incorporation and shall hold office until the first meeting of stockholders or until his or her successor has been elected and qualified. Thereafter, directors who are elected at a meeting of stockholders, and directors who are elected in the
interim to fill </FONT></P>
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<FONT face="serif">vacancies and newly created directorships, shall hold office until their successors have been elected and qualified, as amended. Newly created directorships and any vacancies in the Board of Directors, other than vacancies
resulting from the removal of directors by the stockholders, may be filled by the Board of Directors, subject to the provisions of the Investment Company Act of 1940, as amended. Newly created directorships filled by the Board of Directors shall be
by action of a majority of the entire Board of Directors then in office. All vacancies to be filled by the Board of Directors may be filled by a majority of the remaining members of the Board of Directors, although such majority is less than a
quorum thereof. </FONT></P>
<P>
<FONT face="serif">5.</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">MEETINGS</FONT></U><FONT face="serif">. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">TIME</FONT></U><FONT face="serif">. Meetings shall be held at such time as the Board of Directors shall fix, except that the first meeting of a newly elected Board of Directors shall be held as
soon after its election as the directors conveniently may assemble. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">PLACE</FONT></U><FONT face="serif">. Meetings shall be held at such place within or without the State of Maryland as shall be fixed by the Board. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">CALL</FONT></U><FONT face="serif">. No call shall be required for regular meetings for which the time and place have been fixed. Special meetings may be called by or at the direction of the
President or of a majority of the directors in office. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">NOTICE OR ACTUAL OR CONSTRUCTIVE WAIVER</FONT></U><FONT face="serif">. Whenever any notice of the time, place or purpose of any meeting of directors or any committee thereof is required to be given
under the provisions of the General Corporation Law or of these by-laws, a waiver thereof in writing, signed by the director or committee member entitled to such notice and filed with the records of the meeting, whether before or after the holding
thereof, or actual attendance at the meeting shall be deemed equivalent to the giving of such notice to such director or such committee member. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">QUORUM AND ACTION</FONT></U><FONT face="serif">. A majority of the entire Board of Directors shall constitute a quorum except when a vacancy or vacancies prevents such majority, whereupon a
majority of the directors in office shall constitute a quorum, provided such majority shall constitute at least one-third of the entire Board and, in no event, less than two directors. A majority of the directors present, whether or not a quorum is
present, may adjourn a meeting to another time and place. Except as otherwise specifically provided by the Articles of </FONT></P>
<P>
<FONT face="serif">Incorporation, the General Corporation Law or these by-laws, the action of a majority of the directors present at a meeting at which a quorum is present shall be the action of the Board of Directors. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT face="serif">CHAIRMAN OF THE MEETING</FONT></U><FONT face="serif">. The Chairman of the Board, if any and if present and acting, or the President or any other director chosen by the Board, shall preside at all
meetings. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">6.</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">REMOVAL OF DIRECTORS</FONT></U><FONT face="serif">. Any or all of the directors may be removed for cause or without cause by the
stockholders, who may elect a successor or successors</FONT></P>
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<FONT face="serif">to fill any resulting vacancy or vacancies for the unexpired term of the removed director or directors. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">7.</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">COMMITTEES</FONT></U><FONT face="serif">. The Board of Directors may appoint from among its members an Executive Committee and other
committees composed of one or more directors and may delegate to such committee or committees, in the intervals between meetings of the Board of Directors, any or all of the powers of the Board of Directors in the management of the business and
affairs of the corporation, except the power to amend the by-laws, to approve any merger or share exchange which does not require stockholder approval, to authorize dividends, to issue stock (except to the extent permitted by law) or to recommend to
stockholders any action requiring the stockholders&#146; approval. In the absence of any member of any such committee, the members thereof present at any meeting, whether or not they constitute a quorum, may appoint a member of the Board of
Directors to act in the place of such absent member. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">8.</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">INFORMAL ACTION</FONT></U><FONT face="serif">. Any action required or permitted to be taken at any meeting of the Board of Directors or
of any committee thereof may be taken without a meeting, if a written consent to such action is signed by all members of the Board of Directors or any such committee, as the case may be, and such written consent is filed with the minutes of the
proceedings of the Board or any such committee. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Members of the Board of Directors or any committee designated thereby may participate in a meeting of such Board or committee by means of a conference telephone or similar communications equipment by
means of which all persons participating in the meeting can hear each other at the same time. Participation by such means shall constitute presence in person at a meeting. </FONT></P>
<P align="center">
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<FONT face="serif">ARTICLE III </FONT><BR>
<FONT face="serif">OFFICERS </FONT><BR>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">The corporation may have a Chairman of the Board and shall have a President, a Secretary and a Treasurer, who shall be elected by the Board of Directors, and may have such other officers, assistant
officers and agents as the Board of Directors shall authorize from time to time. Any two or more offices, except those of President and Vice President, may be held by the same person, but no person shall execute, acknowledge or verify any instrument
in more than one capacity, if such instrument is required by law to be executed, acknowledged or verified by two or more officers. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Any officer or agent may be removed by the Board of Directors whenever, in its judgment, the best interests of the corporation will be served thereby. </FONT></P>
<P align="center">
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<FONT face="serif">ARTICLE IV </FONT><BR>
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<FONT face="serif">PRINCIPAL OFFICE - RESIDENT AGENT - STOCK LEDGER</FONT><BR>
</TD></TR></TABLE>

<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">The address of the principal office of the corporation in the State of Maryland prescribed by the General Corporation Law is 300 East Lombard Street, c/o The Corporation Trust Incorporated, Baltimore,
Maryland 21202. The name and address of the resident agent in</FONT></P>
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<FONT face="serif">the State of Maryland prescribed by the General Corporation Law are: The Corporation Trust Incorporated, 300 East Lombard Street, Baltimore, Maryland 21202. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">The corporation shall maintain, at its principal office in the State of Maryland prescribed by the General Corporation Law or at the business office or an agency of the corporation, an original or
duplicate stock ledger containing the names and addresses of all stockholders and the number of shares of each class held by each stockholder. Such stock ledger may be in written form or any other form capable of being converted into written form
within a reasonable time for visual inspection. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">The corporation shall keep at said principal office in the State of Maryland the original or a certified copy of the by-laws, including all amendments thereto, and shall duly file thereat the annual
statement of affairs of the corporation prescribed by Section 2-313 of the General Corporation Law. </FONT></P>
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<FONT face="serif">ARTICLE V </FONT><BR>
<FONT face="serif">CORPORATE SEAL </FONT><BR>
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<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">The corporate seal shall have inscribed thereon the name of the corporation and shall be in such form and contain such other words and/or figures as the Board of Directors shall determine or the law
require. </FONT></P>
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<FONT face="serif">ARTICLE VI </FONT><BR>
<FONT face="serif">FISCAL YEAR </FONT><BR>
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<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">The fiscal year of the corporation or any series thereof shall be fixed, and shall be subject to change, by the Board of Directors. </FONT></P>
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<FONT face="serif">ARTICLE VII </FONT><BR>
<FONT face="serif">CONTROL OVER BY-LAWS </FONT><BR>
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<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">The power to make, alter, amend and repeal the by-laws is vested exclusively in the Board of Directors of the corporation. </FONT></P>
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<FONT face="serif">INDEMNIFICATION </FONT><BR>
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<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">1.</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">INDEMNIFICATION OF DIRECTORS AND OFFICERS</FONT></U><FONT face="serif">. The corporation shall indemnify its directors to the fullest
extent that indemnification of directors is permitted by the law. The corporation shall indemnify its officers to the same extent as its directors and to such further extent as is consistent with law. The corporation shall indemnify its directors
and officers who while serving as directors or officers also serve at the request of the corporation as a director, officer, partner, trustee, employee, agent or fiduciary of another corporation, partnership, joint venture, trust, other enterprise
or employee benefit plan to the same extent as its directors and, in the case of officers, to such further extent as is consistent with law. The indemnification and other rights provided by this Article shall continue as to a person who has ceased
to be a director or officer and shall inure to the benefit of the heirs, executors and</FONT></P>
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<FONT face="serif">administrators of such a person. This Article shall not protect any such person against any liability to the corporation or any stockholder thereof to which such person would otherwise be subject by reason of willful misfeasance,
bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his office ("disabling conduct"). </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">2.</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">ADVANCES</FONT></U><FONT face="serif">. Any current or former director or officer of the corporation seeking indemnification within the
scope of this Article shall be entitled to advances from the corporation for payment of the reasonable expenses incurred by him in connection with the matter as to which he is seeking indemnification in the manner and to the fullest extent
permissible under the General Corporation Law. The person seeking indemnification shall provide to the corporation a written affirmation of his good faith belief that the standard of conduct necessary for indemnification by the corporation has been
met and a written undertaking to repay any such advance if it should ultimately be determined that the standard of conduct has not been met. In addition, at least one of the following additional conditions shall be met: (a) the person seeking
indemnification shall provide a security in form and amount acceptable to the corporation for his or her undertaking; (b) the corporation is insured against losses arising by reason of the advance; or (c) a majority of a quorum of directors of the
corporation who are neither "interested persons" as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended, nor parties to the proceeding ("disinterested non-party directors"), or independent legal counsel, in a written
opinion, shall have determined, based on a review of facts readily available to the corporation at the time the advance is proposed to be made, that there is reason to believe that the person seeking indemnification will ultimately be found to be
entitled to indemnification. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">3.</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">PROCEDURE</FONT></U><FONT face="serif">. At the request of any person claiming indemnification under this Article, the Board of Directors
shall determine, or cause to be determined, in a manner consistent with the General Corporation Law, whether the standards required by this Article have been met. Indemnification shall be made only following: (a) a final decision on the merits by a
court or other body before whom the proceeding was brought that the person to be indemnified was not liable by reason of disabling conduct or (b) in the absence of such a decision, a reasonable determination, based upon a review of the facts, that
the person to be indemnified was not liable by reason of disabling conduct by (i) the vote of a majority of a quorum of disinterested non-party directors or (ii) an independent legal counsel in a written opinion. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">4.</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">INDEMNIFICATION OF EMPLOYEES AND AGENTS</FONT></U><FONT face="serif">. Employees and agents who are not officers or directors of the
corporation may be indemnified, and reasonable expenses may be advanced to such employees or agents, as may be provided by action of the Board of Directors or by contract, subject to any limitations imposed by the Investment Company Act of 1940, as
amended. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">5.</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">OTHER RIGHTS</FONT></U><FONT face="serif">. The Board of Directors may make further provision consistent with law for indemnification and
advance of expenses to directors, officers, employees and agents by resolution, agreement or otherwise. The indemnification provided by this Article shall not be deemed exclusive of any other right, with respect to indemnification or otherwise, to
which those seeking indemnification may be entitled under any insurance or other agreement or resolution of stockholders or disinterested non-party directors or otherwise. </FONT></P>
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<FONT face="serif">6.</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">AMENDMENTS</FONT></U><FONT face="serif">. References in this Article are to the General </FONT></P>
<P>
<FONT face="serif">Corporation Law and to the Investment Company Act of 1940 as from time to time amended. No amendment of the by-laws shall affect any right of any person under this Article based on any event, omission or proceeding prior to the
amendment. </FONT></P>
<TABLE border=0 cellspacing=1 cellpadding=0>
<TR valign="bottom">
	<TD width=61% nowrap>
<FONT face="serif">Dated: July 20, 1987</FONT>&nbsp;
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&nbsp;	</TD>
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&nbsp;
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</TR>
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<FONT face="serif">Amended and Restated:</FONT>&nbsp;
	</TD>
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&nbsp;	</TD>
	<TD width=36% nowrap>
<FONT face="serif">January, 2006</FONT>&nbsp;
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