<SEC-DOCUMENT>0001752724-21-048008.txt : 20210310
<SEC-HEADER>0001752724-21-048008.hdr.sgml : 20210310
<ACCEPTANCE-DATETIME>20210310125641
ACCESSION NUMBER:		0001752724-21-048008
CONFORMED SUBMISSION TYPE:	N-CEN
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20201231
FILED AS OF DATE:		20210310
DATE AS OF CHANGE:		20210310
EFFECTIVENESS DATE:		20210310

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MORGAN STANLEY INDIA INVESTMENT FUND, INC.
		CENTRAL INDEX KEY:			0000916618
		IRS NUMBER:				133753686
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		N-CEN
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-08238
		FILM NUMBER:		21728952

	BUSINESS ADDRESS:	
		STREET 1:		522 FIFTH AVENUE
		STREET 2:		19TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036
		BUSINESS PHONE:		800 869-6397

	MAIL ADDRESS:	
		STREET 1:		522 FIFTH AVENUE
		STREET 2:		19TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY DEAN WITTER INDIA INVESTMENT
		DATE OF NAME CHANGE:	20000504

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY INDIA INVESTMENT FUND INC
		DATE OF NAME CHANGE:	19940127

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INDIA INVESTMENT FUND INC
		DATE OF NAME CHANGE:	19931228
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CEN
<SEQUENCE>1
<FILENAME>primary_doc.xml
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          <relyOnRuleType>Rule 12d1-1 (17 CFR 270.12d1-1)</relyOnRuleType>
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<DOCUMENT>
<TYPE>MATERIAL AMENDMENTS
<SEQUENCE>2
<FILENAME>NCEN_1721179416960966.htm
<TEXT>
<html>

<head>
<meta content="text/html; charset=utf-8" />




&nbsp;</head>

<body><a name="page_1"></a><DIV bclPageBorder STYLE="WIDTH: 100%; PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p align=center style="margin:0in;margin-bottom:.0001pt;margin-top:.9pt;text-align:center;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:33.05pt;vertical-align:baseline;">MORGAN STANLEY INDIA INVESTMENT FUND, INC. <br>
A Maryland corporation <br>
AMENDED AND RESTATED BY-LAWS <br>
April 2020</font></p>









</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV>
<a name="page_2"></a><DIV bclPageBorder STYLE="WIDTH: 100%; PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p align=center style="margin:0in;margin-bottom:.0001pt;margin-top:.5pt;text-align:center;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.1pt;line-height:13.15pt;vertical-align:baseline;">TABLE OF CONTENTS</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:23.65pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.15pt;vertical-align:baseline;">ARTICLE 1 Stockholders........................................................................................................ 1</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.45in;margin-right:0in;margin-top:4.9pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.95pt;vertical-align:baseline;">Section 1.1. Place of Meeting........................................................................................ 1</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.45in;margin-right:0in;margin-top:5.8pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.95pt;vertical-align:baseline;">Section 1.2. Annual Meetings........................................................................................ 1</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.45in;margin-right:0in;margin-top:5.3pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.95pt;vertical-align:baseline;">Section 1.3. Special Meetings........................................................................................ 1</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.45in;margin-right:0in;margin-top:5.25pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.95pt;vertical-align:baseline;">Section 1.4. Notice of Meetings of
Stockholders............................................................. 2</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.45in;margin-right:0in;margin-top:5.65pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.95pt;vertical-align:baseline;">Section 1.5. Record Dates............................................................................................. 2</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.45in;margin-right:0in;margin-top:5.45pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.95pt;vertical-align:baseline;">Section 1.6. Quorum; Adjournment of
Meetings............................................................. 3</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.45in;margin-right:0in;margin-top:5.5pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.95pt;vertical-align:baseline;">Section 1.7. Voting and Inspectors................................................................................. 3</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.45in;margin-right:0in;margin-top:5.4pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.95pt;vertical-align:baseline;">Section 1.8. Conduct of Stockholders&#8217;
Meetings ............................................................ 4</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.45in;margin-right:0in;margin-top:5.4pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.95pt;vertical-align:baseline;">Section 1.9. Concerning Validity of
Proxies, Ballots, etc. ............................................... 4</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.45in;margin-right:0in;margin-top:5.55pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.95pt;vertical-align:baseline;">Section 1.10. Action Without Meeting........................................................................... 5</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.45in;margin-right:0in;margin-top:5.2pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.1pt;line-height:13.15pt;vertical-align:baseline;">Section 1.11. Advance
Notice of Stockholder Nominees for Director and Other</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.95in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.95pt;vertical-align:baseline;">Stockholder Proposals....................................................................................... 5</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:11.05pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.15pt;vertical-align:baseline;">ARTICLE II Board of Directors............................................................................................... 9</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.45in;margin-right:0in;margin-top:5.45pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.95pt;vertical-align:baseline;">Section 2.1. Function of Directors.................................................................................. 9</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.45in;margin-right:0in;margin-top:5.55pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.95pt;vertical-align:baseline;">Section 2.2. Number of Directors................................................................................... 9</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.45in;margin-right:0in;margin-top:5.3pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.95pt;vertical-align:baseline;">Section 2.3. Classes of Directors; Terms of
Directors...................................................... 9</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.45in;margin-right:0in;margin-top:5.5pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.95pt;vertical-align:baseline;">Section 2.4. Vacancies................................................................................................ 10</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.45in;margin-right:0in;margin-top:5.15pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.95pt;vertical-align:baseline;">Section 2.5. Increase or Decrease in Number
of Directors............................................. 10</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.45in;margin-right:0in;margin-top:5.7pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.15pt;vertical-align:baseline;">Section 2.6. Place of Meeting...................................................................................... 10</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.45in;margin-right:0in;margin-top:5.2pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.95pt;vertical-align:baseline;">Section 2.7. Regular Meetings..................................................................................... 10</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.45in;margin-right:0in;margin-top:5.45pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.95pt;vertical-align:baseline;">Section 2.8. Special Meetings...................................................................................... 10</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.45in;margin-right:0in;margin-top:5.5pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.95pt;vertical-align:baseline;">Section 2.9. Notices.................................................................................................... 10</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.45in;margin-right:0in;margin-top:5.45pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.15pt;line-height:12.95pt;vertical-align:baseline;">Section 2.10. Quorum.............................................................................................. ..11</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.45in;margin-right:0in;margin-top:5.25pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.15pt;vertical-align:baseline;">Section 2.11. Executive Committee.............................................................................. 11</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.45in;margin-right:0in;margin-top:5.2pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.95pt;vertical-align:baseline;">Section 2.12. Other Committees.................................................................................. 12</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.45in;margin-right:0in;margin-top:5.55pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.95pt;vertical-align:baseline;">Section 2.13. Telephone Meetings............................................................................... 12</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.45in;margin-right:0in;margin-top:5.5pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.95pt;vertical-align:baseline;">Section 2.14. Action Without a Meeting....................................................................... 12</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.45in;margin-right:0in;margin-top:5.4pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.95pt;vertical-align:baseline;">Section 2.15. Compensation of Directors...................................................................... 12</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.45in;margin-right:0in;margin-top:5.4pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.95pt;vertical-align:baseline;">Section 2.16. Selection and Nomination of
Non-Interested Directors.............................. 13</font></p>









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<p style="margin:0in;margin-bottom:.0001pt;margin-top:.6pt;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.45pt;vertical-align:baseline;">ARTICLE III Officers........................................................................................................... 13</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:5.65pt;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.45pt;vertical-align:baseline;">Section 3.1. Executive Officers.................................................................................. 13</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:5.95pt;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.45pt;vertical-align:baseline;">Section 3.2. Term of Office........................................................................................ 13</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:5.75pt;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.45pt;vertical-align:baseline;">Section 3.3. Powers and Duties................................................................................... 14</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:6.1pt;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.45pt;vertical-align:baseline;">Section
3.4. Surety Bonds.......................................................................................... 14</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:11.75pt;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.45pt;vertical-align:baseline;">ARTICLE IV Capital Stock................................................................................................... 14</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:5.75pt;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.45pt;vertical-align:baseline;">Section 4.1. Certificates for Shares............................................................................. 14</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:6.2pt;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.45pt;vertical-align:baseline;">Section
4.2. Transfer of Shares................................................................................... 15</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:5.9pt;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.45pt;vertical-align:baseline;">Section
4.3. Stock Ledgers......................................................................................... 15</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:5.9pt;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.45pt;vertical-align:baseline;">Section
4.4. Transfer Agents and Registrars................................................................ 15</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:6.0pt;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.45pt;vertical-align:baseline;">Section
4.5. Lost, Stolen or Destroyed Certificates....................................................... 15</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:11.45pt;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.45pt;vertical-align:baseline;">ARTICLE V Corporate Seal; Location of Offices; Books; Net
Asset Value............................... 15</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:5.95pt;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.45pt;vertical-align:baseline;">Section 5.1. Corporate Seal........................................................................................ 16</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:5.9pt;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.45pt;vertical-align:baseline;">Section
5.2. Location of Offices................................................................................. 16</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:5.9pt;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.45pt;vertical-align:baseline;">Section
5.3. Books and Records................................................................................. 16</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:5.8pt;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.45pt;vertical-align:baseline;">Section
5.4. Annual Statement of Affairs.................................................................... 16</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:6.25pt;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.45pt;vertical-align:baseline;">Section 5.5. Net Asset Value...................................................................................... 16</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:11.55pt;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.45pt;vertical-align:baseline;">ARTICLE VI Fiscal Year and Accountant.............................................................................. 16</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:5.9pt;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.45pt;vertical-align:baseline;">Section
6.1. Fiscal Year............................................................................................. 16</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:6.0pt;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.45pt;vertical-align:baseline;">Section
6.2. Accountant............................................................................................. 16</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:11.55pt;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.45pt;vertical-align:baseline;">ARTICLE VII Indemnification and Insurance......................................................................... 17</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:5.95pt;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.45pt;vertical-align:baseline;">Section 7.1. General.................................................................................................. 17</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:5.9pt;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.45pt;vertical-align:baseline;">Section
7.2. Indemnification of Directors and Officers................................................. 17</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:6.05pt;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.45pt;vertical-align:baseline;">Section 7.3. Insurance................................................................................................ 18</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:11.45pt;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.45pt;vertical-align:baseline;">ARTICLE VIII Custodian...................................................................................................... 18</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:11.55pt;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.45pt;vertical-align:baseline;">ARTICLE IX Amendment of By-Laws................................................................................... 19</font></p>














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<p align=center style="margin:0in;margin-bottom:.0001pt;margin-top:.35pt;text-align:center;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.05pt;line-height:12.85pt;vertical-align:baseline;">MORGAN STANLEY INDIA INVESTMENT FUND,
INC.</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-top:7.25pt;text-align:center;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.85pt;vertical-align:baseline;">By-Laws</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-top:19.3pt;text-align:center;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.85pt;vertical-align:baseline;">ARTICLE
I</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-top:7.35pt;text-align:center;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.95pt;vertical-align:baseline;">Stockholders</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:.1in;text-align:justify;text-indent:67.5pt;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:200%;vertical-align:baseline;">Section 1.1. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:200%;vertical-align:baseline;">Place of Meeting.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:200%;vertical-align:baseline;"> All meetings of the
stockholders shall be held at the principal office of the Corporation in the
State of Maryland or at such other place as may from time to time be designated
by the Board of Directors and stated in the notice of such meeting. In
accordance with, and subject to, applicable law, the Board of Directors may
determine that a meeting of stockholders not be held at any place but instead
may be held solely by means of remote communication.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:.15pt;text-align:justify;text-indent:.95in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.65pt;vertical-align:baseline;">Section 1.2. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.65pt;vertical-align:baseline;">Annual Meetings.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.65pt;vertical-align:baseline;"> The annual meeting of
the stockholders of the Corporation shall be held on such day of each calendar
year as may from time to time be designated by the Board of Directors and
stated in the notice of such meeting, for the purpose of electing directors for
the ensuing year and for the transaction of such other business as may properly
be brought before the meeting.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.95in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.05pt;line-height:25.6pt;vertical-align:baseline;">Section 1.3. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.05pt;line-height:25.6pt;vertical-align:baseline;">Special Meetings.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.05pt;line-height:25.6pt;vertical-align:baseline;">
Special meetings of the stockholders for any purpose or purposes may be called
by the Chairman of the Board, the President, or a majority of the Board of
Directors. Special meetings of stockholders shall also be called by the
Secretary upon receipt of the request in writing signed by stockholders holding
not less than 25% of the votes entitled to be cast thereat. Such request shall
state the purpose or purposes of the proposed meeting and the matters proposed
to be acted on at such proposed meeting. The Secretary shall inform such
stockholders of the reasonably estimated costs of preparing and mailing such
notice of meeting and upon payment to the Corporation of such costs, the
Secretary shall give notice as required in this Article to all stockholders
entitled to notice of such meeting. No special meeting of stockholders need be
called upon the request of the holders of common stock entitled to cast less than a majority of ail votes entitled to be cast at
such meeting to consider any matter which </font><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.6pt;vertical-align:baseline;">is
substantially the same as a matter voted upon at any special meeting of
stockholders held during the preceding twelve months.</font></p>
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<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.95in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.15pt;line-height:25.65pt;vertical-align:baseline;">Section 1.4. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.15pt;line-height:25.65pt;vertical-align:baseline;">Notice of Meetings of
Stockholders.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.15pt;line-height:25.65pt;vertical-align:baseline;"> Not less than ten days&#8217; and not more than ninety days&#8217;
written or printed notice of every meeting of stockholders, stating the time
and place thereof (and the purpose of any special meeting), shall be given to
each stockholder entitled to vote thereat and to each other stockholder
entitled to notice of the meeting by leaving the same with such stockholder or
at such stockholder&#8217;s residence or usual place of business or by mailing it,
postage prepaid, and addressed to such stockholder at such stockholder&#8217;s
address as it appears upon the books of the Corporation</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.65pt;vertical-align:baseline;"> or by any other
means permitted by Maryland law</font><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.15pt;line-height:25.65pt;vertical-align:baseline;">.
If mailed, notice shall be deemed to be given when deposited in the mail
addressed to the stockholder as aforesaid.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:.05in;margin-top:.05pt;text-align:justify;text-indent:.95in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.7pt;vertical-align:baseline;">No notice of the time, place or purpose of any meeting of
stockholders need be given to any stockholder who attends in person or by proxy
or to any stockholder who, in writing executed and filed with the records of
the meeting, either before or after the holding thereof, waives such notice.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;text-indent:.95in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.6pt;vertical-align:baseline;">Section 1.5. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.6pt;vertical-align:baseline;">Record Dates.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.6pt;vertical-align:baseline;"> The Board of Directors
may fix, in advance, a record date for the determination of stockholders
entitled to notice of or to vote at any stockholders meeting or to receive a
dividend or be allotted rights or for the purpose of any other proper
determination with respect to stockholders and only stockholders of record on
such date shall be entitled to notice of and to vote at such meeting or to
receive such dividends or rights or otherwise, as the case may be; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.6pt;vertical-align:baseline;">provided,</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.6pt;vertical-align:baseline;">
however, that such record date shall not be prior to ninety days preceding the
date of any such meeting of stockholders, dividend payment date, date for the
allotment of rights or other such action requiring the determination of a record
date; and further provided that such record date shall not be prior to the
close of business on the day the record date is fixed,
that the transfer books shall not be closed for a period longer than 20 days,
and that in the case of a meeting of stockholders, the record date or the
closing of the transfer books shall not be less than ten days prior to the date
fixed for such meeting.</font></p>
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<p style="margin:0in;margin-bottom:.0001pt;margin-top:.7pt;text-align:justify;text-indent:.95in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.1pt;line-height:25.65pt;vertical-align:baseline;">Section 1.6. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.1pt;line-height:25.65pt;vertical-align:baseline;">Quorum; Adjournment of
Meetings.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.1pt;line-height:25.65pt;vertical-align:baseline;"> The presence in person or by proxy of stockholders entitled to
cast a majority of the votes entitled to be cast thereat shall constitute a
quorum at all meetings of the stockholders, except as otherwise provided in the
Articles of Incorporation. If, however, such quorum shall not be present or
represented at any meeting of the stockholders, the chairman of the meeting, an
officer of the Corporation or the holders of a majority of the stock present in
person or by proxy shall have power to adjourn the meeting from time to time,
without notice other than announcement at the meeting, until the requisite
amount of stock entitled to vote at such meeting shall be present, to a date
not more than 120 days after the original record date. At such adjourned
meeting at which the requisite amount of stock entitled to vote thereat shall
be represented, any business may be transacted which might have been transacted
at the meeting as originally notified. The chairman of the meeting, an officer
of the Corporation or the holders of a majority of the stock present in person
or by proxy shall also have the power to adjourn the meeting from time to time
if the vote required to approve or reject any proposal described in the
original notice of such meeting is not obtained, without notice other than
announcement at the meeting, to a date not more than 120 days after the
original record date (with proxies being voted for or against adjournment
consistent with the votes for and against the proposal for which the required
vote has not been obtained).</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:.2pt;text-align:justify;text-indent:.45in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.65pt;vertical-align:baseline;">Any meeting of stockholders, annual or special, may adjourn
from time to time to reconvene at the same or some other place, and notice need
not be given of any such adjourned meeting if the time and place thereof are
announced at the meeting at which the adjournment is taken. At the adjourned
meeting the Corporation may transact any business which might have been
transacted at the original meeting.</font></p>


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<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.95in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.6pt;vertical-align:baseline;">Section 1.7. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.6pt;vertical-align:baseline;">Voting and
Inspectors.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.6pt;vertical-align:baseline;"> At all meetings, stockholders of record entitled to vote
thereat shall have one vote for each share of common stock standing in his name
on the books of the Corporation (and such stockholders of record holding
fractional shares, if any, shall have proportionate voting rights) on the date
for the determination of stockholders entitled to vote at such meeting, either
in person or by proxy appointed by instrument in writing subscribed by such
stockholder or his duly authorized attorney.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:.05in;margin-top:.2pt;text-align:justify;text-indent:.95in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.65pt;vertical-align:baseline;">All elections shall be had and all questions decided by a
majority of the votes cast at a duly constituted meeting, except as otherwise
provided by statute or by the Articles of Incorporation or by these By-Laws.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:.05in;margin-top:.2pt;text-align:justify;text-indent:.95in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.65pt;vertical-align:baseline;">At any election of Directors, the Chairman of the meeting
may, and upon the request of the holders of ten percent (10%) of the stock
entitled to vote at such election shall, appoint two inspectors of election who
shall first subscribe an oath or affirmation to execute faithfully the duties
of inspectors at such election with strict impartiality and according to the
best of their ability, and shall after the election make a certificate of the
result of the vote taken. No candidate for the office of Director shall be appointed
such Inspector.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;text-indent:.95in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.65pt;vertical-align:baseline;">Section 1.8. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.65pt;vertical-align:baseline;">Conduct of Stockholders&#8217; Meetings.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.65pt;vertical-align:baseline;"> The
meetings of the stockholders shall be presided over by the Chairman of the
Board, or if he is not present, by the President, or if he is not present, by a
vice-president, or if none of them is present, by a Chairman to be elected at
the meeting. The Secretary of the Corporation, if present, shall act as a
Secretary of such meetings, or if he is not present, an Assistant Secretary
shall so act; if neither the Secretary nor the Assistant Secretary is present,
then the meeting shall elect its Secretary.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:.05in;margin-top:.25pt;text-align:justify;text-indent:.95in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.65pt;vertical-align:baseline;">Section 1.9. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.65pt;vertical-align:baseline;">Concerning Validity of Proxies, Ballots,
etc.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.65pt;vertical-align:baseline;"> At every meeting of the stockholders, all proxies shall be received
and taken in charge of and all ballots shall be received and canvassed by the
Secretary of the meeting, who shall decide all questions touching the
qualification of voters, the validity of the proxies and the acceptance or
rejection of votes, unless inspectors of election shall
have been appointed by the Chairman of the meeting, in which event such
inspectors of election shall decide all such questions. Unless a proxy provides
otherwise, it is not valid for more than eleven months after its date.</font></p>
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<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin:0in;margin-bottom:.0001pt;margin-top:.15pt;text-align:justify;text-indent:.95in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.1pt;line-height:25.7pt;vertical-align:baseline;">Section 1.10. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.1pt;line-height:25.7pt;vertical-align:baseline;">Action Without
Meeting.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.1pt;line-height:25.7pt;vertical-align:baseline;"> Any action to be taken by stockholders may be taken without a
meeting if (I) all stockholders entitled to vote on the matter consent to the
action in writing, (2) all stockholders entitled to notice of the meeting but
not entitled to vote at it sign a written waiver of any right to dissent and
(3) said consents and waivers are filed with the records of the meetings of
stockholders. Such consent shall be treated for all purposes as a vote at the
meeting.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:.1pt;text-align:justify;text-indent:.95in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.7pt;vertical-align:baseline;">Section 1.11. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.7pt;vertical-align:baseline;">Advance Notice of Stockholder Nominees for
Director and Other&#160; Stockholder Proposals.</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;text-align:justify;text-indent:.95in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.65pt;vertical-align:baseline;">(a)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:25.65pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.65pt;vertical-align:baseline;">The matters to be considered and
brought before any annual or special meeting of stockholders of the Corporation
shall be limited to only such matters, including the nomination and election of
directors, as shall be brought properly before such meeting in compliance with
the procedures set forth in this Section 1.11.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;text-align:justify;text-indent:.95in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.6pt;vertical-align:baseline;">(b)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:25.6pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.05pt;line-height:25.6pt;vertical-align:baseline;">For any matter to
be properly before any annual meeting of stockholders, the matter must be (i)
specified in the notice of annual meeting given by or at the direction of the
Board of Directors, (ii) otherwise brought before the annual meeting by or at
the direction of the Board of Directors or (iii) brought before the annual
meeting in the manner specified in this Section 1.11 by a stockholder of record
or a stockholder (a &#8220;Nominee Holder&#8221;) that holds voting securities entitled to
vote at meetings of stockholders through a nominee or &#8220;street name&#8221; holder of
record and can demonstrate to the Corporation such indirect ownership and such
Nominee Holder&#8217;s entitlement to vote such securities. In addition to any other
requirements under applicable law and the Certificate of Incorporation and
By-Laws of the Corporation, persons </font><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.25pt;line-height:25.6pt;vertical-align:baseline;">nominated by stockholders for election as directors of the Corporation
and any other proposals by stockholders shall be
properly brought before the meeting only if notice of any such matter to be
presented by a stockholder at such meeting of stockholders (the &#8220;Stockholder
Notice&#8221;) shall be delivered to the Secretary of the Corporation at the
principal executive office of the Corporation not less than 60 nor more than 90
days prior to the first anniversary date of the annual meeting for the
preceding year; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.25pt;line-height:25.6pt;vertical-align:baseline;">provided, however,</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.25pt;line-height:25.6pt;vertical-align:baseline;"> that, if and only if the annual
meeting is not scheduled to be held within a period that commences 30 days
before such anniversary date and ends 30 days after such anniversary date (an
annual meeting date outside such period being referred to herein as an &#8220;Other
Annual Meeting Date&#8221;), such Stockholder Notice shall be given in the manner
provided herein by the later of the close of business on (i) the date 60 days
prior to such Other Annual Meeting Date or (ii) the 10th day following the date
such Other Annual Meeting Date is first publicly announced or disclosed. Any
stockholder desiring to nominate any person or persons (as the case may be) for
election as a director or directors of the Corporation shall deliver, as part
of such Stockholder Notice: (i) a statement in writing setting forth (A) the
name of the person or persons to be nominated, (B) the number and class of all
shares of each class of stock of the Corporation owned of record and
beneficially by each such person, as reported to such stockholder by such
nominee(s), (C) the information regarding each such person required by
paragraph (b) of Item 22 of Rule 14a-101 under the Securities Exchange Act of
1934, as amended (the &#8220;Exchange Act&#8221;), adopted by the Securities and Exchange
Commission (or the corresponding provisions of any regulation or rule
subsequently adopted by the Securities and Exchange Commission applicable to
the Corporation), (D) whether such stockholder believes any nominee will be an &#8220;interested
person&#8221; of the Corporation (as defined in the Investment Company Act of 1940,
as amended), and, if not an &#8220;interested person&#8221;, information </font><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.05pt;line-height:25.6pt;vertical-align:baseline;">regarding each nominee that will be
sufficient for the Corporation to make such determination, and (E) the number
and class of all shares of each class of stock of the Corporation owned of
record and beneficially by such stockholder; (ii) each such
person&#8217;s signed consent to serve as a director of the Corporation if elected,
such stockholder&#8217;s name and address; and (iii) in the case of a Nominee Holder,
evidence establishing such Nominee Holder&#8217;s indirect ownership of, and
entitlement to vote, securities at the meeting of stockholders. Any stockholder
who gives a Stockholder Notice of any matter proposed to be brought before the
meeting (not involving nominees for director) shall deliver, as part of such
Stockholder Notice, the text of the proposal to be presented and a brief
written statement of the reasons why such stockholder favors the proposal and
setting forth such stockholder&#8217;s name and address, the number and class of all
shares of each class of stock of the Corporation owned of record and
beneficially by such stockholder, if applicable, any material interest of such
stockholder in the matter proposed (other than as a stockholder) and, in the
case of a Nominee Holder, evidence establishing such Nominee Holder&#8217;s indirect
ownership of, and entitlement to vote, securities at the meeting of
stockholders. As used herein, shares &#8220;beneficially owned&#8221; shall mean all shares
which such person is deemed to beneficially own pursuant to Rules 13d-3 and
13d-5 under the Exchange Act.</font></p>
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<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:.05in;margin-top:.25pt;text-align:justify;text-indent:.95in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.65pt;vertical-align:baseline;">Notwithstanding anything in this Section 1.11 to the
contrary, in the event that the number of directors to be elected to the Board
of Directors of the Corporation is increased and either all of the nominees for
director or the size of the increased Board of Directors are not publicly announced
or disclosed by the Corporation at least 70 days prior to the first anniversary
of the preceding year&#8217;s annual meeting, a Stockholder Notice shall also be
considered timely hereunder, but only with respect to nominees for any new
positions created by such increase, if it shall be delivered to the Secretary
of the Corporation at the principal executive office of the Corporation not
later than the close of business on the 10th day following the first date all
of such nominees or the size of the increased Board of Directors shall have
been publicly announced or disclosed.</font></p>


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<p style="margin:0in;margin-bottom:.0001pt;margin-left:.05in;margin-right:.05in;margin-top:13.05pt;text-align:justify;text-indent:.9in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.05pt;line-height:25.6pt;vertical-align:baseline;">(c)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:.05pt;line-height:25.6pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.05pt;line-height:25.6pt;vertical-align:baseline;">Only such matters
shall be properly brought before a special meeting of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.6pt;vertical-align:baseline;">stockholders as shall have been brought before the meeting
pursuant to the Corporation&#8217;s notice of meeting. In the event the Corporation
calls a special meeting of stockholders for the purpose of electing one or more
directors to the Board of Directors, any stockholder may nominate a person or
persons (as the case may be), for election to such position(s) as specified in
the Corporation&#8217;s notice of meeting, if the Stockholder Notice required by
clause (b) of this Section 1.11 hereof shall be delivered to the Secretary of
the Corporation at the principal executive office of the Corporation not later
than the close of business on the 10th day following the day on which the date
of the special meeting and of the nominees proposed by the Board of Directors
to be elected at such meeting is publicly announced or disclosed.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.05in;margin-right:.05in;margin-top:0in;text-align:justify;text-indent:.9in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.05pt;line-height:25.55pt;vertical-align:baseline;">(d)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:.05pt;line-height:25.55pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.55pt;vertical-align:baseline;">For purposes of this Section 1.11, a
matter shall be deemed to have been &#8220;publicly announced or disclosed&#8221; if such
matter is disclosed in a press release reported by the Dow Jones News Service,
Associated Press or comparable national news service or in a document publicly
filed by the Corporation with the Securities and Exchange Commission.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.05in;margin-right:.05in;margin-top:0in;text-align:justify;text-indent:.9in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.05pt;line-height:25.65pt;vertical-align:baseline;">(e)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:.05pt;line-height:25.65pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.65pt;vertical-align:baseline;">In no event shall the adjournment of an
annual meeting, or any announcement thereof, commence a new period for the
giving of notice as provided in this Section 1.11. This Section 1.11 shall not
apply to stockholder proposals made pursuant to Rule 14a-8 under the Exchange
Act.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;text-indent:.95in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.65pt;vertical-align:baseline;">(f)&#160;&#160;&#160;&#160;&#160;&#160; The person presiding at any meeting of
stockholders, in addition to <br>
making any other determinations that may be appropriate to the conduct of the
meeting, shall have the power and duty to determine whether notice of nominees
and other matters proposed to be brought before a meeting has been duly given
in the manner provided in this Section 1.11 and, if not so given, shall direct
and declare at the meeting that such nominees and other matters shall not be
considered.</font></p>


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<p align=center style="margin:0in;margin-bottom:.0001pt;margin-top:12.85pt;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.75pt;vertical-align:baseline;">ARTICLE II</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-top:13.0pt;page-break-after:avoid;text-align:center;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.95pt;vertical-align:baseline;">Board of Directors </font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;page-break-after:avoid;text-align:justify;text-indent:.95in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.6pt;vertical-align:baseline;">Section 2.1. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.6pt;vertical-align:baseline;">Function of
Directors.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.6pt;vertical-align:baseline;"> The business and affairs of the Corporation shall be conducted
and managed under the direction of its Board of Directors. All powers of the
Corporation shall be exercised by or under authority of the Board of Directors
except as conferred on or reserved to the stockholders by statute.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;text-indent:.95in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.6pt;vertical-align:baseline;">Section 2.2. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.6pt;vertical-align:baseline;">Number of Directors.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.6pt;vertical-align:baseline;"> The Board of
Directors shall consist of not more than fourteen Directors nor less than such
number of Directors as may be permitted under Maryland law, as may be
determined from time to time by vote of a majority of the Directors then in
office. Directors need not be stockholders.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;text-indent:.95in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.6pt;vertical-align:baseline;">Section 2.3. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.6pt;vertical-align:baseline;">Classes of Directors; Terms of Directors.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.6pt;vertical-align:baseline;">
The Directors shall be divided into three classes, designated Class I, Class II
and Class III. All classes shall be as nearly equal in number as possible. The
Directors as initially classified shall hold office for terms as follows: the
Class I Directors shall hold office until the date of the annual meeting of
stockholders in 1996 or until their successors shall be elected and qualified;
the Class II Directors shall hold office until the date of the annual meeting
of stockholders in 1997 or until their successors shall be elected and
qualified; and the Class III Directors shall hold office until the date of the
annual meeting of stockholders in 1998 or until their successors shall be
elected and qualified. Upon expiration of the term of office of each class as
set forth above, the Directors in each such class shall be elected for a term
of three years to succeed the Directors whose terms of office expire. Each
Director shall hold office until the expiration of his or her term and until
his or her successor shall have been elected and qualified, or until his or her
death, or until he or she shall have resigned, or until he or she shall have
been removed as provided by Statute or the Articles of Incorporation.</font></p>


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<p style="margin:0in;margin-bottom:.0001pt;margin-left:.05in;margin-right:0in;margin-top:.15pt;text-align:justify;text-indent:.9in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.7pt;vertical-align:baseline;">Section 2.4. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.7pt;vertical-align:baseline;">Vacancies.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.7pt;vertical-align:baseline;">
In case of any vacancy in the Board of Directors through death, resignation or
other cause, other than an increase in the number of Directors, subject to the
provisions of law, a majority of the remaining Directors, although a majority
is less than a quorum, by an affirmative vote, may elect a successor to hold
office until the next annual meeting of stockholders or until his successor is
chosen and qualified.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.05in;text-align:justify;text-indent:.9in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.1pt;line-height:25.65pt;vertical-align:baseline;">Section 2.5. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.1pt;line-height:25.65pt;vertical-align:baseline;">Increase or Decrease in
Number of Directors.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.1pt;line-height:25.65pt;vertical-align:baseline;"> The Board of Directors, by the vote of a majority of
the entire Board, may increase the number of Directors and may elect Directors
to fill the vacancies created by any such increase in the number of Directors
until the next annual meeting of stockholders or until their successors are
duly chosen and qualified. The Board of Directors, by the vote of a majority of
the entire Board, may likewise decrease the number of Directors to a number not
less than that permitted by law.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.05in;margin-right:0in;margin-top:.2pt;text-align:justify;text-indent:.9in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.7pt;vertical-align:baseline;">Section 2.6. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.7pt;vertical-align:baseline;">Place of Meeting.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.7pt;vertical-align:baseline;"> The Directors may
hold their meetings within or outside the State of Maryland, at any office or
offices of the Corporation or at any other place as they may from time to time
determine.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.05in;margin-right:.05in;margin-top:0in;text-align:justify;text-indent:.9in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.6pt;vertical-align:baseline;">Section 2.7. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.6pt;vertical-align:baseline;">Regular Meetings.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.6pt;vertical-align:baseline;"> Regular meetings of
the Board of Directors shall be held at such time and on such notice as the
Directors may from time to time determine.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.05in;margin-right:.05in;margin-top:0in;text-align:justify;text-indent:.9in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.6pt;vertical-align:baseline;">The annual meeting of the Board of Directors shall be held
as soon as practicable after the annual meeting of the stockholders for the
election of Directors.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:1.0pt;text-align:justify;text-indent:.95in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.7pt;vertical-align:baseline;">Section 2.8. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.7pt;vertical-align:baseline;">Special Meetings.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.7pt;vertical-align:baseline;"> Special meetings of
the Board of Directors may be held from time to time upon call of the Chairman
of the Board, the President, the Secretary or two or more of the Directors, by
oral or telegraphic or written notice duly served on or sent or mailed to each
Director not less than one day before such meeting.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.95in;margin-right:0in;margin-top:12.85pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.35pt;line-height:12.85pt;vertical-align:baseline;">Section 2.9. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.35pt;line-height:12.85pt;vertical-align:baseline;">Notices.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.35pt;line-height:12.85pt;vertical-align:baseline;">
Unless required by statute or otherwise determined by</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.1pt;line-height:25.6pt;vertical-align:baseline;">resolution of the Board of Directors in accordance with
these By-laws, notices to Directors need not be in writing and need not state
the business to be transacted at or the purpose of any meeting,
and no notice need be given to any Director who is present in person or to any
Director who, in writing executed and filed with the records of the meeting
either before or after the holding thereof, waives such notice. Waivers of
notice need not state the purpose or purposes of such meeting.</font></p>
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<p style="margin:0in;margin-bottom:.0001pt;margin-left:.95in;margin-right:0in;margin-top:12.95pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.05pt;line-height:12.85pt;vertical-align:baseline;">Section 2.10. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.05pt;line-height:12.85pt;vertical-align:baseline;">Quorum.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.05pt;line-height:12.85pt;vertical-align:baseline;">
One-third of the Directors then in office shall constitute a</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.15pt;line-height:25.65pt;vertical-align:baseline;">quorum for the transaction of
business, provided that if there is more than one Director, a quorum shall in
no case be less than two Directors. If at any meeting of the Board there shall
be less than a quorum present, a majority of those present may adjourn the
meeting from time to time until a quorum shall have been obtained. The act of
the majority of the Directors present at any meeting at which there is a quorum
shall be the act of the Directors, except as may be otherwise specifically
provided by statute or by the Articles of Incorporation or by these By-Laws.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;text-indent:.95in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.65pt;vertical-align:baseline;">Section 2.11. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.65pt;vertical-align:baseline;">Executive Committee.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.65pt;vertical-align:baseline;"> The Board of
Directors may appoint from the Directors an Executive Committee to consist of
such number of Directors (not less than two) as the Board may from time to time
determine. The Chairman of the Committee shall be elected by the Board of
Directors. The Board of Directors shall have power at any time to change the members of such Committee and may fill vacancies in the
Committee by election from the Directors. When the Board of Directors is not in
session, to the extent permitted by law, the Executive Committee shall have and
may exercise any or all of the powers of the Board of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.1pt;line-height:25.65pt;vertical-align:baseline;">Directors in the management and conduct of the business and affairs of
the Corporation. The Executive Committee may fix its own rules of procedure,
and may meet when and as provided </font><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.65pt;vertical-align:baseline;">by such rules or by resolution of the
Board of Directors, but in every case the presence of a majority shall be
necessary to constitute a quorum. During the absence of a member of the
Executive Committee, the remaining members may appoint a member of the Board of
Directors to act in his place.</font></p>


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<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;text-indent:.95in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.25pt;line-height:25.55pt;vertical-align:baseline;">Section
2.12. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.25pt;line-height:25.55pt;vertical-align:baseline;">Other Committees.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.25pt;line-height:25.55pt;vertical-align:baseline;"> The Board of Directors may appoint from the
Directors other committees which shall have and may exercise such powers as the
Board may determine in the resolution appointing them. A majority of all the
members of any such committee may determine its action and fix the time and
place of its meetings, unless the Board of Directors shall otherwise provide.
The Board of Directors shall have power at any time to change the members and
powers of any such committee, to fill vacancies and to discharge any such committee.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;text-indent:.95in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.55pt;vertical-align:baseline;">Section 2.13. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.55pt;vertical-align:baseline;">Telephone Meetings.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.55pt;vertical-align:baseline;"> Members of the
Board of Directors or a committee of the Board of Directors may participate in
a meeting by means of a conference telephone or similar communications
equipment if all persons participating in the meeting can hear each other at
the same time. Participation in a meeting by these means, subject to the
provisions of the Investment Company Act of 1940, as amended, constitutes
presence in person at the meeting.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.05in;margin-right:0in;margin-top:.9pt;text-indent:.9in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.7pt;vertical-align:baseline;">Section 2.14. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.7pt;vertical-align:baseline;">Action
Without a Meeting.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.7pt;vertical-align:baseline;"> Any action required or permitted to be taken at any
meeting of the Board of Directors or any committee thereof may be taken without
a meeting, if a written consent to such action is signed by all members of the
Board or of such committee, as the case may be, and such written consent is
filed with the minutes of the proceedings of the Board or such committee.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.05in;margin-right:.05in;margin-top:0in;text-align:justify;text-indent:.9in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.6pt;vertical-align:baseline;">Section 2.15. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.6pt;vertical-align:baseline;">Compensation of Directors.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.6pt;vertical-align:baseline;"> No Director
shall receive any stated salary or fees from the Corporation for his services
as such if such Director is, otherwise than by reason of being such Director,
an interested person (as such term is defined by the Investment Company Act of
1940, as amended) of the Corporation or of its investment manager or principal
underwriter. Except as provided in the preceding sentence, Directors shall be
entitled to receive such compensation from the Corporation for their services
as may from time to time be voted by the Board of Directors.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.05in;margin-right:.05in;margin-top:.2pt;text-align:justify;text-indent:.9in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.7pt;vertical-align:baseline;">Section 2.16. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.7pt;vertical-align:baseline;">Selection and Nomination of Non-Interested
Directors.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.7pt;vertical-align:baseline;"> Subject to approval by a majority of the directors of the
Corporation, the directors of the Corporation who are
not interested persons of the Corporation (as that term is defined in the
Investment Company Act of 1940, as amended) shall select and nominate the
directors of the Corporation who are not interested persons of the Corporation.</font></p>
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 <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">15</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font></p>


<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>


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<p align=center style="margin:0in;margin-bottom:.0001pt;margin-top:20.4pt;text-align:center;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.7pt;vertical-align:baseline;">ARTICLE
III</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-top:13.05pt;text-align:center;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.95pt;vertical-align:baseline;">Officers</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;text-indent:.95in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.55pt;vertical-align:baseline;">Section 3.1. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.55pt;vertical-align:baseline;">Executive Officers.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.55pt;vertical-align:baseline;"> The executive
officers of the Corporation shall be chosen by the Board of Directors. These
may include a Chairman of the Board of Directors (who shall be a Director) and
shall include a President, a Secretary and a Treasurer. The Board of Directors
or the Executive Committee may also in its discretion appoint one or more Vice-Presidents,
Assistant Secretaries, Assistant Treasurers and other officers, agents and
employees, who shall have such authority and perform such duties as the Board
of Directors or the Executive Committee may determine. The Board of Directors
may fill any vacancy which may occur in any office. Any two offices, except
those of President and Vice-President, may be held by the same person, but no
officer shall execute, acknowledge or verify any instrument in more than one
capacity, if such instrument is required by law or these By-Laws to be
executed, acknowledged or verified by two or more officers.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:.05in;margin-top:.1pt;text-align:justify;text-indent:.95in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.05pt;line-height:25.65pt;vertical-align:baseline;">Section 3.2. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.05pt;line-height:25.65pt;vertical-align:baseline;">Term of Office.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.05pt;line-height:25.65pt;vertical-align:baseline;">
The term of office of all officers shall be one year and until their respective
successors are chosen and qualified. Any officer may be removed from office at
any time with or without cause by the vote of a majority of the whole Board of
Directors. Any officer may resign his office at any time by delivering a written
resignation to the Corporation and, unless otherwise specified therein, such
resignation shall take effect upon delivery.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:.05in;margin-top:.1pt;text-align:justify;text-indent:.95in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.65pt;vertical-align:baseline;">Section 3.3. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.65pt;vertical-align:baseline;">Powers and Duties.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.65pt;vertical-align:baseline;"> The officers of the
Corporation shall have such powers and duties as shall be stated in a
resolution of the Board of Directors, or the Executive Committee
and, to the extent not so stated, as generally pertain to their respective
offices, subject to the control of the Board of Directors and the Executive
Committee.</font></p>
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<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:.05in;margin-top:.05pt;text-align:justify;text-indent:.95in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.65pt;vertical-align:baseline;">Section 3.4. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.65pt;vertical-align:baseline;">Surety Bonds.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.65pt;vertical-align:baseline;"> The Board of Directors
may require any officer or agent of the Corporation to execute a bond
(including, without limitation, any bond required by the Investment Company Act
of 1940, as amended, and the rules and regulations of the Securities and
Exchange Commission) to the Corporation in such sum and with such surety or
sureties as the Board of Directors may determine, conditioned upon the faithful
performance of his duties to the Corporation,
including responsibility for negligence and for the accounting of any of the
Corporation&#8217;s property, funds or securities that may come into his hands.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:2.6in;margin-right:.05in;margin-top:20.55pt;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.35pt;line-height:12.55pt;vertical-align:baseline;">ARTICLE IV</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:2.6in;margin-right:.05in;margin-top:13.1pt;text-align:justify;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:13.6pt;vertical-align:baseline;">Capital Stock</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;text-indent:.95in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.3pt;vertical-align:baseline;">Section 4.1. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.3pt;vertical-align:baseline;">Certificates for Shares.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.3pt;vertical-align:baseline;"> The
Corporation may, at its option, determine not to issue a certificate or
certificates to evidence shares owned of record by any stockholder.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;text-indent:.95in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.65pt;vertical-align:baseline;">Section 4.2. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.65pt;vertical-align:baseline;">Transfer of Shares.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.65pt;vertical-align:baseline;"> Shares of the
Corporation shall be transferable on the books of the Corporation by the holder
thereof in person or by his duly authorized attorney or legal representative,
upon surrender and cancellation of certificates, if any, for the same number of
shares, duly endorsed or accompanied by proper instruments of assignment and
transfer, with such proof of the authenticity of the signature as the
Corporation or its agents may reasonably require; in the case of shares not
represented by certificates, the same or similar requirements may be imposed by
the Board of Directors.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:.05in;margin-top:.2pt;text-align:justify;text-indent:.95in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.2pt;line-height:25.7pt;vertical-align:baseline;">Section 4.3. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.2pt;line-height:25.7pt;vertical-align:baseline;">Stock Ledgers.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.2pt;line-height:25.7pt;vertical-align:baseline;"> The
stock ledgers of the Corporation, containing the names and addresses of the
stockholders and the number of shares held by them respectively, shall be kept
at the principal offices of the Corporation or, if the Corporation employs a
Transfer Agent, at the offices of the Transfer Agent of the Corporation.</font></p>


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<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;text-indent:.95in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.25pt;line-height:25.65pt;vertical-align:baseline;">Section
4.4. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.25pt;line-height:25.65pt;vertical-align:baseline;">Transfer Agents and Registrars.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.25pt;line-height:25.65pt;vertical-align:baseline;"> The Board of Directors may from
time to time appoint or remove transfer agents and/or registrars of transfers
of shares of stock of the Corporation, and it may appoint the same person as
both transfer agent and registrar. Upon any such appointment being made, all
certificates representing shares of capital stock thereafter issued shall be
countersigned by one of such transfer agents or by one of such registrars of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.65pt;vertical-align:baseline;">transfers or by both and shall not be valid unless so
countersigned. If the same person shall be both transfer agent and registrar,
only one countersignature by such person shall be required.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:.5pt;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.35pt;line-height:25.55pt;vertical-align:baseline;">Section 4.5. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.35pt;line-height:25.55pt;vertical-align:baseline;">Lost, Stolen or Destroyed
Certificates.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.35pt;line-height:25.55pt;vertical-align:baseline;"> The Board of Directors or the Executive Committee or any
officer or agent authorized by the Board of Directors or Executive Committee
may determine the conditions upon which a new certificate of stock of the
Corporation of any class may be issued in place of a certificate which is
alleged to have been lost, stolen or destroyed; and may, in its discretion,
require the owner of such certificate or such owner&#8217;s legal representative to
give bond, with sufficient surety, to the Corporation and each Transfer Agent,
if any, to indemnify it and each such Transfer Agent against any and all loss
or claims which may arise by reason of the issue of a new certificate in the
place of the one so lost, stolen or destroyed.</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-top:20.9pt;text-align:center;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.25pt;line-height:12.65pt;vertical-align:baseline;">ARTICLE V</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-top:10.2pt;text-align:center;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.15pt;vertical-align:baseline;">Corporate
Seal; Location of <br>
</font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.15pt;vertical-align:baseline;">Offices; Books; Net Asset Value</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;text-indent:.95in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.3pt;line-height:24.9pt;vertical-align:baseline;">Section 5.1. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.3pt;line-height:24.9pt;vertical-align:baseline;">Corporate Seal.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.3pt;line-height:24.9pt;vertical-align:baseline;"> The
Board of Directors may provide for a suitable corporate seal, in such form and
bearing such inscriptions as it may determine. Any officer or director shall
have the authority to affix the corporate seal. If the Corporation is required
to place its corporate seal to a document, it shall be sufficient to place the
word &#8220;(seal)&#8221; adjacent to the signature of the authorized officer of the
Corporation signing the document.</font></p>


<DIV bclFooter>

 <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">18</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font></p>


<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV>
<a name="page_19"></a><DIV bclPageBorder STYLE="WIDTH: 100%; PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:.05in;margin-top:.45pt;text-align:justify;text-indent:.95in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.55pt;vertical-align:baseline;">Section 5.2. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.55pt;vertical-align:baseline;">Location of
Offices.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.55pt;vertical-align:baseline;"> The Corporation shall have a principal office in the State of
Maryland. The Corporation may, in addition, establish and maintain such other
offices as the Board of Directors or any officer may, from time to time,
determine.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:.05in;margin-top:.45pt;text-align:justify;text-indent:.95in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.55pt;vertical-align:baseline;">Section 5.3. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.55pt;vertical-align:baseline;">Books and Records.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.55pt;vertical-align:baseline;"> The books and
records of the Corporation shall be kept at the places, within or without the
State of Maryland, as the directors or any officer may determine; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.55pt;vertical-align:baseline;">provided,
however,</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.55pt;vertical-align:baseline;"> that the original or a certified copy of the by-laws, including
any amendments to them, shall be kept at the Corporation&#8217;s principal executive
office.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.05in;margin-right:0in;margin-top:.65pt;text-indent:.9in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.65pt;vertical-align:baseline;">Section 5.4. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.65pt;vertical-align:baseline;">Annual
Statement of Affairs.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.65pt;vertical-align:baseline;"> The President or any other executive officer of the
Corporation shall prepare annually a full and correct statement of the affairs
of the Corporation, to include a balance sheet and a financial statement of
operations for the preceding fiscal year. The statement of affairs should be
submitted at the annual meeting of stockholders and, within 20 days of the
meeting, placed on file at the Corporation&#8217;s principal office.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.05in;margin-right:.05in;margin-top:0in;text-align:justify;text-indent:.9in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.5pt;vertical-align:baseline;">Section 5.5. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.5pt;vertical-align:baseline;">Net Asset Value.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.5pt;vertical-align:baseline;"> The value of the
Corporation&#8217;s net assets shall be determined at such times and by such method
as shall be established from time to time by the Board of Directors.</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-left:.05in;margin-right:0in;margin-top:13.05pt;text-align:center;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.75pt;vertical-align:baseline;">ARTICLE
VI</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-left:.05in;margin-right:0in;margin-top:13.05pt;text-align:center;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.05pt;vertical-align:baseline;">Fiscal
Year and Accountant</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.05in;margin-right:.05in;margin-top:.8pt;text-align:justify;text-indent:.9in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.65pt;vertical-align:baseline;">Section 6.1. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.65pt;vertical-align:baseline;">Fiscal Year.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.65pt;vertical-align:baseline;"> The fiscal year of the
Corporation, unless otherwise fixed by resolution of the Board of Directors,
shall begin on the first day of January and shall end on the last day of
December in each year.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.05in;margin-right:.05in;margin-top:.05pt;text-align:justify;text-indent:.9in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.65pt;vertical-align:baseline;">Section 6.2. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.65pt;vertical-align:baseline;">Accountant.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.65pt;vertical-align:baseline;"> The Corporation shall
employ an independent public accountant or a firm of independent public
accountants as its Accountant to examine the accounts of the Corporation and to
sign and certify financial statements filed by the Corporation. The employment
of the Accountant shall be conditioned upon the right of the Corporation to
terminate the employment forthwith without any penalty
by vote of a majority of the outstanding voting securities at any stockholders&#8217;
meeting called for that purpose. </font></p>
<DIV bclFooter>

 <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">19</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font></p>


<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV>
<a name="page_20"></a><DIV bclPageBorder STYLE="WIDTH: 100%; PADDING-RIGHT: 0%; PADDING-LEFT: 0%">


<p align=center style="margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:.05in;margin-top:.05pt;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.65pt;vertical-align:baseline;">ARTICLE VII</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-top:12.85pt;page-break-after:avoid;text-align:center;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.95pt;vertical-align:baseline;">Indemnification and Insurance </font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;page-break-after:avoid;text-align:justify;text-indent:.95in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.65pt;vertical-align:baseline;">Section 7.1. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.65pt;vertical-align:baseline;">General.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.65pt;vertical-align:baseline;">
The Corporation shall indemnify directors, officers, employees and agents of
the Corporation against judgments, fines, settlements and expenses to the
fullest extent authorized and in the manner permitted, by applicable federal
and state law.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.95in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.65pt;vertical-align:baseline;">Section 7.2. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.65pt;vertical-align:baseline;">Indemnification of Directors and Officers.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.65pt;vertical-align:baseline;">
The Corporation shall indemnify to the fullest extent permitted by law
(including the Investment Company Act of 1940, as amended) as currently in effect
or as the same may hereafter be amended, any person made or threatened to be
made a party to any action, suit or proceeding, whether criminal, civil,
administrative or investigative, by reason of the fact that such person or such
person&#8217;s testator or intestate is or was a director or officer of the
Corporation or serves or served at the request of the Corporation any other
enterprise as a director or officer. To the fullest extent permitted by law
(including the Investment Company Act of 1940, as amended) as currently in
effect or as the same may hereafter be amended, expenses incurred by any such
person in defending any such action, suit or proceeding shall be paid or
reimbursed by the Corporation promptly upon receipt by it of an undertaking of
such person to repay such expenses if it shall ultimately be determined that
such person is not entitled to be indemnified by the Corporation. The rights
provided to any person by this Article VII shall be enforceable against the
Corporation by such person who shall be presumed to have relied upon it in
serving or continuing to serve as a director or officer as provided above. No
amendment of this Article VII shall impair the rights of any person arising at
any time with respect to events occurring prior to such amendment. For purposes
of this Article VII, the term &#8220;Corporation&#8221; shall include any predecessor of
the Corporation and any constituent corporation (including any constituent of a
constituent) absorbed by the Corporation </font><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.2pt;line-height:25.65pt;vertical-align:baseline;">in a
consolidation or merger; the term &#8220;other enterprises&#8221;
shall include any corporation, partnership, joint venture, trust or employee
benefit plan; service &#8220;at the request of the Corporation&#8221; shall include service
as a director or officer of the Corporation which imposes duties on, or
involves services by, such director or officer with respect to an employee
benefit plan, its participants or beneficiaries; any excise taxes assessed on a
person with respect to an employee benefit plan shall be deemed to be
indemnifiable expenses; and action by a person with respect to any employee
benefit plan which such person reasonably believes to be in the interest of the
participants and beneficiaries of such plan shall be deemed to be action not
opposed to the best interests of the Corporation.</font></p>
<DIV bclFooter>

 <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">20</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font></p>


<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV>
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<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.95in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.65pt;vertical-align:baseline;">Section 7.3. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.65pt;vertical-align:baseline;">Insurance.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.65pt;vertical-align:baseline;"> Subject to the provisions of
the Investment Company Act of 1940, as amended, the Corporation, directly,
through third parties or through affiliates of the Corporation, may purchase,
or provide through a trust fund, letter of credit or surety bond insurance on
behalf of any person who is or was a Director, officer, employee or agent of
the Corporation, or who, while a Director, officer, employee or agent of the
Corporation, is or was serving at the request of the Corporation as a Director,
officer, employee, partner, trustee or agent of another foreign or domestic
corporation, partnership joint venture, trust or other enterprise against any
liability asserted against and incurred by such person in any such capacity or
arising out of such person&#8217;s position, whether or not the Corporation would
have the power to indemnify such person against such liability.</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-top:20.25pt;text-align:center;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.7pt;vertical-align:baseline;">ARTICLE
VIII</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-top:12.9pt;text-align:center;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.05pt;line-height:12.95pt;vertical-align:baseline;">Custodian </font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.95in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.45pt;vertical-align:baseline;">The Corporation shall have as custodian or custodians one
or more trust companies or banks of good standing, foreign or domestic, as may
be designated by the Board of Directors, subject to the provisions of the
Investment Company Act of 1940, as amended, and other applicable laws and
regulations; and the funds and securities held by the Corporation shall be kept
in the custody of one or more such custodians,
provided such custodian or custodians can be found ready and willing to act,
and further provided that the Corporation and/or the Custodians may employ such
subcustodians as the Board of Directors may approve and as shall be permitted
by law.</font></p>
<DIV bclFooter>

 <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">21</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font></p>


<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV>
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<p align=center style="margin:0in;margin-bottom:.0001pt;margin-top:20.8pt;text-align:center;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.7pt;vertical-align:baseline;">ARTICLE
IX</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-top:12.95pt;text-align:center;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.7pt;vertical-align:baseline;">Amendment
of By-Laws</font></u></p>

<p style="margin:0in;margin-bottom:19.75pt;margin-left:0in;margin-right:.05in;margin-top:0in;text-align:justify;text-indent:.95in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:25.55pt;vertical-align:baseline;">The
By-Laws of the Corporation may be altered, amended, added to or repealed only
by majority vote of the entire Board of Directors.</font></p>








<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=tahoma,sans-serif lang=EN-US style="font-size:6.5pt;letter-spacing:-.3pt;line-height:7.85pt;vertical-align:baseline;">&nbsp;</font></p>




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<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
</DIV></body>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>INTERNAL CONTROL RPT
<SEQUENCE>3
<FILENAME>NCEN_1390720616980420.txt
<TEXT>
Report of Independent Registered Public Accounting
Firm

To the Shareholders and Board of Directors of
Morgan Stanley India Investment Fund, Inc.

In planning and performing our audit of the financial
statements of Morgan Stanley India Investment Fund,
Inc. (the "Fund") as of and for the year ended December
31, 2020, in accordance with the standards of the Public
Company Accounting Oversight Board (United States),
we considered the Fund'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's
internal control over financial reporting. Accordingly,
we express no such opinion.

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'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 U.S. 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 U.S. 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's assets that
could have a material effect on the financial statements.

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.

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.

Our consideration of the Fund's internal control over
financial reporting was for the limited purpose described
in the first paragraph and would not necessarily disclose
all deficiencies in internal control that might be material
weaknesses under standards established by the Public
Company Accounting Oversight Board (United States).

However, we noted no deficiencies in the Fund's
internal control over financial reporting and its
operation, including controls over safeguarding
securities, that we consider to be a material weakness as
defined above as of December 31, 2020.

This report is intended solely for the information and use
of management and the Board of Directors of Morgan
Stanley India Investment 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.




/s/ ERNST & YOUNG LLP





Boston, Massachusetts
February 26, 2021


</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
