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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000088053-04-000686.txt : 20040830
<SEC-HEADER>0000088053-04-000686.hdr.sgml : 20040830
<ACCEPTANCE-DATETIME>20040830145317
ACCESSION NUMBER:		0000088053-04-000686
CONFORMED SUBMISSION TYPE:	NSAR-B
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20040630
FILED AS OF DATE:		20040830
DATE AS OF CHANGE:		20040830
EFFECTIVENESS DATE:		20040830

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			KOREA FUND INC
		CENTRAL INDEX KEY:			0000748691
		IRS NUMBER:				133226146
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		NSAR-B
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-04058
		FILM NUMBER:		041005159

	BUSINESS ADDRESS:	
		STREET 1:		345 PARK AVE
		STREET 2:		C/O DEUTSCHE ASSET MANAGEMENT
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154
		BUSINESS PHONE:		617-295-3986

	MAIL ADDRESS:	
		STREET 1:		DEUTSCHE ASSET MANAGEMENT
		STREET 2:		TWO INTERNATIONAL FUND
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02110
</SEC-HEADER>
<DOCUMENT>
<TYPE>NSAR-B
<SEQUENCE>1
<FILENAME>answer.fil
<DESCRIPTION>ANSWER FILE
<TEXT>
<PAGE>      PAGE  1
000 B000000 06/30/2004
000 C000000 748691
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 6.1
000 J000000 A
001 A000000 THE KOREA FUND, INC.
001 B000000 811-4058
001 C000000 6172952588
002 A000000 345 PARK AVENUE
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10154
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 N
007 B000000  0
007 C010100  1
007 C010200  2
007 C010300  3
007 C010400  4
007 C010500  5
007 C010600  6
007 C010700  7
007 C010800  8
007 C010900  9
007 C011000 10
008 A000001 DEUTSCHE INVESTMENT MANAGEMENT AMERICAS INC.
008 B000001 A
008 C000001 801-252
008 D010001 NEW YORK
008 D020001 NY
008 D030001 10154
008 A000002 DEUTSCHE INVESTMENTS TRUST MGMT. CO. LTD.
008 B000002 S
008 C000002 801-0001
008 D010002 SEOUL
008 D050002 KOREA
010 A000001 SCUDDER FUND ACCOUNTING CORPORATION
010 C010001 BOSTON
010 C020001 MA
010 C030001 02110
010 A000002 STATE STREET BANK AND TRUST COMPANY
010 B000002 85-11329
010 C010002 BOSTON
010 C020002 MA
<PAGE>      PAGE  2
010 C030002 02110
012 A000001 SCUDDER INVESTMENTS SERVICE COMPANY
012 B000001 84-1713
012 C010001 CHICAGO
012 C020001 IL
012 C030001 60606
012 A000002 DST SYSTEMS, INC.
012 B000002 84-0048
012 C010002 KANSAS CITY
012 C020002 MO
012 C030002 64105
013 A000001 PRICEWATERHOUSECOOPERS LLP
013 B010001 BOSTON
013 B020001 MA
013 B030001 02110
014 A000001 SCUDDER INVESTOR SERVICES INC.
014 B000001 8-000298
014 A000002 SCUDDER DISTRIBUTORS INC.
014 B000002 8-047765
014 A000003 SCUDDER FINANCIAL SERVICES INC.
014 B000003 8-049521
014 A000004 AMERITRADE
014 B000004 8-016335
014 A000005 DEUTSCHE SECURITIES AUSTRALIA INC.
014 B000005 8-031670
014 A000006 BT BROKERAGE CORPORATION
014 B000006 8-034120
014 A000007 DEUTSCHE BANC ALEX. BROWN INC.
014 B000007 8-035766
014 A000008 TRADEWEB LLC
014 B000008 8-049994
014 A000009 MARKETAXESS CORPORATION
014 B000009 8-050727
014 A000010 BROKERTEC USA LLC
014 B000010 8-051803
014 A000011 CREDITEX
014 B000011 8-051918
014 A000012 ADIRONDACKTRADING PARTNERS LLC
014 B000012 8-052384
014 A000013 BONDBOOK HOLDINGS, LLC
014 B000013 8-052679
014 A000014 NDB CAPITAL MARKETS, LP
014 B000014 8-013967
014 A000015 DEUTSCHE BANK SECURITIES INC.
014 B000015 8-017822
014 A000016 ALFA MENKUL DEGERLER AS
014 B000016 8-000000
014 A000017 BANKERS TRUST A.S.
014 B000017 8-000000
014 A000018 BANKERS TRUST ARGENTINA S.A.
014 B000018 8-000000
<PAGE>      PAGE  3
014 A000019 BANKERS TRUST CARIBE CAPITAL MARKETS, INC.
014 B000019 8-000000
014 A000020 BANKERS TRUST INTERNATIONAL PLC
014 B000020 8-000000
014 A000021 BANKERS TRUST INVESTMENTS PLC
014 B000021 8-000000
014 A000022 BANKERS TRUST MENKUL DEGERLER AS
014 B000022 8-000000
014 A000023 BANKERS TRUST POLAND SP.Z.O.O.
014 B000023 8-000000
014 A000024 BANKERS TRUST S.A. AGENTE DEL MERCADO ABIERTO
014 B000024 8-000000
014 A000025 BANKERS TRUST SECURITIES (PACIFIC) LIMITED
014 B000025 8-000000
014 A000026 BANKERS TRUSTEE COMPANY LIMITED
014 B000026 8-000000
014 A000027 BENCHMARK SECURITIES MANAGEMENT LIMITED
014 B000027 8-000000
014 A000028 BENDER MENKUL DEGERLER A.S.
014 B000028 8-000000
014 A000029 BT (FAR EAST) LIMITED
014 B000029 8-000000
014 A000030 BT ASIA SECURITIES LIMITED
014 B000030 8-000000
014 A000031 BT BROKERAGE (PHILIPPINES) INC.
014 B000031 8-000000
014 A000032 BT BROKERAGE AND ASSOCIATES PTE LTD
014 B000032 8-000000
014 A000033 BT FINANCIAL TRADING
014 B000033 8-000000
014 A000034 BT FRANCE S.A.
014 B000034 8-000000
014 A000035 BT FUTURES (SINGAPORE) LTD.
014 B000035 8-000000
014 A000036 BT NOTES LIMITED
014 B000036 8-000000
014 A000037 BT SECURITIES (EUROPE) LIMITED
014 B000037 8-000000
014 A000038 DB (RUSSIA) LIMITED
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014 A000039 DB ARBITRAGE LIMITED
014 B000039 8-000000
014 A000040 DB BROKER GMBH
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014 A000041 DB CORRETORA - SOCIEDADE CORRETORA DE VALORES
014 B000041 8-000000
014 A000042 DB EQUITY LIMITED
014 B000042 8-000000
014 A000043 DB FOREX CORPORATION
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014 A000044 DB INVESTMENT RESOURCES (US) CORPORATION
<PAGE>      PAGE  4
014 B000044 8-000000
014 A000045 DEUTSCHE ASSET MANAGEMENT (AUSTRALIA LIMITED)
014 B000045 8-000000
014 A000046 DEUTSCHE ASSET MANAGEMENT (INTERNATIONAL) LTD
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014 A000047 DEUTSCHE ASSET MANAGEMENT INVESTMENT SERVICES
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014 A000048 DEUTSCHE ASSET MANAGEMENT LIFE & PENSIONS LTD
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014 A000049 DEUTSCHE ASSET MANAGEMENT LIMITED
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014 A000050 DEUTSCHE BANK (CAYMAN) LIMITED
014 B000050 8-000000
014 A000051 DEUTSCHE BANK AG
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014 A000052 DEUTSCHE BANK AG (LONDON BRANCH)
014 B000052 8-000000
014 A000053 DEUTSCHE BANK AG (SYDNEY BRANCH)
014 B000053 8-000000
014 A000054 DEUTSCHE BANK AG TOKYO BRANCH
014 B000054 8-000000
014 A000055 DEUTSCHE BANK AG, HONG KONG BRANCH
014 B000055 8-000000
014 A000056 DEUTSCHE BANK CANADA
014 B000056 8-000000
014 A000057 DEUTSCHE BANK CORRETORA DE VALORES SA
014 B000057 8-000000
014 A000058 DEUTSCHE BANK FUTURES INC.
014 B000058 8-000000
014 A000059 DEUTSCHE BANK INTERNATIONAL LIMITED
014 B000059 8-000000
014 A000060 DEUTSCHE BANK SA - BANCO ALEMAO
014 B000060 8-000000
014 A000061 DEUTSCHE BANK SECURITIES (PTY) LIMITED
014 B000061 8-000000
014 A000062 DEUTSCHE BANK SOCIETA DI INTERMEDIAZIONE MOBI
014 B000062 8-000000
014 A000063 DEUTSCHE BANK TRUST COMPANY AMERICAS
014 B000063 8-000000
014 A000064 DEUTSCHE CAPITAL MARKETS AUSTRALIA LIMITED
014 B000064 8-00000
014 A000065 DEUTSCHE CORPORATE FINANCE NEW ZEALAND LTD
014 B000065 8-000000
014 A000066 DEUTSCHE FINANCE NEW ZEALAND LIMITED
014 B000066 8-000000
014 A000067 DEUTSCHE FINANCIAL PLANNING LIMITED
014 B000067 8-000000
014 A000068 DEUTSCHE FUNDS MANAGEMENT LIMITED
014 B000068 8-000000
014 A000069 DEUTSCHE FUTURES AUSTRALIA LIMITED
014 B000069 8-000000
<PAGE>      PAGE  5
014 A000070 DEUTSCHE FUTURES HONG KONG LIMITED
014 B000070 8-000000
014 A000071 DEUTSCHE FUTURES LONDON LIMITED
014 B000071 8-000000
014 A000072 DEUTSCHE FUTURES NEW ZEALAND LIMITED
014 B000072 8-000000
014 A000073 DEUTSCHE FUTURES SINGAPORE
014 B000073 8-000000
014 A000074 DEUTSCHE INVESTMENT TRUST MANAGERS LIMITED
014 B000074 8-000000
014 A000075 DEUTSCHE INVESTMENTS FUNDS LIMITED
014 B000075 8-000000
014 A000076 DEUTSCHE MANAGEMENT NEW ZEALAND LIMITED
014 B000076 8-000000
014 A000077 DEUTSCHE NEW ZEALAND LIMITED
014 B000077 8-000000
014 A000078 DEUTSCHE PROPERTY ASSET MANAGEMENT LIMITED
014 B000078 8-000000
014 A000079 DEUTSCHE REGIS PARTNERS INC
014 B000079 8-000000
014 A000080 DEUTSCHE SECURITIES (INDIA) PRIVATE LIMITED
014 B000080 8-000000
014 A000081 DEUTSCHE SECURITIES ASIA LIMITED
014 B000081 8-000000
014 A000082 DEUTSCHE SECURITIES ASIA LIMITED HONG KONG
014 B000082 8-000000
014 A000083 DEUTSCHE SECURITIES ASIA LIMITED SINGAPORE
014 B000083 8-000000
014 A000084 DEUTSCHE SECURITIES ASIA LIMITED TAIPEI
014 B000084 8-000000
014 A000085 DEUTSCHE SECURITIES CORREDORES DE BOLSA LTDA
014 B000085 8-000000
014 A000086 DEUTSCHE SECURITIES INDIA PVT LTD
014 B000086 8-000000
014 A000087 DEUTSCHE SECURITIES KOREA CO
014 B000087 8-000000
014 A000088 DEUTSCHE SECURITIES LIMITED TOKYO BRANCH
014 B000088 8-000000
014 A000089 DEUTSCHE SECURITIES NEW ZEALAND LIMITED
014 B000089 8-000000
014 A000090 DEUTSCHE SECURITIES, SOCIEDAD DE VALORES
014 B000090 8-000000
014 A000091 DEUTSCHE SECURITISATION AUSTRALIA PTY LIMITED
014 B000091 8-000000
014 A000092 DEUTSCHE STRUCTURED FINANCE AUSTRALIA LIMITED
014 B000092 8-000000
014 A000093 DEUTSCHE UNIT TRUST MANAGERS LIMITED
014 B000093 8-000000
014 A000094 DIDIER PHILIPPE S.A.
014 B000094 8-000000
014 A000095 DMG & PARTNERS SECURITIES PTE LTD
<PAGE>      PAGE  6
014 B000095 8-000000
015 A000001 BROWN BROTHERS HARRIMAN & CO.
015 B000001 C
015 C010001 BOSTON
015 C020001 MA
015 C030001 02110
015 E010001 X
015 A000002 CITIBANK, NA
015 B000002 S
015 C010002 SEOUL
015 D010002 KOREA
015 E040002 X
018  000000 Y
019 A000000 Y
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019 C000000 SCUDDERINV
020 A000001 GOLDMAN, SACHS & CO.
020 B000001 13-5108880
020 C000001    217
020 A000002 UBS AG
020 B000002 13-3873456
020 C000002    215
020 A000003 CREDIT SUISSE FIRST BOSTON
020 B000003 13-5659485
020 C000003    201
020 A000004 CITIGROUP GLOBAL MARKETS INC.
020 B000004 11-2418191
020 C000004    168
020 A000005 MERRIL LYNCH
020 B000005 13-5674085
020 C000005    144
020 A000006 MORGAN STANLEY CO.
020 B000006 13-2655998
020 C000006    121
020 A000007 J.P. MORGAN CHASE
020 B000007 13-3379014
020 C000007     93
020 A000008 DAEWOO SECURITIES
020 B000008 13-3674844
020 C000008     86
020 A000009 CREDIT LYONAIS
020 B000009 13-2602298
020 C000009     83
020 A000010 LEHMAN BROTHERS INC.
020 B000010 13-2518466
020 C000010     44
021  000000     1430
022 A000001 SCUDDER CASH MANAGEMENT QP TRUST
022 B000001 02-6123123
022 C000001    188099
022 D000001    189292
<PAGE>      PAGE  7
022 A000002 STATE STREET BANK
022 B000002 UNKNOWN
022 C000002      2920
022 D000002         3
022 A000003 CITIBANK
022 B000003 UNKNOWN
022 C000003         0
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022 A000004 DAEWOOD
022 B000004 UNKNOWN
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026 H000000 N
<PAGE>      PAGE  8
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<PAGE>      PAGE  9
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<PAGE>      PAGE  10
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070 B010000 Y
070 B020000 N
070 C010000 Y
070 C020000 N
070 D010000 Y
070 D020000 N
070 E010000 Y
070 E020000 N
070 F010000 Y
070 F020000 N
070 G010000 Y
070 G020000 N
070 H010000 Y
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 Y
070 K010000 Y
070 K020000 Y
070 L010000 Y
070 L020000 Y
070 M010000 Y
070 M020000 Y
070 N010000 Y
070 N020000 N
070 O010000 Y
070 O020000 N
070 P010000 Y
070 P020000 N
<PAGE>      PAGE  11
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070 Q020000 N
070 R010000 N
070 R020000 N
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077 A000000 Y
077 B000000 Y
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077 P000000 N
077 Q010000 Y
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078  000000 N
080 A000000 ICI MUTUAL INSURANCE COMPANY
080 B000000 CONTINENTAL CASUALTY
080 C000000   150000
081 A000000 Y
081 B000000 194
082 A000000 Y
082 B000000      100
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<PAGE>      PAGE  13
086 B010000   4970
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087 A010000 THE KOREA FUND, INC.
087 A020000 500634-100
087 A030000 KF
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SIGNATURE   JOHN MILLETTE
TITLE       SECRETARY


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77Q1 OTHR EXHB
<SEQUENCE>2
<FILENAME>ex77q3-14.txt
<DESCRIPTION>QUESTION #14
<TEXT>
DEUTSCHE BANK BROKER/DEALER AFFILIATES LIST
Name of Entity

Brokers to be included in Exhibit
AsiaBondPortal
Bank Inicjatyw Spoleczno-Ekonomicznych SA
BondsinAsia
BT Opera Trading S.A.
DB Securities S. A.
DBS Finance S. A.
IBOXX Ltd.
K & N Kenanga Bhd
Kenanga Deutsche Futures
Kenanga Deutsche Futures Sdn Bhd
MaxBlue Investimentos Distribuidora de Titulos e Valores Mobili rios
S.A.
Minex Corporation
Morgan Grenfell & Co Limited
Morgan Grenfell Private Equity Limited
Morgan Grenfell Securities
Mortgage Ramp
MTS Japan Securities Co. Ltd.
Nissay Deutsche Asset Management Europe Limited
"Osaka Stock Exchange Co., Ltd."
OTC Deriv Limited
Paladin Australia Limited
Pro Capital Spolka Akcyjna
PT Bina Tatalaksana Pasifik
PT BT Prima Securities Indonesia
PT Deutsche Securities Indonesia
"Rued, Blass & Cie AG Bankgeschaeft"
Swapswire Limited
Teleogic Limited
Tokai Deutsche Asset Management Limited
United Financial Group
Volbroker.com Limited
Yensai.com
Yieldbroker Pty Ltd.

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77B ACCT LTTR
<SEQUENCE>3
<FILENAME>ex77b_kf.txt
<DESCRIPTION>CONTROL LETTER
<TEXT>
Report of Independent Registered Public Accounting Firm

To the Board of Directors and the Shareholders of The Korea Fund, Inc.:

In planning and performing our audit of the financial statements of The
Korea Fund, Inc. (the "Fund"), for the year ended June 30, 2004, we
considered its internal control, including control activities for
safeguarding securities, in order to determine our auditing procedures
for the purpose of expressing our opinion on the financial statements
and to comply with the requirements of Form N-SAR, not to provide
assurance on internal control.

The management of the Fund is responsible for establishing and
maintaining internal control.  In fulfilling this responsibility,
estimates and judgments by management are required to assess the
expected benefits and related costs of controls.  Generally, controls
that are relevant to an audit pertain to the entity's objective of
preparing financial statements for external purposes that are fairly
presented in conformity with generally accepted accounting principles
in the United States of America.  Those controls include the
safeguarding of assets against unauthorized acquisition, use, or
disposition.

Because of inherent limitations in internal control, errors or fraud
may occur and not be detected.  Also, projection of any evaluation of
internal control to future periods is subject to the risk that controls
may become inadequate because of changes in conditions or that the
effectiveness of their design and operation may deteriorate.

Our consideration of internal control would not necessarily disclose
all matters in internal control that might be material weaknesses under
standards established by the Public Company Accounting Oversight Board
(United States).  A material weakness, for the purpose of this report,
is a condition in which the design or operation of one or more of the
internal control components does not reduce to a relatively low level
the risk that misstatements caused by error or fraud in amounts that
would be material in relation to the financial statements being audited
may occur and not be detected within a timely period by employees in
the normal course of performing their assigned functions.  However, we
noted no matters involving internal control and its operation,
including controls for safeguarding securities, that we consider to be
material weaknesses as defined above as of June 30, 2004.

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



PricewaterhouseCoopers LLP
August 18, 2004

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77Q2 ITEM 405
<SEQUENCE>4
<FILENAME>ex77q2_kf.txt
<DESCRIPTION>77Q2
<TEXT>









THE KOREA FUND, INC.





A Maryland Corporation









RESTATED
BY-LAWS



restated as of May 10, 2004



	TABLE OF CONTENTS

	Page

ARTICLE I--NAME OF CORPORATION, LOCATION OF OFFICES AND SEAL	1
Section 1.1.   Principal Offices	1
Section 1.2.   Seal	1

ARTICLE II--STOCKHOLDERS	2
Section 2.1.   Annual Meetings	2
Section 2.2.   Special Meetings	2
Section 2.3.   Notice of Meetings	2
Section 2.4.   Quorum	3
Section 2.5.   Voting	3
Section 2.6.   Stockholders Entitled to Vote	4
Section 2.7.   Proxies	4
Section 2.8.   Voting and Inspectors	4
Section 2.9.   Action Without Meeting	5
Section 2.10.  New Business	5
Section 2.11.  Director Nominations	6

ARTICLE III--BOARD OF DIRECTORS	8
Section 3.1.   Powers	8
Section 3.2.   Power to Issue and Sell Stock	9
Section 3.3.   Power to Declare Dividends	8
Section 3.4.   Number and Term	10
Section 3.5.   Election	10
Section 3.6.   Vacancies and Newly Created Directorships	10
Section 3.7.   Removal	10
Section 3.8.   Annual and Regular Meetings	11
Section 3.9.   Special Meetings	12
Section 3.10.  Waiver of Notice	12
Section 3.11.  Quorum and Voting	12
Section 3.12.  Action Without a Meeting	13
Section 3.13.  Compensation of Directors	13

ARTICLE IIIA--EMERITUS FOUNDING DIRECTORS	13
Section 3A.1.  Number; Qualification; Term	13
Section 3A.2.  Duties; Remuneration	14





	ii

	TABLE OF CONTENTS (continued)

	Page

ARTICLE IV--COMMITTEES	14
Section 4.1.   Organization	14
Section 4.2.   Executive Committee	15
Section 4.3.   Other Committees	15
Section 4.4.   Proceedings and Quorum	15

ARTICLE V--OFFICERS OF THE CORPORATION; OFFICERS OF THE BOARD	16
Section 5.1.   General	16
Section 5.2.   Election, Tenure and Qualifications	16
Section 5.3.   Removal and Resignation	16
Section 5.4.   Chairman of the Board	17
Section 5.5.   Vice Chairman of the Board	17
Section 5.6.   President	17
Section 5.7.   Vice President	18
Section 5.8.   Treasurer and Assistant Treasurers	18
Section 5.9.   Secretary and Assistant Secretaries	18
Section 5.10.  Subordinate Officers	19
Section 5.11.  Remuneration	19
Section 5.12.  Surety Bonds	19

ARTICLE VI--NET ASSET VALUE	20
Section 6.1.   Valuation of Assets	20

ARTICLE VII--CAPITAL STOCK	20
Section 7.1.   Certificates of Stock	20
Section 7.2.   Transfer of Shares	20
Section 7.3.   Stock Ledgers	20
Section 7.4.   Transfer Agents and Registrars	21
Section 7.5.   Fixing of Record Date	21
Section 7.6.   Lost, Stolen or Destroyed Certificates	21

ARTICLE VIII--FISCAL YEAR AND ACCOUNTANT	22
Section 8.1.   Fiscal Year	22
Section 8.2.   Accountant	22

ARTICLE IX--CUSTODY OF SECURITIES	23
Section 9.1.   Employment of a Custodian	23
Section 9.2.   Termination of Custodian Agreement	23


iii


TABLE OF CONTENTS (continued)

	Page

ARTICLE X--INDEMNIFICATION AND INSURANCE	23
Section 10.1.  Indemnification of Officers, Directors, Employees and
Agents	23
Section 10.2.  Insurance of Officers, Directors, Employees and Agents.
	25

ARTICLE XI--AMENDMENTS	25
Section 11.1.  General	25






























	iv







BY-LAWS
OF
THE KOREA FUND, INC.
(A Maryland Corporation)

ARTICLE I
NAME OF CORPORATION, LOCATION OF
OFFICES AND SEAL
        Section 1.1. Principal Offices. The principal office of the
Corporation in the State of Maryland shall be located in Baltimore,
Maryland. The Corporation may, in addition, establish and maintain such
other offices and places of business as the Board of Directors may,
from time to time, determine. [MGCL S 2-108?]
        Section 1.2. Seal. The corporate seal of the Corporation shall
be circular in form and shall bear the name of the Corporation, the
year of its incorporation, and the word "Maryland." The form of the
seal shall be subject to alteration by the Board of Directors and the
seal may be used by causing it or a facsimile to be impressed or
affixed or printed or otherwise reproduced. Any officer or Director of
the Corporation shall have authority to affix the corporate seal of the
Corporation to any document requiring the same. If the Corporation is
required to place its corporate seal to a document, it shall be
sufficient to place the word "(seal)" adjacent to the signature of the
authorized officer of the corporation signing the document. [MGCL S 1-
304]

ARTICLE II
STOCKHOLDERS
        Section 2.1. Annual Meetings. An annual meeting of stockholders
for the election of Directors and the transaction of such other
business as may properly come before the meeting shall be held in
October. The meeting will be held at such place as the Board of
Directors shall select. [MGCL S 2-501]
        Section 2.2. Special Meetings. Special meetings of stockholders
may be called at any time by the President, by a majority of the Board
of Directors or by the Chairman of the Board, if any, and shall be held
at such time and place as may be stated in the notice of the meeting.
        Special meetings of the stockholders shall also be called by
the Secretary upon the written request of the holders of shares
entitled to not less than 50% of all the votes entitled to be cast at
such meeting, provided that (1) such request shall state the purposes
of such meeting and the matters proposed to be acted upon, and (2) the
stockholders requesting such meeting shall have paid to the Corporation
the reasonably estimated cost of preparing and mailing the notice
thereof, which the Secretary shall determine and specify to such
stockholders. No special meeting shall be called upon the request of
stockholders to consider any matter which is substantially the same as
a matter voted upon at any special meeting of the stockholders held
during the preceding 12 months, unless requested by the holders of a
majority of all shares entitled to be voted at such meeting. [MGCL S 2-
502]
        Section 2.3. Notice of Meetings. The Secretary shall cause
notice of the place, date and hour, and, in the case of a special
meeting or if otherwise required by law, the purpose or purposes for
which the meeting is called, to be mailed, not less than 10 nor more
than 90 days before the date of the meeting, to each stockholder
entitled to vote at such meeting at his address as it appears on the
records of the Corporation at the time of such mailing.  Notice of any
stockholders' meeting need not be given to any stockholder who shall
sign a written waiver of such notice whether before or after the time
of such meeting, which waiver shall be filed with the record of such
meeting, or to any stockholder who is present at such meeting in person
or by proxy. Notice of adjournment of a stockholders' meeting to
another time or place need not be given if such time and place are
announced at the meeting. [MGCL S 2-504]
        Section 2.4. Quorum. The presence at any stockholders' meeting,
in person or by proxy, of stockholders entitled to cast a majority of
the votes entitled to be cast thereat shall be necessary and sufficient
to constitute a quorum for the transaction of business. In the absence
of a quorum, the holders of a majority of shares entitled to vote at
the meeting and present in person or by proxy, or, if no stockholder
entitled to vote is present in person or by proxy, any officer present
entitled to preside or act as Secretary of such meeting, may adjourn
the meeting sine die or from time to time without further notice to a
date not more than 120 days after the original record date. Any
business that might have been transacted at the meeting originally
called may be transacted at any such adjourned meeting at which a
quorum is present. [MGCL SS 2-506, 2-511]
        Section 2.5. Voting. At each stockholders' meeting, each
stockholder entitled to vote shall be entitled to one vote for each
share of stock of the Corporation validly issued and outstanding and
standing in his name on the books of the Corporation on the record date
fixed in accordance with Section 5 of Article VII hereof. Except as
otherwise specifically provided in the Articles of Incorporation or
these By-Laws or as required by law, as amended from time to time, all
matters shall be decided by a vote of the majority of the votes validly
cast. The vote upon any question shall be by ballot whenever requested
by any person entitled to vote, but, unless such a request is made,
voting may be conducted in any way approved by the meeting. [MGCL S 2-
507]

Section 2.6. Stockholders Entitled to Vote. If the Board of Directors
sets a record date for the determination of stockholders entitled to
notice of or to vote at any stockholders' meeting in accordance with
Section 7.5 of Article VII hereof, each stockholder of the Corporation
shall be entitled to vote, in person or by proxy, each share of stock
standing in his name on the books of the Corporation on such record
date. If no record date has been fixed, the record date for the
determination of stockholders entitled to notice of or to vote at a
meeting of stockholders shall be determined in accordance with the
Maryland General Corporation Law. [MGCL S 2-511]
        Section 2.7. Proxies. Any stockholder entitled to vote at any
meeting of stockholders may vote either in person or by written proxy
signed by the stockholder or his authorized agent.  A stockholder
entitled to vote at any meeting of stockholders may also authorize
another person or persons to act as a proxy for him via telephone, the
internet or any other means authorized by Maryland law.  Unless a proxy
provides otherwise, it is not valid more than eleven months after its
date.  A copy, facsimile transmission or other reproduction of a
writing or transmission may be substituted for the original writing or
transmission for any purpose for which the original writing or
transmission could be used.  Every proxy shall be dated, but need not
be sealed, witnessed or acknowledged.  Every proxy shall be revocable
at the pleasure of the person authorizing it or of his personal
representatives or assigns. All proxies shall be delivered to the
Secretary of the Corporation, or to the person acting as Secretary of
the meeting being voted.  A proxy with respect to stock held in the
name of two or more persons shall be valid if executed by one of them
unless, at or prior to exercise of such proxy, the Corporation receives
a specific written notice to the contrary from any one of them.  A
proxy purporting to be executed by or on behalf of a stockholder shall
be valid unless challenged at or prior to its exercise. [MGCL S 2-507]
        Section 2.8. Voting and Inspectors. At any election of
Directors, the Chairman of the meeting may 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 election make a certificate of the result of the vote taken. No
candidate for the office of Director shall be appointed such Inspector.
        Section 2.9. Action without Meeting. Any action to be taken by
stockholders may be taken without a meeting if (1) all stockholders
entitled to vote on the matter consent to the action in writing, (2)
all stockholders entitled to notice of the meeting but not entitled to
vote at it sign a written waiver of any right to dissent and (3) said
consents and waivers are filed with the records of the meetings of
stockholders. Such consent shall be treated for all purposes as a vote
at the meeting. [MGCL S 2-505]
        Section 2.10. New Business. At an annual meeting of
stockholders, only such new business shall be conducted, and only such
proposals shall be acted upon, as shall have been brought before the
annual meeting (a) by or at the recommendation of a majority of the
directors then in office or (b) by any stockholder of record at the
time of giving of notice provided for in this Section who complies with
the notice procedures set forth in this Section. For a proposal to be
properly brought before an annual meeting by a stockholder, the
stockholder must have given timely notice thereof in writing to the
Secretary of the Corporation. To be timely, a stockholder's notice must
be delivered to, or mailed by certified mail, return receipt requested
to and received at, the principal executive offices of the Corporation
not less than ninety (90) days nor more than one hundred and twenty
(120) days prior to the date of the meeting, as established pursuant to
Section 2.1, regardless of any postponement, deferral, or adjournment
of that meeting to a later date (provided however, that if less than
one hundred (100) days' notice or prior public disclosure of the date
of the scheduled meeting is given or made, notice by the stockholder to
be timely must be so delivered or received not later than the close of
business on the tenth (10th) day following the earlier of the day on
which such notice of the date of the scheduled meeting was given or the
day on which such public disclosure was made). Such stockholder's
notice shall set forth as to each matter the stockholder proposes to
bring before the annual meeting (a) a brief description of the proposal
desired to be brought before the annual meeting; (b) the name and
address, as they appear on the Corporation's books, of the stockholder
proposing such business; (c) the class and number of shares of the
Corporation's stock which are beneficially owned (as defined in Rule
l3d-3 under the Securities Exchange Act of 1934, as amended (the " 1934
Act")) by the stockholder; and (d) any material interest of the
stockholder in such proposal.
        The presiding officer of the annual meeting shall determine and
declare at the annual meeting whether the stockholder proposal was made
in accordance with the terms of this Section. If the presiding officer
determines that a stockholder proposal was made in accordance with the
terms of this Section, he shall so declare at the annual meeting and
ballots shall be provided for use at the meeting with respect to any
such proposal. If the presiding officer determines that a stockholder
proposal was not made in accordance with the terms of this Section, he
shall so declare at the annual meeting and any such proposal shall not
be acted upon at the annual meeting.
        Notwithstanding the foregoing provisions of this Section, a
stockholder shall also comply with all applicable requirements of the
1934 Act and the rules and regulations thereunder with respect to the
matters set forth in this Section. This Section shall not prevent the
consideration and approval or disapproval at the annual meeting of
reports of officers, directors and committees of the Board of
Directors, but, in connection with such reports, no new business shall
be acted upon at such annual meeting unless stated, filed and received
as herein provided.
        Section 2.11. Director Nominations. Nominations of candidates
for elections as directors at any meeting of stockholders may be made
(a) by or at the recommendation of a majority of the directors then in
office or (b) by any stockholder of the Corporation who is a
stockholder of record at the time of giving of notice provided for in
this Section, who shall be entitled to vote for the election of
directors at the meeting, and who complies with the notice procedures
set forth in this Section. Only persons nominated in accordance with
the procedures set forth in this Section shall be eligible for election
as directors by the stockholders.
        Nominations, other than those made by or at the recommendation
of the Board of Directors, shall be made pursuant to timely notice in
writing to the Secretary of the Corporation as set forth in this
Section. To be timely, a stockholder's notice shall be delivered to, or
mailed by certified mail, return receipt requested to and received at,
the principal executive offices of the Corporation, not less than
ninety (90) days nor more than one hundred and twenty (120) days prior
to the date of the meeting, as established pursuant to Section 2.1 or
Section 2.2 of Article II hereof (depending on whether the meeting is
an annual meeting or special meeting), regardless of any postponement,
deferral, or adjournment of that meeting to a later date (provided,
however, that if less than one hundred (100) days' notice or prior
public disclosure of the date of the scheduled meeting is given or
made, notice by the stockholder to be timely must be so delivered or
received not later than the close of business on the tenth (10th) day
following the earlier of the day on which such notice of the date of
the scheduled meeting was given or the day on which such public
disclosure was made). Such stockholder's notice shall set forth (a) as
to each person whom the stockholder proposes to nominate for election
or re-election as a director (i) the name, age, business address and
residence address of such person, (ii) the principal occupation or
employment of such person, (iii) the class and number of shares of the
Corporation's stock which are beneficially owned (as defined in Rule
l3d-3 under the 1934 Act) by such person on the date of such
stockholder's notice, (iv) such person's written consent to being
nominated and, if elected, to serving as a director, and (v) any other
information relating to such person that is required to be disclosed in
solicitations of proxies with respect to nominees for election as
directors, or is otherwise required, in such case pursuant to
Regulation 14A under the 1934 Act and (b) as to the stockholder giving
the notice (i) the name and address, as they appear on the
Corporation's books, of such stockholder and (ii) the class and number
of shares of the Corporation's stock which are beneficially owned (as
defined in Rule l3d-3 under the 1934 Act) by such stockholder. At the
request of the Board of Directors, any person nominated by or at the
recommendation of the Board of Directors for election as a director
shall promptly furnish to the Secretary of the Corporation the
information required to be set forth in a stockholder's notice of
nomination which pertains to the nominee.
        The presiding officer of the meeting shall determine and
declare at the meeting whether the nomination was made in accordance
with the terms of this Section. If the presiding officer determines
that the nomination was made in accordance with the terms of this
Section, he shall so declare at the meeting. If the presiding officer
determines that a nomination was not made in accordance with the terms
of this Section, he shall so declare at the meeting and the defective
nomination shall be disregarded.
        Ballots bearing the names of all the persons who have been
nominated for election as directors at a meeting in accordance with the
procedures set forth in this Section shall be provided for use at the
meeting.
        Notwithstanding the foregoing provisions of this Section, a
stockholder shall also comply with all applicable requirements of the
1934 Act and the rules and regulation thereunder with respect to the
matters set forth in this Section.
ARTICLE III
BOARD OF DIRECTORS
        Section 3.1. Powers. The property, affairs, and business of the
Corporation shall be managed by the Board of Directors, which may
exercise all the powers of the Corporation except those powers vested
solely in the stockholders of the Corporation by statute, by the
Articles of Incorporation, or by these By-Laws. [MGCL S 2-401]
        Section 3.2. Power to Issue and Sell Stock. The Board of
Directors may from time to time authorize by resolution the issuance
and sale of any of the Corporation's authorized shares to such persons
as the Board of Directors shall deem advisable and such resolution
shall fix the consideration or minimum consideration for which such
shares are to be issued, or a formula or method pursuant to which such
consideration is to be fixed and determined, and shall include a fair
description of any consideration other than money and a statement of
the actual value of such consideration as then determined by the Board
of Directors or a statement that such consideration is or will be not
less than a stated sum. [MGCL SS 2-201, 2-203]
        Section 3.3. Power to Declare Dividends.
        (a)    The Board of Directors, from time to time as they may
deem advisable to the extent permitted by applicable law, may declare
and pay dividends in cash or other property of the Corporation, out of
any source available for dividends, to the stockholders according to
their respective rights and interests. [MGCL S 2-309]
        (b)    The Board of Directors shall cause to be accompanied by
a written statement any dividend payment wholly or partly from any
source other than
           (i)    the Corporation's accumulated undistributed net
income (determined in accordance with good accounting practice and the
rules and regulations of the Securities and Exchange Commission then in
effect) and not including profits or losses realized upon the sale of
securities or other properties; or
           (ii)   the Corporation's net income so determined for the
current or preceding fiscal year. [MGCL S 2-309; ICA S 19(a)]
        Such statement shall adequately disclose the source or sources
of such payment and the basis of calculation, and shall be in such form
as the Securities and Exchange Commission may prescribe.
        (c)    Notwithstanding the above provisions of this Section
3.3, the Board of Directors may at any time declare and distribute pro
rata among the stockholders a stock dividend out of the Corporation's
authorized but unissued shares of stock to the extent permitted by
applicable law, including any shares previously purchased by the
Corporation, provided that such dividend shall not be distributed in
shares of any class with respect to any shares of a different class.
[MGCL S 2-309(e)]
        Section 3.4. Number and Term. The Board of Directors shall
consist of such number of Directors, not less than three nor more than
ten, as may be specified by resolution adopted by at least the majority
of the entire Board of Directors, provided that at least 40% of the
entire Board of Directors shall be persons who are not interested
persons of the Corporation as defined in the Investment Company Act of
1940. The Directors shall be divided into three classes, and shall be
designated as Class 1, Class II, and Class III Directors, respectively.
The Class I Directors shall originally consist of three Directors who
shall be elected at the annual meeting of stockholders held in 1988 and
shall serve for a term of office that expires at the annual meeting of
stockholders to be held in 1989. The Class II Directors shall
originally consist of three Directors who shall be elected at the
annual meeting of stockholders held in 1988 and shall serve for a term
of office that expires at the annual meeting of stockholders to be held
in 1990. The Class III Directors shall originally consist of three
Directors who shall be elected at the annual meeting of stockholders to
be held in 1988 and shall serve for a term of office that expires at
the annual meeting of stockholders to be held in 1991. After expiration
of the terms of office specified for the Directors elected at such 1988
annual meeting, the Directors of each class shall serve for terms of
three years, or, when filling a vacancy, for the remainder of the full
term of the class of directors in which the vacancy occurred, and until
their successors are elected and have qualified pursuant to MGCL
Section 3-804(c) as amended. [MGCL Section 2-402, ICA Section 10(a),
MGCL Section 3-804(c)]
        Section 3.5. Election. At the first annual meeting of
stockholders and at each annual meeting thereafter, Directors shall be
elected by vote of the holders of a majority of the shares present in
person or by proxy and entitled to vote thereon. [MGCL S 2-404]
        Section 3.6. Vacancies and Newly Created Directorships.
Vacancies on the Board of Directors shall be subject to and shall be
filled in accordance with MGCL Section 3-804(c).  Accordingly, if any
vacancies shall occur in the Board of Directors by reason of death,
resignation, or removal, or if the authorized number of Directors shall
be increased, the Directors then in office shall continue to act, and
such vacancies may be filled only by the affirmative vote of a majority
of directors then in office, even if less than a quorum, and any
director elected to fill a vacancy shall hold office for the remainder
of the full term of the class of directors in which the vacancy
occurred and until a successor is elected and qualifies; provided,
however, that immediately after filling such vacancy, at least two-
thirds (2/3) of the Directors then holding office shall have been
elected to such office by the stockholders of the Corporation. In the
event that at any time, other than the time preceding the first annual
stockholders' meeting, less than a majority of the Directors of the
Corporation holding office at that time were elected by the
stockholders, a meeting of the stockholders shall be held promptly and
in any event within 60 days for the purpose of electing Directors to
fill any existing vacancies in the Board of Directors unless the
Securities and Exchange Commission shall by order extend such period.
[MGCL S 2-407; ICA S 16]
        Section 3.7. Removal. At any meeting of stockholders duly
called and at which a quorum is present, the stockholders may, by the
affirmative vote of the holders of a majority of the votes entitled to
be cast for the election of Directors, remove any Director or Directors
from office, with cause, and may elect a successor or successors to
fill any resulting vacancies for the unexpired terms of the removed
Directors. [MGCL Section 2-406]
        Section 3.8. Annual and Regular Meetings. The annual meeting of
the Board of Directors for choosing officers and transacting other
proper business shall be held at such time and place as the Board may
determine. The Board of Directors from time to time may provide by
resolution for the holding of regular meetings and fix their time and
place within or outside the State of Maryland. Notice of such annual
and regular meetings need not be in writing, provided that written
notice of any change in the time or place of such meetings shall be
sent promptly, in the manner provided in Section 3.9 of this Article
III for notice of special meetings, to each Director not present at the
meeting at which such change was made. Members of the Board of
Directors or any committee designated thereby may participate in a
meeting of such Board or committee by means of a conference telephone
or similar communications equipment by means of which all persons
participating in the meeting can hear each other at the same time and
participation by such means shall constitute presence in person at a
meeting. [MGCL S 2-409]
        Section 3.9. Special Meetings. Special meetings of the Board of
Directors may be held at any time or place and for any purpose when
called by the Chairman of the Board or by a majority of the Directors.
Notice of special meetings, stating the time and place, shall be (1)
mailed to each Director at his residence or regular place of business
at least three days before the day on which a special meeting is to be
held or (2) delivered to him personally or transmitted to him by
telegraph, cable or other communication leaving a visual record at
least one day before the meeting. [MGCL S 2-409(b)]
        Section 3.10. Waiver of Notice. No notice of any meeting need
be given to any Director who is present at the meeting or who waives
notice of such meeting in writing (which waiver shall be filed with the
records of such meeting), whether before or after the time of the
meeting. [MGCL S 2-409(c)]
        Section 3.11. Quorum and Voting. At all meetings of the Board
of Directors, the presence of a majority of the number of Directors
then in office shall constitute a quorum for the transaction of
business. In the absence of a quorum, a majority of the Directors
present may adjourn the meeting, from time to time, until a quorum
shall be present. The action of a majority of the Directors present at
a meeting at which a quorum is present shall be the action of the Board
of Directors, unless the concurrence of a greater proportion is
required for such action by law, by the Articles of Incorporation or by
these By-Laws, provided that no action shall be taken without the
affirmative vote of 75 % of the Directors, with respect to the
following matters:
    (i)    a merger or consolidation of the Corporation with or into,
or the sale of substantially all of the Corporation's assets to, any
other company;
    (ii)   the dissolution of the Corporation;
    (iii)  the election of officers and the compensation of directors
and officers; or (iv)   the declaration that an amendment to the
Articles of Incorporation is advisable, if such amendment would cause
any stock of the Corporation to be a "redeemable security" under the
Investment Company Act of 1940. [MGCL S 2-408]
        Section 3.12. Action Without a Meeting. Any action required or
permitted to be taken at any meeting of the Board of Directors or of
any committee thereof may be taken without a meeting if a written
consent to such action is signed by all members of the Board or of such
committee, as the case may be, and such written consent is filed with
the minutes of proceedings of the Board or committee. [MGCL S 2-408(c)]
        Section 3.13. Compensation of Directors. Directors shall be
entitled to receive such compensation from the Corporation for their
services as may from time to time be determined by resolution of the
Board of Directors.
ARTICLE IIIA
EMERITUS FOUNDING DIRECTORS

        Section 3A.1.	Number; Qualification; Term:  The Board of
Directors may from time to time designate and appoint one or more
directors who have served on the Board of Directors since the
Corporation's inception to the position of "emeritus founding
director". Each emeritus founding director shall serve for such term as
shall be specified in the resolution of the Board of Directors
appointing him or until his earlier resignation or removal.  An
emeritus founding director may be removed from such position with or
without cause by the vote of a majority of the Board of Directors given
at any regular meeting or special meeting.
        Section 3A.2. Duties; Remuneration:  An emeritus founding
director shall be invited to attend all meetings of the Board of
Directors but shall not be present at any portion of a meeting from
which the emeritus founding director shall have been excluded by vote
of the directors.  An emeritus founding director shall not be a
"Director" or "officer" within the meaning of the Corporation's
Articles of Incorporation or of these By-Laws, shall not be deemed to
be a member of an "advisory board" within the meaning of the Investment
Company Act of 1940, as amended from time to time, shall not hold
himself out as any of the foregoing, and shall not be liable to any
person for any act of the Corporation.  Notice of special meetings may
be given to an emeritus founding director but the failure to give such
notice shall not affect the validity of any meeting or the action taken
thereat.  An emeritus founding director shall not have the powers of a
Director, may not vote at meetings of the Board of Directors and shall
not take part in the operation or governance of the Corporation.  An
emeritus founding director shall receive such compensation as shall be
determined by the vote of a majority of the Board of Directors.

ARTICLE IV
COMMITTEES
        Section 4.1. Organization. By resolution adopted by the Board
of Directors, the Board may designate one or more committees, including
an Executive Committee, which shall consist of one or more Directors.
The Chairman of such committees shall be elected by the Board of
Directors. Each member of a committee shall be a Director and shall
hold office in accordance with the By-Laws. The Board of Directors
shall have the power at any time to change the members of such
committees and to fill vacancies in the committees. The Board may
delegate to these committees any of its powers, except the powers to
declare a dividend, authorize the issuance of stock, recommend to
stockholders any action requiring stockholders' approval, amend these
By-Laws, or approve any merger or share exchange which does not require
stockholder approval. If the Board of Directors has given general
authorization for the issuance of stock providing for or establishing a
method or procedure for determining the maximum number of shares to be
issued, a committee of the Board, in accordance with that general
authorization or any stock option or other plan or program adopted by
the Board, may authorize or fix the terms of stock subject to
classification or reclassification and the terms on which any stock may
be issued, including all terms and conditions required or permitted to
be established or authorized by the Board of Directors under Section
3.2 of these By-Laws. [MGCL S 2-411]
        Section 4.2. Executive Committee. Unless otherwise provided by
resolution of the Board of Directors, when the Board of Directors is
not in session the Executive Committee shall have and may exercise all
powers of the Board of Directors in the management of the business and
affairs of the Corporation that may lawfully be exercised by an
Executive Committee. The Chairman of the Board, if any, and the
President shall be members of the Executive Committee.
        Section 4.3. Other Committees. The Board of Directors may
appoint other committees which shall have such powers and perform such
duties as may be delegated from time to time by the Board.
        Section 4.4. Proceedings and Quorum. In the absence of an
appropriate resolution of the Board of Directors, each committee may
adopt such rules and regulations governing its proceedings, quorum and
manner of acting as it shall deem proper and desirable. In the event
any member of any committee is absent from any meeting, the members
thereof present at the meeting, whether or not they constitute a
quorum, may appoint a member of the Board of Directors to act in the
place of such absent member.
ARTICLE V
OFFICERS OF THE CORPORATION;
OFFICERS OF THE BOARD
        Section 5.1. General. The officers of the Corporation shall be
a President, a Secretary and a Treasurer, and may include one or more
Vice Presidents, Assistant Secretaries or Assistant Treasurers, and
such other officers as may be appointed in accordance with the
provisions of Section 5.10 of this Article V. The Board of Directors
may elect, but shall not be required to elect, as officers of the Board
and not as officers of the Corporation, a Chairman of the Board and, in
the discretion of the Board, a Vice Chairman of the Board. [MGCL S 2-
412]
        Section 5.2. Election, Tenure and Qualifications. The officers
of the Corporation, except those appointed as provided in Section 5. 10
of this Article V, shall be elected by the Board of Directors at its
first meeting or such meetings as shall be held prior to its first
annual meeting, and thereafter annually at its annual meeting. If any
officers are not chosen at any annual meeting, such officers may be
chosen at any subsequent regular or special meeting of the Board.
Except as otherwise provided in this Article V, each officer chosen by
the Board of Directors shall hold office until the next annual meeting
of the Board of Directors and until his successor shall have been
elected and qualified. Any person may hold one or more offices of the
Corporation except the same person may not concurrently hold the
offices of President and Vice President. The Chairman of the Board, if
any, shall be elected from among the Directors of the Corporation and
may hold such office only so long as he continues to be a Director. No
other officer need be a Director. [MGCL S 2-413]
        Section 5.3. Removal and Resignation. Whenever in the Board's
judgment the best interest of the Corporation will be served thereby,
any officer may be removed from office by the vote of a majority of the
members of the Board of Directors given at a regular meeting or any
special meeting called for such purpose. Any officer may resign his
office at any time by delivering a written resignation to the Board of
Directors, the President, the Secretary, or any Assistant Secretary.
Unless otherwise specified therein, such resignation shall take effect
upon delivery. [MGCL S 2413]
        Section 5.4. Chairman of the Board. The Chairman of the Board,
if there be such, shall preside at all stockholders' meetings and at
all meetings of the Board of Directors and shall be ex officio a member
of all committees of the Board of Directors. He shall have such powers
and perform such other duties as may be assigned to him from time to
time by the Board of Directors.
        Section 5.5. Vice Chairman of the Board. The Vice Chairman of
the Board, if there be such, shall consult with the Chairman as to the
policies of the Corporation and as to the agendas to be presented at
the meetings of the Board of Directors. In the absence of the Chairman
of the Board and the President, he shall preside at meetings of the
Board of Directors. He shall have such powers and perform such other
duties as may be assigned to him from time to time by the Chairman of
the Board.
        Section 5.6. President. The President or the person so
designated by the Board of Directors of the Corporation as such, shall
be the chief executive officer of the Corporation and, in the absence
of the Chairman of the Board and of the Vice Chairman of the Board or
if neither such officer shall have been chosen, the President shall
preside at all stockholders' meetings and at all meetings of the Board
of Directors and shall in general exercise the powers and perform the
duties of the Chairman of the Board.  Subject to the supervision of the
Board of Directors, he shall have general charge of the business,
affairs, and property of the Corporation and general supervision over
its officers, employees and agents. Except as the Board of Directors
may otherwise order, he may sign in the name and on behalf of the
Corporation all deeds, bonds, contracts or agreements. He shall
exercise such other powers and perform such other duties as from time
to time may be assigned to him by the Board of Directors.
        Section 5.7. Vice President. The Board of Directors may from
time to time elect one or more Vice Presidents who shall have such
powers and perform such duties as from time to time may be assigned to
them by the Board of Directors or the President. At the request or in
the absence or disability of the President, the Vice President (or, if
there are two or more Vice Presidents, then the senior of the Vice
Presidents present and able to act) may perform all the duties of the
President and,  when so acting, shall have all the powers of and be
subject to all the restrictions upon the President.
        Section 5.8. Treasurer and Assistant Treasurers. The Treasurer
shall be the principal financial and accounting officer of the
Corporation and shall have general charge of the finances and books of
account of the Corporation. Except as otherwise provided by the Board
of Directors, he shall have general supervision of the funds and
property of the Corporation and of the performance by the Custodian of
its duties with respect thereto. He shall render to the Board of
Directors, whenever directed by the Board, an account of the financial
condition of the Corporation and of all his transactions as Treasurer;
and as soon as possible after the close of each financial year he shall
make and submit to the Board of Directors a like report for such
financial year. He shall perform all acts incidental to the Office of
Treasurer, subject to the control of the Board of Directors.
        Any Assistant Treasurer may perform such duties of the
Treasurer as the Treasurer or the Board of Directors may assign, and,
in the absence of the Treasurer, he may perform all the duties of the
Treasurer.
        Section 5.9. Secretaries and Assistant Secretaries. The
Secretary shall attend to the giving and serving of all notices of the
Corporation and shall record all proceedings of the meetings of the
stockholders and Directors in books to be kept for that purpose. He
shall keep in safe custody the seal of the Corporation, and shall have
charge of the records of the Corporation, including the stock books and
such other books and papers as the Board of Directors may direct and
such books, reports, certificates and other documents required by law
to be kept, all of which shall at all reasonable times be open to
inspection by any Director. He shall perform such other duties as
appertain to his office or as may be required by the Board of
Directors.
        Any Assistant Secretary may perform such duties of the
Secretary as the Secretary or the Board of Directors may assign, and,
in the absence of the Secretary, he may perform all the duties of the
Secretary.
        Section 5.10. Subordinate Officers. The Board of Directors from
time to time may appoint such other officers or agents as it may deem
advisable, each of whom shall have such title, hold office for such
period, have such authority and perform such duties as the Board of
Directors may determine. The Board of Directors from time to time may
delegate to one or more officers or agents the power to appoint any
such subordinate officers or agents and to prescribe their respective
rights, terms of office, authorities and duties.
        Section 5.11. Remuneration. The salaries or other compensation
of the officers of the Corporation shall be fixed from time to time by
resolution of the Board of Directors, except that the Board of
Directors may by resolution delegate to any person or group of persons
the power to fix the salaries or other compensation of any subordinate
officers or agents appointed in accordance with the provisions of
Section 5.10 of this Article V.
        Section 5.12. Surety Bonds. 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's property, funds or securities that may come into
his hands. [ICA S 17(g)]
ARTICLE VI
NET ASSET VALUE
        Section 6.1. Valuation of Assets. The value of the
Corporation'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. Such method shall be reduced to writing and maintained in
the Corporation's permanent records.
ARTICLE VII
CAPITAL STOCK
        Section 7.1. Certificates of Stock. The interest of each
stockholder of the Corporation shall be evidenced in such form as the
Board of Directors may from time to time prescribe. No certificate
shall be valid unless it is signed by the President or a Vice President
and by the Secretary or an Assistant Secretary or the Treasurer or an
Assistant Treasurer of the Corporation and sealed with its seal, or
bears the facsimile signatures of such officers and a facsimile of such
seal. [MGCL SS 2-210, 2-212]
        Section 7.2. Transfer of Shares. 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 a certificate or
certificates for the same number of shares of the same class, 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. The shares of stock
of the Corporation may be freely transferred, and the Board of
Directors may, from time to time, adopt rules and regulations with
reference to the method of transfer of the shares of stock of the
Corporation.
        Section 7.3. Stock Ledgers. The stock ledgers of the
Corporation, containing the names and addresses of the stockholders and
the number of shares held by them respectively, shall be kept at the
principal offices of the Corporation or, if the Corporation employs a
transfer agent, at the offices of the transfer agent of the
Corporation. [MGCL S 2-209]
        Section 7.4. Transfer Agents and Registrars. 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.
        Section 7.5. Fixing of Record Date. The Board of Directors may
fix in advance a date as a record date for the determination of the
stockholders entitled to notice of or to vote at any stockholders'
meeting or any adjournment thereof, or to express consent to corporate
action in writing without a meeting, or to receive payment of any
dividend or other distribution or allotment of any rights, or to
exercise any rights in respect of any change, conversion or exchange of
stock, or for the purpose of any other lawful action, provided that (1)
such record date shall be within 90 days prior to the date on which the
particular action requiring such determination will be taken; (2) the
transfer books shall not be closed for a period longer than 20 days,
and (3) in the case of a meeting of stockholders, the record date or
any closing of the transfer books shall be at least 10 days before the
date of the meeting. [MGCL S 2-511]
        Section 7.6. Lost, Stolen or Destroyed Certificates. Before
issuing a new certificate for stock of the Corporation alleged to have
been lost, stolen or destroyed, the Board of Directors or any officer
authorized by the Board may, in its discretion, require the owner of
the lost, stolen or destroyed certificate (or his legal representative)
to give the Corporation a bond or other indemnity, in such form and in
such amount as the Board or any such officer may direct and with such
surety or sureties as may be satisfactory to the Board or any such
officer, sufficient to indemnify the Corporation against any claim that
may be made against it on account of the alleged loss, theft or
destruction of any such certificate or the issuance of such new
certificate. [MGCL S 2-213]
ARTICLE VIII
FISCAL YEAR AND ACCOUNTANT
        Section 8.1. Fiscal Year. The fiscal year of the Corporation
shall, unless otherwise ordered by the Board of Directors, be twelve
calendar months ending on the 30th day of June.
        Section 8.2. Accountant.
        (a)    The Corporation shall employ an independent public
accountant or a firm of independent public accountants of national
reputation as its Accountant to examine the accounts of the Corporation
and to sign and certify financial statements filed by the Corporation.
The Accountant's certificates and reports shall be addressed both to
the Board of Directors and to the stockholders. 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'
meeting called for that purpose.
        (b)    A majority of the members of the Board of Directors who
are not "interested persons" (as such term is defined in the Investment
Company Act of 1940, as amended) of the Corporation shall select the
Accountant at any meeting held within 30 days before or after the
beginning of the fiscal year of the Corporation or before the annual
stockholders' meeting in that year. Such selection shall be submitted
for ratification or rejection at the next succeeding annual
stockholders' meeting. If such meeting shall reject such selection, the
Accountant shall be selected by majority vote of the Corporation's
outstanding voting securities, either at the meeting at which the
rejection occurred or at a subsequent meeting of stockholders called
for that purpose.
        (c)    Any vacancy occurring between annual meetings, due to
the resignation of the Accountant, may be filled by the vote of a
majority of the members of the Board of Directors who are not
"interested persons." [ICA S 32(a)]
ARTICLE IX
CUSTODY OF SECURITIES
        Section 9.1. Employment of a Custodian. The Corporation shall
place and at all times maintain in the custody of a Custodian
(including any sub-custodian for the Custodian) all funds, securities
and similar investments owned by the Corporation. The Custodian (and
any sub-custodian) shall be an institution conforming to the
requirements of Section 17(f) of the Investment Company Act of 1940 and
the rules of the U.S. Securities and Exchange Commission thereunder.
The Custodian shall be appointed from time to time by the Board of
Directors, which shall fix its remuneration. [ICA S 17(f)]
        Section 9.2. Termination of Custodian Agreement. Upon
termination of the Custodian Agreement or inability of the Custodian to
continue to serve, the Board of Directors shall promptly appoint a
successor Custodian, but in the event that no successor Custodian can
be found who has the required qualifications and is willing to serve,
the Board of Directors shall call as promptly as possible a special
meeting of the stockholders to determine whether the Corporation shall
function without a Custodian or shall be liquidated. If so directed by
vote of the holders of a majority of the outstanding shares of stock
entitled to vote of the Corporation, the Custodian shall deliver and
pay over all property of the Corporation held by it as specified in
such vote.
ARTICLE X
INDEMNIFICATION AND INSURANCE
        Section 10.1. Indemnification of Officers, Directors, Employees
and Agents. To the maximum extent permitted by the Investment Company
Act of 1940, the Securities Act of 1933 (as such statutes are now or
hereinafter in force) and by Maryland law in effect from time to time,
the Corporation shall indemnify, and shall pay or reimburse reasonable
expenses in advance of final disposition of a proceeding to, (i) any
individual who is a present or former Director or officer of the
Corporation or (ii) any individual who serves or has served another
corporation, partnership, joint venture, trust, employee benefit plan
or any other enterprise as a director or officer of such corporation or
other enterprise or as a partner or trustee of such partnership, joint
venture, trust, employee benefit plan or other enterprise at the
request of the Corporation. The Corporation may, with the approval of
its Board of Directors, provide such indemnification and advancement of
expenses to a person who served a predecessor of the Corporation in any
of the capacities described in (i) or (ii) above and to any employee or
agent of the Corporation or a predecessor of the Corporation.
Indemnification shall be made only as authorized for a specific
proceeding upon (i) a determination that indemnification of such person
is proper in the circumstances because he has met the applicable
standard of conduct for indemnification and (ii) such other
authorizations and determinations as may be required by law to be made
by (A) the Board of Directors of the Corporation by the vote of a
majority of a quorum consisting of Directors who are neither
"interested persons" of the Corporation as defined in the Investment
Company Act of 1940 nor parties to such proceeding or, if such quorum
cannot be obtained, by a majority vote of a committee of the Board of
Directors consisting solely of two or more such Directors who are duly
designated to act in the matter by a majority vote of the full Board of
Directors; or (B) independent legal counsel in a written opinion, which
counsel shall be selected in accordance with such procedures as may be
required by law, provided, however, that such counsel shall make only
such determinations and authorizations as are permitted by law to be
made by independent counsel; or (C) the stockholders of the Corporation
acting in accordance with the Charter and By-Laws of the Corporation
and applicable law.
        Neither the amendment nor repeal of this Section, nor the
adoption or amendment of any other provision of the By-Laws or Charter
of the Corporation inconsistent with this Section, shall apply to or
affect in any respect any act or failure to act which occurred prior to
such amendment, repeal or adoption.
        Section 10.2. Insurance of Officers, Directors, Employees and
Agents. The Corporation may purchase and maintain insurance on behalf
of any person who is or was a Director, officer, employee or agent of
the Corporation, or is or was serving at the request of the Corporation
as a Director, officer, employee or agent of another corporation,
partnership, joint venture, trust or other enterprise against any
liability asserted against him and incurred by him in or arising out of
his position, whether or not the Corporation would have the power to
indemnify him against such liability. [MGCL S 2-418(k)]
ARTICLE XI
AMENDMENTS
        Section 11.1. General. All By-Laws of the Corporation, whether
adopted by the Board of Directors or the stockholders, shall be subject
to amendment, alteration or repeal, and new By-Laws may be made, by the
affirmative vote of a majority of either: (1) the holders of record of
the outstanding shares of stock of the Corporation entitled to vote, at
any annual or special meeting, the notice or waiver of notice of which
shall have specified or summarized the proposed amendment, alteration,
repeal or new By-Law; or (2) the Directors, at any regular or special
meeting the notice or waiver of notice of which shall have specified or
summarized the proposed amendment, alteration, repeal or new By-Law.
[MGCL S 2-109(b)]


? Statutory references are for convenience only. MGCL  = Maryland
General Corporation Law; ICA =  Investment Company Act.



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