<SEC-DOCUMENT>0001752724-21-048007.txt : 20210310
<SEC-HEADER>0001752724-21-048007.hdr.sgml : 20210310
<ACCEPTANCE-DATETIME>20210310125616
ACCESSION NUMBER:		0001752724-21-048007
CONFORMED SUBMISSION TYPE:	N-CEN
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20201231
FILED AS OF DATE:		20210310
DATE AS OF CHANGE:		20210310
EFFECTIVENESS DATE:		20210310

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MORGAN STANLEY EMERGING MARKETS DEBT FUND INC
		CENTRAL INDEX KEY:			0000904112
		IRS NUMBER:				133713706
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		N-CEN
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-07694
		FILM NUMBER:		21728947

	BUSINESS ADDRESS:	
		STREET 1:		522 FIFTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036
		BUSINESS PHONE:		800-231-2608

	MAIL ADDRESS:	
		STREET 1:		522 FIFTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY DEAN WITTER EMERGING MARKETS DEBT FUND INC
		DATE OF NAME CHANGE:	20000504

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY EMERGING MARKETS DEBT FUND INC
		DATE OF NAME CHANGE:	19930714
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CEN
<SEQUENCE>1
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          <officeCity>Boston</officeCity>
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          <relyOnRuleType>Rule 12d1-1 (17 CFR 270.12d1-1)</relyOnRuleType>
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            <custodianCountry>LK</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>UniCredit Bank Austria AG</custodianName>
            <custodianLei>D1HEB8VEU6D9M8ZUXG17</custodianLei>
            <custodianCountry>AT</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Deutsche Bank Aktiengesellschaft (Amsterdam, Noord Holland, NL, Branch)</custodianName>
            <custodianLei>7LTWFZYICNSX8D621K86</custodianLei>
            <custodianCountry>NL</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>State Street Bank and Trust Company</custodianName>
            <custodianLei>571474TGEMMWANRLN572</custodianLei>
            <custodianStateCountry custodianState="US-MA" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
          <custodian>
            <custodianName>Skandinaviska Enskilda Banken AB (Helsinki, Uusimaa, FI, Branch)</custodianName>
            <custodianLei>F3JS33DEI6XQ4ZBPTN86</custodianLei>
            <custodianCountry>FI</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Skandinaviska Enskilda Banken AB (Oslo, Oslo, NO, Branch)</custodianName>
            <custodianLei>F3JS33DEI6XQ4ZBPTN86</custodianLei>
            <custodianCountry>NO</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Hongkong and Shanghai Banking Corporation Limited</custodianName>
            <custodianLei>2HI3YI5320L3RW6NJ957</custodianLei>
            <custodianCountry>HK</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Standard Chartered Bank (Ghana) Limited</custodianName>
            <custodianLei>549300WFGKTC3MGDCX95</custodianLei>
            <custodianCountry>GH</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>HSBC Bank Middle East Limited</custodianName>
            <custodianLei>549300F99IL9YJDWH369</custodianLei>
            <custodianCountry>AE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>State Street Bank and Trust Company (Edinburgh, GB, Branch)</custodianName>
            <custodianLei>571474TGEMMWANRLN572</custodianLei>
            <custodianCountry>GB</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Deutsche Bank Aktiengesellschaft (Makati City, Metro Manila, PH, Branch)</custodianName>
            <custodianLei>7LTWFZYICNSX8D621K86</custodianLei>
            <custodianCountry>PH</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Standard Chartered Bank Zambia PLC</custodianName>
            <custodianLei>549300247QDZHDI30A83</custodianLei>
            <custodianCountry>ZM</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>UniCredit Bank Hungary Zrt.</custodianName>
            <custodianLei>Y28RT6GGYJ696PMW8T44</custodianLei>
            <custodianCountry>HU</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Citibank, National Association (Cairo, Cairo, EG, Branch)</custodianName>
            <custodianLei>E57ODZWZ7FF32TWEFA76</custodianLei>
            <custodianCountry>EG</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Deutsche Bank Aktiengesellschaft (Jongno-gu, Seoul, KR, Branch)</custodianName>
            <custodianLei>7LTWFZYICNSX8D621K86</custodianLei>
            <custodianCountry>KR</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Ngan Hang Trach Nhiem Huu Han Mot Thanh Vien HSBC (Viet Nam)</custodianName>
            <custodianLei>213800H95OG9OHRT4Y78</custodianLei>
            <custodianCountry>VN</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>State Street Trust Company Canada</custodianName>
            <custodianLei>549300L71XG2CTQ2V827</custodianLei>
            <custodianCountry>CA</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Banco Nacional de Mexico, S.A., Integrante del Grupo Financiero Banamex</custodianName>
            <custodianLei>2SFFM4FUIE05S37WFU55</custodianLei>
            <custodianCountry>MX</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Banco Itau Uruguay S.A.</custodianName>
            <custodianLei>549300HU8OQS1VTVXN55</custodianLei>
            <custodianCountry>UY</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>UBS Switzerland AG</custodianName>
            <custodianLei>549300WOIFUSNYH0FL22</custodianLei>
            <custodianCountry>CH</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Citibank del Peru S.A.</custodianName>
            <custodianLei>MYTK5NHHP1G8TVFGT193</custodianLei>
            <custodianCountry>PE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Standard Chartered Bank Malaysia Berhad</custodianName>
            <custodianLei>549300JTJBG2QBI8KD48</custodianLei>
            <custodianCountry>MY</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Citibank, Anonim Sirketi</custodianName>
            <custodianLei>CWZ8NZDH5SKY12Q4US31</custodianLei>
            <custodianCountry>TR</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Euroclear Bank</custodianName>
            <custodianLei>549300OZ46BRLZ8Y6F65</custodianLei>
            <custodianCountry>BE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Bank Handlowy w Warszawie Spolka Akcyjna</custodianName>
            <custodianLei>XLEZHWWOI4HFQDGL4793</custodianLei>
            <custodianCountry>PL</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Standard Chartered Bank (Hong Kong) Limited</custodianName>
            <custodianLei>X5AV1MBDXGRPX5UGMX13</custodianLei>
            <custodianCountry>HK</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Skandinaviska Enskilda Banken AB</custodianName>
            <custodianLei>F3JS33DEI6XQ4ZBPTN86</custodianLei>
            <custodianCountry>SE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>HSBC Bank Middle East Limited (Kuwait City, Al Asimah, KW, Branch)</custodianName>
            <custodianLei>549300F99IL9YJDWH369</custodianLei>
            <custodianCountry>KW</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Standard Chartered Bank Kenya Limited</custodianName>
            <custodianLei>549300RBHWW5EJIRG629</custodianLei>
            <custodianCountry>KE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>HSBC Bank Middle East Limited (Doha, Ad Dawhah, QA, Branch)</custodianName>
            <custodianLei>549300F99IL9YJDWH369</custodianLei>
            <custodianCountry>QA</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Joint Stock Company Citibank</custodianName>
            <custodianLei>549300E0ROTI7ACBZH02</custodianLei>
            <custodianCountry>UA</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Citibank, National Association (Singapore, SG, Branch)</custodianName>
            <custodianLei>E57ODZWZ7FF32TWEFA76</custodianLei>
            <custodianCountry>SG</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Hongkong and Shanghai Banking Corporation Limited (Sydney, NSW, AU, Branch)</custodianName>
            <custodianLei>2HI3YI5320L3RW6NJ957</custodianLei>
            <custodianCountry>AU</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Citibank, National Association (Sao Paulo, Sao Paulo, BR, Branch)</custodianName>
            <custodianLei>E57ODZWZ7FF32TWEFA76</custodianLei>
            <custodianCountry>BR</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Mizuho Bank, Ltd. (Minato ku, Tokyo, JP, Branch)</custodianName>
            <custodianLei>RB0PEZSDGCO3JS6CEU02</custodianLei>
            <custodianCountry>JP</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>Y</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>Computershare Trust Company, National Association</shareholderServiceAgentName>
            <shareholderServiceAgentLei>2549001YYB62BVMSAO13</shareholderServiceAgentLei>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-MA" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>N</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>State Street Bank and Trust Company</adminName>
            <adminLei>571474TGEMMWANRLN572</adminLei>
            <adminStateCountry adminState="US-MA" adminCountry="US"/>
            <isAdminAffiliated>N</isAdminAffiliated>
            <isAdminSubAdmin>Y</isAdminSubAdmin>
          </admin>
          <admin>
            <adminName>Morgan Stanley Investment Management Inc.</adminName>
            <adminLei>6N8SC06AK49F0N7KIX52</adminLei>
            <adminStateCountry adminState="US-NY" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokerDealers>
          <brokerDealer>
            <brokerDealerName>Morgan Stanley Capital Services LLC</brokerDealerName>
            <brokerDealerFileNo>N/A</brokerDealerFileNo>
            <brokerDealerCrdNo>000000000</brokerDealerCrdNo>
            <brokerDealerLei>I7331LVCZKQKX5T7XV54</brokerDealerLei>
            <brokerDealerStateCountry brokerDealerState="US-NY" brokerDealerCountry="US"/>
            <brokerDealerCommission>0.00000000</brokerDealerCommission>
          </brokerDealer>
          <brokerDealer>
            <brokerDealerName>Morgan Stanley Gateway Securities JSC</brokerDealerName>
            <brokerDealerFileNo>N/A</brokerDealerFileNo>
            <brokerDealerCrdNo>000000000</brokerDealerCrdNo>
            <brokerDealerLei>5493007LT7NGWGYW4E84</brokerDealerLei>
            <brokerDealerCountry>VN</brokerDealerCountry>
            <brokerDealerCommission>0.00000000</brokerDealerCommission>
          </brokerDealer>
          <brokerDealer>
            <brokerDealerName>Morgan Stanley Smith Barney LLC</brokerDealerName>
            <brokerDealerFileNo>8-68191</brokerDealerFileNo>
            <brokerDealerCrdNo>000149777</brokerDealerCrdNo>
            <brokerDealerLei>7PDDXEMZ0ZV0CEDU4D16</brokerDealerLei>
            <brokerDealerStateCountry brokerDealerState="US-NY" brokerDealerCountry="US"/>
            <brokerDealerCommission>0.00000000</brokerDealerCommission>
          </brokerDealer>
          <brokerDealer>
            <brokerDealerName>PT Morgan Stanley Sekuritas Indonesia</brokerDealerName>
            <brokerDealerFileNo>N/A</brokerDealerFileNo>
            <brokerDealerCrdNo>000000000</brokerDealerCrdNo>
            <brokerDealerLei>549300JVGZMY503T1I56</brokerDealerLei>
            <brokerDealerCountry>ID</brokerDealerCountry>
            <brokerDealerCommission>0.00000000</brokerDealerCommission>
          </brokerDealer>
          <brokerDealer>
            <brokerDealerName>Morgan Stanley Canada Limited</brokerDealerName>
            <brokerDealerFileNo>N/A</brokerDealerFileNo>
            <brokerDealerCrdNo>000000000</brokerDealerCrdNo>
            <brokerDealerLei>54930065FO7CXEUTGL76</brokerDealerLei>
            <brokerDealerCountry>CA</brokerDealerCountry>
            <brokerDealerCommission>0.00000000</brokerDealerCommission>
          </brokerDealer>
          <brokerDealer>
            <brokerDealerName>Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.</brokerDealerName>
            <brokerDealerFileNo>N/A</brokerDealerFileNo>
            <brokerDealerCrdNo>000000000</brokerDealerCrdNo>
            <brokerDealerLei>O7YCEUWQXFIO1CHULC69</brokerDealerLei>
            <brokerDealerCountry>JP</brokerDealerCountry>
            <brokerDealerCommission>0.00000000</brokerDealerCommission>
          </brokerDealer>
          <brokerDealer>
            <brokerDealerName>Limited Liability Company 'Morgan Stanley Bank'</brokerDealerName>
            <brokerDealerFileNo>N/A</brokerDealerFileNo>
            <brokerDealerCrdNo>000000000</brokerDealerCrdNo>
            <brokerDealerLei>KXR3XGBYJIDK7XYBRF48</brokerDealerLei>
            <brokerDealerCountry>RU</brokerDealerCountry>
            <brokerDealerCommission>0.00000000</brokerDealerCommission>
          </brokerDealer>
          <brokerDealer>
            <brokerDealerName>Morgan Stanley Europe SE</brokerDealerName>
            <brokerDealerFileNo>N/A</brokerDealerFileNo>
            <brokerDealerCrdNo>000000000</brokerDealerCrdNo>
            <brokerDealerLei>54930056FHWP7GIWYY08</brokerDealerLei>
            <brokerDealerCountry>DE</brokerDealerCountry>
            <brokerDealerCommission>0.00000000</brokerDealerCommission>
          </brokerDealer>
          <brokerDealer>
            <brokerDealerName>Morgan Stanley MUFG Securities Co., Ltd.</brokerDealerName>
            <brokerDealerFileNo>N/A</brokerDealerFileNo>
            <brokerDealerCrdNo>000000000</brokerDealerCrdNo>
            <brokerDealerLei>549300OB5SQ53A8BTO30</brokerDealerLei>
            <brokerDealerCountry>JP</brokerDealerCountry>
            <brokerDealerCommission>0.00000000</brokerDealerCommission>
          </brokerDealer>
          <brokerDealer>
            <brokerDealerName>Bids Holdings, L.P.</brokerDealerName>
            <brokerDealerFileNo>N/A</brokerDealerFileNo>
            <brokerDealerCrdNo>000000000</brokerDealerCrdNo>
            <brokerDealerLei>00000000000000000000</brokerDealerLei>
            <brokerDealerStateCountry brokerDealerState="US-NY" brokerDealerCountry="US"/>
            <brokerDealerCommission>0.00000000</brokerDealerCommission>
          </brokerDealer>
          <brokerDealer>
            <brokerDealerName>Morgan Stanley Mexico, Casa de Bolsa, S.A. de C.V.</brokerDealerName>
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<DOCUMENT>
<TYPE>INTERNAL CONTROL RPT
<SEQUENCE>2
<FILENAME>NCEN_1400217469591090.txt
<TEXT>
Report of Independent Registered Public Accounting
Firm

To the Shareholders and Board of Directors of
Morgan Stanley Emerging Markets Debt Fund, Inc.

In planning and performing our audit of the financial
statements of Morgan Stanley Emerging Markets Debt
Fund, Inc. (the "Fund") as of and for the year ended
December 31, 2020, in accordance with the standards of
the Public Company Accounting Oversight Board
(United States), we considered the Fund's internal
control over financial reporting, including controls over
safeguarding securities, as a basis for designing our
auditing procedures for the purpose of expressing our
opinion on the financial statements and to comply with
the requirements of Form N-CEN, but not for the
purpose of expressing an opinion on the effectiveness of
the Fund's internal control over financial reporting.
Accordingly, we express no such opinion.

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

Because of its inherent limitations, internal control over
financial reporting may not prevent or detect
misstatements. Also, projections of any evaluation of
effectiveness to future periods are subject to the risk that
controls may become inadequate because of changes in
conditions, or that the degree of compliance with the
policies or procedures may deteriorate.

A deficiency in internal control over financial reporting
exists when the design or operation of a control does not
allow management or employees, in the normal course
of performing their assigned functions, to prevent or
detect misstatements on a timely basis. A material
weakness is a deficiency, or a combination of
deficiencies, in internal control over financial reporting,
such that there is a reasonable possibility that a material
misstatement of the company's annual or interim
financial statements will not be prevented or detected on
a timely basis.

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

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

This report is intended solely for the information and use
of management and the Board of Directors of Morgan
Stanley Emerging Markets Debt Fund, Inc. and the
Securities and Exchange Commission and is not
intended to be and should not be used by anyone other
than these specified parties.




/s/ ERNST & YOUNG LLP





Boston, Massachusetts
February 26, 2021






</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>MATERIAL AMENDMENTS
<SEQUENCE>3
<FILENAME>NCEN_1721320535931619.htm
<TEXT>
<html>

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




&nbsp;</head>

<body><a name="page_1"></a><DIV bclPageBorder STYLE="WIDTH: 100%; PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p align=center style="margin:0in;margin-bottom:512.5pt;text-align:center;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.5pt;line-height:30.25pt;vertical-align:baseline;">MORGAN STANLEY EMERGING MARKETS DEBT FUND,
INC. <br>
A Maryland corporation <br>
AMENDED AND RESTATED BY-LAWS <br>
April 22, 2020</font></p>









</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV>
<a name="page_2"></a><DIV bclPageBorder STYLE="WIDTH: 100%; PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p align=center style="margin:0in;margin-bottom:.0001pt;margin-top:.75pt;text-align:center;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.45pt;line-height:13.45pt;vertical-align:baseline;">TABLE OF CONTENTS</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:26.6pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">ARTICLE 1.................................................................................................................................... 1</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:12.4pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">Section 1.1. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">Place of Meeting</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">............................................................................................... 1</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:12.45pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">Section 1.2. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">Annual Meetings</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">............................................................................................... 1</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:12.2pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">Section 1.3. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">Special Meetings</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">............................................................................................... 1</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:12.05pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">Section 1.4. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">Notice of Meetings of
Stockholders</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">.................................................................... 2</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:12.2pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">Section 1.5. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">Record Dates</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">.................................................................................................... 2</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:11.95pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">Section 1.6. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">Quorum; Adjournment of
Meetings</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">.................................................................... 3</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:12.25pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">Section 1.7. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">Voting and Inspectors</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">........................................................................................ 3</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:12.0pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">Section 1.8. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">Conduct of Stockholders&#8217;
Meetings</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">.................................................................... 4</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:12.1pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">Section 1.9. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">Concerning Validity of
Proxies, Ballots, etc.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;"> ...................................................... 4</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:12.5pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">Section 1.10. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">Action Without Meeting</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">.................................................................................. 5</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:12.15pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.15pt;line-height:13.45pt;vertical-align:baseline;">Section 1.11. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.15pt;line-height:13.45pt;vertical-align:baseline;">Advance
Notice of Stockholder Nominees for Director and Other</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.95in;margin-right:0in;margin-top:.5pt;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">Stockholder Proposals</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">............................................................................................... 5</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:18.3pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">ARTICLE II.................................................................................................................................... 9</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:12.15pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">Section 2.1. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">Function of Directors</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">......................................................................................... 9</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:12.05pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">Section 2.2. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">Number of Directors</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">.......................................................................................... 9</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:12.15pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">Section 2.3. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">Classes of Directors; Terms
of Directors</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">............................................................. 9</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:12.35pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">Section 2.4. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">Vacancies</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">....................................................................................................... 10</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:12.1pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">Section 2.5. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">Increase or Decrease in
Number of Directors</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">.................................................... 10</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:12.35pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">Section 2.6. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">Place of Meeting</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">............................................................................................. 10</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:12.35pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">Section 2.7. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">Regular Meetings</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">............................................................................................ 10</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:12.35pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">Section 2.8. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">Special Meetings</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">............................................................................................. 10</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:12.25pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">Section 2.9. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">Notices</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">........................................................................................................... 10</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:11.9pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:11.25pt;vertical-align:baseline;">Section 2.10. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:11.25pt;vertical-align:baseline;">Quorum</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:11.25pt;vertical-align:baseline;">........................................................................................................ 11</font></p>









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<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:1.25pt;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">Section 2.11. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">Executive Committee</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">...................................................................................... 11</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:12.05pt;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">Section 2.12. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">Other Committees</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">........................................................................................... 12</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:12.5pt;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">Section 2.13. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">Telephone Meetings</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">........................................................................................ 12</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:12.3pt;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">Section 2.14. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">Action Without a Meeting</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">............................................................................... 12</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:12.45pt;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">Section 2.15. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">Compensation of Directors</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">.............................................................................. 12</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:12.0pt;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:11.3pt;vertical-align:baseline;">Section 2.16. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:11.3pt;vertical-align:baseline;">Selection and Nomination of Non-Interested
Directors</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:11.3pt;vertical-align:baseline;">...................................... 13</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:20.35pt;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">ARTICLE III.................................................................................................................................. 13</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:11.9pt;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">Section 3.1. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">Executive Officers</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">............................................................................................ 13</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:12.3pt;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">Section 3.2. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">Term of Office</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">................................................................................................. 13</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:12.0pt;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">Section 3.3. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">Powers and Duties</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">............................................................................................ 14</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:12.25pt;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">Section 3.4. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">Surety Bonds</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">.................................................................................................... 14</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:18.3pt;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">ARTICLE IV.................................................................................................................................. 14</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:12.45pt;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">Section 4.1. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">Certificates for Shares</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">....................................................................................... 14</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:12.25pt;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">Section 4.2. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">Transfer of Shares</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">............................................................................................ 14</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:12.35pt;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">Section 4.3. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">Stock Ledgers</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">.................................................................................................. 14</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:12.1pt;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">Section 4.4. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">Transfer Agents and Registrars</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">.......................................................................... 15</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:12.0pt;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">Section 4.5. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">Lost, Stolen or Destroyed Certificates</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">................................................................ 15</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:18.1pt;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">ARTICLE V................................................................................................................................... 16</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:12.3pt;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">Section 5.1. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">Corporate Seal</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">.................................................................................................. 16</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:12.15pt;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">Section 5.2. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">Location of Offices</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">........................................................................................... 16</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:12.35pt;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">Section 5.3. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">Books and Records</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">........................................................................................... 16</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:12.35pt;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">Section 5.4. Annual Statement of Affairs.............................................................................. 16</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:12.1pt;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:11.3pt;vertical-align:baseline;">Section 5.5. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:11.3pt;vertical-align:baseline;">Net Asset Value</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:11.3pt;vertical-align:baseline;">............................................................................................... 16</font></p>

<p style="margin:0in;margin-bottom:19.0pt;margin-left:0in;margin-right:0in;margin-top:19.95pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.45pt;vertical-align:baseline;">ARTICLE VI............................................................................................................................. &#8230;16</font></p>














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<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:1.0pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:11.2pt;vertical-align:baseline;">Section 6.1. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:11.2pt;vertical-align:baseline;">Fiscal Year</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:11.2pt;vertical-align:baseline;">..................................................................................................... 16</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:13.85pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.9pt;vertical-align:baseline;">Section 6.2. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.9pt;vertical-align:baseline;">Accountant</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:10.9pt;vertical-align:baseline;">..................................................................................................... 16</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:20.6pt;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.9pt;vertical-align:baseline;">ARTICLE VII............................................................................................................................... 17</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:11.8pt;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.9pt;vertical-align:baseline;">Section 7.1. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.9pt;vertical-align:baseline;">General</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.9pt;vertical-align:baseline;">........................................................................................................... 17</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:11.8pt;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.9pt;vertical-align:baseline;">Section 7.2. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.9pt;vertical-align:baseline;">Indemnification of Directors and Officers</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.9pt;vertical-align:baseline;">......................................................... 17</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:11.75pt;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:11.85pt;vertical-align:baseline;">Section 7.3. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:11.85pt;vertical-align:baseline;">Insurance</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:11.85pt;vertical-align:baseline;">........................................................................................................ 18</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:19.75pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.9pt;vertical-align:baseline;">ARTICLE VIII.............................................................................................................................. 18</font></p>

<p style="margin:0in;margin-bottom:434.5pt;margin-left:0in;margin-right:0in;margin-top:17.5pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.9pt;vertical-align:baseline;">ARTICLE IX................................................................................................................................ 19</font></p>



















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<p align=center style="margin:0in;margin-bottom:.0001pt;margin-top:.8pt;text-align:center;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.1pt;line-height:13.65pt;vertical-align:baseline;">MORGAN STANLEY EMERGING MARKETS DEBT
FUND, INC.</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-top:7.95pt;text-align:center;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:13.65pt;vertical-align:baseline;">By-Laws</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-top:21.3pt;text-align:center;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:13.65pt;vertical-align:baseline;">ARTICLE I</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-top:8.3pt;text-align:center;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:13.6pt;vertical-align:baseline;">Stockholders </font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:8.2pt;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:200%;vertical-align:baseline;">Section 1.1. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:200%;vertical-align:baseline;">Place of Meeting.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:200%;vertical-align:baseline;">
All meetings of the stockholders shall be held at </font><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:200%;vertical-align:baseline;">the principal office of the Corporation in the State of
Maryland or at such other place as may from time to time be designated by the
Board of Directors and stated in the notice of such meeting. In accordance
with, and subject to, applicable law, the Board of Directors may determine that
a meeting of stockholders not be held at any place but instead may be held
solely by means of remote communication.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:.25pt;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:27.45pt;vertical-align:baseline;">Section 1.2. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:27.45pt;vertical-align:baseline;">Annual Meetings.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:27.45pt;vertical-align:baseline;"> The annual meeting of
the stockholders of the Corporation shall be held on such day of each calendar year
as may from time to time be designated by the Board of Directors and stated in
the notice of such meeting, for the purpose of electing directors for the
ensuing year and for the transaction of such other business as may properly be
brought before the meeting.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:.1pt;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:27.45pt;vertical-align:baseline;">Section 1.3. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:27.45pt;vertical-align:baseline;">Special Meetings.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:27.45pt;vertical-align:baseline;">
Special meetings of the stockholders for any purpose or purposes may be called
by the Chairman of the Board, the President, or a majority of the Board of
Directors. Special meetings of stockholders shall also be called by the
Secretary upon receipt of the request in writing signed by stockholders holding
not less than 25% of the votes entitled to be cast thereat. Such request shall
state the purpose or purposes of the proposed meeting and the matters proposed
to be acted on at such proposed meeting. The Secretary shall inform such
stockholders of the reasonably estimated costs of preparing and mailing such
notice of meeting and upon payment to the Corporation of such costs, the
Secretary shall give notice as required in this Article to all stockholders
entitled to notice of such meeting. No special meeting of stockholders need be
called upon the request of the holders of common stock entitled to cast less
than a majority of all votes entitled to be cast at such meeting to consider any matter which </font><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:27.45pt;vertical-align:baseline;">is
substantially the same as a matter voted upon at any special meeting of
stockholders held during the preceding twelve months.</font></p>
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 <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">5</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font></p>


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


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<p style="margin:0in;margin-bottom:.0001pt;margin-top:.2pt;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.2pt;line-height:27.45pt;vertical-align:baseline;">Section 1.4. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.2pt;line-height:27.45pt;vertical-align:baseline;">Notice of Meetings of
Stockholders.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.2pt;line-height:27.45pt;vertical-align:baseline;"> Not less than ten days&#8217; and not more than ninety days&#8217;
written or printed notice of every meeting of stockholders, stating the time
and place thereof (and the purpose of any special meeting), shall be given to
each stockholder entitled to vote thereat and to each other stockholder
entitled to notice of the meeting by leaving the same with such stockholder or
at such stockholder&#8217;s residence or usual place of business or by mailing it,
postage prepaid, and addressed to such stockholder at such stockholder&#8217;s
address as it appears upon the books of the Corporation</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:27.45pt;vertical-align:baseline;"> or by any other
means permitted by Maryland law</font><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.2pt;line-height:27.45pt;vertical-align:baseline;">.
If mailed, notice shall be deemed to be given when deposited in the mail
addressed to the stockholder as aforesaid.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:.4pt;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:27.45pt;vertical-align:baseline;">No notice of the time, place or purpose of any meeting of
stockholders need be given to any stockholder who attends in person or by proxy
or to any stockholder who, in writing executed and filed with the records of
the meeting, either before or after the holding thereof, waives such notice.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:.35pt;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.15pt;line-height:27.45pt;vertical-align:baseline;">Section 1.5. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.15pt;line-height:27.45pt;vertical-align:baseline;">Record Dates.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.15pt;line-height:27.45pt;vertical-align:baseline;"> The
Board of Directors may fix, in advance, a record date for the determination of
stockholders entitled to notice of or to vote at any stockholders meeting or to
receive a dividend or be allotted rights or for the purpose of any other proper
determination with respect to stockholders and only stockholders of record on
such date shall be entitled to notice of and to vote at such meeting or to
receive such dividends or rights or otherwise, as the case may be; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.15pt;line-height:27.45pt;vertical-align:baseline;">provided,
however,</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.15pt;line-height:27.45pt;vertical-align:baseline;"> that such record date shall not be prior to ninety days preceding
the date of any such meeting of stockholders, dividend payment date, date for
the allotment of rights or other such action requiring the determination of a
record date; and further provided that such record date shall not be prior to
the close of business on the day the record date is fixed, that the transfer
books shall not be closed for a period longer than 20
days, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:27.45pt;vertical-align:baseline;">and that in the case of a meeting of
stockholders, the record date or the closing of the transfer books shall not be
less than ten days prior to the date fixed for such meeting.</font></p>
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<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin:0in;margin-bottom:.0001pt;margin-top:.45pt;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.2pt;line-height:27.5pt;vertical-align:baseline;">Section 1.6. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.2pt;line-height:27.5pt;vertical-align:baseline;">Quorum; Adjournment of
Meetings.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.2pt;line-height:27.5pt;vertical-align:baseline;"> The presence in person or by proxy of stockholders entitled to
cast a majority of the votes entitled to be cast thereat shall constitute a
quorum at all meetings of the stockholders, except as otherwise provided in the
Articles of Incorporation. If, however, such quorum shall not be present or
represented at any meeting of the stockholders, the chairman of the meeting, an
officer of the Corporation or the holders of a majority of the stock present in
person or by proxy shall have power to adjourn the meeting from time to time,
without notice other than announcement at the meeting, until the requisite
amount of stock entitled to vote at such meeting shall be present, to a date
not more than 120 days after the original record date. At such adjourned
meeting at which the requisite amount of stock entitled to vote thereat shall
be represented, any business may be transacted which might have been transacted
at the meeting as originally notified. The chairman of the meeting, an officer
of the Corporation or the holders of a majority of the stock present in person
or by proxy shall also have the power to adjourn the meeting from time to time
if the vote required to approve or reject any proposal described in the
original notice of such meeting is not obtained, without notice other than
announcement at the meeting, to a date not more than 120 days after the
original record date (with proxies being voted for or against adjournment
consistent with the votes for and against the proposal for which the required
vote has not been obtained).</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:27.4pt;vertical-align:baseline;">Any meeting of stockholders, annual or special, may adjourn
from time to time to reconvene at the same or some other place, and notice need
not be given of any such adjourned meeting if the time and place
thereof are announced at the meeting at which the adjournment is taken. At the
adjourned meeting the Corporation may transact any business which might have
been transacted at the original meeting.</font></p>
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<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.15pt;line-height:27.45pt;vertical-align:baseline;">Section 1.7. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.15pt;line-height:27.45pt;vertical-align:baseline;">Voting and Inspectors.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.15pt;line-height:27.45pt;vertical-align:baseline;">
At all meetings, stockholders of record entitled to vote thereat shall have one
vote for each share of common stock standing in his name on the books of the
Corporation (and such stockholders of record holding fractional shares, if any,
shall have proportionate voting rights) on the date for the determination of
stockholders entitled to vote at such meeting, either in person or by proxy
appointed by instrument in writing </font><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.1pt;line-height:27.45pt;vertical-align:baseline;">subscribed by such stockholder or his duly authorized attorney.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:.7pt;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:27.45pt;vertical-align:baseline;">All elections shall be had and all questions decided by a
majority of the votes cast at a duly constituted meeting, except as otherwise
provided by statute or by the Articles of Incorporation or by these By-Laws.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:.05in;margin-top:.1pt;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:27.45pt;vertical-align:baseline;">At any election of Directors, the Chairman of the meeting
may, and upon the request of the holders of ten percent (10%) of the stock
entitled to vote at such election shall, appoint two inspectors of election who
shall first subscribe an oath or affirmation to execute faithfully the duties
of inspectors at such election with strict impartiality and according to the
best of their ability, and shall after the election make a certificate of the
result of the vote taken. No candidate for the office of Director shall be
appointed such Inspector.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:.05in;margin-top:.35pt;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.1pt;line-height:27.45pt;vertical-align:baseline;">Section 1.8. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.1pt;line-height:27.45pt;vertical-align:baseline;">Conduct of Stockholders&#8217;
Meetings.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.1pt;line-height:27.45pt;vertical-align:baseline;"> The meetings of the stockholders shall be presided over by the
Chairman of the Board, or if he is not present, by the President, or if he is
not present, by a vice-president, or if none of them is present, by a Chairman
to be elected at the meeting. The Secretary of the Corporation, if present,
shall act as a Secretary of such meetings, or if he is not present, an
Assistant Secretary shall so act; if neither the Secretary nor the Assistant
Secretary is present, then the meeting shall elect its Secretary.</font></p>


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


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<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:.05in;margin-top:.05pt;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:27.45pt;vertical-align:baseline;">Section 1.9. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:27.45pt;vertical-align:baseline;">Concerning
Validity of Proxies, Ballots, etc.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:27.45pt;vertical-align:baseline;"> At every meeting of the stockholders,
all proxies shall be received and taken in charge of and all ballots shall be
received and canvassed by the Secretary of the meeting, who shall decide all
questions touching the qualification of voters, the validity of the proxies and
the acceptance or rejection of votes, unless inspectors of election shall have
been appointed by the Chairman of the meeting, in which event such inspectors
of election shall decide all such questions. Unless a proxy provides otherwise,
it is not valid for more than eleven months after its date.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:14.05pt;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.25pt;line-height:200%;vertical-align:baseline;">Section 1.10. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.25pt;line-height:200%;vertical-align:baseline;">Action Without
Meeting.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.25pt;line-height:200%;vertical-align:baseline;"> Any action to be taken by stockholders </font><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.2pt;line-height:200%;vertical-align:baseline;">may be taken without a meeting if (1)
all stockholders entitled to vote on the matter consent to </font><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:200%;vertical-align:baseline;">the action in writing, (2) all stockholders entitled to
notice of the meeting but not entitled to vote at it sign a written waiver of
any right to dissent and (3) said consents and waivers are filed with the
records of the meetings of stockholders. Such consent shall be treated for all
purposes as a vote at the meeting.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:.45pt;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:27.45pt;vertical-align:baseline;">Section 1.11. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:27.45pt;vertical-align:baseline;">Advance Notice of Stockholder Nominees for
Director and Other Stockholder Proposals.</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:27.3pt;vertical-align:baseline;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160; The matters to be considered and brought before
any annual or special <br>
meeting of stockholders of the Corporation shall be limited to only such
matters, including the nomination and election of directors, as shall be
brought properly before such meeting in compliance with the procedures set
forth in this Section 1.11.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:.55pt;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.15pt;line-height:27.45pt;vertical-align:baseline;">(1)&#160;&#160;&#160;&#160;&#160;&#160;&#160; For any matter to be
properly before any annual meeting of stockholders, <br>
the matter must be (i) specified in the notice of annual meeting given by or at
the direction of the Board of Directors, (ii) otherwise brought before the
annual meeting by or at the direction of the Board of Directors or (iii)
brought before the annual meeting in the manner specified in this Section 1.11
by a stockholder of record or a stockholder (a &#8220;Nominee Holder&#8221;) that holds
voting securities entitled to vote at meetings of
stockholders through a nominee or &#8220;street name&#8221; holder of record and can
demonstrate to the Corporation such indirect ownership and such Nominee Holder&#8217;s
entitlement to vote such securities. In addition to any other requirements
under applicable law and the Certificate of Incorporation and By-Laws of the
Corporation, persons nominated by stockholders for election as directors of the
Corporation and any other proposals by stockholders shall be properly brought
before the meeting only if notice of any such matter to be presented by a
stockholder at such meeting of stockholders (the &#8220;Stockholder Notice&#8221;) shall be
delivered to the Secretary of the Corporation at the principal executive office
of the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.35pt;line-height:27.45pt;vertical-align:baseline;">Corporation not
less than 60 nor more than 90 days prior to the first anniversary date of the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.1pt;line-height:27.45pt;vertical-align:baseline;">annual meeting for the preceding year; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.1pt;line-height:27.45pt;vertical-align:baseline;">provided,
however,</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.1pt;line-height:27.45pt;vertical-align:baseline;"> that, if and only if the annual meeting is not scheduled to be
held within a period that commences 30 days before such anniversary date and
ends 30 days after such anniversary date (an annual meeting date outside such
period being referred to herein as an &#8220;Other Annual Meeting Date&#8221;), such
Stockholder Notice shall be given in the manner provided herein by the later of
the close of business on (i) the date 60 days prior to such Other Annual
Meeting Date or (ii) the 10th day following the date such Other Annual Meeting
Date is first publicly announced or disclosed. Any stockholder desiring to
nominate any person or persons (as the case may be) for election as a director
or directors of the Corporation shall deliver, as part of such Stockholder
Notice: (i) a statement in writing setting forth (A) the name of the person or
persons to be nominated, (B) the number and class of all shares of each class
of stock of the Corporation owned of record and beneficially by each such
person, as reported to such stockholder by such nominee(s), (C) the information
regarding each such person required by paragraph (b) of Item 22 of Rule 14a-101
under the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;),
adopted by the Securities and Exchange Commission (or the corresponding
provisions of any regulation or rule subsequently adopted by the Securities and
Exchange Commission applicable to the Corporation),
(D) whether such stockholder believes any nominee will be an &#8220;interested person&#8221;
of the Corporation (as defined in the Investment Company Act of 1940, as
amended), and, if not an &#8220;interested person&#8221;, information regarding each
nominee that will be sufficient for the Corporation to make such determination,
and (E) the number and class of all shares of each class of stock of the
Corporation owned of record and beneficially by such stockholder; (ii) each
such person&#8217;s signed consent to serve as a director of the Corporation if
elected, such stockholder&#8217;s name and address; and (iii) in the case of a
Nominee Holder, evidence establishing such Nominee Holder&#8217;s indirect ownership
of, and </font><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.4pt;line-height:27.45pt;vertical-align:baseline;">entitlement to
vote, securities at the meeting of stockholders. Any stockholder who gives a </font><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.1pt;line-height:27.45pt;vertical-align:baseline;">Stockholder Notice of any matter
proposed to be brought before the meeting (not involving nominees for director)
shall deliver, as part of such Stockholder Notice, the text of the proposal to
be presented and a brief written statement of the reasons why such stockholder
favors the proposal and setting forth such stockholder&#8217;s name and address, the
number and class of all shares of each class of stock of the Corporation owned
of record and beneficially by such stockholder, if applicable, any material
interest of such stockholder in the matter proposed (other than as a
stockholder) and, in the case of a Nominee Holder, evidence establishing such
Nominee Holder&#8217;s indirect ownership of, and entitlement to vote, securities at
the meeting of stockholders. As used herein, shares &#8220;beneficially owned&#8221; shall
mean all shares which such person is deemed to beneficially own pursuant to
Rules 13d-3 and 13d-5 under the Exchange Act.</font></p>
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<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin:0in;margin-bottom:.0001pt;margin-top:.6pt;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.15pt;line-height:27.45pt;vertical-align:baseline;">Notwithstanding anything in this
Section 1.11 to the contrary, in the event that the number of directors to be
elected to the Board of Directors of the Corporation is increased and either all
of the nominees for director or the size of the increased Board of Directors
are not publicly announced or disclosed by the Corporation at least 70 days
prior to the first anniversary of the preceding year&#8217;s annual meeting, a
Stockholder Notice shall also be considered timely hereunder, but only with respect to nominees for any new positions
created by such increase, if it shall be delivered to the Secretary of the
Corporation at the principal executive office of the Corporation not later than
the close of business on the 10th day following the first date all of such
nominees or the size of the increased Board of Directors shall have been
publicly announced or disclosed.</font></p>
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<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin:0in;margin-bottom:.0001pt;margin-top:.2pt;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:27.45pt;vertical-align:baseline;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160; Only such matters shall be properly brought
before a special meeting of <br>
stockholders as shall have been brought before the meeting pursuant to the
Corporation&#8217;s notice of meeting. In the event the Corporation calls a special
meeting of stockholders for the purpose </font><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.3pt;line-height:27.45pt;vertical-align:baseline;">of
electing one or more directors to the Board of Directors, any stockholder may
nominate a </font><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:27.45pt;vertical-align:baseline;">person or persons (as the case may be), for election to such
position(s) as specified in the Corporation&#8217;s notice of meeting, if the
Stockholder Notice required by clause (b) of this Section 1.11 hereof shall be
delivered to the Secretary of the Corporation at the principal executive office
of the Corporation not later than the close of business on the 10th day
following the day on which the date of the special meeting and of the nominees
proposed by the Board of Directors to be elected at such meeting is publicly
announced or disclosed.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.05in;text-align:justify;text-indent:.95in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.5pt;line-height:27.4pt;vertical-align:baseline;">(d)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:27.4pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:27.4pt;vertical-align:baseline;">For purposes of this Section 1.11, a
matter shall be deemed to have been &#8220;publicly announced or disclosed&#8221; if such
matter is disclosed in a press release reported by the Dow Jones News Service,
Associated Press or comparable national news service or in a document publicly
filed by the Corporation with the Securities and Exchange Commission.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.05in;margin-right:0in;margin-top:.35pt;text-align:justify;text-indent:.95in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.5pt;line-height:27.45pt;vertical-align:baseline;">(e)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:27.45pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:27.45pt;vertical-align:baseline;">In no event shall the adjournment of an
annual meeting, or any announcement thereof, commence a new period for the
giving of notice as provided in this Section 1.11. This Section 1.11 shall not
apply to stockholder proposals made pursuant to Rule 14a-8 under the Exchange Act.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.05in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.95in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.5pt;line-height:200%;vertical-align:baseline;">(f)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:200%;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.1pt;line-height:200%;vertical-align:baseline;">The person
presiding at any meeting of stockholders, in addition to making any other
determinations that may be appropriate to the conduct of the meeting, shall
have the power and duty to determine whether notice of nominees and other
matters proposed to be brought before a meeting has
been duly given in the manner provided in this Section 1.11 and, if not so
given, shall direct and declare at the meeting that such nominees and other
matters shall not be considered. </font></p>
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<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.1pt;line-height:13.25pt;vertical-align:baseline;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.1pt;line-height:13.25pt;vertical-align:baseline;">ARTICLE II</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.1pt;line-height:13.25pt;vertical-align:baseline;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:center;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.1pt;line-height:13.7pt;vertical-align:baseline;">Board of Directors </font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:27.55pt;vertical-align:baseline;">Section 2.1. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:27.55pt;vertical-align:baseline;">Function of Directors.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:27.55pt;vertical-align:baseline;">
The business and affairs of the Corporation shall be conducted and managed
under the direction of its Board of Directors. All powers of the Corporation
shall be exercised by or under authority of the Board of Directors except as
conferred on or reserved to the stockholders by statute.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:27.3pt;vertical-align:baseline;">Section 2.2. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:27.3pt;vertical-align:baseline;">Number of Directors.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:27.3pt;vertical-align:baseline;"> The Board of
Directors shall consist of not more than fourteen Directors nor less than such
number of Directors as may be permitted under Maryland law, as may be
determined from time to time by vote of a majority of the Directors then in
office. Directors need not be stockholders.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.1pt;line-height:27.5pt;vertical-align:baseline;">Section 2.3. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.1pt;line-height:27.5pt;vertical-align:baseline;">Classes of Directors;
Terms of Directors.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.1pt;line-height:27.5pt;vertical-align:baseline;"> The Directors shall be divided into three classes,
designated Class I, Class II and Class III. All classes shall be as nearly
equal in number as possible. The Directors as initially classified shall hold
office for terms as follows: the Class I Directors shall hold office until the
date of the annual meeting of stockholders in 1996 or until their successors
shall be elected and qualified; the Class II Directors shall hold office until
the date of the annual meeting of stockholders in 1997 or until their successors
shall be elected and qualified; and the Class III Directors shall hold office
until the date of the annual meeting of stockholders in 1998 or until their
successors shall be elected and qualified. Upon expiration of the term of
office of each class as set forth above, the Directors in each such class shall
be elected for a term of three years to succeed the Directors whose terms of
office expire. Each Director shall hold office until the expiration of his or
her term and until his or her successor shall have been elected and qualified,
or until his or her death, or until he or she shall
have resigned, or until he or she shall have been removed as provided by </font><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.05pt;line-height:27.5pt;vertical-align:baseline;">Statute or the Articles of
Incorporation.</font></p>
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<p style="margin:0in;margin-bottom:.0001pt;margin-left:.05in;margin-right:1.8pt;margin-top:1.1pt;text-align:justify;text-indent:.95in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:27.35pt;vertical-align:baseline;">Section 2.4. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:27.35pt;vertical-align:baseline;">Vacancies.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:27.35pt;vertical-align:baseline;">
In case of any vacancy in the Board of Directors through death, resignation or
other cause, other than an increase in the number of Directors, subject to the
provisions of law, a majority of the remaining Directors, although a majority
is less than a quorum, by an affirmative vote, may elect a successor to hold
office until the next annual meeting of stockholders or until his successor is
chosen and qualified.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.05in;margin-right:1.8pt;margin-top:.35pt;text-align:justify;text-indent:.95in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.15pt;line-height:27.35pt;vertical-align:baseline;">Section 2.5. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.15pt;line-height:27.35pt;vertical-align:baseline;">Increase or Decrease
in Number of Directors.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.15pt;line-height:27.35pt;vertical-align:baseline;"> The Board of Directors, by the vote of a majority
of the entire Board, may increase the number of Directors and may elect
Directors to fill the vacancies created by any such increase in the number of
Directors until the next annual meeting of stockholders or until their
successors are duly chosen and qualified. The Board of Directors, by the vote
of a majority of the entire Board, may likewise decrease the number of
Directors to a number not less than that permitted by law.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.05in;margin-right:1.8pt;margin-top:.6pt;text-align:justify;text-indent:.95in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:27.35pt;vertical-align:baseline;">Section 2.6. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:27.35pt;vertical-align:baseline;">Place of Meeting.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:27.35pt;vertical-align:baseline;"> The Directors may
hold their meetings within or outside the State of Maryland, at any office or
offices of the Corporation or at any other place as they may from time to time
determine.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.05in;margin-right:1.8pt;margin-top:.3pt;text-align:justify;text-indent:.95in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:27.35pt;vertical-align:baseline;">Section 2.7. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:27.35pt;vertical-align:baseline;">Regular Meetings.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:27.35pt;vertical-align:baseline;"> Regular meetings of
the Board of Directors shall be held at such time and on such notice as the
Directors may from time to time determine.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.05in;margin-right:1.8pt;margin-top:.05pt;text-align:justify;text-indent:.95in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:27.35pt;vertical-align:baseline;">The annual meeting of the Board of Directors shall be held
as soon as practicable after the annual meeting of the stockholders for the
election of Directors.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.05in;margin-right:1.8pt;margin-top:.9pt;text-align:justify;text-indent:.95in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:27.35pt;vertical-align:baseline;">Section 2.8. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:27.35pt;vertical-align:baseline;">Special Meetings.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:27.35pt;vertical-align:baseline;"> Special meetings of
the Board of Directors may be held from time to time upon call of the Chairman
of the Board, the President, the Secretary or two or more of the Directors, by
oral or telegraphic or written notice duly served on or sent or mailed to each
Director not less than one day before such meeting.</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-left:.05in;margin-right:1.8pt;margin-top:14.35pt;text-align:center;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.55pt;line-height:200%;vertical-align:baseline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section 2.9. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.55pt;line-height:200%;vertical-align:baseline;">Notices.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.55pt;line-height:200%;vertical-align:baseline;"> Unless required by
statute or otherwise determined by</font></p>


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 <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">15</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font></p>


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


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV>
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<p style="margin:0in;margin-bottom:.0001pt;margin-left:.05in;margin-right:1.8pt;margin-top:13.9pt;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.05pt;line-height:200%;vertical-align:baseline;">resolution of the Board of Directors
in accordance with these By-laws, notices to Directors need </font><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.15pt;line-height:200%;vertical-align:baseline;">not be in writing and need not state
the business to be transacted at or the purpose of any meeting, and no notice
need be given to any Director who is present in person or to any Director who,
in writing executed and filed with the records of the meeting either before or
after the holding thereof, waives such notice. Waivers of notice need not state
the purpose or purposes of such meeting.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.2pt;line-height:27.45pt;vertical-align:baseline;">Section 2.10. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.2pt;line-height:27.45pt;vertical-align:baseline;">Quorum.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.2pt;line-height:27.45pt;vertical-align:baseline;"> One-third
of the Directors then in office shall constitute a quorum for the transaction
of business, provided that if there is more than one Director, a quorum shall
in no case be less than two Directors. If at any meeting of the Board there
shall be less than a quorum present, a majority of those present may adjourn
the meeting from time to time until a quorum shall have been obtained. The act
of the majority of the Directors present at any meeting at which there is a
quorum shall be the act of the Directors, except as may be otherwise
specifically provided by statute or by the Articles of Incorporation or by
these By-Laws.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.15pt;line-height:27.45pt;vertical-align:baseline;">Section 2.11. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.15pt;line-height:27.45pt;vertical-align:baseline;">Executive Committee.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.15pt;line-height:27.45pt;vertical-align:baseline;">
The Board of Directors may appoint from the Directors an Executive Committee to
consist of such number of Directors (not less than two) as the Board may from
time to time determine. The Chairman of the Committee shall be elected by the
Board of Directors. The Board of Directors shall have power at any time to
change the members of such Committee and may fill vacancies in the Committee by
election from the Directors. When the Board of Directors is not in session, to
the extent permitted by law, the Executive Committee shall have and may
exercise any or all of the powers of the Board of Directors in the management
and conduct of the business and affairs of the Corporation. The Executive
Committee may fix its own rules of procedure, and may meet when and as provided
by such rules or by resolution of the Board of Directors, but in every case the
presence of a </font><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.45pt;line-height:27.45pt;vertical-align:baseline;">majority
shall be necessary to constitute a quorum. During the absence of a member of
the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:27.45pt;vertical-align:baseline;">Executive Committee, the remaining members
may appoint a member of the Board of Directors to act in his place.</font></p>


<DIV bclFooter>

 <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">16</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font></p>


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


</DIV>
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<p style="margin:0in;margin-bottom:.0001pt;margin-top:.8pt;text-align:justify;text-indent:1.05in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.15pt;line-height:27.4pt;vertical-align:baseline;">Section
2.12. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.15pt;line-height:27.4pt;vertical-align:baseline;">Other Committees.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.15pt;line-height:27.4pt;vertical-align:baseline;"> The Board of Directors may appoint from the
Directors other committees which shall in each case consist of such number of
Directors (not less than two) and shall have and may exercise such powers as
the Board may determine in the resolution appointing them. A majority of all
the members of any such committee may determine its action and fix the time and
place of its meetings, unless the Board of Directors shall otherwise provide. The
Board of Directors shall have power at any time to change the members and
powers of any such committee, to fill vacancies and to discharge any such
committee.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:.05in;margin-top:.4pt;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.15pt;line-height:27.4pt;vertical-align:baseline;">Section 2.13. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.15pt;line-height:27.4pt;vertical-align:baseline;">Telephone Meetings.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.15pt;line-height:27.4pt;vertical-align:baseline;">
Members of the Board of Directors or a committee of the Board of Directors may
participate in a meeting by means of a conference telephone or similar
communications equipment if all persons participating in the meeting can hear
each other at the same time. Participation in a meeting by these means, subject
to the provisions of the Investment Company Act of 1940, as amended,
constitutes presence in person at the meeting.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:.05in;margin-top:.2pt;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:27.4pt;vertical-align:baseline;">Section 2.14. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:27.4pt;vertical-align:baseline;">Action Without a Meeting.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:27.4pt;vertical-align:baseline;"> Any action
required or permitted to be taken at any meeting of the Board of Directors or
any committee thereof may be taken without a meeting, if a written consent to
such action is signed by all members of the Board or of such committee, as the
case may be, and such written consent is filed with the minutes of the
proceedings of the Board or such committee.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:.05in;margin-top:.8pt;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:27.4pt;vertical-align:baseline;">Section 2.15. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:27.4pt;vertical-align:baseline;">Compensation of Directors.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:27.4pt;vertical-align:baseline;"> No Director
shall receive any stated salary or fees from the Corporation for his services
as such if such Director is, otherwise than by reason of being such Director,
an interested person (as such term is defined by the Investment </font><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.1pt;line-height:27.4pt;vertical-align:baseline;">Company Act of 1940, as amended) of the Corporation
or of its investment manager or principal </font><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:27.4pt;vertical-align:baseline;">underwriter. Except as
provided in the preceding sentence, Directors shall be entitled to receive such
compensation from the Corporation for their services as may from time to time
be voted by the Board of Directors.</font></p>


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 <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">17</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font></p>


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


</DIV>
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<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:27.45pt;vertical-align:baseline;">Section 2.16. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:27.45pt;vertical-align:baseline;">Selection and
Nomination of Non-Interested Directors.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:27.45pt;vertical-align:baseline;"> Subject to approval by a majority
of the directors of the Corporation, the directors of the Corporation who are
not interested persons of the Corporation (as that term is defined in the
Investment Company Act of 1940, as amended) shall select and nominate the
directors of the Corporation who are not interested persons of the Corporation.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:2.8in;margin-right:0in;margin-top:21.85pt;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.05pt;line-height:13.5pt;vertical-align:baseline;">ARTICLE III</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:2.95in;margin-right:0in;margin-top:13.9pt;text-align:justify;text-justify:inter-ideograph;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.1pt;line-height:13.7pt;vertical-align:baseline;">Officers </font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.2pt;line-height:27.45pt;vertical-align:baseline;">Section 3.1. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.2pt;line-height:27.45pt;vertical-align:baseline;">Executive Officers.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.2pt;line-height:27.45pt;vertical-align:baseline;">
The executive officers of the Corporation shall be chosen by the Board of
Directors. These may include a Chairman of the Board of Directors (who shall be
a Director) and shall include a President, a Secretary and a Treasurer. The
Board of Directors or the Executive Committee may also in its discretion
appoint one or more Vice-Presidents, Assistant Secretaries, Assistant
Treasurers and other officers, agents and employees, who shall have such
authority and perform such duties as the Board of Directors or the Executive
Committee may determine. The Board of Directors may fill any vacancy which may
occur in any office. Any two offices, except those of President and
Vice-President, may be held by the same person, but no officer shall execute,
acknowledge or verify any instrument in more than one capacity, if such
instrument is required by law or these By-Laws to be executed, acknowledged or
verified by two or more officers.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:27.45pt;vertical-align:baseline;">Section 3.2. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:27.45pt;vertical-align:baseline;">Term of Office.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:27.45pt;vertical-align:baseline;"> The term of office of
all officers shall be one year and until their respective successors are chosen
and qualified. Any officer may be removed from </font><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.15pt;line-height:27.45pt;vertical-align:baseline;">office at any time with or without cause by the vote of a majority of
the whole Board of Directors. Any officer may resign his office at any time by
delivering a written resignation to the Corporation and, unless otherwise
specified therein, such</font><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.2pt;line-height:27.45pt;vertical-align:baseline;"> resignation
shall take effect upon delivery.</font></p>


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


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


</DIV>
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<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.2pt;line-height:27.45pt;vertical-align:baseline;">Section
3.3. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.2pt;line-height:27.45pt;vertical-align:baseline;">Powers and Duties.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.2pt;line-height:27.45pt;vertical-align:baseline;"> The officers of the Corporation shall have such
powers and duties as shall be stated in a resolution of</font><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:27.45pt;vertical-align:baseline;"> the Board of Directors, or the Executive Committee and, to
the extent not so stated, as generally pertain to their respective offices,
subject to the control of the Board of Directors and the Executive Committee.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:.05in;margin-top:.5pt;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:27.45pt;vertical-align:baseline;">Section 3.4. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:27.45pt;vertical-align:baseline;">Surety Bonds.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:27.45pt;vertical-align:baseline;"> The Board of Directors
may require any officer or agent of the Corporation to execute a bond
(including, without limitation, any bond required by the Investment Company Act
of 1940, as amended, and the rules and regulations of the Securities and
Exchange Commission) to the Corporation in such sum and with such surety or
sureties as the Board of Directors may determine, conditioned upon the faithful
performance of his duties to the Corporation, including responsibility for
negligence and for the accounting of any of the Corporation&#8217;s property, funds
or securities that may come into his hands.</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:.05in;margin-top:21.9pt;text-align:center;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.05pt;line-height:13.45pt;vertical-align:baseline;">ARTICLE IV</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:.05in;margin-top:13.9pt;text-align:center;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.05pt;line-height:13.85pt;vertical-align:baseline;">Capital Stock</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.2pt;line-height:27.2pt;vertical-align:baseline;">Section 4.1. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.2pt;line-height:27.2pt;vertical-align:baseline;">Certificates for
Shares.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.2pt;line-height:27.2pt;vertical-align:baseline;"> The Corporation may, at its option, determine not to issue a
certificate or certificates to evidence shares owned of record by any
stockholder.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:27.2pt;vertical-align:baseline;">Section 4.2. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:27.2pt;vertical-align:baseline;">Transfer of Shares.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:27.2pt;vertical-align:baseline;"> Shares of the
Corporation shall be transferable on the books of the Corporation by the holder
thereof in person or by his duly authorized attorney or legal representative,
upon surrender and cancellation of certificates, if any, for the same number of
shares, duly endorsed or accompanied by proper instruments of assignment and
transfer, with such proof of the authenticity of the signature as the
Corporation or its agents may reasonably require; in the case of shares not
represented by certificates, the sa</font><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.2pt;line-height:27.2pt;vertical-align:baseline;">me or
similar requirements may be imposed by the Board of Directors.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.2pt;line-height:27.2pt;vertical-align:baseline;">Section 4.3. Stock Ledgers. The stock
ledgers of the Corporation, containing the names and addresses of the
stockholders and the number of</font><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:27.2pt;vertical-align:baseline;"> shares held by
them respectively, shall be kept at the principal
offices of the Corporation or, if the Corporation employs a Transfer Agent, at
the offices of the Transfer Agent of the Corporation.</font></p>
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 <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">19</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font></p>


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


</DIV>
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<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.2pt;line-height:27.45pt;vertical-align:baseline;">Section 4.4. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.2pt;line-height:27.45pt;vertical-align:baseline;">Transfer Agents and
Registrars.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.2pt;line-height:27.45pt;vertical-align:baseline;"> The Board of Directors may from time to time appoint or remove
transfer agents and/or registrars of transfers of shares of stock of the
Corporation, and it may appoint the same person as both transfer agent and
registrar. Upon any such appointment being made, all certificates representing
shares of capital stock thereafter issued shall be countersigned by one of such
transfer agents or by one of such registrars of transfers or by both and shall
not be valid unless so countersigned. If the same person shall be both transfer
agent and registrar, only one countersignature by such person shall be
required.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.15pt;line-height:27.45pt;vertical-align:baseline;">Section 4.5. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.15pt;line-height:27.45pt;vertical-align:baseline;">Lost, Stolen or Destroyed
Certificates.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.15pt;line-height:27.45pt;vertical-align:baseline;"> The Board of Directors or the Executive Committee or any
officer or agent authorized by the Board of Directors or Executive Committee
may determine the conditions upon which a new certificate of stock of the
Corporation of any class may be issued in place of a certificate which is
alleged to have been lost, stolen or destroyed; and may, in its discretion,
require the owner of such certificate or such owner&#8217;s legal representative to
give bond, with sufficient surety, to the Corporation and each Transfer Agent,
if any, to indemnify it and each such Transfer Agent against any and all loss
or claims which may arise by reason of the issue of a new certificate in the
place of the one so lost, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.05pt;line-height:27.45pt;vertical-align:baseline;">stolen
or destroyed.</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:.05in;margin-top:.1pt;text-align:center;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.1pt;line-height:13.25pt;vertical-align:baseline;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:.05in;margin-top:.1pt;text-align:center;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.1pt;line-height:13.25pt;vertical-align:baseline;">ARTICLE V</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:.05in;margin-top:7.55pt;text-align:center;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.3pt;vertical-align:baseline;">Corporate
Seal; Location of <br>
</font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.3pt;vertical-align:baseline;">Offices; Books; Net Asset Value</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.05in;margin-right:.05in;margin-top:0in;text-align:justify;text-indent:.95in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:26.65pt;vertical-align:baseline;">Section 5.1. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:26.65pt;vertical-align:baseline;">Corporate Seal.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:26.65pt;vertical-align:baseline;"> The Board of Directors
may provide for a suitable corporate seal, in such form and bearing such
inscriptions as it may determine. Any officer or director shall have the
authority to affix the corporate seal. If the Corporation is required to place
its corporate seal to a document, it shall be sufficient to place the word &#8220;(seal)&#8221;
adjacent to the signature of the authorized officer of the Corporation signing
the document.</font></p>


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


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


</DIV>
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<p style="margin:0in;margin-bottom:.0001pt;margin-left:.05in;margin-right:.05in;margin-top:0in;text-align:justify;text-indent:.95in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:27.35pt;vertical-align:baseline;">Section 5.2. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:27.35pt;vertical-align:baseline;">Location of
Offices.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:27.35pt;vertical-align:baseline;"> The Corporation shall have a principal office in the State of
Maryland. The Corporation may, in addition, establish and maintain such other
offices as the Board of Directors or any officer may, from time to time,
determine.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.05in;margin-right:.05in;margin-top:.3pt;text-align:justify;text-indent:.95in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:27.5pt;vertical-align:baseline;">Section 5.3. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:27.5pt;vertical-align:baseline;">Books and Records.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:27.5pt;vertical-align:baseline;"> The books and
records of the Corporation shall be kept at the places, within or without the
State of Maryland, as the directors or any officer may determine; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:27.5pt;vertical-align:baseline;">provided,
however,</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:27.5pt;vertical-align:baseline;"> that the original or a certified copy of the by-laws, including
any amendments to them, shall be kept at the Corporation&#8217;s principal executive
office.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.05in;margin-right:.05in;margin-top:0in;text-align:justify;text-indent:.95in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:27.4pt;vertical-align:baseline;">Section 5.4. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:27.4pt;vertical-align:baseline;">Annual Statement of Affairs.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:27.4pt;vertical-align:baseline;"> The
President or any other executive officer of the Corporation shall prepare
annually a full and correct statement of the affairs of the Corporation, to
include a balance sheet and a financial statement of operations for the
preceding fiscal year. The statement of affairs should be submitted at the
annual meeting of stockholders and, within 20 days of the meeting, placed on
file at the Corporation&#8217;s principal office.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:27.5pt;vertical-align:baseline;">Section 5.5. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:27.5pt;vertical-align:baseline;">Net Asset Value.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:27.5pt;vertical-align:baseline;"> The value of the
Corporation&#8217;s net assets shall be determined at such times and by such method
as shall be established from time to time by the Board of Directors.</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.1pt;line-height:13.05pt;vertical-align:baseline;">ARTICLE
VI</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-top:14.25pt;text-align:center;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.1pt;line-height:13.7pt;vertical-align:baseline;">Fiscal Year and Accountant</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:.05in;margin-top:.65pt;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:27.45pt;vertical-align:baseline;">Section 6.1. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:27.45pt;vertical-align:baseline;">Fiscal Year.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:27.45pt;vertical-align:baseline;"> The fiscal year of the
Corporation, unless otherwise fixed by resolution of the Board of Directors,
shall begin on the first day of January and shall end on the last day of
December in each year.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:27.4pt;vertical-align:baseline;">Section 6.2. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:27.4pt;vertical-align:baseline;">Accountant.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:27.4pt;vertical-align:baseline;"> The Corporation shall
employ an independent public accountant or a firm of independent public
accountants as its Accountant to examine the accounts of the Corporation and to
sign and certify financial statements filed by the Corporation. The employment
of the Accountant shall be conditioned upon the right of the Corporation to
terminate the employment forthwith without any penalty
by vote of a majority of the outstanding voting securities at any stockholders&#8217;
meeting called for that purpose.</font></p>
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 <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">21</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font></p>


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


</DIV>
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<p align=center style="margin:0in;margin-bottom:.0001pt;margin-top:21.9pt;text-align:center;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.1pt;line-height:13.5pt;vertical-align:baseline;">ARTICLE VII</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-top:14.2pt;text-align:center;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.1pt;line-height:13.7pt;vertical-align:baseline;">Indemnification and Insurance </font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:27.35pt;vertical-align:baseline;">Section 7.1. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:27.35pt;vertical-align:baseline;">General.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:27.35pt;vertical-align:baseline;"> The Corporation shall
indemnify directors, officers, employees and agents of the Corporation against
judgments, fines, settlements and expenses to the fullest extent authorized and
in the manner permitted, by applicable federal and state law.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:.05in;margin-top:.25pt;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:27.45pt;vertical-align:baseline;">Section 7.2. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:27.45pt;vertical-align:baseline;">Indemnification of Directors and Officers.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:27.45pt;vertical-align:baseline;">
The Corporation shall indemnify to the fullest extent permitted by law
(including the Investment Company Act of 1940, as amended) as currently in
effect or as the same may hereafter be amended, any person made or threatened
to be made a party to any action, suit or proceeding, whether criminal, civil,
administrative or investigative, by reason of the fact that such person or such
person&#8217;s testator or intestate is or was a director or officer of the
Corporation or serves or served at the request of the Corporation any other
enterprise as a director or officer. To the fullest extent permitted by law </font><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.2pt;line-height:27.45pt;vertical-align:baseline;">(including the Investment Company Act of 1940, as
amended) as currently in effect or as the same may hereafter be amended,
expenses incurred by any such person in defending any such action, suit or
proceeding shall be paid or reimbursed by the Corporation promptly upon receipt
by it of an undertaking of such person to repay such expenses if it shall
ultimately be determined that such person is not entitled to be indemnified by
the Corporation. The rights provided to any person by this Article VII shall be
enforceable against the Corporation by such person who shall be presumed to
have relied upon it in serving or continuing to serve as a director or officer
as provided above. No amendment of this Article VII shall impair the rights of
any person arising at any time with respect to events occurring prior to such
amendment. For purposes of this Article VII, the term &#8220;Corporation&#8221; shall
include any predecessor of the Corporation and any constituent corporation
(including any constituent of a constituent) absorbed by the
Corporation in a consolidation or merger; the term &#8220;other enterprises&#8221; shall
include any corporation, partnership, joint venture, trust or employee benefit
plan; service &#8220;at the request of the Corporation&#8221; shall include service as a
director or officer of the Corporation which imposes duties on, or involves
services by, such director or officer with respect to an employee benefit plan,
its participants or beneficiaries; any excise taxes assessed on a person with
respect to an employee benefit plan shall be deemed to be indemnifiable
expenses; and action by a person with respect to any employee benefit plan
which such person reasonably believes to be in the interest of the participants
and beneficiaries of such plan shall be deemed to be action not opposed to the
best interests of the Corporation.</font></p>
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 <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">22</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font></p>


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


</DIV>
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<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:.05in;margin-top:.4pt;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:27.45pt;vertical-align:baseline;">Section 7.3. </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:27.45pt;vertical-align:baseline;">Insurance.</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:27.45pt;vertical-align:baseline;"> Subject to the provisions of
the Investment Company Act of 1940, as amended, the Corporation, directly,
through third parties or through affiliates of the Corporation, may purchase,
or provide through a trust fund, letter of credit or surety bond </font><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.3pt;line-height:27.45pt;vertical-align:baseline;">insurance on behalf of any person who is or was a
Director, officer, employee or agent of the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:27.45pt;vertical-align:baseline;">Corporation, or who, while a
Director, officer, employee or agent of the Corporation, is or was serving at
the request of the Corporation as a Director, officer, employee, partner,
trustee or agent of another foreign or domestic corporation, partnership joint
venture, trust or other enterprise against any liability asserted against and
incurred by such person in any such capacity or arising out of such person&#8217;s
position, whether or not the Corporation would have the power to indemnify such
person against such liability.</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-top:21.75pt;text-align:center;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.1pt;line-height:13.55pt;vertical-align:baseline;">ARTICLE VIII</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-top:13.8pt;text-align:center;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.1pt;line-height:13.7pt;vertical-align:baseline;">Custodian</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:27.4pt;vertical-align:baseline;">The Corporation shall have as custodian or custodians one
or more trust companies or banks of good standing, foreign or domestic, as may
be designated by the Board of Directors, subject to the provisions of the
Investment Company Act of 1940, as amended, and other applicable laws and
regulations; and the funds and securities held by the Corporation shall be kept
in the custody of one or more such custodians,
provided such custodian or custodians can be found ready and willing to act,
and further provided that the Corporation and/or the Custodians may employ such
subcustodians as the Board of Directors may approve and as shall be permitted
by law.</font></p>
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<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>


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<p align=center style="margin:0in;margin-bottom:.0001pt;margin-top:18.15pt;text-align:center;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:.15pt;line-height:19.3pt;vertical-align:baseline;">ARTICLE IX</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-top:11.85pt;text-align:center;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:13.7pt;vertical-align:baseline;">Amendment of By-Laws </font></u></p>

<p style="margin:0in;margin-bottom:94.8pt;margin-left:0in;margin-right:.05in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:27.45pt;vertical-align:baseline;">The
By-Laws of the Corporation may be altered, amended, added to or repealed only
by majority vote of the entire Board of Directors.</font></p>








<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:1.5pt;line-height:13.45pt;vertical-align:baseline;">&nbsp;</font></p>




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