<SEC-DOCUMENT>0001076598-25-000103.txt : 20250501
<SEC-HEADER>0001076598-25-000103.hdr.sgml : 20250501
<ACCEPTANCE-DATETIME>20250501124111
ACCESSION NUMBER:		0001076598-25-000103
CONFORMED SUBMISSION TYPE:	424B3
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250501
DATE AS OF CHANGE:		20250501

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Eaton Vance Tax-Managed Diversified Equity Income Fund
		CENTRAL INDEX KEY:			0001340736
		ORGANIZATION NAME:           	
		EIN:				000000000
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		424B3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-284944
		FILM NUMBER:		25901281

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		617-482-8260

	MAIL ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Eaton Vance Tax-Managed Premium & Dividend Income Fund
		DATE OF NAME CHANGE:	20051110

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Eaton Vance Tax-Managed Premium & Income Opportunities Fund
		DATE OF NAME CHANGE:	20051005

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Eaton Vance Enhanced Equity Income Fund II
		CENTRAL INDEX KEY:			0001308335
		ORGANIZATION NAME:           	
		EIN:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-286376
		FILM NUMBER:		25901282

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		617-482-8260

	MAIL ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B3
<SEQUENCE>1
<FILENAME>etyeossaisupp.htm
<DESCRIPTION>ETY & EOS SAI SUPPLEMENT DTD 5-1-2025
<TEXT>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 65%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 35%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Filed pursuant to Rule 424(b)(3)</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 7.9pt"><B>File Nos. 333-284944, 333-286376</B></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>EATON VANCE TAX-MANAGED DIVERSIFIED EQUITY INCOME
FUND</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Supplement to Statement of Additional Information (&ldquo;SAI&rdquo;)
dated February 14, 2025</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">as may be supplemented and/or revised from time to time</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>EATON VANCE ENHANCED EQUITY INCOME FUND II</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Supplement to SAI dated April 4, 2025</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">as may be supplemented and/or revised from time to time</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left"><B>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following
replaces &ldquo;Proxy Voting Policy.&rdquo; under &ldquo;Trustees and Officers&rdquo;:</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="color: #202529; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Proxy Voting Policy.</B> The Board adopted a proxy voting
policy and procedures (the &ldquo;Fund Policy&rdquo;), pursuant to which the Board has delegated proxy voting responsibility to the Adviser
and adopted the proxy voting policies and procedures of the Adviser (the &ldquo;Adviser Policies&rdquo;). An independent proxy voting
service has been retained to assist in the voting of Fund proxies through the provision of research, execution, recordkeeping and reporting
services. The members of the Board will review the Fund&rsquo;s proxy voting records from time to time and will review annually the Adviser
Policies. For a copy of the Fund Policy and the Adviser Policies, see Appendix A, B and C, respectively. Pursuant to certain provisions
of the 1940 Act relating to funds investing in other funds, a Fund may be required or may elect to vote its interest in another fund in
the same proportion as the holders of all other shares of that fund. Information on how the Fund voted proxies relating to portfolio securities
during the most recent 12-month period ended June 30 is available (1) without charge, upon request, by calling 1-800-262-1122, (2) on
the SEC&rsquo;s website at http://www.sec.gov and (3) on the Fund&rsquo;s website at https://www.eatonvance.com.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left"><B>2. The following replaces the forty-third
paragraph under &quot;Potential Conflicts of Interest&quot;:</B></P>

<P STYLE="color: #1C2126; font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; color: #202529"><B>Investments in Morgan Stanley Funds and Other Funds.</B>&nbsp;To
the extent permitted by applicable law, a Fund may invest in a fund&nbsp;affiliated with the investment adviser or its affiliates or a
fund advised by the investment adviser or its affiliates. In connection with any such investments,&nbsp;an investing Fund, to the extent
permitted by the 1940 Act, will pay all advisory, administrative and/or Rule 12b-1 fees applicable to&nbsp;the investment. Investments
by a Fund in a fund affiliated with the investment adviser or its affiliates or a fund advised by the investment adviser or its affiliates
present potential conflicts of interest, including potential incentives to invest in smaller or newer funds to increase asset levels or
provide greater viability. The investment adviser voluntarily waives advisory fees of a Fund associated with investments by the Fund in
a fund advised by the investment adviser or its affiliates which will reduce, but will not eliminate, these types of conflicts.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left"><B>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following
replaces the Appendix &ndash; &ldquo;Eaton Vance Funds Proxy Voting Policy and Procedures&rdquo;:</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: right">Adopted: June 16, 2003<BR>
&#9;Revised: May 8, 2013;<BR>
December 10, 2019;<BR>
October 12, 2021<BR>
April 2025</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt; text-align: center">Eaton Vance Funds</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Proxy Voting Policy and Procedures</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">I. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Overview</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Boards of Trustees (the &ldquo;Board&rdquo;) of the Eaton Vance
Funds<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT> have adopted these written proxy voting policy and procedures
(the &ldquo;Policy&rdquo;). For purposes of this Policy:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>&ldquo;Fund&rdquo; means each registered investment company sponsored by the Eaton Vance organization; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>&ldquo;Adviser&rdquo; means the investment adviser or sub-adviser responsible for the day-to-day management of all or a portion of
the Fund&rsquo;s assets.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">_____________</P>

<P STYLE="font: 8pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">1 The Eaton Vance Funds may be organized as trusts or corporations.
For ease of reference, the Funds may be referred to herein as Trusts and the Funds&rsquo; Board of Trustees or Board of Directors may
be referred to collectively herein as the Board.<BR STYLE="clear: both">
</P>


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<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">II. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delegation of Proxy
Voting Responsibilities</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Board hereby delegates to the Adviser responsibility for voting
the Fund&rsquo;s proxies as described in this Policy. In this connection, the Adviser is required to provide the Board with a copy of
its proxy voting policies and procedures (&ldquo;Adviser Procedures&rdquo;) and all Fund proxies will be voted in accordance with the
Adviser Procedures. The Adviser Procedures shall comply with Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended (the
&ldquo;Advisers Act&rdquo;) and be reasonably designed to ensure that the Adviser votes Fund securities in the best interest of the Fund
and include how the Adviser addresses material conflicts that may arise between the interest of the Adviser and the interests of the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Adviser is required to report any material change to the Adviser
Procedures to the Board in the manner set forth in Section V below.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">III. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delegation of Proxy
Voting Disclosure Responsibilities</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Pursuant to Rule 30b1-4 promulgated under the Investment Company Act
of 1940, as amended (the &ldquo;1940 Act&rdquo;), the Fund is required to file Form N-PX no later than August 31<SUP>st</SUP> of each
year. On Form N-PX, the Fund is required to disclose, among other things, information concerning proxies relating to the Fund&rsquo;s
portfolio investments, whether or not the Fund (or its Adviser) voted the proxies relating to securities held by the Fund and how it voted
on the matter and whether it voted for or against management.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">To facilitate the filing of Form N-PX for the Fund:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>The Adviser is required to record, compile and transmit in a timely manner all data required to be filed on Form N-PX for the Fund
that it manages. Such data shall be transmitted to Eaton Vance Management, which acts as administrator to the Fund (the &ldquo;Administrator&rdquo;)
or the third-party service provider designated by the Administrator; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>The Administrator is required to file Form N-PX on behalf of the Fund with the Securities and Exchange Commission (the &ldquo;Commission&rdquo;)
as required by the 1940 Act. The Administrator may delegate the filing to a third-party service provider provided each such filing is
reviewed and approved by the Administrator.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><B>IV. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conflicts of Interest
</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Adviser, as a fiduciary to the Fund it manages, put the interests
of the Fund and its shareholders above those of the Adviser. When required to vote a proxy for the Fund, the Adviser and in some instances
Independent Trustees of the Funds, may have material business relationships with the issuer soliciting the proxy that could give rise
to a potential material conflict of interest for the Adviser. Pursuant to Rule 206(4)-7 under the Advisers Act, the Adviser Procedures
must include how the Adviser addresses material conflicts that may arise between the interest of the Adviser and the interests of the
Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>V. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reports and Review</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">The Administrator shall make copies of Form N-PX filed on behalf of
the Fund available for the Board&rsquo;s review upon the Board&rsquo;s request. The Administrator (with input from the Adviser for the
Fund) shall also provide any reports reasonably requested by the Board regarding the proxy voting records of the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">The Adviser shall provide reports to the Board as requested by the
Board, the Administrator, the Funds&rsquo; Chief Compliance Officer or the Funds&rsquo; Chief Legal Officer, including material changes
to the Adviser Procedures and material conflicts of interest. The Adviser Procedures, including procedures relating to material conflicts
of interest, shall be provided to the Board at least annually.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">The Adviser also shall report any material changes to the Adviser
Procedures to the Fund&rsquo;s Chief Legal Officer prior to implementing such changes in order to enable the Administrator to effectively
coordinate the Fund&rsquo;s disclosure relating to the Adviser Procedures. The Fund&rsquo;s Chief Legal Officer shall ensure that the
required disclosure relating to the Adviser Procedures is included in the Fund&rsquo;s registration statement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left"><B>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following
replaces the Appendix &ndash; &ldquo;Adviser Proxy Voting Policy and Procedures&rdquo;:</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-align: left; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Morgan Stanley Investment Management (&ldquo;MSIM&rdquo;)</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">Equity Proxy Voting Policy and Procedures</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center">April 2025</P>


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<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Contents</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Introduction</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">A. MSIM Approach to Proxy Voting</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">B. Applicability of Policy</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Proxy Voting Procedures</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">A. Proprietary Proxy Voting System</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">B. Proxy Services Provided by Third Parties</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">C. Proxy Voting Operations</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">D. Proxy Voting Oversight</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">E. Securities Lending</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">F. Market and Operational Limitations</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">G. Conflicts of Interest</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">H. Proxy Voting Reporting &amp; Recordkeeping</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">I. Review of Policy</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">MSIM Proxy Voting Guidelines</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">A. Board of Directors</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">B. Auditors</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">C. Executive &amp; Director Compensation</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">D. Shareholder Rights and Defenses</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">E. Capital Structure</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">F. Corporate Transactions &amp; Proxy Fights</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 3pt 0.25in">G. Shareholder Proposals</P>


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<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Introduction</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">This Proxy Voting Policy (&ldquo;Policy&rdquo;) sets out Morgan Stanley
Investment Management&rsquo;s (&ldquo;MSIM&rdquo;)<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT> approach
to Proxy Voting, the procedures it follows with respect to Proxy Voting and the guidelines used to inform voting on key issues. The Policy
is reviewed annually and updated as necessary to address new and evolving proxy voting issues and standards.&nbsp;&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">A. MSIM Approach to Proxy Voting</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">MSIM will vote proxies in a prudent and diligent manner and in the best
interests of clients in accordance with its fiduciary duties, consistent with the objectives of the relevant investment strategy (&ldquo;Client
Proxy Standard&rdquo;). MSIM will generally seek to vote proxies in accordance with the Proxy Voting Guidelines set out below.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">MSIM has a decentralized approach towards investment management, consisting
of independent investment teams. Investment teams seek to integrate this Policy with their investment goals and client expectations, using
their vote to support sound corporate governance with the aim of enhancing long-term shareholder value, providing a high standard of transparency,
and enhancing companies' economic value. To that end, investment teams retain the overall vote decision. In some circumstances, MSIM may
further define guidelines that sit under this Policy providing more details on company expectations and voting decisions applicable to
certain strategies.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Under this Policy, proxy voting is led by our investment teams with
support from the Global Stewardship Team (&ldquo;GST&rdquo;). The GST supports investment teams to vote in accordance with the Client
Proxy Standard and comprises individuals who are separate from our investment teams. The GST is also responsible for the consistent application
of this Policy and the Proxy Voting Guidelines and for providing voting recommendations to investment teams. The GST also oversees the
proxy voting operational processes, vote execution and research.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">As a result of MSIM&rsquo;s independent investment team structure, a
situation may emerge in which different investment teams have different views on how to vote the same proxy in the best interest of their
respective clients. Under these circumstances, each investment team will vote according to their views.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">B. Applicability of Policy</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">This Policy<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>2</SUP></FONT>
applies to proxy voting activities across MSIM. MSIM votes proxies on behalf of its sponsored funds and advisory clients that have granted
it the authority to do so and will vote the proxies in accordance with this Policy unless otherwise agreed with the client.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Certain MSIM exchange-traded funds (&ldquo;ETFs&rdquo;) will follow
Calvert Research and Management&rsquo;s (&ldquo;Calvert&rdquo;) Proxy Voting Policies and Procedures and the Global Proxy Voting Guidelines
set forth in Appendix A of the Calvert Proxy Voting Policies and Procedures. MSIM&rsquo;s oversight of Calvert&rsquo;s proxy voting engagement
is ongoing pursuant to the 40 Act Fund Service Provider and Vendor Oversight Policy.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><BR>
<BR>
</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><BR>
<BR>
<BR>
_______________</P>

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><SUP>1</SUP> The MSIM entities covered by this Equity Proxy Voting
Policy and Procedures (the &ldquo;Policy&rdquo;) currently include the following: Morgan Stanley AIP GP LP, Morgan Stanley Investment
Management Inc., Morgan Stanley Investment Management Limited, Morgan Stanley Investment Management Company, Morgan Stanley Saudi Arabia,
MSIM Fund Management (Ireland) Limited, Morgan Stanley Asia Limited, Morgan Stanley Investment Management (Japan) Co. Limited, Morgan
Stanley Investment Management Private Limited, Morgan Stanley Eaton Vance CLO Manager LLC, Eaton Vance Management, Boston Management and
Research, Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd, Morgan Stanley
Eaton Vance CLO CM LLC and FundLogic SAS (each an &ldquo;MSIM Affiliate&rdquo; and collectively referred to as the &ldquo;MSIM Affiliates&rdquo;
or as &ldquo;we&rdquo; below.)</P>

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><SUP>2</SUP> This Policy does not apply to MSIM&rsquo;s authority
to exercise certain decision-making rights associated with investments in loans and other fixed-income instruments (collectively, &ldquo;Fixed
Income Instruments&rdquo;). Instead, MSIM&rsquo;s Policy for Exercising Consents Related to Fixed Income Instruments applies to MSIM&rsquo;s
exercise of discretionary authority or other investment management services, to the extent MSIM has been granted authority to exercise
consents for an account with respect to any Fixed Income Instruments held therein.</P>


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<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Proxy Voting Procedures</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">MSIM follows the following procedures when voting proxies:</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">A. Proprietary Proxy Voting Platform</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">MSIM uses a proprietary management system, Provosys<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>3</SUP></FONT>,
when voting proxies. Provosys streamlines our proxy voting process by providing a centralized platform for research, vote instruction
and management of conflicts of interests. We believe that the internal management of this process provides us with enhanced quality control,
as well as oversight and independence of the proxy administration process. Our proprietary system also handles workflow around proxy voting,
documenting the views of various investment teams and the GST where relevant.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">B. Proxy Services Provided by Third Parties</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">MSIM also retains the services of Institutional Shareholder Services
(&ldquo;ISS&rdquo;) and Glass Lewis (collectively, the &ldquo;Proxy Service Providers<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>4</SUP></FONT>&rdquo;)
for proxy vote execution, reporting, record-keeping, and where appropriate, to provide company-level reports that summarize key data elements
within an issuer&rsquo;s proxy statement or on specific thematic/market topics.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">MSIM performs periodic due diligence on the Proxy Service Providers
as part of ongoing oversight. Topics of the reviews include, but are not limited to, the Proxy Service Providers&rsquo; management of
conflicts of interest, methodologies for developing their policies and vote recommendations, and resources.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">C. Proxy Voting Operations</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The GST<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>5</SUP></FONT>
is responsible for ensuring that voting instructions from investment teams and clients (where applicable) are communicated to our Proxy
Service Provider responsible for proxy vote execution (currently, ISS serves in this capacity) and that adequate controls are in place
to ensure instructions communicated electronically are accurately recorded in ISS systems for execution (including scenarios where votes
have been split because of client preference or differing investment team convictions).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Additionally, the GST conducts monthly reviews of a vote audit report
provided by ISS, confirming the execution status for meetings and conducts ex-post reviews to confirm that ISS has accurately implemented
voting instructions.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">D Proxy Voting Oversight</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Proxy Review Committee (&ldquo;PRC&rdquo;) has overall responsibility
for this Policy. The PRC consists of investment professionals who represent the different investment disciplines and/or geographic locations
of MSIM and members of the GST. Additionally, the GST administers and implements the Policy through consultation with PRC members and
MSIM investment teams, as well as monitors services provided by the Proxy Service Providers and any other research providers used in the
proxy voting process.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">E. Securities Lending</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Accounts or funds sponsored, managed, or advised by MSIM may participate
in a securities lending program through a third-party provider. The voting rights for shares that are out on loan are transferred to the
borrower and therefore, the lender is not entitled to vote the lent shares at the company meeting.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">However, in certain circumstances a portfolio manager may seek to recall
shares for the purposes of voting. In this event, the handling of such recall requests would be on a reasonable efforts basis.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">F. Market and Operational Limitations</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Voting proxies of companies located in some jurisdictions may involve
several issues that can restrict or prevent the ability to vote such proxies or entail significant costs. These issues include, but are
not limited to: (i) proxy statements and ballots being written in a language other than English; (ii) untimely and/or inadequate notice
of shareholder meetings; (iii) restrictions on the ability of holders outside the issuer&rsquo;s jurisdiction of the listing organization
to exercise votes; (iv) requirements to vote proxies in person; (v) the imposition of restrictions on the sale of the securities for a
period of time in proximity to the shareholder meeting; and (vi) requirements to provide local agents with power of attorney to facilitate
our voting instructions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">As a result, MSIM will use reasonable efforts to vote clients&rsquo;
non-U.S. proxies, after weighing the costs and benefits of voting such proxies, consistent with the Client Proxy Standard.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">_______________</P>

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><SUP>3</SUP> Not applicable for Morgan Stanley AIP GP LP</P>

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><SUP>4</SUP> Not applicable for Morgan Stanley AIP GP LP</P>

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><SUP>5</SUP> Not applicable for Morgan Stanley AIP GP LP</P>


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<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">G. Conflicts of Interest</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">MSIM is part of Morgan Stanley, a global financial services group, and,
as such, MSIM faces potential conflicts due to the role of other Morgan Stanley divisions which may have commercial relationships with
companies in which MSIM may invest. Such potential conflicts of interest involving divisions of Morgan Stanley outside MSIM are managed
through the operation of various policies and procedures, including (among others) those creating and enforcing information barriers between
MSIM and other Morgan Stanley divisions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">MSIM has also enacted policies and procedures to address potential conflicts
resulting from its own commercial or other relationships and to manage conflicts of interests so that proxies are voted in accordance
with the Client Proxy Standard. The GST administers proxy voting Policy implementation and is responsible for providing investment teams
with voting recommendations in accordance with this Policy and the Proxy Voting Guidelines. In the event of a material conflict of interest
not addressed by such policies and procedures, the Head of GST will convene a special committee to oversee how a proxy should be voted
in accordance with the Client Proxy Standard. Any determinations of the special committee regarding a material conflict of interest where
appropriate will be reported to the Fund Board.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">MSIM also faces potential conflicts of interest when voting proxies
of its parent company Morgan Stanley. In such situations, MSIM will seek to vote its shares in the same proportion as other holders of
Morgan Stanley&rsquo;s shares (&ldquo;echo vote&rdquo;).</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">H. Proxy Voting Reporting &amp; Recordkeeping</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">We will promptly provide a copy of this Policy to any client requesting
it. We will also, upon client request, promptly provide a report indicating how each proxy was voted with respect to securities held in
that client&rsquo;s account. MSIM files an annual Form N-PX on behalf of each MSIM affiliate for which such filing is required, indicating
how proxies were voted with respect to each MSIM affiliate fund&rsquo;s or advisor&rsquo;s holdings.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The GST will maintain requisite proxy voting books and records, including
but not limited to: (1) proxy voting policies and procedures, (2) proxy statements received on behalf of client accounts, (3) proxies
voted, (4) copies of any relevant research documents and (5) PRC and Special Committee decisions and actions. This documentation will
be maintained for such period as required by relevant law and regulation.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">MSIM also maintains rationales for its voting decisions at shareholder
meetings (including votes against management) in a searchable database on an external website, which is updated on a rolling 12-month
basis.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Records are retained in accordance with Morgan Stanley&rsquo;s Global
Information Management Policy, which establishes general Firm-wide standards and procedures regarding the retention, handling, and destruction
of official books and records and other information of legal or operational significance.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Global Information Management Policy incorporates Morgan Stanley&rsquo;s
Master Retention Schedule, which lists various record classes and associated retention periods on a global basis.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">I. Review of Policy</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The PRC through consultation with PRC members, and in conjunction with
the Legal and Compliance Division, reviews this Policy annually to ensure that it remains consistent with clients&rsquo; best interests,
regulatory requirements, investment team considerations, governance trends and industry best practices.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">MSIM Proxy Voting Guidelines</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">MSIM<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>6</SUP></FONT>
(also defined as &ldquo;We&rdquo; within this section) will vote proxies in a prudent and diligent manner and in the best interests of
clients in accordance with its fiduciary duties, consistent with the Client Proxy Standard.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Our proxy voting principles are rooted in the tenets of accountability,
transparency and protection of shareholder rights. Stock ownership represents an opportunity to participate in the economic rewards of
a long-lived asset and shareholder rights represent an important path to maximizing these rewards. When reviewing proposals, MSIM considers
the financial materiality, including the company&rsquo;s exposure to the risk or opportunity, the management of such issues and company&rsquo;s
current disclosures.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">MSIM therefore expect the companies in which it invests to adhere to
effective governance practices and to protect their shareholders&rsquo; interests. In addition to these proxy voting guidelines, MSIM
may review publicly disclosed information from the issuer, research, and other sources. Investment teams will independently make voting
decisions as appropriate for their strategies.</P>

<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">_______________</P>

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><SUP>6</SUP> The MSIM entities covered by this Equity Proxy Voting
Policy and Procedures (the &ldquo;Policy&rdquo;) currently include the following: Morgan Stanley AIP GP LP, Morgan Stanley Investment
Management Inc., Morgan Stanley Investment Management Limited, Morgan Stanley Investment Management Company, Morgan Stanley Saudi Arabia,
MSIM Fund Management (Ireland) Limited, Morgan Stanley Asia Limited, Morgan Stanley Investment Management (Japan) Co. Limited, Morgan
Stanley Investment Management Private Limited, Morgan Stanley Eaton Vance CLO Manager LLC, Eaton Vance Management, Boston Research Management,
Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd, Morgan Stanley Eaton
Vance CLO CM LLC and FundLogic SAS (each an &ldquo;MSIM Affiliate&rdquo; and collectively referred to as the &ldquo;MSIM Affiliates&rdquo;
or as &ldquo;we&rdquo; below).</P>


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<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">A. Board of Directors</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The board of directors plays a key role in overseeing management and
ensuring effective execution of strategies to achieve long-term shareholder value creation. The board has several important responsibilities
including, but not limited to, selecting the executive leadership, monitoring and incentivizing performance, succession planning, and
overseeing company strategy. In order to effectively carry out its fiduciary duties, we believe it is crucial for the board to have the
right mix of skills, be sufficiently independent, and have the proper accountability mechanisms in place.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><U>Board Composition</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The role of the board of directors is to provide governance oversight
and guidance to position the company for strategic success and drive long term value creation for shareholders. We believe that diverse
perspectives on the board help directors assess and manage risks and opportunities comprehensively. Diversity on a board can include diversity
of thought, background, skills, and experiences. Directors with a mix of tenures can also be beneficial to balance new perspectives with
industry experience and knowledge. We generally expect the board to be composed of directors with adequate skill sets and diversity to
provide oversight of the business, and in line with any local market regulations. Additionally, we expect the audit committee to have
directors with appropriate financial expertise to serve on the committee.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><U>Board Independence </U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">We generally expect boards to adhere at a minimum to their prevalent
market or regulatory standards on board independence. In most markets, a majority independent board is considered best practice. When
assessing independence of directors, we may consider relevant circumstances and relationships with the company and related parties such
as senior management or large shareholders.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">In our experience, the right leadership structure is critical to a strong
board. When voting on matters related to board leadership, we may consider company performance and any evidence of entrenchment or perceived
risk indicating power may be overly concentrated in a single individual. We also generally expect key board committees to be comprised
of independent board members.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><U>Board Accountability </U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Director elections are the primary mechanism for shareholders to hold
board members accountable. Therefore, we generally expect directors to be elected annually to serve on the board by majority vote. We
generally expect directors who fail to receive majority shareholder support should resign from their position unless there is sufficient
disclosure concerning the reasons why they failed to get support from a majority of the shareholders.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Boards should take into consideration the views of their long-term shareholders
to ensure alignment, and to make appropriate efforts to communicate their plans and views broadly. To that end, we generally expect the
board to engage meaningfully with long-term shareholders, especially to address concerns on matters that may affect the long-term value
creation of the company.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">We may consider withholding support for directors where we have significant
concerns due to inadequate risk oversight of potentially financially material issues<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>7</SUP></FONT>.
We may consider withholding support for Audit Committee members for failure to address accounting irregularities or financial misstatements
over consecutive years.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Directors should dedicate adequate time to their role and consider any
other existing commitments alongside their board and/or committee memberships. We may look at meeting attendance to determine whether
directors have adequate time for their responsibilities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">_______________</P>

<P STYLE="font: 8pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0"><SUP>7</SUP> For example, we may withhold support for a director
we believe is responsible for a company&rsquo;s involvement/remediation of breach of global conventions such as UN Global Compact Principles
on Human Rights, Labor Standards, Environment and Business Malpractice.</P>

<P STYLE="font: 10pt/10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">B. Auditors</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Investors rely on auditors to attest to the integrity of a company&rsquo;s
financial statements, without which the business could not be properly evaluated. It is essential that auditors be independent, accurate,
fair in the fees charged, and not subject to conflicts of interest. We therefore expect auditors to be independent in order to provide
an objective opinion and assurance. We may consider non-audit related business, length of service and any other relevant context when
assessing auditor independence. We generally expect non-audit related fees to be less than 50% of the total fee.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">C. Executive &amp; Director Compensation</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Properly structured compensation is essential to attracting and retaining
effective corporate management. Poorly structured compensation plans can create perverse incentives. We expect compensations plans to
be reasonable, and appropriately incentivize executives to make risk-reward decisions that align with the business strategy and goals,
and long-term shareholder value creation. Compensation plans should also build in retention mechanisms for high performing executives.
We generally expect compensation plan payouts to align with performance and long-term value creation.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">We expect director compensation to follow market best practice and be
aligned with long-term shareholder interests. For executives and directors who gain shares through equity compensation plans, we generally
expect reasonable guidelines and holding requirements. Typically, stock options issued to executives should be priced at fair market value
on the date of the grant and any re-pricing should not incur a significant cost to shareholders.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">We generally expect employee ownership, retirement and severance plans
to be designed in a manner that does not disadvantage shareholders. These plans should not be excessively dilutive or incur a high cost.
We generally expect discounted employee stock purchase plans to be broad-based and include non-executive employees. Discount rates should
be in line with market best practice and not excessive.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">For compensation plans with performance metrics, in instances where
performance milestones are not met, we may expect reasonable claw back provisions for executive or director compensation related to these
missed milestones depending on the circumstances.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">We generally evaluate each compensation plan and any related proposals,
including shareholder proposals, within the context of the market and the company. In order to make a suitable evaluation about compensation
and related matters, we expect appropriate disclosures on relevant aspects.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">D. Shareholder Rights and Defenses</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Companies should take actions and make decisions with the intent of
maximizing long-term shareholder value creation. We generally support proposals that enhance shareholder rights and vote against those
that seek to undermine them. We believe that in most cases, each common share should have one vote, and that a simple majority of voting
shares should be what is required to effect change.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><U>Shareholder Rights Plans</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Shareholder rights plans, commonly known as poison pills, and similar
take-over defenses should aim to promote long-term shareholder value creation. When designing plans and defenses, companies should ensure
that they do not suppress potential value by unduly discouraging acquirers. We generally expect companies to seek shareholder approval
or ratification of shareholder rights plans.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><U>Unequal Voting Rights</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">We generally expect companies to adhere to the one share one vote principle.
When companies have dual-class structures, they should ensure that such structures are not misused to support instances where a few insiders
may benefit at the cost of other shareholders. Ultimately, structures should strive to create alignment between the shareholders&rsquo;
economic interests and their voting power.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><U>Voting Requirements </U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">We typically prefer a majority vote standard for binding votes. We also
expect management to be responsive to non-binding votes that have received majority support. We generally expect companies to protect
minority shareholder rights as their primary goal when considering supermajority vote requirements.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><U>Right to call Special Meetings</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">We generally expect companies to allow large shareholders to call special
meetings. A large shareholder may be defined by a reasonable threshold or in line with prevalent market practices.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><U>Proxy Access</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">We generally consider ownership thresholds, holding periods, the number
of directors that shareholders may nominate and any restrictions on forming a group in our evaluation of proposals related to proxy access.</P>


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<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">E. Capital Structure</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">We expect any changes to the capital structure to be driven by legitimate
business needs and not as a means of anti-takeover defense. We generally expect companies to ensure that such changes do not disadvantage
shareholders.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Companies should provide a clear business rationale when requesting
the authorization, or increase in authorization, of new shares or new share classes. They ought to request a reasonable number of shares
in relation to the purpose outlined. Companies should follow prevalent market practices, such as offering pre-emptive rights, to ensure
shareholders are not excessively diluted, unless required by specific circumstances which are clearly stated.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">We generally consider specific company and market context when we evaluate
proposals on dividend payout ratios and related matters.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">F. Corporate Transactions &amp; Proxy Fights</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">We expect companies to provide a clear economic and strategic rationale
for proposed transactions. We also expect disclosure of any financial benefits to the board or executives from any proposed transaction
and will generally look for assurances that shareholder interests were prioritized. We generally assess company-specific circumstances
when evaluating voting matters related to mergers, acquisitions, other special corporate transactions, and contested elections.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">G. Shareholder Proposals</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">In assessing shareholder proposals, we will carefully consider the potential
financial materiality (as appropriate to the investment strategy of MSIM&rsquo;s investment teams and relevant advisory affiliates) of
the issues raised in the proposal, as well as the company's exposure to relevant risks and opportunities, current disclosures on the topic,
and the sector and geography in which the company operates. We generally seek to balance concerns of reputational, operational, litigation
and other risks that lie behind the proposal against costs of implementation.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">We generally support proposals that seek to enhance useful disclosure
on potentially financially material issues (as appropriate to the investment strategy of MSIM&rsquo;s investment teams and relevant advisory
affiliates), including but not limited to climate, biodiversity, human rights, supply chain, workplace safety, human capital management
and pay equity. We focus on understanding the company&rsquo;s business and commercial context and recognize that there is no one size
fits all that can be applied across the board.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">We generally do not support shareholder proposals on matters best left
to the board&rsquo;s discretion, or addressed via legislation or regulation, or that would be considered unduly burdensome. We also generally
do not support shareholder proposals related to matters that we do not consider to be financially material (as appropriate to the investment
strategy of MSIM&rsquo;s investment teams and relevant advisory affiliates) for the company.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Appendix</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Policy Statement</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Policy, with respect to securities held in the accounts of clients
applies to those MSIM entities that provide discretionary investment management services and for which an MSIM entity has authority to
vote proxies. For purposes of this Policy, clients shall include: Morgan Stanley U.S. registered investment companies, other Morgan Stanley
pooled investment vehicles, and MSIM separately managed accounts (including accounts for Employee Retirement Income Security (&quot;ERISA&quot;)
clients and ERISA-equivalent clients). This Policy is reviewed and updated as necessary to address new and evolving proxy voting issues
and standards.&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The MSIM entities covered by this Policy currently include the following:
Morgan Stanley AIP GP LP, Morgan Stanley Investment Management Inc., Morgan Stanley Investment Management Limited, Morgan Stanley Investment
Management Company, Morgan Stanley Saudi Arabia, MSIM Fund Management (Ireland) Limited,&nbsp;Morgan Stanley Asia Limited, Morgan Stanley
Investment Management (Japan) Co. Limited, Morgan Stanley Investment Management Private Limited, Morgan Stanley Eaton Vance&nbsp;CLO Manager
LLC, and Morgan Stanley Eaton Vance&nbsp;CLO CM LLC (each an &quot;MSIM Affiliate&quot; and collectively referred to as the &quot;MSIM
Affiliates&quot; or as &quot;we&quot; below).&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Each MSIM Affiliate will use its best efforts to vote proxies as part
of its authority to manage, acquire and dispose of account assets.&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>With respect to the U.S. registered investment companies sponsored, managed or advised by any MSIM Affiliate (the &quot;MS Funds&quot;),
each MSIM Affiliate will vote proxies under this Policy pursuant to authority granted under its applicable investment advisory agreement
or, in the absence of such authority, as authorized by the Board of Directors/Trustees of the MS Funds.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>For other pooled investment vehicles (e.g., UCITS), each MSIM Affiliate will vote proxies under this Policy pursuant to authority
granted under its applicable investment advisory agreement or, in the absence of such authority, as authorized by the relevant governing
board.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>For separately managed accounts (including ERISA and ERISA-equivalent clients), each MSIM Affiliate will vote proxies under this Policy
pursuant to authority granted under the applicable investment advisory agreement or investment management agreement. Where an MSIM Affiliate
has the authority to vote proxies on behalf of ERISA and ERISA-equivalent clients, the MSIM Affiliate must do so in accordance with its
fiduciary duties under ERISA (and the Internal Revenue Code).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>In certain situations, a client or its fiduciary may reserve the authority to vote proxies for itself or an outside party or may provide
an MSIM Affiliate with a statement of proxy voting policy. The MSIM Affiliate will comply with the client's policy.&nbsp;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Certain ETFs will follow Calvert&rsquo;s Global Proxy Voting Guidelines set forth in Appendix A of Calvert&rsquo;s Proxy Voting Policies
and Procedures and the proxy voting guidelines discussed below do not apply to such ETFs. See Appendix A of Calvert&rsquo;s Proxy Voting
Policies and Procedures for a general discussion of the proxy voting guidelines to which these ETFs will be subject.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">An MSIM Affiliate will not vote proxies unless the investment management
agreement, investment advisory agreement or other authority explicitly authorizes the MSIM Affiliate to vote proxies.&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">In addition to voting proxies of portfolio companies, MSIM routinely
engages with, or, in some cases, may engage a third party to engage with, the management or board of companies in which we invest on a
range of environmental, social and governance issues. Governance is a window into or proxy for management and board quality. MSIM engages
with companies where we have larger positions, voting issues are material or where we believe we can make a positive impact on the governance
structure. MSIM's engagement process, through private communication with companies, allows us to understand the governance structures
at investee companies and better inform our voting decisions.&nbsp;In certain situations, a client or its fiduciary may provide an MSIM
Affiliate with a proxy voting policy. In these situations, the MSIM Affiliate will comply with the client&rsquo;s policy.</P>


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<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Appendix A</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Appendix A applies to the following accounts managed by Morgan Stanley
AIP GP LP (i) closed-end funds registered under the Investment Company Act of 1940, as amended; (ii) discretionary separate accounts;
(iii) unregistered funds; and (iv) non-discretionary accounts offered in connection with AIP's Custom Advisory Portfolio Solutions service.
Generally, AIP will follow the guidelines set forth in Section II of MSIM's Proxy Voting Policy and Procedures. To the extent that such
guidelines do not provide specific direction, or AIP determines that consistent with the Client Proxy Standard, the guidelines should
not be followed, the Proxy Review Committee has delegated the voting authority to vote securities held by accounts managed by AIP to the
Fund of Hedge Funds investment team, the Private Markets investment team or the Portfolio Solutions team of AIP. A summary of decisions
made by the applicable investment teams will be made available to the Proxy Review Committee for its information at the next scheduled
meeting of the Proxy Review Committee.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">In certain cases, AIP may determine to abstain from determining (or
recommending) how a proxy should be voted (and therefore abstain from voting such proxy or recommending how such proxy should be voted),
such as where the expected cost of giving due consideration to the proxy does not justify the potential benefits to the affected account(s)
that might result from adopting or rejecting (as the case may be) the measure in question.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><U>Waiver of Voting Rights</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">For regulatory reasons, AIP may either 1) invest in a class of securities
of an underlying fund (the &quot;Fund&quot;) that does not provide for voting rights; or 2) waive 100% of its voting rights with respect
to the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">1.</TD><TD>Any rights with respect to the removal or replacement of a director, general partner, managing member or other person acting in a
similar capacity for or on behalf of the Fund (each individually a &quot;Designated Person,&quot; and collectively, the &quot;Designated
Persons&quot;), which may include, but are not limited to, voting on the election or removal of a Designated Person in the event of such
Designated Person's death, disability, insolvency, bankruptcy, incapacity, or other event requiring a vote of interest holders of the
Fund to remove or replace a Designated Person; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">2.</TD><TD>Any rights in connection with a determination to renew, dissolve, liquidate, or otherwise terminate or continue the Fund, which may
include, but are not limited to, voting on the renewal, dissolution, liquidation, termination or continuance of the Fund upon the occurrence
of an event described in the Fund's organizational documents; provided, however, that, if the Fund's organizational documents require
the consent of the Fund's general partner or manager, as the case may be, for any such termination or continuation of the Fund to be effective,
then AIP may exercise its voting rights with respect to such matter.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-align: left; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 50%; font: 10pt Arial, Helvetica, Sans-Serif"><B>May 1, 2025</B></TD>
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