<SEC-DOCUMENT>0001752724-22-155172.txt : 20220712
<SEC-HEADER>0001752724-22-155172.hdr.sgml : 20220712
<ACCEPTANCE-DATETIME>20220712101543
ACCESSION NUMBER:		0001752724-22-155172
CONFORMED SUBMISSION TYPE:	N-CEN
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20220430
FILED AS OF DATE:		20220712
DATE AS OF CHANGE:		20220712
EFFECTIVENESS DATE:		20220712

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST, INC.
		CENTRAL INDEX KEY:			0000894242
		IRS NUMBER:				133690436
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			0430

	FILING VALUES:
		FORM TYPE:		N-CEN
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-07354
		FILM NUMBER:		221078425

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		888-825-2257

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST INC.
		DATE OF NAME CHANGE:	20220525

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST, INC.
		DATE OF NAME CHANGE:	20180130

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST INC.
		DATE OF NAME CHANGE:	20121009
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</DOCUMENT>
<DOCUMENT>
<TYPE>MATERIAL AMENDMENTS
<SEQUENCE>2
<FILENAME>NCEN_811-07354_74228556_0422.htm
<TEXT>

<HTML>
<HEAD>
   <TITLE>blackrockinvestmentqua7.htm - Generated by SEC Publisher for SEC Filing</TITLE>
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<p align=center style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;text-indent:0in;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">BLACKROCK </font></b><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.1pt;">INVESTMENT QUALITY MUNICIPAL TRUST</font></b><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">, INC.</font></b></p>

<p align=center style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;text-indent:0in;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">AMENDED
AND RESTATED<br>
BYLAWS</font></b></p>

<p align=center style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;text-indent:0in;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Effective
as of November 2, 2021</font></b></p>









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<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;">4887-2527-3857</font></p>


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<p style="margin:0in;margin-bottom:.0001pt;"><font style=""><font face="Times New Roman" lang=EN-US style="font-size:9.0pt;">47473513.1</font></font><font style=""></font></p>


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<p align=right style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Page</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;page-break-after:avoid;text-align:center;"><a href="#_Toc82057174"><b><u><font color=#0563C1 face="times new roman" lang=EN-US style="font-size:12.0pt;text-transform:uppercase;">Article
I</font></u></b><b><font color=windowtext face="Times New Roman Bold" lang=EN-US style="font-size:12.0pt;text-decoration:none;text-transform:uppercase;"><br>
</font></b><b><u><font color=#0563C1 face="Times New Roman Bold" lang=EN-US style="font-size:12.0pt;text-transform:uppercase;">SHAREHOLDER MEETINGS</font></u></b></a></p>

<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-1.0in;"><a href="#_Toc82057175"><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 1.</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">....... </font><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Chair</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">........................................................................................................................ 3</font></a></p>

<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-1.0in;"><a href="#_Toc82057176"><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 2.</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">....... </font><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Annual Meetings of Shareholders</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">........................................................................... 3</font></a></p>

<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-1.0in;"><a href="#_Toc82057177"><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 3.</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">....... </font><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Special Meetings of Shareholders</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">........................................................................... 3</font></a></p>

<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-1.0in;"><a href="#_Toc82057178"><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 4.</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">....... </font><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Place of Meetings</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">.................................................................................................... 4</font></a></p>

<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-1.0in;"><a href="#_Toc82057179"><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 5.</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">....... </font><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Notice of Meetings</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">.................................................................................................. 5</font></a></p>

<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-1.0in;"><a href="#_Toc82057180"><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 6.</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">....... </font><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Nature of Business at Annual Meetings of
Shareholders</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">........................................ 5</font></a></p>

<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-1.0in;"><a href="#_Toc82057181"><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 7.</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">....... </font><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Nomination of Directors</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">.......................................................................................... 7</font></a></p>

<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-1.0in;"><a href="#_Toc82057182"><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 8.</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">....... </font><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Conduct of Meetings</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">............................................................................................. 12</font></a></p>

<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-1.0in;"><a href="#_Toc82057183"><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 9.</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">....... </font><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Postponements; Adjournments</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">.............................................................................. 12</font></a></p>

<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-1.0in;"><a href="#_Toc82057184"><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 10.</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">..... </font><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Record Date</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">........................................................................................................... 13</font></a></p>

<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-1.0in;"><a href="#_Toc82057185"><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 11.</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">..... </font><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Voting</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">.................................................................................................................... 13</font></a></p>

<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-1.0in;"><a href="#_Toc82057186"><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 12.</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">..... </font><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Quorum</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">.................................................................................................................. 14</font></a></p>

<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-1.0in;"><a href="#_Toc82057187"><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 13.</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">..... </font><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Proxies</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">................................................................................................................... 14</font></a></p>

<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-1.0in;"><a href="#_Toc82057188"><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 14.</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">..... </font><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Inspectors of Election</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">............................................................................................ 15</font></a></p>

<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-1.0in;"><a href="#_Toc82057189"><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 15.</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">..... </font><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Shareholder Action by Written Consent</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">............................................................... 16</font></a></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;page-break-after:avoid;text-align:center;"><a href="#_Toc82057190"><b><u><font color=#0563C1 face="times new roman" lang=EN-US style="font-size:12.0pt;text-transform:uppercase;">Article
II</font></u></b><b><font color=windowtext face="Times New Roman Bold" lang=EN-US style="font-size:12.0pt;text-decoration:none;text-transform:uppercase;"><br>
</font></b><b><u><font color=#0563C1 face="Times New Roman Bold" lang=EN-US style="font-size:12.0pt;text-transform:uppercase;">DIRECTORS</font></u></b></a></p>

<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-1.0in;"><a href="#_Toc82057191"><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 1.</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">....... </font><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Number and Qualification</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">..................................................................................... 16</font></a></p>

<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-1.0in;"><a href="#_Toc82057192"><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 2.</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">....... </font><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Term of Office</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">....................................................................................................... 20</font></a></p>

<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-1.0in;"><a href="#_Toc82057193"><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 3.</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">....... </font><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Resignation and Removal</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">...................................................................................... 20</font></a></p>

<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-1.0in;"><a href="#_Toc82057194"><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 4.</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">....... </font><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Vacancies</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">............................................................................................................... 20</font></a></p>

<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-1.0in;"><a href="#_Toc82057195"><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 5.</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">....... </font><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Meetings</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">................................................................................................................ 21</font></a></p>

<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-1.0in;"><a href="#_Toc82057196"><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 6.</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">....... </font><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Quorum</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">.................................................................................................................. 21</font></a></p>

<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-1.0in;"><a href="#_Toc82057197"><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 7.</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">....... </font><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Required Vote</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">........................................................................................................ 22</font></a></p>

<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-1.0in;"><a href="#_Toc82057198"><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 8.</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">....... </font><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Committees</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">............................................................................................................ 22</font></a></p>

<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-1.0in;"><a href="#_Toc82057199"><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 9.</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">....... </font><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Director Action by Written Consent</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">...................................................................... 23</font></a></p>

<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-1.0in;"><a href="#_Toc82057200"><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 10.</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">..... </font><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Chair; Records</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">....................................................................................................... 23</font></a></p>

<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-1.0in;"><a href="#_Toc82057201"><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 11.</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">..... </font><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Delegation</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">.............................................................................................................. 23</font></a></p>

<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-1.0in;"><a href="#_Toc82057202"><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 12.</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">..... </font><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Compensation</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">........................................................................................................ 23</font></a></p>

<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-1.0in;"><a href="#_Toc82057203"><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 13.</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">..... </font><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Governance</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">............................................................................................................ 23</font></a></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;page-break-after:avoid;text-align:center;"><a href="#_Toc82057204"><b><u><font color=#0563C1 face="times new roman" lang=EN-US style="font-size:12.0pt;text-transform:uppercase;">Article
III</font></u></b><b><font color=windowtext face="Times New Roman Bold" lang=EN-US style="font-size:12.0pt;text-decoration:none;text-transform:uppercase;"><br>
</font></b><b><u><font color=#0563C1 face="Times New Roman Bold" lang=EN-US style="font-size:12.0pt;text-transform:uppercase;">OFFICERS</font></u></b></a></p>

<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-1.0in;"><a href="#_Toc82057205"><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 1.</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">....... </font><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Officers of the Fund</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">............................................................................................... 23</font></a></p>

<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-1.0in;"><a href="#_Toc82057206"><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 2.</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">....... </font><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Election and Tenure</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">............................................................................................... 24</font></a></p>

<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-1.0in;"><a href="#_Toc82057207"><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 3.</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">....... </font><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Removal and Resignation of Officers</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">................................................................... 24</font></a></p>

<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-1.0in;"><a href="#_Toc82057208"><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 4.</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">....... </font><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Chair of the Board of Directors</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">............................................................................. 24</font></a></p>


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<p style="margin:0in;margin-bottom:.0001pt;"><font style=""><font face="Times New Roman" lang=EN-US style="font-size:9.0pt;">47473513.1</font></font><font style=""></font></p>


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<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-1.0in;"><a href="#_Toc82057209"><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 5.</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">....... </font><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Vice Chair of the
Board of Directors</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">.................................................................... 24</font></a></p>

<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-1.0in;"><a href="#_Toc82057210"><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 6.</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">....... </font><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">President</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">................................................................................................................ 24</font></a></p>

<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-1.0in;"><a href="#_Toc82057211"><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 7.</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">....... </font><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Secretary</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">................................................................................................................ 24</font></a></p>

<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-1.0in;"><a href="#_Toc82057212"><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 8.</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">....... </font><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Treasurer and/or Chief Financial Officer</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">.............................................................. 24</font></a></p>

<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-1.0in;"><a href="#_Toc82057213"><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 9.</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">....... </font><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Other Officers and Duties</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">...................................................................................... 25</font></a></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;page-break-after:avoid;text-align:center;"><a href="#_Toc82057214"><b><u><font color=#0563C1 face="times new roman" lang=EN-US style="font-size:12.0pt;text-transform:uppercase;">Article
IV</font></u></b><b><font color=windowtext face="Times New Roman Bold" lang=EN-US style="font-size:12.0pt;text-decoration:none;text-transform:uppercase;"><br>
</font></b><b><u><font color=#0563C1 face="Times New Roman Bold" lang=EN-US style="font-size:12.0pt;text-transform:uppercase;">LIMITATIONS OF LIABILITY AND INDEMNIFICATION</font></u></b></a></p>

<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-1.0in;"><a href="#_Toc82057215"><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 1.</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">....... </font><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">No Personal Liability of Directors or
Officers</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">...................................................... 25</font></a></p>

<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-1.0in;"><a href="#_Toc82057216"><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 2.</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">....... </font><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Mandatory Indemnification</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">................................................................................... 26</font></a></p>

<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-1.0in;"><a href="#_Toc82057217"><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 3.</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">....... </font><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Good Faith Defined; Reliance on Experts</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">............................................................. 27</font></a></p>

<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-1.0in;"><a href="#_Toc82057218"><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 4.</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">....... </font><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Survival of Indemnification and
Advancement of Expenses</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">................................ 27</font></a></p>

<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-1.0in;"><a href="#_Toc82057219"><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 5.</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">....... </font><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Insurance</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">................................................................................................................ 27</font></a></p>

<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-1.0in;"><a href="#_Toc82057220"><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 6.</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">....... </font><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Subrogation</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">............................................................................................................ 27</font></a></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;page-break-after:avoid;text-align:center;"><a href="#_Toc82057221"><b><u><font color=#0563C1 face="times new roman" lang=EN-US style="font-size:12.0pt;text-transform:uppercase;">Article
V</font></u></b><b><font color=windowtext face="Times New Roman Bold" lang=EN-US style="font-size:12.0pt;text-decoration:none;text-transform:uppercase;"><br>
</font></b><b><u><font color=#0563C1 face="Times New Roman Bold" lang=EN-US style="font-size:12.0pt;text-transform:uppercase;">STOCK</font></u></b></a></p>

<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-1.0in;"><a href="#_Toc82057222"><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 1.</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">....... </font><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Shares of Stock</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">...................................................................................................... 27</font></a></p>

<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-1.0in;"><a href="#_Toc82057223"><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 2.</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">....... </font><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Transfer Agents, Registrars and the Like</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">.............................................................. 28</font></a></p>

<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-1.0in;"><a href="#_Toc82057224"><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 3.</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">....... </font><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Transfer of Shares</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">.................................................................................................. 28</font></a></p>

<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-1.0in;"><a href="#_Toc82057225"><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 4.</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">....... </font><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Registered Shareholders</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">........................................................................................ 28</font></a></p>

<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-1.0in;"><a href="#_Toc82057226"><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 5.</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">....... </font><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Register of Shares</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">.................................................................................................. 28</font></a></p>

<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-1.0in;"><a href="#_Toc82057227"><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 6.</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">....... </font><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Disclosure of Holdings</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">.......................................................................................... 29</font></a></p>

<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-1.0in;"><a href="#_Toc82057228"><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 7.</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">....... </font><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Signatures</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">.............................................................................................................. 29</font></a></p>

<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-1.0in;"><a href="#_Toc82057229"><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 8.</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">....... </font><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Lost Certificates</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">..................................................................................................... 29</font></a></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;page-break-after:avoid;text-align:center;"><a href="#_Toc82057230"><b><u><font color=#0563C1 face="times new roman" lang=EN-US style="font-size:12.0pt;text-transform:uppercase;">Article
VI</font></u></b><b><font color=windowtext face="Times New Roman Bold" lang=EN-US style="font-size:12.0pt;text-decoration:none;text-transform:uppercase;"><br>
</font></b><b><u><font color=#0563C1 face="Times New Roman Bold" lang=EN-US style="font-size:12.0pt;text-transform:uppercase;">MISCELLANEOUS</font></u></b></a></p>

<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-1.0in;"><a href="#_Toc82057231"><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 1.</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">....... </font><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Filing</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">...................................................................................................................... 29</font></a></p>

<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-1.0in;"><a href="#_Toc82057232"><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 2.</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">....... </font><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Governing Law</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">...................................................................................................... 29</font></a></p>

<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-1.0in;"><a href="#_Toc82057233"><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 3.</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">....... </font><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Provisions in Conflict with Law or
Regulation</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">..................................................... 29</font></a></p>

<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-1.0in;"><a href="#_Toc82057233"><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 4.</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">....... </font><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Control Share Acquisition Act</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">.............................................................................. 29</font></a></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;page-break-after:avoid;text-align:center;"><a href="#_Toc82057234"><b><u><font color=#0563C1 face="times new roman" lang=EN-US style="font-size:12.0pt;text-transform:uppercase;">Article
VII</font></u></b><b><font color=windowtext face="Times New Roman Bold" lang=EN-US style="font-size:12.0pt;text-decoration:none;text-transform:uppercase;"><br>
</font></b><b><u><font color=#0563C1 face="Times New Roman Bold" lang=EN-US style="font-size:12.0pt;text-transform:uppercase;">AMENDMENT OF BYLAWS</font></u></b></a></p>

<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-1.0in;"><a href="#_Toc82057235"><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 1.</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">....... </font><u><font color=#0563C1 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Amendment and Repeal of Bylaws</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">....................................................................... 30</font></a></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>









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</DIV>
<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">BLACKROCK </font></b><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.1pt;">INVESTMENT QUALITY MUNICIPAL TRUST</font></b><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">, INC.<br>
<br>
BYLAWS</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">These Bylaws are made and adopted pursuant to the Articles
of Incorporation, dated as of November 19, 1992, as from time to time amended
(hereinafter called the &#8220;</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Charter</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221;), of BlackRock Investment Quality
Municipal Trust, Inc. (the &#8220;</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Fund</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221;).</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Definitions</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; As used in these Bylaws, the
following terms shall have the following meanings:</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8220;</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">12(d) Holder</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221; shall have the meaning set forth in
Section 1 of Article II.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8220;</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">1940 Act</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221; shall mean the Investment Company Act of
1940 and the rules and regulations promulgated thereunder.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8220;</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">5% Holder</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221; shall have the meaning set forth in
Section 1 of Article II.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8220;</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Act</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221;</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;"> </font><font color=black face="Times New Roman" lang=EN-US style="background:white;font-size:12.0pt;">shall
have the meaning set forth in Section 4 of Article VI.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8220;</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Bylaws</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221; shall mean these Bylaws of the Fund as
amended or restated from time to time by the Directors.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8220;</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Code</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221; shall mean the Internal Revenue Code of
1986, as amended, and the regulations promulgated thereunder.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font color=black face="Times New Roman" lang=EN-US style="background:white;font-size:12.0pt;">&#8220;</font><u><font color=black face="Times New Roman" lang=EN-US style="background:white;font-size:12.0pt;">Contested
Election</font></u><font color=black face="Times New Roman" lang=EN-US style="background:white;font-size:12.0pt;">&#8221; shall mean any election of Directors in which the number of
persons nominated for election as Directors in accordance with Section&nbsp;7
of Article I exceeds the number of Directors to be elected, with the
determination that any election of Directors is a Contested Election to be made
by the Secretary or other officer of the Fund prior to the time the Fund mails
its initial proxy statement in connection with such election of Directors. If,
prior to the time the Fund mails its initial proxy statement in connection with
such election of Directors, one or more persons nominated for election as a
Director are withdrawn such that the number of persons nominated for election
as Director no longer exceeds the number of Directors to be elected, such
election shall not be considered a Contested Election.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#8220;</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Directors</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221; and &#8220;</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Board of Directors</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221; shall
mean the persons duly elected or appointed to the Board of Trustees or Board of
Directors, as the case may be, of the Fund from time to time, so long as they
shall continue in office, and all other persons who at the time in question
have been duly elected or appointed and have qualified as directors or trustees
in accordance with the provisions hereof and are then in office.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8220;</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Disabling Conduct</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221; shall have the meaning set
forth in Section 2(a) of Article IV.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8220;</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Exchange Act</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221; shall mean the Securities Exchange
Act of 1934, as amended, and the rules and regulations promulgated thereunder.</font></p>


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<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8220;</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">immediate family member</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221;
shall mean any parent, child, spouse, spouse of a parent, spouse of a child,
brother or sister (including step and adoptive relationships).</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8220;</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Indemnitee</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221; shall have the meaning set forth in
Section 2(a) of Article IV.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8220;</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Independent Director</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221; shall mean a Director that
is not an &#8220;</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">interested person</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221; as defined in Section 2(a)(19) of the 1940
Act.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8220;</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Independent Non-Party Directors</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221; shall have the
meaning set forth in Section 2(b) of Article IV.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8220;</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">investment company</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221; shall have the meaning set
forth in Section 1 of Article II.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8220;</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Management Director</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221; shall have the meaning set
forth in Section 1 of Article II.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font color=black face="Times New Roman" lang=EN-US style="background:white;font-size:12.0pt;">&#8220;</font><u><font color=black face="Times New Roman" lang=EN-US style="background:white;font-size:12.0pt;">MGCL</font></u><font color=black face="Times New Roman" lang=EN-US style="background:white;font-size:12.0pt;">&#8221;
shall have the meaning set forth in Section 4 of Article II.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8220;</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">nominated or seated</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221; shall have the meaning set
forth in Section 1 of Article II.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8220;</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Non-Management Director</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221; shall have the meaning
set forth in Section 1 of Article II.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8220;</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Person</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221; shall mean and include natural persons,
corporations, partnerships, trusts, limited liability companies, associations,
joint ventures and other entities, whether or not legal entities, and
governments and agencies and political subdivisions thereof.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8220;</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Prohibited Conduct</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221; shall have the meaning set
forth in Section 1 of Article II.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8220;</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Proposed Nominee</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221; shall have the meaning set forth
in Section 7 of Article I.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8220;</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Proposed Nominee Associated Person</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221; of any
Proposed Nominee shall mean (A) any Person acting in concert with such Proposed
Nominee, (B) any direct or indirect beneficial owner of Shares owned of record
or beneficially by such Proposed Nominee or Person acting in concert with the
Proposed Nominee and (C) any Person controlling, controlled by or under common
control with such Proposed Nominee or a Proposed Nominee Associated Person.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8220;</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">proxy access rules</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221; shall have the meaning set
forth in Section 7 of Article I.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8220;</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">SEC</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221; shall mean the Securities and Exchange
Commission.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8220;</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Shareholder Associated Person</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221; of any beneficial
or record shareholder shall mean (A) any Person acting in concert with such
shareholder, (B) any direct or indirect beneficial owner of Shares owned of
record or beneficially by such shareholder or any Person acting in concert with
such shareholder, (C) any Person controlling, controlled by or under common
control with such shareholder or a Shareholder Associated Person and (D) any
member of the immediate family of such shareholder or Shareholder Associated
Person.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8220;</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Shares</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221; shall mean (i) if the Fund is organized as
a trust, the units of beneficial interest into which the beneficial interests
in the Fund shall be divided from time to time, (ii) if the Fund is organized
as a corporation, the shares of stock of the Fund and (iii) if the Fund is
organized as a </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">limited liability company, the limited
liability company interests of the Fund, and in each case includes fractions of
Shares as well as whole Shares. In addition, Shares also means any preferred
units of beneficial interest, preferred stock or preferred limited liability
company interests which may be issued from time to time, as described herein.
All references to Shares shall be deemed to be Shares of any or all series or
classes as the context may require.</font></p>
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<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8220;</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">special meeting in lieu of an annual meeting</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221;
shall mean a special meeting called by Directors for the purpose of electing
Directors in the event that an annual meeting is not held on or before such
date as may be required by the NYSE Amex, New York Stock Exchange or such other
exchange or trading system on which shares are principally traded, if
applicable.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8220;</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Special Counsel</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221; shall mean an &#8220;</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">independent
legal counsel</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221; as defined in Reg. &#167;270.0-1(a)(6) promulgated under the 1940
Act, and such counsel shall be selected by (i) a majority of the Independent
Non-Party Directors, (ii) if fewer than 50% of the Independent Directors are
Independent Non-Party Directors, the regular independent counsel to the
Independent Directors, or (iii) if such counsel is not able to act in a
capacity contemplated in these Bylaws for ethical or other reasons, counsel
selected by such regular independent counsel to the Independent Directors.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8220;</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Special Meeting Request</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221; shall have the meaning
set forth in Section 3(b)(i) of Article I.</font></p>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;text-indent:0in;"><a name="_Toc82057174"></a><b><font face="times new roman" style="font-size:12.0pt;text-transform:none;">ARTICLE I.</font></b><b><font face="Times New Roman Bold" style="font-size:12.0pt;text-transform:uppercase;"><br>
<br>
</font></b><b><u><font face="Times New Roman Bold" style="font-size:12.0pt;text-transform:uppercase;">SHAREHOLDER MEETINGS</font></u></b></h1>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><a name="_Toc82057175"></a><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section 1.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Chair</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">.&#160; The Chair, if any, shall act as chair at all meetings of
the shareholders.&#160; In the Chair&#8217;s absence, the Vice Chair, if any, shall act as
chair at the meeting.&#160; In the absence of the Chair and the Vice Chair, the
Director or Directors present at each meeting or the Board of Directors may
elect a temporary chair for the meeting, who may be one of the Directors.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><a name="_Toc82057176"></a><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section 2.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Annual Meetings of Shareholders</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">.&#160; The annual meeting of
shareholders for the election of directors shall be held on such date and at such
time and at such place as shall be designated from time to time by the Board of
Directors.&#160; In the event that such a meeting is not held on or before such date
as may be required by the NYSE Amex, New York Stock Exchange or such other
exchange or trading system on which shares are principally traded, if
applicable, a subsequent &#8220;special meeting in lieu of an annual meeting&#8221; may be
called by the Directors.&#160; Any other proper business may be transacted at the
annual meeting of shareholders.&#160; Directors may only be elected at an annual
meeting of shareholders or a special meeting in lieu of an annual meeting of
shareholders.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><a name="_Toc82057177"></a><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section 3.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Special Meetings of Shareholders</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">.</font></h2>

<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(a)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Unless otherwise required by binding law or by the Charter, special
meetings of shareholders, for any purpose or purposes, except for the election
of Directors, may be called by the Board of Directors (or any duly authorized
committee), the Chair or the President and shall be called by the Secretary at
the request in writing by the shareholders of record of not less than a
majority of the outstanding Shares of the Fund or class or series of Shares
having voting rights on the matter.&#160; Only such business shall be </font></h3>
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<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">conducted at a special meeting as shall be specified in
the notice of meeting (or any supplement thereto).</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(b)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(i) Any shareholder of record seeking to request a special meeting shall
send written notice to the Secretary (the &#8220;</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Special Meeting Request</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">&#8221;) by
registered mail, return receipt requested, requesting the Secretary to call a
special meeting.&#160; Proof of the requesting shareholder&#8217;s ownership of Shares at
the time of giving the Special Meeting Request must accompany the requesting
shareholder&#8217;s Special Meeting Request.&#160; The Special Meeting Request shall set
forth the purpose of the meeting and the matters proposed to be acted on at the
meeting, shall be signed by one or more shareholders of record (or their duly
authorized agents), shall bear the date of signature of each requesting
shareholder (or its duly authorized agent) signing the Special Meeting Request
and shall set forth all information that each such shareholder of record and,
with respect to the beneficial owners of Shares on whose behalf such request is
being made, each such beneficial owner of Shares would be required to disclose
in a proxy statement or other filings required to be made in connection with
solicitations of proxies with respect to the proposed business to be brought
before the meeting pursuant to Section 14 of the Exchange Act, as well as
additional information required by Article I Section 6(d) of these Bylaws.&#160; Upon
receiving the Special Meeting Request, the Directors may in their discretion
fix a special meeting date, which need not be the same date as that requested
in the Special Meeting Request.</font></h3>

<h4 style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(ii)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">A shareholder of record providing notice of business proposed to be
brought before a special meeting shall further update and supplement such
notice, if necessary, so that the information provided or required to be
provided in such notice pursuant to this Section 3(b) shall be true and correct
as of the record date for determining the shareholders entitled to receive
notice of the special meeting and such update and supplement shall be delivered
to or be mailed and received by the Secretary at the principal executive offices
of the Fund not later than five (5) business days after the record date for
determining the shareholders entitled to receive notice of the special meeting.</font></h4>

<h4 style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(iii)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">The Board of Directors shall determine the validity of any purported
Special Meeting Request received by the Secretary.</font></h4>

<h4 style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(iv)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Within ten (10) days of receipt of a valid Special Meeting Request, the
Secretary shall inform the requesting shareholders of the reasonably estimated
cost of preparing and mailing the notice of meeting (including the Fund&#8217;s proxy
materials).&#160; The Secretary shall not be required to call a special meeting upon
receipt of a Special Meeting Request and such meeting shall not be held unless
the Secretary receives payment of such reasonably estimated cost prior to the
mailing of any notice of the meeting.</font></h4>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><a name="_Toc82057178"></a><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section 4.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Place of Meetings</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">.&#160; Any shareholder meeting, including a special
meeting, shall be held within or without the state in which the Fund was formed
at such place, date and time as the Directors shall designate.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><a name="_Toc82057179"></a></h2>
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<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section
5.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Notice of Meetings</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">.&#160; Written notice of all meetings of
shareholders, stating the place, date and time of the meeting, shall be given
by the Secretary by mail to each shareholder of record entitled to vote thereat
at its registered address, mailed at least ten (10) days and not more than
sixty (60) days before the meeting or otherwise in compliance with applicable
binding law.&#160; Such notice will also specify the means of remote communications,
if any, by which shareholders and proxyholders may be deemed to be present in
person and vote at such meeting.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><a name="_Toc82057180"></a><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section 6.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Nature of Business at Annual Meetings of Shareholders</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">.</font></h2>

<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(a)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Only such business (other than nominations for election to the Board of
Directors, which must comply with the provisions of Section 7 of this Article
I) may be transacted at an annual meeting of shareholders as is either:</font></h3>

<h4 style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(i)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">specified in the notice of meeting (or any supplement thereto) given by
or at the direction of the Board of Directors (or any duly authorized committee
thereof),</font></h4>

<h4 style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(ii)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">otherwise properly brought before the annual meeting by or at the
direction of the Board of Directors (or any duly authorized committee thereof),
or</font></h4>

<h4 style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(iii)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">otherwise properly brought before the annual meeting by any shareholder
of record of the Fund:</font></h4>

<h5 style="margin-bottom:12.0pt;margin-left:1.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(A)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">who is a shareholder of record on the date such shareholder gives the
notice provided for in this Section 6 of this Article I and on the record date
for the determination of shareholders entitled to notice of and to vote at such
annual meeting; and</font></h5>

<h5 style="margin-bottom:12.0pt;margin-left:1.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(B)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">who complies with the notice procedures set forth in this Section 6 of
this Article I.</font></h5>

<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(b)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">In addition to any other applicable requirements, for business to be
properly brought before an annual meeting by a shareholder, such shareholder of
record must have given timely notice thereof in proper written form to the
Secretary of the Fund.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(c)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">To be timely, a record shareholder&#8217;s notice to the Secretary must be
delivered to or be mailed and received at the principal executive offices of
the Fund not less than one hundred and twenty (120) days nor more than one
hundred and fifty (150) days prior to the anniversary date of the immediately
preceding annual meeting of shareholders; provided, however, that in the event
that the annual meeting is called for a date that is not within twenty-five
(25) days before or after such anniversary date, notice by the shareholder of
record in order to be timely must be so received not later than the close of
business on the tenth (10th) day following the day on which such notice of the
date of the annual meeting was mailed or such public disclosure of the date of
the annual meeting was made, whichever first occurs.&#160; In no event shall the
adjournment or postponement of an annual meeting, or the public announcement of
such an adjournment or postponement, commence a new time period (or extend any
time period) for the giving of a record shareholder&#8217;s notice as described
above.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;">&nbsp;</h3>
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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:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">7</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font></p>

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<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(d)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">To be in proper written form, a record shareholder&#8217;s notice to the
Secretary must set forth the following information:</font></h3>

<h4 style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(i)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">as to each matter such shareholder of record proposes to bring before
the annual meeting, a brief description of the business desired to be brought
before the annual meeting and the reasons for conducting such business at the
annual meeting, and</font></h4>

<h4 style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(ii)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">as to the record shareholder giving notice and the beneficial owner, if
any, on whose behalf the proposal is being made,</font></h4>

<h5 style="margin-bottom:12.0pt;margin-left:1.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(A)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">the name and address of such person and of any Shareholder Associated
Person;</font></h5>

<h5 style="margin-bottom:12.0pt;margin-left:1.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(B)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(1) the class or series and number of all Shares which are owned
beneficially or of record by such person and any Shareholder Associated Person,</font></h5>

<h6 style="margin-bottom:12.0pt;margin-left:2.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(2)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">the name of each nominee holder of Shares owned beneficially but not of
record by such person or any Shareholder Associated Person, and the number of
such Shares held by each such nominee holder,</font></h6>

<h6 style="margin-bottom:12.0pt;margin-left:2.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(3)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">whether and the extent to which any derivative instrument, swap, option,
warrant, short interest, hedge or profit interest or other transaction has been
entered into by or on behalf of such person, or any Shareholder Associated
Person, with respect to Shares, and</font></h6>

<h6 style="margin-bottom:12.0pt;margin-left:2.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(4)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">whether and the extent to which any other transaction, agreement,
arrangement or understanding (including any short position or any borrowing or
lending of Shares) has been made by or on behalf of such person, or any
Shareholder Associated Person, the effect or intent of any of the foregoing
being to mitigate loss to, or to manage risk or benefit of stock price changes
for, such person, or any Shareholder Associated Person, or to increase or
decrease the voting power or pecuniary or economic interest of such person, or
any Shareholder Associated Person, with respect to Shares;</font></h6>

<h5 style="margin-bottom:12.0pt;margin-left:1.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(C)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">a description of all agreements, arrangements, or understandings
(whether written or oral) between or among such person, or any Shareholder
Associated Person, and any other Person or Persons (including their names) in
connection with the proposal of such business and any material interest of such
person or any Shareholder Associated Person, in such business, including any
anticipated benefit therefrom to such person, or any Shareholder Associated
Person;</font></h5>

<h5 style="margin-bottom:12.0pt;margin-left:1.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;">&nbsp;</h5>
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<h5 style="margin-bottom:12.0pt;margin-left:1.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(D)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">a representation that the shareholder of record giving notice intends to
appear in person or by proxy at the annual meeting to bring such business before
the meeting; and</font></h5>

<h5 style="margin-bottom:12.0pt;margin-left:1.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(E)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">information relating to such person or any Shareholder Associated Person
that would be required to be disclosed in a proxy statement or other filing
required to be made in connection with the solicitation of proxies by such
person with respect to the proposed business to be brought by such person
before the annual meeting pursuant to Section 14 of the Exchange Act.</font></h5>

<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(e)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">A shareholder of record providing notice of business proposed to be
brought before an annual meeting shall further update and supplement such
notice, if necessary, so that the information provided or required to be
provided in such notice pursuant to this Section 6 of this Article I shall be
true and correct as of the record date for determining the shareholders
entitled to receive notice of the annual meeting and such update and supplement
shall be delivered to or be mailed and received by the Secretary at the
principal executive offices of the Fund not later than five (5) business days
after the record date for determining the shareholders entitled to receive
notice of the annual meeting.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(f)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">No business (other than nominations for election to the Board of
Directors, which must comply with the provisions of Section 7 of this Article
I) shall be conducted at the annual meeting of shareholders except business
brought before the annual meeting in accordance with the procedures set forth
in this Section 6 of this Article I.&#160; If the chair of an annual meeting
determines that business was not properly brought before the annual meeting in
accordance with the foregoing procedures, the chair shall declare to the
meeting that the business was not properly brought before the meeting and such
business shall not be transacted.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(g)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Nothing contained in this Section 6 of this Article I shall be deemed to
affect any rights of shareholders to request inclusion of proposals in the
Fund&#8217;s proxy statement pursuant to Rule 14a-8 under the Exchange Act (or any
successor provision of law).</font></h3>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><a name="_Toc82057181"></a><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section 7.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Nomination of Directors</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">.</font></h2>

<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(a)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Only persons who are nominated in accordance with the following
procedures shall be eligible for election as directors of the Fund.&#160; Nominations
of persons for election to the Board of Directors may be made only at any
annual meeting of shareholders, or at any special meeting in lieu of the annual
meeting of shareholders:</font></h3>

<h4 style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(i)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">by or at the direction of the Board of Directors (or any duly authorized
committee thereof), or</font></h4>

<h4 style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(ii)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">by any shareholder of record, or group of shareholders of record, of the
Fund:</font></h4>

<h5 style="margin-bottom:12.0pt;margin-left:1.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(A)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">who is a shareholder or are shareholders of record on the date such
shareholder(s) give the notice provided for in this Section 7 of this </font></h5>
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</DIV>
<h5 style="margin-bottom:12.0pt;margin-left:1.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Article I and on the record date for the determination of
shareholders entitled to notice of and to vote at such annual meeting or
special meeting in lieu of an annual meeting; and</font></h5>

<h5 style="margin-bottom:12.0pt;margin-left:1.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(B)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">who complies with the notice procedures set forth in this Section 7 of
this Article I.</font></h5>

<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(b)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">In addition to any other applicable requirements, for a nomination to be
made by a shareholder of record, or group of shareholders of record, such
shareholder must have given timely notice thereof in proper written form to the
Secretary of the Fund.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(c)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">To be timely, a record shareholder&#8217;s notice to the Secretary must be
delivered to or be mailed and received at the principal executive offices of
the Fund:</font></h3>

<h4 style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(i)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">in the case of an annual meeting, not less than one hundred and twenty
(120) days nor more than one hundred and fifty (150) days prior to the
anniversary date of the immediately preceding annual meeting of shareholders;
provided, however, that in the event that the annual meeting is called for a
date that is not within twenty-five (25) days before or after such anniversary
date, notice by the shareholder of record in order to be timely must be so
received not later than the close of business on the tenth (10th) day following
the day on which such notice of the date of the annual meeting was mailed or
such public disclosure of the date of the annual meeting was made, whichever
first occurs;</font></h4>

<h4 style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(ii)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">in the case of a special meeting of shareholders in lieu of an annual meeting,
not later than the close of business on the tenth (10th) day following the day
on which notice of the date of the special meeting was mailed or public
disclosure of the date of the special meeting was made, whichever first occurs;
and</font></h4>

<h4 style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(iii)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">in no event shall the adjournment or postponement of an annual meeting
or such a special meeting in lieu of an annual meeting, or the public
announcement of such an adjournment or postponement, commence a new time period
(or extend any time period) for the giving of a shareholder&#8217;s notice as
described above.</font></h4>

<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(d)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">To be in proper written form, a record shareholder&#8217;s notice to the
Secretary must set forth the following information:</font></h3>

<h4 style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(i)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">as to each person whom the shareholder of record proposes to nominate
for election as a director (a &#8220;</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Proposed Nominee</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">&#8221;) and any Proposed
Nominee Associated Person:</font></h4>

<h5 style="margin-bottom:12.0pt;margin-left:1.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(A)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">the name, age, business address and residence address of such Proposed
Nominee and of any Proposed Nominee Associated Person;</font></h5>

<h5 style="margin-bottom:12.0pt;margin-left:1.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(B)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">the principal occupation or employment of such Proposed Nominee;</font></h5>

<h5 style="margin-bottom:12.0pt;margin-left:1.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;">&nbsp;</h5>
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</DIV>
<h5 style="margin-bottom:12.0pt;margin-left:1.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(C)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(1) the class or series and number of all Shares which are owned
beneficially or of record, directly or indirectly, by such Proposed Nominee and
any Proposed Nominee Associated Person, and the name and address of the record
holder(s) of such Shares (if different than the beneficial owner(s)) as they
appear on the records of the Fund,</font></h5>

<h6 style="margin-bottom:12.0pt;margin-left:2.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(2)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">the name of each nominee holder of Shares owned beneficially but not of
record by such Proposed Nominee or any Proposed Nominee Associated Person, and
the number of such Shares held by each such nominee holder,</font></h6>

<h6 style="margin-bottom:12.0pt;margin-left:2.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(3)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">whether and the extent to which any derivative instrument, swap, option,
warrant, short interest, hedge or profit interest or other transaction has been
entered into by or on behalf of such Proposed Nominee, or any Proposed Nominee
Associated Person, with respect to Shares,</font></h6>

<h6 style="margin-bottom:12.0pt;margin-left:2.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(4)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">whether and the extent to which any other transaction, agreement,
arrangement or understanding (including any short position or any borrowing or
lending of Shares) has been made by or on behalf of such Proposed Nominee, or
any Proposed Nominee Associated Person, the effect or intent of any of the
foregoing being to mitigate loss to, or to manage risk or benefit of share
price changes for, such Proposed Nominee, or any Proposed Nominee Associated
Person, or to increase or decrease the voting power or pecuniary or economic
interest of such Proposed Nominee, or any Proposed Nominee Associated Person,
with respect to the Shares,</font></h6>

<h6 style="margin-bottom:12.0pt;margin-left:2.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(5)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">a representation as to whether such Proposed Nominee is an &#8220;</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">interested
person,</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">&#8221; as defined under Section 2(a)(19) of the 1940 Act and sufficient
information about the Proposed Nominee to permit counsel to the Fund to confirm
such representation, including information with respect to each relationship
set forth in Section 2(a)(19) of the 1940 Act which may cause such Proposed
Nominee to be an interested person of the Fund or a representation that no such
relationship exists;</font></h6>

<h6 style="margin-bottom:12.0pt;margin-left:2.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(6)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">information to establish to the satisfaction of the Board of Directors
that the Proposed Nominee satisfies the director qualifications as set out in
Section 1 of Article II; and</font></h6>

<h5 style="margin-bottom:12.0pt;margin-left:1.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(D)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">any other information relating to such Proposed Nominee or Proposed
Nominee Associated Person that would be required to be disclosed in a proxy
statement or other filings required to be made in connection with solicitations
of proxies for election of directors in an </font></h5>
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<h5 style="margin-bottom:12.0pt;margin-left:1.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">election
contest pursuant to Section 14 of the Exchange Act (even if an election contest
is not involved); and</font></h5>

<h4 style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(ii)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">as to the shareholder of record giving the notice, and the beneficial
owner, if any, on whose behalf the nomination is being made,</font></h4>

<h5 style="margin-bottom:12.0pt;margin-left:1.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(A)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">the name and record address of such person and of any Shareholder
Associated Person;</font></h5>

<h5 style="margin-bottom:12.0pt;margin-left:1.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(B)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(1) the class or series and number of all Shares which are owned
beneficially or of record by such person and any Shareholder Associated Person,</font></h5>

<h6 style="margin-bottom:12.0pt;margin-left:2.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(2)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">the name of each nominee holder of Shares of the Fund owned beneficially
but not of record by such person or any Shareholder Associated Person, and the
number of Shares held by each such nominee holder,</font></h6>

<h6 style="margin-bottom:12.0pt;margin-left:2.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(3)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">whether and the extent to which any derivative instrument, swap, option,
warrant, short interest, hedge or profit interest or other transaction has been
entered into by or on behalf of such person, or any Shareholder Associated
Person, with respect to stock of the Fund, and</font></h6>

<h6 style="margin-bottom:12.0pt;margin-left:2.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(4)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">whether and the extent to which any other transaction, agreement,
arrangement or understanding (including any short position or any borrowing or
lending of Shares) has been made by or on behalf of such person, or any Shareholder
Associated Person, the effect or intent of any of the foregoing being to
mitigate loss to, or to manage risk or benefit of stock price changes for, such
person, or any Shareholder Associated Person, or to increase or decrease the
voting power or pecuniary or economic interest of such person, or any
Shareholder Associated Person, with respect to Shares;</font></h6>

<h5 style="margin-bottom:12.0pt;margin-left:1.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(C)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">a description of all agreements, arrangements, or understandings
(whether written or oral) between such person, or any Shareholder Associated
Person, and any proposed nominee or any other person or persons (including
their names) pursuant to which the nomination(s) are being made by such person,
and any material interest of such person, or any Shareholder Associated Person,
in such nomination, including any anticipated benefit therefrom to such person,
or any Shareholder Associated Person;</font></h5>

<h5 style="margin-bottom:12.0pt;margin-left:1.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(D)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">a representation that the shareholder, or group of shareholders, giving
notice intends to appear in person or by proxy at the annual meeting or special
meeting in lieu of an annual meeting to nominate the persons named in its
notice;</font></h5>

<h5 style="margin-bottom:12.0pt;margin-left:1.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;">&nbsp;</h5>
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<h5 style="margin-bottom:12.0pt;margin-left:1.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(E)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">any other information relating to such person that would be required to
be disclosed in a proxy statement or other filings required to be made in
connection with the solicitation of proxies for election of directors in an
election contest pursuant to Section 14 of the Exchange Act (even if an
election contest is not involved).</font></h5>

<h4 style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(iii)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Such notice must be accompanied by a written consent of each Proposed
Nominee to being named as a nominee and to serve as a director if elected.</font></h4>

<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(e)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">A shareholder of record, or group of shareholders of record, providing
notice of any nomination proposed to be made at an annual meeting or special
meeting in lieu of an annual meeting shall further update and supplement such
notice, if necessary, so that:</font></h3>

<h4 style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(i)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">the information provided or required to be provided in such notice
pursuant to this Section 7 of this Article I shall be true and correct as of
the record date for determining the shareholders entitled to receive notice of
the annual meeting or special meeting in lieu of an annual meeting, and such
update and supplement shall be delivered to or be mailed and received by the
Secretary at the principal executive offices of the Fund not later than five
(5) business days after the record date for determining the shareholders
entitled to receive notice of such annual meeting or special meeting in lieu of
an annual meeting; and</font></h4>

<h4 style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(ii)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">any subsequent information reasonably requested by the Board of
Directors to determine that the Proposed Nominee has met the director
qualifications as set out in Section 1 of Article II is provided, and such
update and supplement shall be delivered to or be mailed and received by the
Secretary at the principal executive offices of the Fund not later than five
(5) business days after the request by the Board of Directors for subsequent
information regarding director qualifications has been delivered to or mailed
and received by such shareholder of record, or group of shareholders of record,
providing notice of any nomination.</font></h4>

<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(f)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">No person shall be eligible for election as a director of the Fund
unless nominated in accordance with the procedures set forth in this Section 7
of this Article I.&#160; If the chair of the meeting determines that a nomination was
not made in accordance with the foregoing procedures, the chair shall declare
to the meeting that the nomination was defective and such defective nomination
shall be disregarded.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(g)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Notwithstanding any provision of this Section 7 of this Article I to the
contrary, a nomination of persons for election to the Board of Directors may be
submitted for inclusion in the Fund&#8217;s proxy materials to the extent required by
rules adopted by the SEC providing for such nominations and inclusion and
interpretations thereof (&#8220;</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">proxy access rules</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">&#8221;), and, if such nomination
is submitted under the proxy access rules, such submission:</font></h3>

<h4 style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(i)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">in order to be timely, must be delivered to, or be mailed and received
by, the Secretary at the principal executive offices of the Fund no later than
120 </font></h4>
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<h4 style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">calendar days before the date that the Fund mailed
(or otherwise disseminated) its proxy materials for the prior year&#8217;s annual
meeting (or such other date as may be set forth in the proxy access rules for
companies without advance notice bylaws);</font></h4>

<h4 style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(ii)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">in all other respects, must be made pursuant to, and in accordance with,
the terms of the proxy access rules, as in effect at the time of the
nomination, or any successor rules or regulations of the SEC then in effect;
and</font></h4>

<h4 style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(iii)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">must provide the Fund with any other information required by this
Section 7 of this Article I, by applicable binding law, the Charter or a
resolution of the Directors for nominations not made under the proxy access
rules, except to the extent that requiring such information to be furnished is
prohibited by the proxy access rules.&#160; The provisions of this paragraph of this
Section 7 of this Article I do not provide shareholders of the Fund with any
rights, nor impose upon the Fund any obligations, other than the rights and
obligations set forth in the proxy access rules.</font></h4>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><a name="_Toc82057182"></a><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section 8.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Conduct of Meetings</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">.&#160; The Board of Directors of the Fund may
adopt by resolution such rules and regulations for the conduct of any meeting
of the shareholders as it shall deem appropriate.&#160; Except to the extent
inconsistent with such rules and regulations as adopted by the Board of
Directors, the chair of any meeting of the shareholders shall have the right
and authority to prescribe such rules, regulations and procedures and to do all
such acts as, in the judgment of such chair, are appropriate for the proper
conduct of the meeting.&#160; Such rules, regulations or procedures, whether adopted
by the Board of Directors or prescribed by the chair of the meeting, may
include, without limitation, the following: (a) the establishment of an agenda
or order of business for the meeting; (b) the determination of when the polls
shall open and close for any given matter to be voted on at the meeting; (c)
rules and procedures for maintaining order at the meeting and the safety of
those present; (d) limitations on attendance at and participation in the
meeting to shareholders, their duly authorized and constituted proxies or such
other persons as the chair of the meeting shall determine; (e) restrictions on
entry to the meeting after the time fixed for the commencement thereof; (f)
limitations on the time allotted to questions or comments by shareholders; and
(g) the extent to which, if any, other participants are permitted to speak.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><a name="_Toc82057183"></a><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section 9.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Postponements; Adjournments</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">.&#160; The Board of Directors may, prior
to a meeting of shareholders being convened, postpone such meeting from time to
time to a date not more than 120 days after the original record date.&#160; The
chair of any meeting of the shareholders may adjourn the meeting 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, if any, thereof and the
means of remote communications, if any, by which shareholders and proxyholders
may be deemed to be present in person and vote at such adjourned meeting are
announced at the meeting at which the adjournment is taken.&#160; At the adjourned
meeting, the Fund may transact any business which might have been transacted at
the original meeting.&#160; Any adjourned meeting may be held as adjourned one or
more times without further notice not later than one hundred and twenty (120)
days after the record date.&#160; If after the adjournment a new record date is
fixed for the adjourned meeting, notice of the adjourned meeting in accordance
with the requirements of Section 5 of this Article I shall be given to each
shareholder of record entitled to vote at the meeting and each other
shareholder entitled to notice of the meeting.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><a name="_Toc82057184"></a></h2>
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<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section
10.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Record Date</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">.</font></h2>

<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(a)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">For the purposes of determining the shareholders who are entitled to
vote at or otherwise entitled to notice of any meeting, the Directors may,
without closing the transfer books, fix a date not more than sixty (60) nor
less than ten (10) days prior to the date of such meeting of shareholders as a
record date for the determination of the Persons to be treated as shareholders
of record for such purposes.&#160; The record date shall not precede the date upon
which the resolution fixing the record date is adopted by the Directors.&#160; If no
record date is fixed by the Directors and the stock transfer books are not
closed, the record date for determining shareholders entitled to notice of or
to vote at a meeting of the shareholders shall be the later of the close of
business on the day immediately preceding the day on which notice is given or
the thirtieth (30th) day before the meeting.&#160; A determination of shareholders
entitled to notice of or to vote at a meeting of the shareholders of record
shall apply to any adjournment of the meeting.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(b)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">In order that the Fund may determine the shareholders entitled to
consent to corporate action in writing without a meeting, the Board of
Directors may fix a record date, which record date shall not precede the date
upon which the resolution fixing the record date is adopted by the Board of Directors,
and which record date shall not be more than ten (10) days after the date upon
which the resolution fixing the record date is adopted by the Directors.&#160; If no
record date has been fixed by the Directors and no prior action by the
Directors is required by applicable binding law or the Charter to take such
action, the record date for determining shareholders entitled to consent to
corporate action in writing without a meeting shall be the first date on which
a signed written consent setting forth the action taken or proposed to be taken
is delivered to the Fund by delivery to its registered office in the state in
which the Fund was formed, its resident agent, its principal place of business,
or an officer or agent of the Fund having custody of the book in which
proceedings of meetings of the shareholders are recorded.&#160; Delivery made to the
Fund&#8217;s registered office shall be by hand or by certified or registered mail,
return receipt requested.</font></h3>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">If no record date has been fixed by the Directors and
prior action by the Directors is required by applicable binding law or the
Charter, the record date for determining shareholders entitled to consent to
corporate action in writing without a meeting shall be at the close of business
on the day on which the Directors adopts the resolution taking such prior
action.</font></p>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><a name="_Toc82057185"></a><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section 11.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Voting</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">.</font></h2>

<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(a)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Shareholders shall have no power to vote on any matter except matters on
which a vote of shareholders is required by applicable binding law, the Charter
or resolution of the Directors.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(b)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Subject to any provision of applicable binding law, the Charter, these
Bylaws or a resolution of the Directors specifying a greater or a lesser vote
requirement for the transaction of any item of business that properly comes
before any meeting of shareholders (i) with respect to the election of
directors, other than a Contested Election, the affirmative vote of a plurality
of the Shares for which votes were cast at any meeting at which a quorum is
present shall be the act of the shareholders with respect to such matter, </font></h3>
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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:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">15</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font></p>

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</DIV>
<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(ii) with respect to a Contested Election, the
affirmative vote of a majority of the Shares outstanding and entitled to vote
with respect to such matter at such meeting shall be the act of the
shareholders with respect to such matter, (iii) for all other items of
business, the affirmative vote of a majority of the Shares represented in
person or by proxy at any meeting at which a quorum is present shall be the act
of the shareholders with respect to such matter(s), and (iv) where a separate
vote of one or more classes or series of Shares is required on any matter, the
affirmative vote of a plurality of Shares of such class or series of Shares
represented in person or by proxy at any meeting at which a quorum is present,&#160;
a majority of the Shares of such class or series of Shares outstanding and
entitled to vote, or a majority of the Shares of such class or series of Shares
represented in person or by proxy at any meeting at which a quorum is present,
as required by the preceding clauses of this paragraph, shall be the act of the
shareholders of such class or series with respect to such matter.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(c)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Only shareholders of record shall be entitled to vote.&#160; Each full Share
shall be entitled to one vote and fractional Shares shall be entitled to a vote
of such fraction. &#160;When any Share is held jointly by several persons, any one
of them may vote at any meeting in person or by proxy in respect of such Share,
but if more than one of them shall be present at such meeting in person or by
proxy, and such joint owners or their proxies so present disagree as to any
vote to be cast, such vote shall be cast in accordance with applicable binding
law.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(d)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">There shall be no cumulative voting in the election or removal of
Directors.</font></h3>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><a name="_Toc82057186"></a><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section 12.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Quorum</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">.&#160; The presence in person or by proxy of the holders of
Shares entitled to cast one-third of the votes entitled to be cast shall
constitute a quorum at any meeting of shareholders, except with respect to any
matter which requires approval by a separate vote of one or more classes or
series of Shares, in which case the presence in person or by proxy of the
holders of Shares entitled to cast one-third of the votes entitled to be cast
by each class or series entitled to vote as a separate class or series shall
constitute a quorum.&#160; A quorum, once established, shall not be broken by the
withdrawal of enough votes to leave less than a quorum.&#160; If, however, such
quorum shall not be present or represented at any meeting of the shareholders,
the chair of the meeting shall have power to adjourn the meeting from time to
time, in the manner provided in Section 9 of this Article I, until a quorum
shall be present or represented.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><a name="_Toc82057187"></a><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section 13.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Proxies</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">.</font></h2>

<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(a)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">At any meeting of shareholders, any holder of Shares entitled to vote
thereat may vote by properly executed proxy, provided that no proxy shall be
voted at any meeting unless it shall have been placed on file with the
Secretary, or with such other officer or agent of the Fund as the Directors or
Secretary may direct, for verification prior to the time at which such vote
shall be taken.&#160; Pursuant to a resolution of a majority of the Directors,
proxies may be solicited in the name of one or more Directors or one or more of
the officers or employees of the Fund.&#160; No proxy shall be valid after the
expiration of 11 months from the date thereof, unless otherwise provided in the
proxy.&#160; A proxy purporting to be executed by or on behalf of a shareholder
shall be deemed valid unless challenged at or prior to its exercise, and the
burden of proving invalidity shall rest on the challenger.&#160; If the holder of </font></h3>
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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:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">16</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font></p>

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<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">any such Share is a minor or a person of unsound mind,
and subject to guardianship or to the legal control of any other person as
regards the charge or management of such Share, such person may vote by their
guardian or such other person appointed or having such control, and such vote
may be given in person or by proxy.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(b)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Without limiting the manner in which a shareholder may authorize another
person or persons to act for such shareholder as proxy, the following shall
constitute a valid means by which a shareholder may grant such authority:</font></h3>

<h4 style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(i)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">A shareholder may execute a writing authorizing another person or
persons to act for such shareholder as proxy.&#160; Execution may be accomplished by
the shareholder or such shareholder&#8217;s authorized officer, director, employee or
agent signing such writing or causing such person&#8217;s signature to be affixed to
such writing by any reasonable means, including, but not limited to, by
facsimile signature.</font></h4>

<h4 style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(ii)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">A shareholder may authorize another person or persons to act for such
shareholder as proxy by transmitting or authorizing the transmission of a
telegram, cablegram or other means of electronic transmission to the person who
will be the holder of the proxy or to a proxy solicitation firm, proxy support
service organization or like agent duly authorized by the person who will be
the holder of the proxy to receive such transmission, provided that any such
telegram, cablegram or other means of electronic transmission must either set
forth or be submitted with information from which it can be determined that the
telegram, cablegram or other electronic transmission was authorized by the
shareholder.&#160; If it is determined that such telegrams, cablegrams or other electronic
transmissions are valid, the inspectors or, if there are no inspectors, such
other persons making that determination shall specify the information on which
they relied.</font></h4>

<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(c)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Any copy, facsimile telecommunication or other reliable reproduction of
the writing or transmission authorizing another person or persons to act as
proxy for a shareholder may be substituted or used in lieu of the original
writing or transmission for any and all purposes for which the original writing
or transmission could be used; provided, however, that such copy, facsimile
telecommunication or other reproduction shall be a complete reproduction of the
entire original writing or transmission.</font></h3>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><a name="_Toc82057188"></a><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section 14.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Inspectors of Election</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">.&#160; In advance of any meeting of the
shareholders, the Board of Directors, by resolution, may appoint one or more
inspectors to act at the meeting and make a written report thereof.&#160; If
inspectors of election are not so appointed, the person acting as chair of any
meeting of shareholders may, and on the request of any shareholder or
shareholder proxy shall, appoint inspectors of election of the meeting.&#160; One or
more other persons may be designated as alternate inspectors to replace any
inspector who fails to act.&#160; If no inspector or alternate is able to act at a
meeting of the shareholders, the chair of the meeting shall appoint one or more
inspectors to act at the meeting.&#160; Unless otherwise required by applicable
binding law, inspectors may be officers, employees or agents of the Fund.&#160; Each
inspector, before entering upon the discharge of the duties of inspector, shall
take and sign an oath faithfully to execute the duties of inspector with strict
impartiality and according to the best of such inspector&#8217;s ability.&#160; The </font></h2>
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<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">inspector shall have the duties prescribed by law or
assigned by the chair of the meeting and shall take charge of the polls and,
when the vote is completed, shall make a certificate of the result of the vote
taken and of such other facts as may be required by applicable binding law.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><a name="_Toc82057189"></a><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section 15.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Shareholder Action by Written Consent</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">.</font></h2>

<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(a)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Any action required or permitted to be taken at any annual or special
meeting of shareholders of the Fund may be taken without a meeting, without
prior notice and without a vote, if a consent or consents in writing, setting
forth the action so taken, shall be signed by all shareholders entitled to vote
on the matter.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(b)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Any such consent shall be delivered to the Fund by delivery to its
registered office in the state in which the Fund was formed, its resident
agent, its principal place of business, or an officer or agent of the Fund
having custody of the book in which proceedings of meetings of the shareholders
are recorded.&#160; Delivery made to the Fund&#8217;s registered office shall be by hand
or by certified or registered mail, return receipt requested.&#160; Every written
consent shall bear the date of signature of each shareholder who signs the
consent and no written consent shall be effective to take the corporate action
referred to therein unless, within sixty (60) days of the earliest dated
consent delivered in the manner required by this Article I Section 15 to the Fund,
written consents signed in accordance with Section 15(a) of this Article I by
holders to take action are delivered to the Fund by delivery to its registered
office in the state in which the Fund was formed, its resident agent, its
principal place of business, or an officer or agent of the Fund having custody
of the book in which proceedings of meetings of the shareholders are recorded.&#160;
Any copy, facsimile or other reliable reproduction of a consent in writing may
be substituted or used in lieu of the original writing for any and all purposes
for which the original writing could be used, provided that such copy,
facsimile or other reproduction shall be a complete reproduction of the entire
original writing.</font></h3>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;text-indent:0in;"><a name="_Toc82057190"></a><b><font face="times new roman" style="font-size:12.0pt;text-transform:none;">ARTICLE II.</font></b><b><font face="Times New Roman Bold" style="font-size:12.0pt;text-transform:uppercase;"><br>
<br>
DIRECTORS</font></b></h1>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><a name="_Toc82057191"></a><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section 1.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Number and Qualification</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">.&#160; Prior to a public offering of Shares
there may be a sole Director.&#160; Thereafter, the number of Directors shall be
determined by a written instrument signed by a majority of the Directors then
in office, provided that the number of Directors shall be no less than the
lower limit for Directors as stated in the Charter and no more than fifteen
(15) and the Directors shall satisfy the requirements set forth below in this
Section 1 of this Article II.&#160; No reduction in the number of Directors shall
have the effect of removing any Director from office prior to the expiration of
the Director&#8217;s term.&#160; Directors need not own Shares and may succeed themselves
in office.&#160; Directors who have such present or former associations with the
Fund&#8217;s investment adviser as may cause such person not to be an Independent
Director are referred to as &#8220;</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Management Directors</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">&#8221;.&#160; Each Director who
is not a Management Director is referred to as a &#8220;</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Non-Management Director.</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">&#8221;</font></h2>

<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;">&nbsp;</h3>
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<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(a)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">After the offering of Shares, only persons satisfying the following qualification
requirements applicable to all Directors may be nominated, elected, appointed,
qualified or seated (&#8220;</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">nominated or seated</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">&#8221;) to serve as directors:</font></h3>

<h4 style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(i)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">An individual nominated or seated as a Director shall be at least
twenty-one (21) years of age and not older than the younger of (A) the
mandatory retirement age determined from time to time by the Directors or a
committee of the Directors and (B) eighty (80) years of age, in each case at
the time the individual is nominated or seated, and not under legal disability;</font></h4>

<h4 style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(ii)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">An individual nominated or seated as a Director shall, at the time the
individual is nominated or seated, serve as a Director of no more than 5
companies having securities registered under the Exchange Act (investment
companies having the same investment adviser or investment advisers affiliated
through a control relationship shall all be counted as a single company for
this purpose);</font></h4>

<h4 style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(iii)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Except as set forth in Section 1 of this Article II, an individual
nominated or seated as a Director shall not be an employee, officer, partner,
member, director or 5% or greater shareholder in any investment adviser (other
than the Fund&#8217;s investment adviser or any investment adviser affiliated with
the Fund&#8217;s investment adviser), collective investment vehicle primarily engaged
in the business of investing in &#8220;investment securities&#8221; (as defined in the 1940
Act) (an &#8220;</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">investment company</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">&#8221;) or entity controlling or controlled by
any investment adviser (other than the Fund&#8217;s investment adviser or any
investment adviser affiliated with the Fund&#8217;s investment adviser) or investment
company unless a majority of the Board of Directors shall have determined by
resolution that such relationship will not present undue conflicts or impede
either the ability of the individual to discharge the duties of a Director or
the free flow of information between the Fund&#8217;s investment adviser and the
Board of Directors;</font></h4>

<h4 style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(iv)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">An individual nominated or seated as a Director shall not have been
charged (unless such charges were dismissed or the individual was otherwise
exonerated) with a criminal offense involving moral turpitude, dishonesty or
breach of trust, or have been convicted or have pled guilty or nolo contendere
with respect to a felony under the laws of the United States or any state thereof;</font></h4>

<h4 style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(v)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">An individual nominated or seated as a Director shall not be and shall
not have been subject to any censure, order, consent decree (including consent
decrees in which the respondent has neither admitted nor denied the findings)
or adverse final action of any federal, state or foreign governmental or
regulatory authority (including self-regulatory organizations), barring or
suspending such individual from participation in or association with any
investment-related business or restricting such individual&#8217;s activities with
respect to any investment-related business (collectively, &#8220;</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Prohibited
Conduct</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">&#8221;), nor shall an individual nominated or seated as a Director be the
subject of any investigation or proceeding that could reasonably be expected to
result in an individual nominated or seated as a Director failing to satisfy
the requirements of this paragraph, nor shall any individual </font></h4>
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<h4 style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">nominated or seated as a Director be or have engaged in
any conduct which has resulted in, or could have reasonably been expected or
would reasonably be expected to result in, the SEC censuring, placing
limitations on the activities, functions, or operations of, suspending, or
revoking the registration of any investment adviser under Section 203(e) or (f)
of the Investment Advisers Act of 1940;</font></h4>

<h4 style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(vi)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">An individual nominated or seated as a Director shall not be and shall
not have been the subject of any of the ineligibility provisions contained in
Section 9(b) of the 1940 Act that would permit, or could reasonably have been
expected or would reasonably be expected to permit the SEC by order to
prohibit, conditionally or unconditionally, either permanently or for a period
of time, such individual from serving or acting as an employee, officer,
director, member of an advisory board, investment adviser or depositor of, or
principal underwriter for, a registered investment company or affiliated person
(as defined in Section 2(a)(3) of the 1940 Act) of such investment adviser,
depositor, or principal underwriter; and</font></h4>

<h4 style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(vii)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">An individual nominated or seated as a Director shall not be and shall
not have been the subject of any of the ineligibility provisions contained in
Section 9(a) of the 1940 Act that would result in, or could have reasonably
been expected or would reasonably be expected to result in such individual or a
company of which such individual is an affiliated person (as defined in Section
2(a)(3) of the 1940 Act) being ineligible to serve or act in the capacity of
employee, officer, director, member of an advisory board, investment adviser, or
depositor of any registered investment company, or principal underwriter for
any registered investment company, registered unit investment trust, or
registered face-amount certificate company.</font></h4>

<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(b)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">After the offering of Shares, only persons satisfying the following
additional qualification requirements applicable to all Non-Management
Directors shall be nominated or seated as Non-Management Directors:</font></h3>

<h4 style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(i)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">An individual nominated or seated as a Non-Management Director may not
be an &#8220;</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">interested person</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">&#8221; of the Fund as defined under Section 2(a)(19)
of the 1940 Act;</font></h4>

<h4 style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(ii)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">An individual nominated or seated as a Non-Management Director may not
directly or indirectly own, control or hold with the power to vote, or be a
member of a group of shareholders party to an agreement, arrangement or
practice for sharing information or decisions concerning shareholder actions or
the acquisition, disposition or voting of Shares, who together directly or
indirectly own, control or hold with the power to vote, 5% or more of the
outstanding shares of any class of Shares of the Fund (each such person and
each member of such a group, a &#8220;</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">5% Holder</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">&#8221;), may not control or act in
concert with a 5% Holder, and may not be an immediate family member of a 5%
Holder or of a person who controls or acts in concert with a 5% Holder;</font></h4>

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<h4 style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(iii)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(An individual nominated or seated as a Non-Management Director may not,
and any immediate family member of such nominee may not, be employed or have
been employed within the last year by any 5% Holder or any person who controls,
is controlled by, is under common control with or acts in concert with a 5%
Holder;</font></h4>

<h4 style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(iv)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">An individual nominated or seated as a Non-Management Director may not,
and any immediate family member of such nominee may not, have accepted directly
or indirectly, during the year of the election for which such individual is
nominated or seated or during the immediately preceding calendar year, any
consulting, advisory, or other compensatory fee from any 5% Holder or from any
person who controls, is controlled by, is under common control with or acts in
concert with any 5% Holder;</font></h4>

<h4 style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(v)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">An individual nominated or seated as a Non-Management Director may not,
and any immediate family member of such nominee may not, be an officer,
director, general partner or managing member (or person performing similar
functions) of any 5% Holder or of any person who controls, is controlled by, is
under common control with or acting in concert with a 5% Holder;</font></h4>

<h4 style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(vi)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">An individual nominated or seated as a Non-Management Director may not,
and any immediate family member of such nominee may not, be employed or
employed within the last year by any investment company or any company or
companies controlled by an investment company which in the aggregate own (A)
more than three percent (3%) of the outstanding voting Shares of the Fund, (B)
securities issued by the Fund having an aggregate value in excess of five
percent (5%) of the total assets of such investment company and any company or
companies controlled by such investment company, (C) securities issued by the
Fund and by all other investment companies having an aggregate value in excess
of ten percent (10%) of the total assets of the investment company making such
investment and any company or companies controlled by the investment company
making such investment, or (D) together with other investment companies having
the same investment adviser and companies controlled by such investment
companies, more than ten percent (10%) of the total outstanding Shares of the
Fund (an investment company making such investment(s) and any company or
companies controlled by it in the aggregate owning securities in excess of the
amounts set forth in (A), (B), (C) or (D) being referred to as a &#8220;</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">12(d)
Holder</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">&#8221;), or by any person who controls, is controlled by, under common control
with or acts in concert with a 12(d) Holder;</font></h4>

<h4 style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(vii)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">An individual nominated or seated as a Non-Management Director may not,
and any immediate family member of such nominee may not, have accepted directly
or indirectly, during the year of the election for which such individual is
nominated or seated, or during the immediately preceding calendar year, any
consulting, advisory, or other compensatory fee from any 12(d) Holder or from
any person who controls, is controlled by, is under common control with or acts
in concert with any 12(d) Holder;</font></h4>

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<h4 style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(viii)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">An individual nominated or seated as a Non-Management Director may not,
and any immediate family member of such nominee may not, be an officer,
director, partner or member (or person performing similar functions) of any
12(d) Holder or of any person who controls, is controlled by, is under common
control with or acting in concert with a 12(d) Holder; and</font></h4>

<h4 style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(ix)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">An individual nominated or seated as a Non-Management Director may not,
and any immediate family member of such nominee may not, control or act in
concert with any 12(d) Holder or any person who controls, is controlled by, is
under common control with or acting in concert with a 12(d) Holder.</font></h4>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><a name="_Toc82057192"></a><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section 2.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Term of Office</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">.&#160; </font><font color=black face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">The term of office
of a Director shall be as provided in the Charter. The Directors shall be
elected at an annual meeting of the shareholders or special meeting in lieu of
an annual meeting. Each Director elected shall hold office until the next
annual meeting or special meeting in lieu of an annual meeting where his or her
successor shall have been elected and shall have qualified. The term of office
of a Director shall terminate and a vacancy shall occur in the event of the
death, resignation, removal, bankruptcy, adjudicated incompetence or other
incapacity to perform the duties of the office of the Director.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><a name="_Toc82057193"></a><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section 3.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Resignation and Removal</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">.&#160; Any of the Directors may resign
(without need for prior or subsequent accounting) by an instrument in writing
signed by such Director and delivered or mailed to the Directors, the Chair, if
any, the President, or the Secretary and such resignation shall be effective
upon such delivery, or at a later date according to the terms of the instrument.&#160;
Any of the Directors may be removed, provided the aggregate number of Directors
after such removal shall not be less than the minimum number set forth in the
Charter, only by the proportion of votes of the shareholders or Directors, as
applicable, that are set forth in the Charter as the required proportion of
votes for the removal of a Director, and with or without cause as may be
permitted by the Charter or as required by applicable binding law.&#160; Upon the
resignation or removal of a Director, each such resigning or removed Director
shall execute and deliver to the Fund such documents as may be required by
applicable binding law or the Charter or as may be requested by the remaining
Directors as being in the best interests of the Fund and the shareholders.&#160; Upon
the incapacity or death of any Director, such Director&#8217;s legal representative
shall execute and deliver to the Fund on such Director&#8217;s behalf such documents
as the remaining Directors shall require as provided in the preceding sentence.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><a name="_Toc82057194"></a><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section 4.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Vacancies</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">.&#160; The Fund elects to be subject to the provisions of
Section 3-804(c) of the Maryland General Corporation Law (the &#8220;</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">MGCL</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">&#8221;),
subject to applicable requirements of the 1940 Act and the right of the
shareholders of a class or series to elect additional Directors in accordance
with the Charter.&#160; Each vacancy on the Board of Directors that results from (a)
an increase in the size of the Board of Directors or (b) the death,
resignation, or removal of a Director may be filled by an individual having the
qualifications described in this Article II made only by the affirmative vote
of a majority of the remaining Directors in office, even if the remaining
Directors do not constitute a quorum.&#160; Any Director elected to fill a vacancy
shall serve until the next annual meeting of Shareholders and until a successor
is elected and qualifies.</font></h2>


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</DIV>
<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Whenever a vacancy in the number
of Directors shall occur, until such vacancy is filled as provided herein, the
Directors in office, regardless of their number, shall have all the powers
granted to the Directors and shall discharge all the duties imposed upon the
Directors.</font></p>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><a name="_Toc82057195"></a><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section 5.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Meetings</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">.</font></h2>

<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(a)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Meetings of the Directors shall be held from time to time upon the call
of the Chair, if any, the Vice Chair, if any, the President or a majority of
the Directors.&#160; Regular meetings of the Directors may be held without call or
notice at a time and place fixed by the Bylaws or by resolution of the
Directors.&#160; Notice of any other meeting shall be given by the Secretary and
shall be delivered to the Directors orally or by email not less than 24 hours,
or otherwise in writing not less than 72 hours, before the meeting, but may be
waived in writing by any Director either before or after such meeting.&#160; Directors
shall provide the Secretary with an email address to which the Secretary may
send communications relating to the Fund.&#160; The attendance of a Director at a
meeting shall constitute a waiver of notice of such meeting, except where a
Director attends a meeting for the express purpose of objecting to the
transaction of any business on the ground that the meeting has not been
properly called or convened.&#160; Neither the business to be transacted at, nor the
purpose of, any meeting of the Board of Directors need be stated in the notice
or waiver of notice of such meeting, and no notice need be given of action
proposed to be taken by written consent.&#160; Whenever written notice is required
by binding law, the Charter or these Bylaws to be given to any Director, such
notice may be given by mail, addressed to such Director at such person&#8217;s
address as it appears on the records of the Fund, with postage thereon prepaid,
and such notice shall be deemed to be given at the time when the same shall be
deposited with a nationally recognized overnight delivery service, or by
facsimile or email to a location provided by the Director to the Fund.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(b)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">The Secretary of the Fund shall act as secretary at each meeting of the
Board of Directors and of each committee thereof.&#160; In case the Secretary shall
be absent from any meeting of the Board of Directors or of any committee
thereof, an Assistant Secretary or a person appointed by the chair of the
meeting shall act as secretary of the meeting.&#160; Notwithstanding the foregoing,
the members of each committee of the Board of Directors may appoint any person
to act as secretary of any meeting of such committee and the Secretary of the
Fund may, but need not if such committee so elects, serve in such capacity.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(c)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Unless otherwise provided by applicable binding law, all or any one or
more Directors may participate in a meeting of the Directors or any committee
thereof by means of a conference telephone or similar communications equipment
by means of which all persons participating in the meeting can hear each other;
participation in a meeting pursuant to any such communications system shall
constitute presence in person at such meeting.</font></h3>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><a name="_Toc82057196"></a><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section 6.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Quorum</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">.&#160; Any time there is more than one Director, a quorum for
all meetings of the Board of Directors shall be a majority of the Directors.&#160; If
a quorum shall not be present at any meeting of the Board of Directors or any
committee thereof, the Directors present thereat may adjourn the meeting from
time to time, without notice other than announcement at the meeting of the time
and place of the adjourned meeting, until a quorum shall be present.&#160; With
respect to actions of the Directors and any committee of the Directors,
Directors who are not </font></h2>
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<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Independent Directors in any
action to be taken may be counted for quorum purposes under this Article II
Section 6 and shall be entitled to vote to the extent not prohibited by the
1940 Act.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><a name="_Toc82057197"></a><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section 7.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Required Vote</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">.&#160; Unless otherwise required or permitted in the
Charter or by applicable binding law (including the 1940 Act), any action of
the Board of Directors may be taken at a meeting at which a quorum is present
by vote of a majority of the Directors present.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><a name="_Toc82057198"></a><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section 8.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Committees</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">.</font></h2>

<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(a)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">The Board of Directors may designate one or more committees of its
members.&#160; Each member of a committee must meet the requirements for membership,
if any, imposed by applicable binding law and the rules and regulations of any
securities exchange or quotation system on which the securities of the Fund are
listed or quoted for trading.&#160; The Board of Directors may designate one or more
Directors as alternate members of any committee, who may replace any absent or
disqualified member at any meeting of any such committee.&#160; Subject to the rules
and regulations of any securities exchange or quotation system on which the
securities of the Fund are listed or quoted for trading, in the absence or
disqualification of a member of a committee, and in the absence of a
designation by the Board of Directors of an alternate member to replace the
absent or disqualified member, the member or members thereof present at any
meeting and not disqualified from voting, whether or not such member or members
constitute a quorum, may unanimously appoint another qualified member of the
Board of Directors to act at the meeting in the place of any absent or
disqualified member.&#160; Any Director serving on a committee of the Board of
Directors may be removed from such committee at any time by the Board of
Directors or by any committee to which such authority is delegated.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(b)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Any committee, to the extent permitted by law and provided in the
resolution or charter establishing such committee, shall have and may exercise
all the powers and authority of the Board of Directors in the management of the
business and affairs of the Fund, and may authorize the seal of the Fund, if
any, to be affixed to all papers which may require it.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(c)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Any committee of the Directors, including an executive committee, if
any, may act with or without a meeting.&#160; Any time there is more than one
Director on a committee, unless otherwise required by the committee&#8217;s charter,
a quorum for all meetings of any committee shall be a majority of the members
thereof.&#160; Unless otherwise required by applicable binding law (including the
1940 Act) or provided in the Charter, these Bylaws or the committee&#8217;s charter,
any action of any such committee may be taken at a meeting at which a quorum is
present by vote of a majority of the members present.&#160; Each committee shall
keep regular minutes and report to the Board of Directors when required.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(d)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Notwithstanding anything to the contrary contained in this Article II
Section 8, the resolution of the Board of Directors establishing any committee
of the Board of Directors or the charter of any such committee may establish
requirements or procedures relating to the governance or operation of such
committee that are different from, or in addition to, those set forth in these
Bylaws and, to the extent that there is any inconsistency </font></h3>
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</DIV>
<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">between
these Bylaws and any such resolution or charter, the terms of such resolution
or charter shall be controlling.</font></h3>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><a name="_Toc82057199"></a><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section 9.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Director Action by Written Consent</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">.&#160; Subject to the provisions of
the 1940 Act, any action which may be taken by Directors by vote may be taken
without a meeting if all the members of the Board of Directors or of the
respective committee, as the case may be, required for approval of such action
at a meeting of the Directors or such committee consent to the action in
writing or electronic transmission and the written consents or electronic
transmission are filed with the records of the meetings of Directors.&#160; Such
consent shall be treated for all purposes as a vote taken at a meeting of
Directors or the committee.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><a name="_Toc82057200"></a><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section 10.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Chair; Records</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">.&#160; The Chair, if any, shall act as chair at all
meetings of the Directors.&#160; In absence of the Chair, the Vice Chair, if any,
shall act as chair at the meeting.&#160; In the absence of the Chair and the Vice
Chair, the Directors present shall elect one of their number to act as
temporary chair.&#160; The results of all actions taken at a meeting of the
Directors, or by written consent of the Directors, shall be recorded by the
Secretary or, in the absence of the Secretary, an Assistant Secretary or such
other person appointed by the Board of Directors as the meeting secretary.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><a name="_Toc82057201"></a><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section 11.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Delegation</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">.&#160; Unless otherwise provided in the Charter or these
Bylaws and except as provided by applicable binding law, the Directors shall
have the power to delegate from time to time to such of their number or to one
or more officers, employees or agents of the Fund the doing of such things,
including any matters set forth in the Charter or these Bylaws, and the
execution of such instruments in the name of the Fund.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><a name="_Toc82057202"></a><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section 12.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Compensation</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">.&#160; The directors may be paid their expenses, if any,
of attendance at each meeting of the Board of Directors and may be paid a fixed
sum for attendance at each meeting of the Board of Directors or a stated salary
for service as director, payable in cash or securities.&#160; Members of special or
standing committees may be allowed like compensation for service as committee
members.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><a name="_Toc82057203"></a><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section 13.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Governance</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">.&#160; The Board of Directors may from time to time require
all its members (including any individual nominated to serve as a Director) to
agree in writing as to matters of corporate governance, business ethics and
confidentiality while such persons serve as a Director, such agreement to be on
the terms and in a form determined satisfactory by the Board of Directors, as
amended and supplemented from time to time in the discretion of the Board of
Directors.</font></h2>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;text-indent:0in;"><a name="_Toc82057204"></a><b><font face="times new roman" style="font-size:12.0pt;text-transform:none;">ARTICLE III.</font></b><b><font face="Times New Roman Bold" style="font-size:12.0pt;text-transform:uppercase;"><br>
<br>
OFFICERS</font></b></h1>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><a name="_Toc82057205"></a><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section 1.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Officers of the Fund</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">.&#160; The Directors shall elect a President, a
Secretary and a Treasurer and may elect a Chair and a Vice Chair.&#160; Any Chair or
Vice Chair shall, and the President, Secretary and Treasurer may, but need not,
be a Director.&#160; No other officer of the Fund need be a Director.&#160; Any two or
more of the offices may be held by the same Person, except that </font></h2>
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<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(a) the same person may not be both President and Vice
President and (b) after the Fund&#8217;s initial public offering the same person may
not be both President and Secretary.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><a name="_Toc82057206"></a><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section 2.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Election and Tenure</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">.&#160; The Chair, if any, and Vice Chair, if any,
President, Secretary, Treasurer and such other officers as the Directors from
time to time may elect shall serve at the pleasure of the Directors or until
their successors have been duly elected and qualified.&#160; The Directors may fill
a vacancy in office or add any additional officers at any time.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><a name="_Toc82057207"></a><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section 3.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Removal and Resignation of Officers</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">.&#160; Any officer may be removed
at any time, with or without cause, by action of a majority of the Directors.&#160; This
provision shall not prevent the making of a contract of employment for a
definite term with any officer and shall have no effect upon any cause of action
which any officer may have as a result of removal in breach of a contract of
employment.&#160; Any officer may resign at any time by notice in writing signed by
such officer and delivered or mailed to the Chair, if any, President, or
Secretary, and such resignation shall take effect immediately upon receipt by
the Chair, if any, President, or Secretary, or at a later date according to the
terms of such notice in writing.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><a name="_Toc82057208"></a><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section 4.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Chair of the Board of Directors</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">.&#160; The Chair of the Board of
Directors, if there be one, shall preside at all meetings of the shareholders
and of the Board of Directors.&#160; The Chair of the Board of Directors shall also
perform such other duties and may exercise such other powers as may from time
to time be assigned by these Bylaws or by the Board of Directors.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><a name="_Toc82057209"></a><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section 5.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Vice Chair of the Board of Directors</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">.&#160; The Vice Chair shall
perform the duties of the Chair when the Chair is not able to fulfill those
duties for any reason.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><a name="_Toc82057210"></a><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section 6.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">President</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">.&#160; The President shall, subject to the control of the
Directors, have general supervision, direction and control of the business of
the Fund and of its employees and shall exercise such general powers of
management as are usually vested in the office of President of a Fund.&#160; The
President shall have such further authorities and duties as the Directors shall
from time to time determine.&#160; In the absence or disability of the President,
the Directors shall delegate authority to another officer of the Fund to
perform all of the duties of the President, and when so acting shall have all
the powers of and be subject to all of the restrictions upon the President.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><a name="_Toc82057211"></a><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section 7.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Secretary</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">.&#160; The Secretary shall maintain the minutes of all
meetings of, and record all votes of, shareholders, Directors and committees of
Directors, if any.&#160; The Secretary shall be custodian of the seal of the Fund,
if any, and the Secretary (and any other person so authorized by the Directors)
may affix the seal, or if permitted, facsimile thereof, to any instrument
executed by the Fund which would be sealed by a business corporation in the
state in which the Fund was formed executing the same or a similar instrument
and shall attest the seal and the signature or signatures of the officer or
officers executing such instrument on behalf of the Fund.&#160; The Secretary shall
also perform any other duties commonly incident to such office in a business
corporation in the state in which the Fund was formed and shall have such other
authorities and duties as the Directors shall from time to time determine,
including but not limited to calling special meetings of shareholders and
providing written notice of all meetings of shareholders.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><a name="_Toc82057212"></a><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section 8.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Treasurer and/or Chief Financial Officer</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">.&#160; The Directors can
nominate a Treasurer and/or Chief Financial Officer, and, except as otherwise
directed by the Directors, such </font></h2>
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<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">officer(s) shall
have the general supervision of the monies, funds, securities, notes receivable
and other valuable papers and documents of the Fund, and shall have and
exercise under the supervision of the Directors and of the President all powers
and duties normally incident to the office.&#160; Such officer(s) may endorse for
deposit or collection all notes, checks and other instruments payable to the
Fund or to its order.&#160; Such officer(s) shall deposit all funds of the Fund in
such depositories as the Directors shall designate.&#160; Such officer(s) shall be
responsible for such disbursement of the funds of the Fund as may be ordered by
the Directors or the President.&#160; Such officer(s) shall keep accurate account of
the books of the Fund&#8217;s transactions which shall be the property of the Fund,
and which together with all other property of the Fund in such officer(s)&#8217;s
possession, shall be subject at all times to the inspection and control of the
Directors.&#160; Unless the Directors shall otherwise determine, such officer(s)
shall be the principal accounting officer(s) of the Fund and shall also be the
principal financial officer(s) of the Fund.&#160; Such officer(s) shall have such
other duties and authorities as the Directors shall from time to time determine.&#160;
Notwithstanding anything to the contrary herein contained, the Directors may
authorize any adviser, administrator, manager or transfer agent to maintain
bank accounts and deposit and disburse funds of any series of the Fund on
behalf of such series.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><a name="_Toc82057213"></a><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section 9.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Other Officers and Duties</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">.&#160; The Directors may elect or appoint,
or may authorize the President to appoint, such other officers or agents with
such powers as the Directors may deem to be advisable.&#160; Assistant officers
shall act generally in the absence of the officer whom they assist and shall
assist that officer in the duties of the office.&#160; Each officer, employee and
agent of the Fund shall have such other duties and authority as may be
conferred upon such person by the Directors or delegated to such person by the
President.&#160; If the Directors elect or appoint, or authorize the President to
appoint, a chief executive officer of the Fund, such chief executive officer,
subject to direction of the Directors, shall have power in the name and on
behalf of the Fund to execute any and all loans, documents, contracts,
agreements, deeds, mortgages, registration statements, applications, requests,
filings and other instruments in writing, and to employ and discharge employees
and agents of the Fund.&#160; Unless otherwise directed by the Directors, the chief
executive officer shall have full authority and power, on behalf of all of the
Directors, to attend and to act and to vote, on behalf of the Fund at any
meetings of business organizations in which the Fund holds an interest, or to
confer such powers upon any other persons, by executing any proxies duly
authorizing such persons.&#160; The chief executive officer shall have such further
authorities and duties as the Directors shall from time to time determine.&#160; In
the absence or disability of the chief executive officer, the Directors shall
delegate authority to another officer of the Fund to perform all of the duties
of the chief executive officer, and when so acting shall have all the powers of
and be subject to all of the restrictions upon the chief executive officer.</font></h2>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;text-indent:0in;"><a name="_Toc82057214"></a><b><font face="times new roman" style="font-size:12.0pt;text-transform:none;">ARTICLE IV.</font></b><b><font face="Times New Roman Bold" style="font-size:12.0pt;text-transform:uppercase;"><br>
<br>
LIMITATIONS OF LIABILITY AND INDEMNIFICATION</font></b></h1>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><a name="_Toc82057215"></a><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section 1.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">No Personal Liability of Directors or Officers</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">.&#160; No Director,
advisory board member or officer of the Fund shall be subject in such capacity
to any personal liability whatsoever to any Person, save only liability to the
Fund or its shareholders arising from bad faith, willful misfeasance, gross
negligence or reckless disregard for his or her duty to such Person; and,
subject to the foregoing exception, all such Persons shall look solely to the
assets of the Fund for satisfaction of claims of any nature arising in
connection with the affairs of the Fund.&#160; If any </font></h2>
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<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Director,
advisory board member or officer, as such, of the Fund, is made a party to any
suit or proceeding to enforce any such liability, subject to the foregoing
exception, such person shall not, on account thereof, be held to any personal
liability.&#160; Any repeal or modification of the Charter or this Article IV
Section 1 shall not adversely affect any right or protection of a Director,
advisory board member or officer of the Fund existing at the time of such
repeal or modification with respect to acts or omissions occurring prior to
such repeal or modification.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><a name="_Toc82057216"></a><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section 2.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Mandatory Indemnification</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">.</font></h2>

<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(a)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">The Fund hereby agrees to indemnify each person who is or was a
Director, advisory board member or officer of the Fund (each such person being
an &#8220;</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Indemnitee</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">&#8221;) to the full extent permitted under the Charter.&#160; In
addition, the Fund may provide greater but not lesser rights to indemnification
pursuant to a contract approved by at least a majority of Directors between the
Fund and any Indemnitee.&#160; Notwithstanding the foregoing, no Indemnitee shall be
indemnified hereunder against any liability to any person or any expense of
such Indemnitee arising by reason of (i) willful misfeasance, (ii) bad faith,
(iii) gross negligence, or (iv) reckless disregard of the duties involved in
the conduct of the Indemnitee&#8217;s position (the conduct referred to in such
clauses (i) through (iv) being sometimes referred to herein as &#8220;</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Disabling
Conduct</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">&#8221;).&#160; Furthermore, with respect to any action, suit or other
proceeding voluntarily prosecuted by any Indemnitee as plaintiff,
indemnification shall be mandatory only if the prosecution of such action, suit
or other proceeding by such Indemnitee (A) was authorized by a majority of the
Directors or (B) was instituted by the Indemnitee to enforce his or her rights
to indemnification hereunder in a case in which the Indemnitee is found to be
entitled to such indemnification.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(b)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Notwithstanding the foregoing, unless otherwise provided in any
agreement relating to indemnification between an Indemnitee and the Fund, no
indemnification shall be made hereunder unless there has been a determination
(i) by a final decision on the merits by a court or other body of competent
jurisdiction before whom the issue of entitlement to indemnification hereunder
was brought that such Indemnitee is entitled to indemnification hereunder or,
(ii) in the absence of such a decision, by (A) a majority vote of a quorum of
those Directors who are both Independent Directors and not parties to the
proceeding (&#8220;</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Independent Non-Party Directors</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">&#8221;), that the Indemnitee is
entitled to indemnification hereunder, or (B) if such quorum is not obtainable or
even if obtainable, if such majority so directs, a Special Counsel in a written
opinion concludes that the Indemnitee should be entitled to indemnification
hereunder.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(c)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Subject to any limitations provided by the 1940 Act and the Charter, the
Fund shall have the power and authority to indemnify and provide for the
advance payment of expenses to employees, agents and other Persons providing
services to the Fund or serving in any capacity at the request of the Fund to
the full extent permitted for corporations organized under the corporations
laws of the state in which the Fund was formed, provided that such
indemnification has been approved by a majority of the Directors.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(d)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Any repeal or modification of the Charter or Section 2 of this Article
IV shall not adversely affect any right or protection of a Director, advisory
board member or </font></h3>
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</DIV>
<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">officer of the Fund existing at the
time of such repeal or modification with respect to acts or omissions occurring
prior to such repeal or modification.</font></h3>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><a name="_Toc82057217"></a><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section 3.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Good Faith Defined; Reliance on Experts</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">.&#160; For purposes of any
determination under this Article IV, a person shall be deemed to have acted in
good faith and in a manner such person reasonably believed to be in the best
interests of the Fund, or, with respect to any criminal action or proceeding,
to have had no reasonable cause to believe such person&#8217;s conduct was unlawful,
if such person&#8217;s action is based on the records or books of account of the
Fund, or on information supplied to such person by the officers of the Fund in
the course of their duties, or on the advice of legal counsel for the Fund or
on information or records given or reports made to the Fund by an independent
certified public accountant or by an appraiser or other expert or agent
selected with reasonable care by the Fund.&#160; The provisions of this Article IV
Section 3 shall not be deemed to be exclusive or to limit in any way the
circumstances in which a person may be deemed to have met the applicable
standard of conduct set forth in this Article IV.&#160; Each Director and officer or
employee of the Fund shall, in the performance of his or her duties, be fully
and completely justified and protected with regard to any act or any failure to
act resulting from reliance in good faith upon the books of account or other
records of the Fund, upon an opinion of counsel selected by the Board of
Directors or a committee of the Directors, or upon reports made to the Fund by
any of the Fund&#8217;s officers or employees or by any advisor, administrator,
manager, distributor, dealer, accountant, appraiser or other expert or
consultant selected with reasonable care by the Board of Directors or a
committee of the Directors, officers or employees of the Fund, regardless of
whether such counsel or expert may also be a Director.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><a name="_Toc82057218"></a><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section 4.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Survival of Indemnification and Advancement of Expenses</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">.&#160; The
indemnification and advancement of expenses provided by, or granted pursuant
to, this Article IV shall, unless otherwise provided when authorized or
ratified, continue as to a person who has ceased to be a director or officer
and shall inure to the benefit of the heirs, executors and administrators of
such a person.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><a name="_Toc82057219"></a><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section 5.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Insurance</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">.&#160; The Directors may maintain insurance for the
protection of the Fund&#8217;s property, the shareholders, Directors, officers,
employees and agents in such amount as the Directors shall deem adequate to
cover possible tort liability, and such other insurance as the Directors in
their sole judgment shall deem advisable or is required by the 1940 Act.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><a name="_Toc82057220"></a><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section 6.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Subrogation</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">.&#160; In the event of payment by the Fund to an
Indemnitee under the Charter or these Bylaws, the Fund shall be subrogated to
the extent of such payment to all of the rights of recovery of the Indemnitee,
who shall execute such documents and do such acts as the Fund may reasonably
request to secure such rights and to enable the Fund effectively to bring suit
to enforce such rights.</font></h2>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;text-indent:0in;"><a name="_Toc82057221"></a><b><font face="times new roman" style="font-size:12.0pt;text-transform:none;">ARTICLE V.</font></b><b><font face="Times New Roman Bold" style="font-size:12.0pt;text-transform:uppercase;"><br>
<br>
STOCK</font></b></h1>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><a name="_Toc82057222"></a><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section 1.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Shares of Stock</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">.&#160; Except as otherwise provided in a resolution
approved by the Board of Directors, all Shares of the Fund shall be
uncertificated Shares.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><a name="_Toc82057223"></a></h2>
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<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section
2.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Transfer Agents, Registrars and the Like</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">.&#160; The Directors shall
have authority to employ and compensate such transfer agents and registrars
with respect to the Shares of the Fund as the Directors shall deem necessary or
desirable.&#160; The transfer agent or transfer agents may keep the applicable
register and record therein the original issues and transfers, if any, of the
Shares.&#160; Any such transfer agents and/or registrars shall perform the duties
usually performed by transfer agents and registrars of certificates of stock in
a corporation, as modified by the Directors.&#160; In addition, the Directors shall
have power to employ and compensate such dividend disbursing agents, warrant
agents and agents for the reinvestment of dividends as they shall deem
necessary or desirable.&#160; Any of such agents shall have such power and authority
as is delegated to any of them by the Directors.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><a name="_Toc82057224"></a><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section 3.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Transfer of Shares</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">.&#160; Shares of the Fund shall be transferable in
the manner prescribed by the Charter, these Bylaws and applicable binding law.&#160;
Transfers of Shares shall be made on the books of the Fund, and in the case of
certificated Shares, only by the person named in the certificate or by such
person&#8217;s attorney lawfully constituted in writing and upon the surrender of the
certificate therefor, properly endorsed for transfer and payment of all
necessary transfer taxes; or, in the case of uncertificated Shares, upon
receipt of proper transfer instructions from the registered holder of the
Shares or by such person&#8217;s attorney lawfully constituted in writing, and upon
payment of all necessary transfer taxes and compliance with appropriate
procedures for transferring Shares in uncertificated form; provided, however,
that such surrender and endorsement, compliance or payment of taxes shall not
be required in any case in which the officers of the Fund shall determine to
waive such requirement.&#160; If any certificated Shares are issued as provided in
Section 1 of this Article V, they may be transferred only by the person named
in the certificate or by such person&#8217;s attorney lawfully constituted in writing
and upon the surrender of the certificate therefor, properly endorsed for
transfer and payment of all necessary transfer taxes.&#160; With respect to
certificated Shares, every certificate exchanged, returned or surrendered to
the Fund shall be marked &#8220;</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Cancelled,</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">&#8221; with the date of cancellation, by
the Secretary of the Fund or the transfer agent thereof.&#160; No transfer of Shares
shall be valid as against the Fund for any purpose until it shall have been
entered in the Share records of the Fund by an entry showing from and to whom
transferred.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><a name="_Toc82057225"></a><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section 4.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Registered Shareholders</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">.&#160; The Fund may deem and treat the holder
of record of any Shares as the absolute owner thereof for all purposes and
shall not be required to take any notice of any right or claim of right of any
other person.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><a name="_Toc82057226"></a><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section 5.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Register of Shares</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">.&#160; A register shall be kept at the offices of
the Fund or any transfer agent duly appointed by the Directors under the
direction of the Directors which shall contain the names and addresses of the
shareholders and the number of Shares held by them respectively and a record of
all transfers thereof.&#160; Separate registers shall be established and maintained
for each class or series of Shares.&#160; Each such register shall be conclusive as to
who are the holders of the Shares of the applicable class or series of Shares
and who shall be entitled to receive dividends or distributions or otherwise to
exercise or enjoy the rights of shareholders.&#160; No shareholder shall be entitled
to receive payment of any dividend or distribution, nor to have notice given to
such Person as herein provided, until such Person has given their address to a
transfer agent or such other officer or agent of the Directors as shall keep
the register for entry thereon.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><a name="_Toc82057227"></a></h2>
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<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section
6.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Disclosure of Holdings</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">.&#160; The holders of Shares or other
securities of the Fund shall upon demand disclose to the Directors in writing
such information with respect to direct and indirect ownership of Shares or
other securities of the Fund as the Directors deem necessary or appropriate.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><a name="_Toc82057228"></a><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section 7.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Signatures</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">.&#160; Any or all of the signatures on a certificate may be
a facsimile.&#160; In case any officer, transfer agent or registrar who has signed
or whose facsimile signature has been placed upon a certificate shall have ceased
to be such officer, transfer agent or registrar before such certificate is
issued, it may be issued by the Fund with the same effect as if such person
were such officer, transfer agent or registrar at the date of issue.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><a name="_Toc82057229"></a><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section 8.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Lost Certificates</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">.&#160; The Board of Directors may direct a new
certificate to be issued in place of any certificate theretofore issued by the
Fund alleged to have been lost, stolen or destroyed, upon the making of an
affidavit of that fact by the person claiming the certificate of stock to be
lost, stolen or destroyed.&#160; When authorizing such issue of a new certificate,
the Board of Directors may, in its discretion and as a condition precedent to
the issuance thereof, require the owner of such lost, stolen or destroyed
certificate, or such owner&#8217;s legal representative, to advertise the same in
such manner as the Board of Directors shall require and/or to give the Fund a
bond in such sum as it may direct as indemnity against any claim that may be
made against the Fund on account of the alleged loss, theft or destruction of
such certificate or the issuance of such new certificate.</font></h2>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;text-indent:0in;"><a name="_Toc82057230"></a><b><font face="times new roman" style="font-size:12.0pt;text-transform:none;">ARTICLE VI.</font></b><b><font face="Times New Roman Bold" style="font-size:12.0pt;text-transform:uppercase;"><br>
<br>
MISCELLANEOUS</font></b></h1>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><a name="_Toc82057231"></a><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section 1.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Filing</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">.&#160; These Bylaws and any amendment or supplement hereto
shall be filed in such places as may be required or as the Directors deem
appropriate.&#160; Each amendment or supplement shall be accompanied by a
certificate signed and acknowledged by the Secretary stating that such action
was duly taken in a manner provided herein, and shall, upon insertion in the
Fund&#8217;s minute book, be conclusive evidence of all amendments contained therein.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><a name="_Toc82057232"></a><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section 2.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Governing Law</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">.&#160; These Bylaws and the rights of all parties and
the validity and construction of every provision hereof shall be subject to and
construed according to the laws of the state in which the Fund was formed, although
such law shall not be viewed as limiting the powers otherwise granted to the
Directors hereunder and any ambiguity shall be viewed in favor of such powers.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><a name="_Toc82057233"></a><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section 3.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Provisions in Conflict with Law or Regulation</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">.</font></h2>

<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(a)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">The provisions of these Bylaws are severable, and if the Directors shall
determine, with the advice of counsel, that any of such provisions is in
conflict with the 1940 Act, the regulated investment company provisions of the
Code or with other applicable binding laws and regulations, the conflicting provision
shall be deemed never to have constituted a part of these Bylaws; provided,
however, that such determination shall not affect any of the remaining
provisions of these Bylaws or render invalid or improper any action taken or
omitted prior to such determination.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;">&nbsp;</h3>
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<p style="margin:0in;margin-bottom:.0001pt;"><font style=""><font face="Times New Roman" lang=EN-US style="font-size:9.0pt;">47473513.1</font></font><font style=""></font></p>


</DIV>
<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(b)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">If any provision of these Bylaws shall be held invalid or unenforceable
in any jurisdiction, such invalidity or unenforceability shall attach only to
such provision in such jurisdiction and shall not in any manner affect such
provision in any other jurisdiction or any other provision of these Bylaws in
any jurisdiction.</font></h3>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><a name="_Toc86225820"></a><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section 4.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Control Share Acquisition Act</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. &#160;Pursuant to Sections 3-702(b) and
(c)(4) of the MGCL, the Board of Directors has adopted a resolution that the
Fund shall be subject to Title 3, Subtitle 7 of the MGCL (the &#8220;</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Maryland
Control Share Acquisition Act</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">&#8221; or the &#8220;</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Act</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">&#8221;), which shall apply to
the voting rights of holders of shares of stock of the Fund acquired in a
control share acquisition to the extent provided in such provisions of the MGCL.
Notwithstanding the foregoing sentence, (1) no holder of shares of stock of the
Fund shall be entitled to exercise the rights of an objecting stockholder under
Section 3-708 of the MGCL; (2) the Act shall not apply to the voting rights of
the holders of any shares of preferred stock of the Fund (but only with respect
to such shares); (3) the Act shall not apply to the voting rights of any person
acquiring shares of stock of the Fund in a control share acquisition (as
defined in the Act) if, prior to the acquisition, the person obtains approval
of the Board of Directors exempting the acquisition from the Act specifically,
generally, or generally by types, which exemption may include the person and
the person&#8217;s affiliates or associates or other persons; and (4) to the extent
that any provisions of the Act are determined to be inconsistent with the 1940
Act, then any such provisions shall not apply.</font></h2>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;text-indent:0in;"><a name="_Toc82057234"></a><b><font face="times new roman" style="font-size:12.0pt;text-transform:none;">ARTICLE VII.</font></b><b><font face="Times New Roman Bold" style="font-size:12.0pt;text-transform:uppercase;"><br>
<br>
AMENDMENT OF BYLAWS</font></b></h1>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><a name="_Toc82057235"></a><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section 1.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Amendment and Repeal of Bylaws</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">.&#160; The Directors shall have the
exclusive power to amend or repeal the Bylaws or adopt new Bylaws at any time.&#160;
Except as may be required by applicable binding law or the Charter, action by
the Directors with respect to the Bylaws shall be taken by an affirmative vote
of a majority of the Directors.&#160; The Directors shall in no event adopt Bylaws
which are in conflict with the Charter, and any inconsistency shall be
construed in favor of the related provisions in the Charter.</font></h2>

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<DOCUMENT>
<TYPE>INTERNAL CONTROL RPT
<SEQUENCE>3
<FILENAME>NCEN_811-07354_46573230_0422.htm
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<p style="margin-bottom:3.15pt;margin-left:0in;margin-right:0pt;margin-top:3.15pt;"><b><font color=black face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:10.0pt;">REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM </font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><b><font color=black face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">To
the Shareholders </font></b><b><font color=black face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">and Board of Trustees of </font></b><b><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">BlackRock Investment Quality
Municipal Trust, Inc., BlackRock Long-Term Municipal Advantage Trust, and
BlackRock Municipal Income Trust</font></b><b><font color=black face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">:</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">In
planning and performing our audits of the financial statements of &#160;BlackRock
Investment Quality Municipal Trust, Inc., BlackRock Long-Term Municipal
Advantage Trust, and BlackRock Municipal Income Trust (the &#8220;Funds&#8221;) as
of and for the year ended April 30, 2022, in accordance with the standards of
the Public Company Accounting Oversight Board (United States) (PCAOB), we
considered the Funds&#8217; 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 Funds&#8217; internal
control over financial reporting. Accordingly, we express no such opinion. </font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:106%;">The management of the Funds 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 generally accepted accounting principles. A company's internal
control over financial reporting includes those policies and procedures that
(1) pertain to the maintenance of records that, in reasonable detail,
accurately and fairly reflect the transactions and dispositions of the assets
of the company; (2) provide reasonable assurance that transactions are recorded
as necessary to permit preparation of financial statements in accordance with
generally accepted accounting principles, and that receipts and expenditures of
the company are being made only in accordance with authorizations of management
and directors of the company; and (3) provide reasonable assurance regarding
prevention or timely detection of unauthorized acquisition, use, or disposition
of a company's assets that could have a material effect on the financial
statements. </font></p>

<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:106%;">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. </font></p>

<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:106%;">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&#8217;s annual or interim financial statements
will not be prevented or detected on a timely basis. </font></p>

<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:106%;">Our consideration of the Funds&#8217; 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
PCAOB. However, we noted no deficiencies in the Funds&#8217; internal control over
financial reporting and its operation, including controls for safeguarding
securities, that we consider to be a material weakness, as defined above, as of
April 30, 2022. </font></p>

<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:106%;">This report is intended solely for the information and
use of management and the Board of Trustees of the Funds and the Securities and
Exchange Commission and is not intended to be and should not be used by anyone
other than these specified parties. </font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:106%;">/s/Deloitte
&amp; Touche LLP </font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:106%;">Boston,
Massachusetts </font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:106%;">June
28, 2022</font></p>




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