<SEC-DOCUMENT>0001133228-18-000681.txt : 20180209
<SEC-HEADER>0001133228-18-000681.hdr.sgml : 20180209
<ACCEPTANCE-DATETIME>20180209160614
ACCESSION NUMBER:		0001133228-18-000681
CONFORMED SUBMISSION TYPE:	40-17G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20180209
DATE AS OF CHANGE:		20180209
EFFECTIVENESS DATE:		20180209

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MORGAN STANLEY MULTI CAP GROWTH TRUST
		CENTRAL INDEX KEY:			0001002427
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1130

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-07377
		FILM NUMBER:		18591720

	BUSINESS ADDRESS:	
		STREET 1:		C/O MORGAN STANLEY
		STREET 2:		522 FIFTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036
		BUSINESS PHONE:		800-548-7786

	MAIL ADDRESS:	
		STREET 1:		C/O MORGAN STANLEY
		STREET 2:		522 FIFTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY CAPITAL OPPORTUNITIES TRUST
		DATE OF NAME CHANGE:	20020129

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY MID CAP EQUITY TRUST
		DATE OF NAME CHANGE:	20010618

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY DEAN WITTER MID-CAP EQUITY TRUST
		DATE OF NAME CHANGE:	19990628

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MORGAN STANLEY INSTITUTIONAL LIQUIDITY FUNDS
		CENTRAL INDEX KEY:			0001227155
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21339
		FILM NUMBER:		18591745

	BUSINESS ADDRESS:	
		STREET 1:		522 FIFTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036
		BUSINESS PHONE:		800-548-7786

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

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MORGAN STANLEY US GOVERNMENT MONEY MARKET TRUST
		CENTRAL INDEX KEY:			0000356409
		IRS NUMBER:				133112032
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0131

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-03326
		FILM NUMBER:		18591735

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY DEAN WITTER US GOVERNMENT MONEY MARKET TRUST
		DATE OF NAME CHANGE:	19980622

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DEAN WITTER U S GOVERNMENT MONEY MARKET TRUST
		DATE OF NAME CHANGE:	19930616

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DEAN WITTER SEARS U S GOVERNMENT MONEY MARKET TRUST
		DATE OF NAME CHANGE:	19930209

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ACTIVE ASSETS GOVERNMENT TRUST
		CENTRAL INDEX KEY:			0001165382
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21024
		FILM NUMBER:		18591715

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ACTIVE ASSETS INSTITUTIONAL GOVERNMENT SECURITIES TRUST
		DATE OF NAME CHANGE:	20020117

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ACTIVE ASSETS PRIME TRUST
		CENTRAL INDEX KEY:			0001096962
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-09713
		FILM NUMBER:		18591733

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ACTIVE ASSETS INSTITUTIONAL MONEY TRUST
		DATE OF NAME CHANGE:	19991015

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ACTIVE ASSETS TAX FREE TRUST
		CENTRAL INDEX KEY:			0000351881
		IRS NUMBER:				133075002
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-03162
		FILM NUMBER:		18591732

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

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

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ACTIVE ASSETS GOVERNMENT SECURITIES TRUST
		CENTRAL INDEX KEY:			0000351898
		IRS NUMBER:				133075004
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-03165
		FILM NUMBER:		18591716

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

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

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ACTIVE ASSETS MONEY TRUST
		CENTRAL INDEX KEY:			0000351895
		IRS NUMBER:				133075005
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-03159
		FILM NUMBER:		18591734

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

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

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ACTIVE ASSETS CALIFORNIA TAX FREE TRUST
		CENTRAL INDEX KEY:			0000877243
		IRS NUMBER:				133622792
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-06350
		FILM NUMBER:		18591717

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

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

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MORGAN STANLEY LIQUID ASSET FUND INC
		CENTRAL INDEX KEY:			0000093285
		IRS NUMBER:				132822397
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			0831

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-02575
		FILM NUMBER:		18591738

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY DEAN WITTER LIQUID ASSET FUND INC
		DATE OF NAME CHANGE:	19980622

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DEAN WITTER LIQUID ASSET FUND INC
		DATE OF NAME CHANGE:	19930715

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DEAN WITTER SEARS LIQUID ASSET FUND INC
		DATE OF NAME CHANGE:	19930209

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MORGAN STANLEY INCOME SECURITIES INC
		CENTRAL INDEX KEY:			0000093284
		IRS NUMBER:				132739671
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-02349
		FILM NUMBER:		18591748

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY DEAN WITTER INCOME SECURITIES INC
		DATE OF NAME CHANGE:	19981221

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INTERCAPITAL INCOME SECURITIES INC
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	STANDARD & POORS INTERCAPITAL INCOME SEC
		DATE OF NAME CHANGE:	19780813

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MORGAN STANLEY INSTITUTIONAL FUND TRUST
		CENTRAL INDEX KEY:			0000741375
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-03980
		FILM NUMBER:		18591746

	BUSINESS ADDRESS:	
		STREET 1:		522 FIFTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036
		BUSINESS PHONE:		800-548-7786

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MAS FUNDS /MA/
		DATE OF NAME CHANGE:	19960724

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MAS FUNDS INC
		DATE OF NAME CHANGE:	19931227

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MAS FUNDS
		DATE OF NAME CHANGE:	19930927

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TURKISH INVESTMENT FUND, INC.
		CENTRAL INDEX KEY:			0000856218
		IRS NUMBER:				232534466
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05921
		FILM NUMBER:		18591721

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TURKISH INVESTMENT FUND INC
		DATE OF NAME CHANGE:	19920703

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MORGAN STANLEY MORTGAGE SECURITIES TRUST
		CENTRAL INDEX KEY:			0000806564
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-04917
		FILM NUMBER:		18591744

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY FEDERAL SECURITIES TRUST
		DATE OF NAME CHANGE:	20010618

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY DEAN WITTER FEDERAL SECURITIES TRUST
		DATE OF NAME CHANGE:	19980622

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	WITTER DEAN FEDERAL SECURITIES TRUST
		DATE OF NAME CHANGE:	19930210

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MORGAN STANLEY GLOBAL FIXED INCOME OPPORTUNITIES FUND
		CENTRAL INDEX KEY:			0000882381
		IRS NUMBER:				133647664
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-06515
		FILM NUMBER:		18591714

	BUSINESS ADDRESS:	
		STREET 1:		522 FIFTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036
		BUSINESS PHONE:		800-548-7786

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY FIXED INCOME OPPORTUNITIES FUND
		DATE OF NAME CHANGE:	20111220

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY FLEXIBLE INCOME TRUST
		DATE OF NAME CHANGE:	20030711

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY DIVERSIFIED INCOME TRUST
		DATE OF NAME CHANGE:	20010618

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MORGAN STANLEY EUROPEAN EQUITY FUND INC.
		CENTRAL INDEX KEY:			0000860720
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-06044
		FILM NUMBER:		18591749

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY EUROPEAN GROWTH FUND INC
		DATE OF NAME CHANGE:	20010618

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY DEAN WITTER EUROPEAN GROWTH FUND INC
		DATE OF NAME CHANGE:	19980622

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	WITTER DEAN EUROPEAN GROWTH FUND INC
		DATE OF NAME CHANGE:	19920703

FILER:

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

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-07694
		FILM NUMBER:		18591752

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

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY EMERGING MARKETS DEBT FUND INC
		DATE OF NAME CHANGE:	19930714

FILER:

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

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-08238
		FILM NUMBER:		18591719

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

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

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INDIA INVESTMENT FUND INC
		DATE OF NAME CHANGE:	19931228

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AIP Macro Registered Fund A
		CENTRAL INDEX KEY:			0001544317
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-22682
		FILM NUMBER:		18591729

	BUSINESS ADDRESS:	
		STREET 1:		100 FRONT STREET
		STREET 2:		SUITE 400
		CITY:			WEST CONSHOHOCKEN
		STATE:			PA
		ZIP:			19428-2881
		BUSINESS PHONE:		(610) 260-7600

	MAIL ADDRESS:	
		STREET 1:		100 FRONT STREET
		STREET 2:		SUITE 400
		CITY:			WEST CONSHOHOCKEN
		STATE:			PA
		ZIP:			19428-2881

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AIP Macro Registered Fund P
		CENTRAL INDEX KEY:			0001544318
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-22683
		FILM NUMBER:		18591728

	BUSINESS ADDRESS:	
		STREET 1:		100 FRONT STREET
		STREET 2:		SUITE 400
		CITY:			WEST CONSHOHOCKEN
		STATE:			PA
		ZIP:			19428-2881
		BUSINESS PHONE:		(610) 260-7600

	MAIL ADDRESS:	
		STREET 1:		100 FRONT STREET
		STREET 2:		SUITE 400
		CITY:			WEST CONSHOHOCKEN
		STATE:			PA
		ZIP:			19428-2881

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AIP Long/Short Fund A
		CENTRAL INDEX KEY:			0001406731
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-22094
		FILM NUMBER:		18591731

	BUSINESS ADDRESS:	
		STREET 1:		ONE TOWER BRIDGE
		STREET 2:		100 FRONT ST., SUITE 1100
		CITY:			WEST CONSHOHOCKEN
		STATE:			PA
		ZIP:			19428
		BUSINESS PHONE:		610-260-7600

	MAIL ADDRESS:	
		STREET 1:		ONE TOWER BRIDGE
		STREET 2:		100 FRONT ST., SUITE 1100
		CITY:			WEST CONSHOHOCKEN
		STATE:			PA
		ZIP:			19428

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Morgan Stanley Global Long/Short Fund A
		DATE OF NAME CHANGE:	20070713

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AIP Long/Short Fund P
		CENTRAL INDEX KEY:			0001406732
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-22095
		FILM NUMBER:		18591730

	BUSINESS ADDRESS:	
		STREET 1:		ONE TOWER BRIDGE
		STREET 2:		100 FRONT ST., SUITE 1100
		CITY:			WEST CONSHOHOCKEN
		STATE:			PA
		ZIP:			19428
		BUSINESS PHONE:		610-260-7600

	MAIL ADDRESS:	
		STREET 1:		ONE TOWER BRIDGE
		STREET 2:		100 FRONT ST., SUITE 1100
		CITY:			WEST CONSHOHOCKEN
		STATE:			PA
		ZIP:			19428

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Morgan Stanley Global Long/Short Fund P
		DATE OF NAME CHANGE:	20070713

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AIP Multi-Strategy Fund A
		CENTRAL INDEX KEY:			0001428690
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-22192
		FILM NUMBER:		18591727

	BUSINESS ADDRESS:	
		STREET 1:		100 FRONT STREET
		CITY:			WEST CONSHOHOCKEN
		STATE:			PA
		ZIP:			19428
		BUSINESS PHONE:		610-260-7600

	MAIL ADDRESS:	
		STREET 1:		100 FRONT STREET
		CITY:			WEST CONSHOHOCKEN
		STATE:			PA
		ZIP:			19428

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Alternative Investment Partners Absolute Return Fund II A
		DATE OF NAME CHANGE:	20080303

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AIP Multi-Strategy Fund P
		CENTRAL INDEX KEY:			0001428688
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-22193
		FILM NUMBER:		18591726

	BUSINESS ADDRESS:	
		STREET 1:		100 FRONT STREET
		CITY:			WEST CONSHOHOCKEN
		STATE:			PA
		ZIP:			19428
		BUSINESS PHONE:		610-260-7600

	MAIL ADDRESS:	
		STREET 1:		100 FRONT STREET
		CITY:			WEST CONSHOHOCKEN
		STATE:			PA
		ZIP:			19428

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Alternative Investment Partners Absolute Return Fund II P
		DATE OF NAME CHANGE:	20080303

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Alternative Investment Partners Absolute Return Fund
		CENTRAL INDEX KEY:			0001327228
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21767
		FILM NUMBER:		18591725

	BUSINESS ADDRESS:	
		STREET 1:		ONE TOWER BRIDGE, 100 FRONT STREET
		CITY:			WEST CONSHOHOCKEN
		STATE:			PA
		ZIP:			19428-2881
		BUSINESS PHONE:		610-260-7600

	MAIL ADDRESS:	
		STREET 1:		ONE TOWER BRIDGE, 100 FRONT STREET
		CITY:			WEST CONSHOHOCKEN
		STATE:			PA
		ZIP:			19428-2881

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Alternative Investment Partners Absolute Return Fund STS
		CENTRAL INDEX KEY:			0001343668
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21831
		FILM NUMBER:		18591724

	BUSINESS ADDRESS:	
		STREET 1:		ONE TOWER BRIDGE, 100 FRONT STREET
		STREET 2:		SUITE 1100
		CITY:			WEST CONSHOHOCKEN
		STATE:			PA
		ZIP:			19428-2881
		BUSINESS PHONE:		610-260-7600

	MAIL ADDRESS:	
		STREET 1:		ONE TOWER BRIDGE, 100 FRONT STREET
		STREET 2:		SUITE 1100
		CITY:			WEST CONSHOHOCKEN
		STATE:			PA
		ZIP:			19428-2881

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MORGAN STANLEY INSTITUTIONAL FUND OF HEDGE FUNDS LP
		CENTRAL INDEX KEY:			0001161973
		IRS NUMBER:				233098679
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-10593
		FILM NUMBER:		18591740

	BUSINESS ADDRESS:	
		STREET 1:		100 FRONT STREET
		STREET 2:		SUITE 400
		CITY:			WEST CONSHOHOCKEN
		STATE:			PA
		ZIP:			19428
		BUSINESS PHONE:		(610) 260-7600

	MAIL ADDRESS:	
		STREET 1:		100 FRONT STREET
		STREET 2:		SUITE 400
		CITY:			WEST CONSHOHOCKEN
		STATE:			PA
		ZIP:			19428

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MORGAN STANLEY CALIF TAX FREE DAILY INCOME TRUST
		CENTRAL INDEX KEY:			0000832705
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05554
		FILM NUMBER:		18591739

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY DEAN WITTER CALIF TAX FREE DAILY INCOME TRUST
		DATE OF NAME CHANGE:	19980622

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DEAN WITTER CALIFORNIA TAX FREE DAILY INCOME TRUST
		DATE OF NAME CHANGE:	19930302

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MORGAN STANLEY NY MUNICIPAL MONEY MARKET TRUST
		CENTRAL INDEX KEY:			0000859037
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05987
		FILM NUMBER:		18591737

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY NEW YORK MUNI MONEY MARKET TRUST
		DATE OF NAME CHANGE:	20010618

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY DEAN WITTER NY MUNI MONEY MARKET TRUST
		DATE OF NAME CHANGE:	19980622

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DEAN WITTER NEW YORK MUNICIPAL MONEY MARKET TRUST
		DATE OF NAME CHANGE:	19930301

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MORGAN STANLEY SELECT DIMENSIONS INVESTMENT SERIES
		CENTRAL INDEX KEY:			0000924394
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-07185
		FILM NUMBER:		18591743

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY DEAN WITTER SELECT DIMENSIONS INVESTMENT SERI
		DATE OF NAME CHANGE:	19980622

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DEAN WITTER SELECT DIMENSIONS INVESTMENT SERIES
		DATE OF NAME CHANGE:	19940602

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MORGAN STANLEY US GOVERNMENT SECURITIES TRUST
		CENTRAL INDEX KEY:			0000730044
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-03870
		FILM NUMBER:		18591742

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY DEAN WITTER US GOVERNMENT SECURITIES TRUST
		DATE OF NAME CHANGE:	19980622

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	WITTER DEAN U S GOVERNMENT SECURITIES TRUST
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	WITTER DEAN OPTION PERFORMANCE TRUST
		DATE OF NAME CHANGE:	19840311

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MORGAN STANLEY TAX FREE DAILY INCOME TRUST
		CENTRAL INDEX KEY:			0000315812
		IRS NUMBER:				133075005
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-03031
		FILM NUMBER:		18591736

	BUSINESS ADDRESS:	
		STREET 1:		522 FIFTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036
		BUSINESS PHONE:		800-548-7786

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY DEAN WITTER TAX FREE DAILY INCOME TRUST
		DATE OF NAME CHANGE:	19980622

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DEAN WITTER TAX FREE DAILY INCOME TRUST
		DATE OF NAME CHANGE:	19930616

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DEAN WITTER SEARS TAX FREE DAILY INCOME TRUST
		DATE OF NAME CHANGE:	19930209

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MORGAN STANLEY VARIABLE INVESTMENT SERIES
		CENTRAL INDEX KEY:			0000716716
		IRS NUMBER:				133178476
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-03692
		FILM NUMBER:		18591741

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY DEAN WITTER VARIABLE INVESTMENT SERIES
		DATE OF NAME CHANGE:	19980622

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DEAN WITTER VARIABLE INVESTMENT SERIES
		DATE OF NAME CHANGE:	19930209

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	WITTER DEAN VARIABLE INVESTMENT SERIES
		DATE OF NAME CHANGE:	19920703

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			THAI FUND, INC.
		CENTRAL INDEX KEY:			0000822794
		IRS NUMBER:				232476394
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05348
		FILM NUMBER:		18591722

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	THAI FUND INC
		DATE OF NAME CHANGE:	19920703

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MORGAN STANLEY ASIA-PACIFIC FUND, INC.
		CENTRAL INDEX KEY:			0000919808
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-08388
		FILM NUMBER:		18591754

	BUSINESS ADDRESS:	
		STREET 1:		MORGAN STANLEY ASIA-PACIFIC FUND, INC.
		STREET 2:		522 FIFTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036
		BUSINESS PHONE:		6175578742

	MAIL ADDRESS:	
		STREET 1:		MORGAN STANLEY ASIA-PACIFIC FUND, INC.
		STREET 2:		522 FIFTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY ASIA PACIFIC FUND INC
		DATE OF NAME CHANGE:	20070518

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY DEAN WITTER ASIA PACIFIC FUND INC
		DATE OF NAME CHANGE:	20000504

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY ASIA PACIFIC FUND INC
		DATE OF NAME CHANGE:	19940505

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Morgan Stanley China A Share Fund, Inc.
		CENTRAL INDEX KEY:			0001368493
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21926
		FILM NUMBER:		18591753

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

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

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MORGAN STANLEY INSTITUTIONAL FUND INC
		CENTRAL INDEX KEY:			0000836487
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05624
		FILM NUMBER:		18591747

	BUSINESS ADDRESS:	
		STREET 1:		522 FIFTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036
		BUSINESS PHONE:		800-548-7786

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY DEAN WITTER INSTITUTIONAL FUND INC
		DATE OF NAME CHANGE:	19990329

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY INSTITUTIONAL FUND INC
		DATE OF NAME CHANGE:	19920703

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MORGAN STANLEY VARIABLE INSURANCE FUND INC.
		CENTRAL INDEX KEY:			0001011378
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-07607
		FILM NUMBER:		18591718

	BUSINESS ADDRESS:	
		STREET 1:		522 FIFTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036
		BUSINESS PHONE:		800-548-7786

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	UNIVERSAL INSTITUTIONAL FUNDS INC
		DATE OF NAME CHANGE:	20020322

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY UNIVERSAL FUNDS INC
		DATE OF NAME CHANGE:	19960328

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Morgan Stanley Emerging Markets Domestic Debt Fund, Inc.
		CENTRAL INDEX KEY:			0001388141
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-22011
		FILM NUMBER:		18591751

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

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

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MORGAN STANLEY EMERGING MARKETS FUND INC
		CENTRAL INDEX KEY:			0000878929
		IRS NUMBER:				133628050
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-06403
		FILM NUMBER:		18591750

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

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY EMERGING MARKETS FUND INC
		DATE OF NAME CHANGE:	19920901

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LATIN AMERICAN DISCOVERY FUND, INC.
		CENTRAL INDEX KEY:			0000884461
		IRS NUMBER:				521774878
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-06574
		FILM NUMBER:		18591723

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LATIN AMERICAN DISCOVERY FUND INC
		DATE OF NAME CHANGE:	19920901
</SEC-HEADER>
<DOCUMENT>
<TYPE>40-17G
<SEQUENCE>1
<FILENAME>h10050358_4017g.htm
<DESCRIPTION>40-17G
<TEXT>
<html>
<head>
<title></title>
<!--Licensed to: Broadridge Financial Solutions, Inc.
    Document created using EDGARfilings PROfile 4.3.3.2
    Copyright 1995 - 2018 Broadridge-->
</head>
<body style="FONT-SIZE: 10pt; FONT-FAMILY: Arial" bgcolor="#ffffff" text="#000000">
<div>
<hr style="BORDER-TOP: medium none; HEIGHT: 4px; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; COLOR: #000000; TEXT-ALIGN: center; MARGIN-LEFT: auto; BORDER-LEFT: medium none; BACKGROUND-COLOR: #000000; MARGIN-RIGHT: auto" align="center" noshade="noshade">
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">Morgan Stanley Funds</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">522 Fifth Avenue</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">New York, New York 10036</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">February 9, 2018</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">File Room</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Securities and Exchange Commission</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">450 Fifth Street, NW</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Washington, D.C. 20549</div>

<div><br>
</div>

<div>
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<td style="WIDTH: 27pt">&#160;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">RE:</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Morgan Stanley Funds</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Dear Ladies and Gentleman,</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 27pt">Pursuant to Rule 17g-1 under the Investment Company Act of 1940, as amended, enclosed please find the following documents for each Fund (listed in Exhibit A), which are attached hereto:</div>

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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 16.2pt; align: right">1.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">A copy of the Fund&#8217;s joint fidelity blanket bond (the &#8220;Bond&#8221;) providing for coverage of $61 million issued by ICI Mutual acting as lead underwriter and with such other insurance companies participating in the program as may be determined by Management during the policy term for the period October 5, 2016 to October 5, 2017;</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 16.2pt; align: right">2.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">A copy of the resolutions of the Board of Directors/Trustees of the Funds, including a majority of the Directors/Trustees who are not interested persons, approving the amount, type, form, coverage of the Bond and the portion of the premium to be paid by each Fund, and allocation of premiums and recoveries under the Bond;</div>
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<div style="TEXT-ALIGN: left">&#160;</div>

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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 16.2pt; align: right">3.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">A copy of the joint fidelity bond agreement concerning the allocation of premiums and recoveries under the Bond; and</div>
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<div style="TEXT-ALIGN: left">&#160;</div>

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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 16.2pt; align: right">4.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">A chart that shows for each Fund (i) each Fund&#8217;s Gross Assets; and (ii) the amount of the single insured bond that would have been provided and maintained had the Fund not been named as an insured under a joint insured bond.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 27pt">Please note that the premium has been paid in its entirety.</div>

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<td style="VERTICAL-ALIGN: bottom; WIDTH: 50%">&#160;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Very truly yours,</div>
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<td style="VERTICAL-ALIGN: bottom; WIDTH: 50%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 50%">&#160;</td>
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<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 50%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; WIDTH: 50%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">/s/ Mary E. Mullin</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: 50%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 50%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Mary E. Mullin</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Secretary of the Funds</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Enclosures</div>

<div>&#160;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: right">EXHIBIT A</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">MORGAN STANLEY FUNDS</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">at</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">SEPTEMBER 27-28, 2016</div>

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</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">EQUITY FUNDS</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left"><u>Open-End Equity Funds</u></div>

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<table id="zfbc0133b004a414482abefbabd4dacd1" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">1.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Morgan Stanley Multi Cap Growth Trust (&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Multi Cap Growth</font>&#8221;)</div>
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<table id="z80b1caf367c64d81b05341932e04a827" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">2.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Morgan Stanley European Equity Fund Inc. (&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">European Equity</font>&#8221;)</div>
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<div style="TEXT-ALIGN: left">
<table id="z6294868964304d91ba02e694b1ed5c82" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">3.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Morgan Stanley Select Dimensions Investment Series<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">&#160;</font>(&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Select Dimensions</font>&#8221;)</div>
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<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#183;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Mid Cap Growth Portfolio</div>
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<div><br>
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<div style="TEXT-ALIGN: left">
<table id="zf753b7761fcc452d8051c51b5de420df" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">4.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Morgan Stanley Variable Investment Series (&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Variable Investment</font>&#8221;)</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#183;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Multi Cap Growth Portfolio</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#183;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">European Equity Portfolio</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">5.</div>
</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Morgan Stanley Institutional Fund, Inc. (&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Institutional Fund Inc.</font>&#8221;)</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Active International Allocation Portfolio</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Advantage Portfolio</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Asia Opportunity Portfolio</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Emerging Markets Leaders Portfolio</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Emerging Markets Small Cap Portfolio</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Fundamental Multi-Cap Core Portfolio</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left"><u>Closed-End Equity Funds</u></div>

<div>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Morgan Stanley China A Share Fund, Inc. (&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">China A Fund</font>&#8221;)</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Morgan Stanley Emerging Markets Fund, Inc. (&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Emerging Markets Fund</font>&#8221;)</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Morgan Stanley India Investment Fund, Inc. (<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">&#8220;India Investment Fund&#8221;</font>)</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">7.</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">The Turkish Investment Fund, Inc. (&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Turkish Investment</font>&#8221;)</div>
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<div>&#160;&#160;&#160;&#160;&#160;&#160; </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">FIXED INCOME FUNDS</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt"><u>Open-End Fixed Income Funds</u></div>

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<table id="z6517e9d1b4c7414287751130f4d3704e" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">1.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Morgan Stanley Global Fixed Income Opportunities Fund (&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Global Fixed Income Opportunities</font>&#8221;)</div>
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<table id="zc1448c474bcf45d7a69e4fdec4ff8314" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">2.</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Morgan Stanley Mortgage Securities Trust (&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Mortgage Securities</font>&#8221;)</div>
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<table id="ze744467009464b51911e0f15036d06be" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">3.</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Morgan Stanley U.S. Government Securities Trust (&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Government Securities</font>&#8221;)</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">4.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Morgan Stanley Variable Investment Series (&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Variable Investment</font>&#8221;)</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#183;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Income Plus Portfolio</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#183;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Limited Duration Portfolio</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">5.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Morgan Stanley Institutional Fund, Inc. (&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Institutional Fund Inc.</font>&#8221;)</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#183;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Emerging Markets Fixed Income Opportunities Portfolio</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">6.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Morgan Stanley Institutional Fund Trust (&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Institutional Fund Trust</font>&#8221;)</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#183;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Core Plus Fixed Income Portfolio</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#183;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Corporate Bond Portfolio</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#183;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">High Yield Portfolio</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#183;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Short Duration Income Portfolio</div>
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<div>&#160;</div>

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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#183;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Strategic Income Portfolio</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#183;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Ultra-Short Income Portfolio</div>
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<div style="TEXT-ALIGN: left">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">7.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">The Universal Institutional Funds, Inc. (&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Universal Funds</font>&#8221;)</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#183;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Core Plus Fixed Income Portfolio</div>
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<div style="TEXT-ALIGN: left">
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<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#183;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Emerging Markets Debt Portfolio</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left"><u>Closed-End Fixed Income Funds</u></div>

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<table id="z72129f97efc443f98fc60066bd197e6a" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">1.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: auto; align: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Morgan Stanley Emerging Markets Debt Fund, Inc. (&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Emerging Markets Debt</font>&#8221;)</div>
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<table id="zfa9f6f480b0d4e5982018627ceea4aee" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="VERTICAL-ALIGN: top; WIDTH: 36pt; align: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">.</font></td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Morgan Stanley Emerging Markets Domestic Debt Fund, Inc<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">. </font>(&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Emerging Markets Domestic Debt</font>&#8221;)</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">3.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: auto; align: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Morgan Stanley Income Securities Inc.<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">&#160;</font>(&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Income Securities</font>&#8221;)</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">MONEY MARKET FUNDS</div>

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<div style="TEXT-ALIGN: left">
<table id="zacb3005c80cf46c8be81b6e8299e1314" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">1.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Active Assets Government Securities Trust (&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">AA Government</font>&#8221;)</div>
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<div style="TEXT-ALIGN: left">
<table id="z9b88f8bbe5a64426969cd530b47dafc7" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">2.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Active Assets Government Trust (&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">AA Government Trust</font>&#8221;)<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">1</sup></div>
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<table id="z380fa5c36df04cc6887ac494fe7ef2a5" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">3.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Active Assets Money Trust (&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">AA Money</font>&#8221;)</div>
</td>
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<div style="TEXT-ALIGN: left">
<table id="z5e6d0ab2ce634698906625cee17b6dfc" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">4.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Active Assets Prime Trust (&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">AA Prime</font>&#8221;)<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">2</sup></div>
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<div style="TEXT-ALIGN: left">
<table id="z4b33e1824b0d408cae7ea8958cae0b60" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">5.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Morgan Stanley Liquid Asset Fund Inc. (&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Liquid Asset</font>&#8221;)</div>
</td>
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</table>
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<div style="TEXT-ALIGN: left">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">6.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Morgan Stanley U.S. Government Money Market Trust (&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Government Money</font>&#8221;)</div>
</td>
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</table>
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<div style="TEXT-ALIGN: left">
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<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">7.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Active Assets California Tax-Free Trust (&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">AA California</font>&#8221;)</div>
</td>
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<div style="TEXT-ALIGN: left">
<table id="z4fba2ef2d1874011af71f7ec4489cdba" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">8.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Active Assets Tax-Free Trust (&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">AA Tax-Free</font>&#8221;)</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table id="zdc16f92dd3b14d2cabf83cc681df89f1" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">9.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Morgan Stanley California Tax-Free Daily Income Trust (&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">California Tax-Free Daily</font>&#8221;)</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table id="z83b14fb924894affb850db2e64cb4fda" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">10.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Morgan Stanley New York Municipal Money Market Trust (&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">New York Money</font>&#8221;)</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table id="z0718c070270445e79859b8eb9e5fcc79" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">11.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Morgan Stanley Tax-Free Daily Income Trust (&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Tax-Free Daily</font>&#8221;)</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div>
<table id="z080b81c780874d5e8cc57dcef847c7db" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">12.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: auto; align: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Morgan Stanley Institutional Liquidity Funds (&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Liquidity Funds</font>&#8221;)</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table id="z53fee4309ac643f1953f57dafa814cc4" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#183;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Government Portfolio</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table id="zed71f05ce8464893a14a44ed0ae85acd" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#183;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Government Securities Portfolio</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table id="z4a0b05905a6b4e7d95cb238655a4f404" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#183;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Money Market Portfolio</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table id="zdb485917ae604a269eaba65f5ae08928" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#183;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Prime Portfolio</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table id="z52cd4856aefc45bfaca983922c91d79c" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#183;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Tax-Exempt Portfolio</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table id="z04f27884ed7643818530803da7464c04" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#183;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Treasury Portfolio</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table id="zf5e1400ab9114d5fbf412388525db41d" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#183;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Treasury Securities Portfolio</div>
</td>
</tr>
</table>
</div>

<div>&#160;</div>

<hr style="BORDER-TOP: medium none; HEIGHT: 1px; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 0px; BORDER-LEFT: medium none; WIDTH: 20%; BACKGROUND-COLOR: #000000; MARGIN-RIGHT: auto" align="left" noshade="noshade">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">1</sup> Formerly, Active Assets Institutional Government Securities Trust</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">2</sup> Formerly, Active Assets Institutional Money Trust</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>

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<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
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</div>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">ALTERNATIVE FUNDS</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left"><u>Funds of Hedge Funds</u></div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table id="zbb475e8e355f43a8b0cab8912ae4e12d" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">1.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Alternate Investment Partners Absolute Return Fund (&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Absolute Return Fund</font>&#8221;)</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table id="zae3610d9865f4039abd98edd73a7d787" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">2.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Alternative Investment Partners Absolute Return Fund STS (&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Absolute Return STS</font>&#8221;)</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table id="z10719a6634774cce8df0e90ac7053983" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">3.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">AIP Long/Short Fund A (&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Long/Short A</font>&#8221;)</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table id="z421240519dee4ff0838e85ce246f1d57" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">4.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">AIP Long/Short Fund P&#160; (&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Long/Short P</font>&#8221;)</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table id="z1fe4b61ea3f4451fb199100f9e5f4ad0" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">5.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">AIP Macro Registered Fund A (&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Macro Registered A</font>&#8221;)</div>
</td>
</tr>
</table>
</div>

<div>
<table id="z7c4c090dac724a718e9795aac2cd9100" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">6.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: auto; align: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">AIP Macro Registered Fund P (&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Macro Registered P</font>&#8221;)</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table id="z09a3ec7268ba4d4fafff1e5aa205b7b1" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">7.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">AIP Multi-Strategy Fund A (&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Multi-Strategy A</font>&#8221;)</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table id="zd966aa71377640f5b65f2d2f6fa3ef82" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">8.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">AIP Multi-Strategy Fund P (&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Multi-Strategy P</font>&#8221;)</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zfc8aff1b73184304b15987f1c8ef2ead" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">9.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Morgan Stanley Institutional Fund of Hedge Funds LP (&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Institutional</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Fund of Hedge Funds</font>&#8221;)</div>
</td>
</tr>
</table>
</div>

<div>&#160;</div>

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<div>
<div style="FONT-SIZE: 18pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center">ICI MUTUAL INSURANCE COMPANY,</div>

<div style="FONT-SIZE: 14pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center">a Risk Retention Group</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center">1401 H St. NW</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: center">Washington, DC 20005</div>

<div style="TEXT-ALIGN: center"><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center">INVESTMENT COMPANY BLANKET BOND</div>

<div>&#160;</div>

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</div>
</div>

<div style="FONT-SIZE: 18pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">ICI MUTUAL INSURANCE COMPANY,</div>

<div style="FONT-SIZE: 14pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">a Risk Retention Group</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">1401 H St. NW</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">Washington, DC 20005</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">DECLARATIONS</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">NOTICE</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">This policy is issued by your risk retention group.&#160; Your risk retention group may not be subject to all of the insurance laws and regulations of your state.&#160; State insurance insolvency guaranty funds are not available for your risk retention group.</div>

<table id="zc605f4397e63484c9179e428ec7ab681" style="FONT-SIZE: 10pt; BORDER-TOP: medium none; FONT-FAMILY: Arial; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 100%" cellspacing="0" cellpadding="0" border="0">
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Item 1.</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">Name of Insured (the "Insured")</div>
</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">Bond Number</div>
</td>
</tr>

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<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Morgan Stanley Institutional Fund, Inc.</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 15%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">88190116B</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 7%">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 18%">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 60%">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 15%">&#160;</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 7%">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 18%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Principal Office:</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">522 Fifth Avenue, 19th Floor</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 15%">&#160;</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 7%">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 18%">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">New York, NY&#160; 10036</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 15%">&#160;</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 7%">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 18%">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 60%">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 15%">&#160;</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 7%">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 18%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">Mailing Address:</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">c/o Marsh, Inc.</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 15%">&#160;</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 7%">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 18%">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">1166 Avenue of the Americas</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 15%">&#160;</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 7%">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 18%">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 60%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">New York, NY 10036</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 15%">&#160;</td>
</tr>
</table>

<div>&#160;</div>

<table id="zd462b2d6a3cd4d6dab1fccf24ceac8ec" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; WIDTH: 7%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Item 2.</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; WIDTH: 27%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">Bond Period: from 12:01 a.m. on</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; WIDTH: 24%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">October 5, 2016</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; WIDTH: 15%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">, to 12:01 a.m. on</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; WIDTH: 21%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">October 5, 2017</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; WIDTH: 6.41%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">, or</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; WIDTH: 7%">&#160;</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; WIDTH: 27%" colspan="5">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">the earlier effective date of the termination of this Bond, standard time at the Principal Address as to each of said dates.&#160;&#160;&#160;</div>
</td>
</tr>
</table>

<table id="zd4d2839c8a6c44c8ac9f259b33061c0a" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 7%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Item 3.</div>
</td>
<td style="VERTICAL-ALIGN: top" colspan="4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">Limit of Liability&#8212;</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 7%">&#160;</td>
<td style="VERTICAL-ALIGN: top" colspan="4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">Subject to Sections 9, 10 and 12 hereof:</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 7%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 23%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 39%">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 15%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">LIMIT OF</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">LIABILITY</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 15.55%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">DEDUCTIBLE</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">AMOUNT</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 7%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 23%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Insuring Agreement A-</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 39%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">FIDELITY</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 15%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">$61,000,000</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 15.55%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">N/A</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 7%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 23%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Insuring Agreement B-</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 39%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">AUDIT EXPENSE</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 15%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">$50,000</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 15.55%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">$10,000</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 7%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 23%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Insuring Agreement C-</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 39%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">ON PREMISES</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 15%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">$61,000,000</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 15.55%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">$150,000</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 7%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 23%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Insuring Agreement D-</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 39%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">IN TRANSIT</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 15%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">$61,000,000</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 15.55%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">$150,000</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 7%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 23%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Insuring Agreement E-</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 39%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">FORGERY OR ALTERATION</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 15%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">$61,000,000</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 15.55%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">$150,000</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 7%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 23%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Insuring Agreement F-</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 39%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">SECURITIES</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 15%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">$61,000,000</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 15.55%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">$150,000</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 7%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 23%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Insuring Agreement G-</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 39%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">COUNTERFEIT CURRENCY</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 15%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">$61,000,000</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 15.55%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">$150,000</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 7%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 23%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Insuring Agreement H-</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 39%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">UNCOLLECTIBLE ITEMS OF DEPOSIT</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 15%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">$1,000,000</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 15.55%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">$150,000</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 7%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 23%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Insuring Agreement I-</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 39%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">PHONE/ELECTRONIC TRANSACTIONS</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 15%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">$61,000,000</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 15.55%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">$150,000</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 7%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" colspan="4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">If &#8220;Not Covered&#8221; is inserted opposite any Insuring Agreement above, such Insuring Agreement and any reference thereto shall be deemed to be deleted from this Bond.</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 7%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff" colspan="4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">OPTIONAL INSURING AGREEMENTS ADDED BY RIDER:</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 7%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 23%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Insuring Agreement J-</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 39%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">COMPUTER SECURITY</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 15%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">$61,000,000</div>
</td>
<td style="VERTICAL-ALIGN: bottom; WIDTH: 15.55%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">$150,000</div>
</td>
</tr>
</table>

<table id="z7c45f00f9b4349fab3002be90e3aa519" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; WIDTH: 7%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Item</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">4.</font></div>
</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; WIDTH: 93%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">Offices or Premises Covered--All the Insured's offices or other premises in existence at the time this Bond becomes effective are covered under this Bond, except the offices or other premises excluded by Rider.&#160; Offices or other premises acquired or established after the effective date of this Bond are covered subject to the terms of General Agreement A.</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM-COLOR: ; WIDTH: 7%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Item 5.</div>
</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM-COLOR: ; WIDTH: 93%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">The liability of ICI Mutual Insurance Company (the "Underwriter") is subject to the terms of the following Riders attached hereto:</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP-COLOR: ; VERTICAL-ALIGN: top; BORDER-BOTTOM-COLOR: ; BORDER-RIGHT-COLOR: ; WIDTH: 7%; BORDER-LEFT-COLOR: ">&#160;</td>
<td style="BORDER-TOP-COLOR: ; VERTICAL-ALIGN: top; BORDER-BOTTOM-COLOR: ; BORDER-RIGHT-COLOR: ; WIDTH: 93%; BORDER-LEFT-COLOR: ">&#160;</td>
</tr>

<tr>
<td style="BORDER-TOP-COLOR: ; VERTICAL-ALIGN: top; BORDER-BOTTOM-COLOR: ; BORDER-RIGHT-COLOR: ; WIDTH: 7%; BORDER-LEFT-COLOR: "></td>
<td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 1px; WIDTH: 93%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">Riders: 1-2-3-4-5-6-7-8-9-10-11-12</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP-COLOR: ; VERTICAL-ALIGN: top; BORDER-BOTTOM-COLOR: ; BORDER-RIGHT-COLOR: ; WIDTH: 7%; BORDER-LEFT-COLOR: ">&#160;</td>
<td style="BORDER-TOP-COLOR: ; VERTICAL-ALIGN: top; BORDER-BOTTOM-COLOR: ; BORDER-RIGHT-COLOR: ; WIDTH: 93%; BORDER-LEFT-COLOR: ">&#160;</td>
</tr>

<tr>
<td style="BORDER-TOP-COLOR: ; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px double; BORDER-RIGHT-COLOR: ; WIDTH: 7%; BORDER-LEFT-COLOR: ">&#160;</td>
<td style="BORDER-TOP-COLOR: ; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px double; BORDER-RIGHT-COLOR: ; WIDTH: 93%; BORDER-LEFT-COLOR: ">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">and of all Riders applicable to this Bond issued during the Bond Period.</div>
</td>
</tr>
</table>

<div><br>
</div>

<table id="zfb09fcaf56d04ee784d19b444ef82b8c" style="FONT-SIZE: 10pt; BORDER-TOP: medium none; FONT-FAMILY: Arial; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 100%" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 3%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">By:</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: medium none; WIDTH: 3%">&#160;</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; FONT-FAMILY: Arial; BORDER-RIGHT: medium none; FONT-VARIANT: normal; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; FONT-STYLE: normal; BORDER-LEFT: medium none; WIDTH: 30%">
<div style="TEXT-ALIGN: justify">/S/ Joseph Cosello</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 28%">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 3%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">By:</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: medium none; WIDTH: 3%">&#160;</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; FONT-FAMILY: Arial; BORDER-RIGHT: medium none; FONT-VARIANT: normal; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; FONT-STYLE: normal; BORDER-LEFT: medium none; WIDTH: 30%">
<div style="TEXT-ALIGN: justify">/S/ Maggie Sullivan</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 3%">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 3%">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 30%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">Authorized Representative</div>
</td>
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<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 30%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">Authorized Representative</div>
</td>
</tr>
</table>

<div>&#160;</div>

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<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 1px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #999999; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #999999" noshade="noshade">
</div>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center">INVESTMENT COMPANY BLANKET BOND</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">NOTICE</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">This policy is issued by your risk retention group. Your risk retention group may not be subject to all of the insurance laws and regulations of your state. State insurance insolvency guaranty funds are not available for your risk retention group.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify">ICI Mutual Insurance Company, a Risk Retention Group (the &#8220;Underwriter&#8221;), in consideration of an agreed premium, and in reliance upon the Application and all other information furnished to the Underwriter by the Insured, and subject to and in accordance with the Declarations, General Agreements, Provisions, Conditions and Limitations and other terms of this bond (including all riders hereto) (&#8220;Bond&#8221;), to the extent of the Limit of Liability and subject to the Deductible Amount, agrees to indemnify the Insured for the loss, as described in the Insuring Agreements, sustained by the Insured at any time but discovered during the Bond Period.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center">INSURING AGREEMENTS</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center">&#160;</div>

<div style="TEXT-ALIGN: left">
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<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #000000; WIDTH: 27pt; align: right">A.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000">FIDELITY</div>
</td>
</tr>
</table>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">Loss caused by any Dishonest or Fraudulent Act or Theft committed by an Employee anywhere, alone or in collusion with other persons (whether or not Employees), during the time such Employee has the status of an Employee as defined herein, and even if such loss is not discovered until after he or she ceases to be an Employee, EXCLUDING loss covered under Insuring Agreement B.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">&#160;</div>

<div style="TEXT-ALIGN: left">
<table id="z504969eee05241ae82f9b3e808098c13" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #000000; WIDTH: 27pt; align: right">B.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000">AUDIT EXPENSE</div>
</td>
</tr>
</table>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">Expense incurred by the Insured for that part of audits or examinations required by any governmental regulatory authority or Self Regulatory Organization to be conducted by such authority or Organization or by an independent accountant or other person, by reason of the discovery of loss sustained by the Insured and covered by this Bond.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">&#160;</div>

<div style="TEXT-ALIGN: left">
<table id="z3383138f1936403ba1a580a11c9d703e" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #000000; WIDTH: 27pt; align: right">C.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000">ON PREMISES</div>
</td>
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</table>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">Loss resulting from Property that is (1) located or reasonably believed by the Insured to be located within the Insured&#8217;s offices or premises, and (2) the object of Theft, Dishonest or Fraudulent Act, or Mysterious Disappearance, EXCLUDING loss covered under Insuring Agreement A.</div>

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<div style="TEXT-ALIGN: left">
<table id="zd5666acf166545dcbbc7a37dc9f3bae7" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #000000; WIDTH: 27pt; align: right">D.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000">IN TRANSIT</div>
</td>
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</table>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">Loss resulting from Property that is (1) in transit in the custody of any person authorized by an Insured to act as a messenger, except while in the mail or with a carrier for hire (other than a Security Company), and (2) the object of Theft, Dishonest or Fraudulent Act, or Mysterious Disappearance, EXCLUDING loss covered under Insuring Agreement A. Property is &#8220;in transit&#8221; beginning immediately upon receipt of such Property by the transporting person and ending immediately upon delivery at the specified destination.</div>

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<div style="TEXT-ALIGN: left">
<table id="z2e992f3381874448a8124880600561cd" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #000000; WIDTH: 27pt; align: right">E.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000">FORGERY OR ALTERATION</div>
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</table>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">Loss caused by the Forgery or Alteration of or on (1) any bills of exchange, checks, drafts, or other written orders or directions to pay certain sums in money, acceptances, certificates of deposit, due bills, money orders, or letters of credit; or (2) other written instructions, requests or applications to the Insured, authorizing or acknowledging the transfer, payment, redemption, delivery or receipt of Property, or giving notice of any bank account, which instructions or requests or applications purport to have been signed or endorsed by (a) any customer of the Insured, or (b) any shareholder of or subscriber to shares issued by any Investment Company, or (c) any financial or banking institution or stockbroker; or (3) withdrawal orders or receipts for the withdrawal of Property, or receipts or certificates of deposit for Property and bearing the name of the Insured as issuer or of another Investment Company for which the Insured acts as agent. This Insuring Agreement E does not cover loss caused by Forgery or Alteration of Securities or loss covered under Insuring Agreement A.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; FONT-STYLE: normal">2</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 1px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #999999; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #999999" noshade="noshade">
</div>
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<div style="TEXT-ALIGN: left">
<table id="zedb4fee6da3b42288e2bf67d229fbe48" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #000000; WIDTH: 27pt; align: right">F.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000">SECURITIES</div>
</td>
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</table>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">Loss resulting from the Insured, in good faith, in the ordinary course of business, and in any capacity whatsoever, whether for its own account or for the account of others, having acquired, accepted or received, or sold or delivered, or given any value, extended any credit or assumed any liability on the faith of any Securities, where such loss results from the fact that such Securities (1) were Counterfeit, or (2) were lost or stolen, or (3) contain a Forgery or Alteration, and notwithstanding whether or not the act of the Insured causing such loss violated the constitution, by-laws, rules or regulations of any Self Regulatory Organization, whether or not the Insured was a member thereof, EXCLUDING loss covered under Insuring Agreement A.</div>

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<div style="TEXT-ALIGN: justify">
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<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #000000; WIDTH: 27pt; align: right">G.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">COUNTERFEIT CURRENCY</div>
</td>
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</table>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">Loss caused by the Insured in good faith having received or accepted (1) any money orders which prove to be Counterfeit or to contain an Alteration or (2) paper currencies or coin of the United States of America or Canada which prove to be Counterfeit. This Insuring Agreement G does not cover loss covered under Insuring Agreement A.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">&#160;</div>

<div style="TEXT-ALIGN: left">
<table id="z7dd3d94e9fdf476cb93a3be8b5994d92" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #000000; WIDTH: 27pt; align: right">H.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000">UNCOLLECTIBLE ITEMS OF DEPOSIT</div>
</td>
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</table>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">Loss resulting from the payment of dividends, issuance of Fund shares or redemptions or exchanges permitted from an account with the Fund as a consequence of</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">&#160;</div>

<div style="TEXT-ALIGN: justify">
<table id="ze764eb59e5ac4d74ace9b2a59ad1eedd" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 27pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; COLOR: #000000; WIDTH: 18pt; align: right">(1)</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">uncollectible Items of Deposit of a Fund&#8217;s customer, shareholder or subscriber credited by the Insured or its agent to such person&#8217;s Fund account, or</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">&#160;</div>

<div style="TEXT-ALIGN: justify">
<table id="z516426304222484c9aa7220d66635982" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="WIDTH: 27pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; COLOR: #000000; WIDTH: 18pt; align: right">(2)</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">any Item of Deposit processed through an automated clearing house which is reversed by a Fund&#8217;s customer, shareholder or subscriber and is deemed uncollectible by the Insured;</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">PROVIDED, that (a) Items of Deposit shall not be deemed uncollectible until the Insured&#8217;s collection procedures have failed, (b) exchanges of shares between Funds with exchange privileges shall be covered hereunder only if all such Funds are insured by the Underwriter for uncollectible Items of Deposit, and (c) the Insured Fund shall have implemented and maintained a policy to hold Items of Deposit for the minimum number of days stated in its Application (as amended from time to time) before paying any dividend or permitting any withdrawal with respect to such Items of Deposit (other than exchanges between Funds). Regardless of the number of transactions between Funds in an exchange program, the minimum number of days an Item of Deposit must be held shall begin from the date the Item of Deposit was first credited to any Insured Fund.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">This Insuring Agreement H does not cover loss covered under Insuring Agreement A.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; FONT-STYLE: normal">3</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 1px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #999999; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #999999" noshade="noshade">
</div>
</div>

<div style="TEXT-ALIGN: left">
<table id="z6ce43e758cb049a7a247a6e6a36b1bdb" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #000000; WIDTH: 27pt; align: right">I.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000">PHONE/ELECTRONIC TRANSACTIONS</div>
</td>
</tr>
</table>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">Loss caused by a Phone/Electronic Transaction, where the request for such Phone/Electronic Transaction:</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">&#160;</div>

<div style="TEXT-ALIGN: justify">
<table id="zacf4068e516a47f28bed4c58c29b72d0" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 27pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; COLOR: #000000; WIDTH: 18pt; align: right">(1)</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">is transmitted to the Insured or its agents by voice over the telephone or by Electronic Transmission; and</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">&#160;</div>

<div style="TEXT-ALIGN: justify">
<table id="zd9bacd248bc64889a66d57124e8cff24" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 27pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; COLOR: #000000; WIDTH: 18pt; align: right">(2)</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">is made by an individual purporting to be a Fund shareholder or subscriber or an authorized agent of a Fund shareholder or subscriber; and</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">&#160;</div>

<div style="TEXT-ALIGN: justify">
<table id="z2cf8b51ff61e4adb8fe44cf7f0be9e0b" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 27pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; COLOR: #000000; WIDTH: 18pt; align: right">(3)</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">is unauthorized or fraudulent and is made with the manifest intent to deceive;</div>
</td>
</tr>
</table>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">PROVIDED, that the entity receiving such request generally maintains and follows during the Bond Period all Phone/Electronic Transaction Security Procedures with respect to all Phone/Electronic Transactions; and</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; TEXT-INDENT: 27pt">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; TEXT-INDENT: 27pt">EXCLUDING loss resulting from:</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; TEXT-INDENT: 27pt">&#160;</div>

<div style="TEXT-ALIGN: justify">
<table id="z490929b9efeb4769b6d9525167c82c91" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 27pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; COLOR: #000000; WIDTH: 18pt; align: right">(1)</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">the failure to pay for shares attempted to be purchased; or</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">&#160;</div>

<div style="TEXT-ALIGN: justify">
<table id="z9ed88e282cc24216a2de9323a54c7d4a" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 27pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; COLOR: #000000; WIDTH: 18pt; align: right">(2)</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">any redemption of Investment Company shares which had been improperly credited to a shareholder&#8217;s account where such shareholder (a) did not cause, directly or indirectly, such shares to be credited to such account, and (b) directly or indirectly received any proceeds or other benefit from such redemption; or</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">&#160;</div>

<div style="TEXT-ALIGN: justify">
<table id="zcce1987a1a61417cb9d0bfb518a2fd7e" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 27pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; COLOR: #000000; WIDTH: 18pt; align: right">(3)</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">any redemption of shares issued by an Investment Company where the proceeds of such redemption were requested to be paid or made payable to other than (a) the Shareholder of Record, or (b) any other person or bank account designated to receive redemption proceeds (i) in the initial account application, or (ii) in writing (not to include Electronic Transmission) accompanied by a signature guarantee; or</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">&#160;</div>

<div style="TEXT-ALIGN: justify">
<table id="z8984350d5e82405c9ea3c4227afd0830" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 27pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; COLOR: #000000; WIDTH: 18pt; align: right">(4)</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">any redemption of shares issued by an Investment Company where the proceeds of such redemption were requested to be sent to other than any address for such account which was designated (a) in the initial account application, or (b) in writing (not to include Electronic Transmission), where such writing is received at least one (1) day prior to such redemption request, or (c) by voice over the telephone or by Electronic Transmission at least fifteen (15) days prior to such redemption; or</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">&#160;</div>

<div style="TEXT-ALIGN: justify">
<table id="zc3df2982754341f1b15ab737712a646d" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 27pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; COLOR: #000000; WIDTH: 18pt; align: right">(5)</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">the intentional failure to adhere to one or more Phone/Electronic Transaction Security Procedures; or</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">&#160;</div>

<div style="TEXT-ALIGN: justify">
<table id="za25e4107dd3c4cd99e7b36c7667394ac" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 27pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; COLOR: #000000; WIDTH: 18pt; align: right">(6)</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">a Phone/Electronic Transaction request transmitted by electronic mail or transmitted by any method not subject to the Phone/Electronic Transaction Security Procedures; or</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">&#160;</div>

<div style="TEXT-ALIGN: justify">
<table id="zbcbc3811934e4ddbb8e6183227303ad3" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 27pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; COLOR: #000000; WIDTH: 18pt; align: right">(7)</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">the failure or circumvention of any physical or electronic protection device, including any firewall, that imposes restrictions on the flow of electronic traffic in or out of any Computer System.</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">This Insuring Agreement I does not cover loss covered under Insuring Agreement A, &#8220;Fidelity&#8221; or Insuring Agreement J, &#8220;Computer Security&#8221;.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center">GENERAL AGREEMENTS</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center">&#160;</div>

<div style="TEXT-ALIGN: left">
<table id="zd8f718c306fc4b2c95dff73d5f8cd589" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #000000; WIDTH: 27pt; align: right">A.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000">ADDITIONAL OFFICES OR EMPLOYEES&#8212;CONSOLIDATION OR MERGER--NOTICE</div>
</td>
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</table>
</div>

<div style="TEXT-ALIGN: left">&#160;</div>

<div style="TEXT-ALIGN: justify">
<table id="za775dc0a86ff48658e2d1f10b30fb891" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 27pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">1.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Except as provided in paragraph 2 below, this Bond shall apply to any additional office(s) established by the Insured during the Bond Period and to all Employees during the Bond Period, without the need to give notice thereof or pay additional premiums to the Underwriter for the Bond Period.</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">&#160;</div>

<div style="TEXT-ALIGN: justify">
<table id="z33f4880cb9fd408c8d12a2011d888769" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 27pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; COLOR: #000000; WIDTH: 18pt; align: right">2.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">If during the Bond Period an Insured Investment Company shall merge or consolidate with an institution in which such Insured is the surviving entity, or purchase substantially all the assets or capital stock of another institution, or acquire or create a separate investment portfolio, and shall within sixty (60) days notify the Underwriter thereof, then this Bond shall automatically apply to the Property and Employees resulting from such merger, consolidation, acquisition or creation from the date thereof; provided, that the Underwriter may make such coverage contingent upon the payment of an additional premium.</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; FONT-STYLE: normal">4</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 1px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #999999; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #999999" noshade="noshade">
</div>
</div>

<div style="TEXT-ALIGN: left">
<table id="z04eb45e193af44418bb2797b1e441271" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #000000; WIDTH: 27pt; align: right">B.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000">WARRANTY</div>
</td>
</tr>
</table>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">No statement made by or on behalf of the Insured, whether contained in the Application or otherwise, shall be deemed to be an absolute warranty, but only a warranty that such statement is true to the best of the knowledge of the person responsible for such statement.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">&#160;</div>

<div style="TEXT-ALIGN: left">
<table id="zc4ebd6d601ed4848b94c6f7027761d43" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #000000; WIDTH: 27pt; align: right">C.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000">COURT COSTS AND ATTORNEYS&#8217; FEES</div>
</td>
</tr>
</table>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">The Underwriter will indemnify the Insured against court costs and reasonable attorneys&#8217; fees incurred and paid by the Insured in defense of any legal proceeding brought against the Insured seeking recovery for any loss which, if established against the Insured, would constitute a loss covered under the terms of this Bond; provided, however, that with respect to Insuring Agreement A this indemnity shall apply only in the event that</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">&#160;</div>

<div style="TEXT-ALIGN: justify">
<table id="zbb16bb6e8aa94feb99b0fbfb448e5371" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 27pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; COLOR: #000000; WIDTH: 18pt; align: right">1.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">an Employee admits to having committed or is adjudicated to have committed a Dishonest or Fraudulent Act or Theft which caused the loss; or</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">&#160;</div>

<div style="TEXT-ALIGN: justify">
<table id="z31e2b3d8b842462b900f5f1d5b8cba9e" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 27pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; COLOR: #000000; WIDTH: 18pt; align: right">2.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">in the absence of such an admission or adjudication, an arbitrator or arbitrators acceptable to the Insured and the Underwriter concludes, after a review of an agreed statement of facts, that an Employee has committed a Dishonest or Fraudulent Act or Theft which caused the loss.</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">The Insured shall promptly give notice to the Underwriter of any such legal proceeding and upon request shall furnish the Underwriter with copies of all pleadings and other papers therein. At the Underwriter's election the Insured shall permit the Underwriter to conduct the defense of such legal proceeding in the Insured's name, through attorneys of the Underwriter's selection. In such event, the Insured shall give all reasonable information and assistance which the Underwriter shall deem necessary to the proper defense of such legal proceeding.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">If the amount of the Insured&#8217;s liability or alleged liability in any such legal proceeding is greater than the amount which the Insured would be entitled to recover under this Bond (other than pursuant to this General Agreement C), or if a Deductible Amount is applicable, or both, the indemnity liability of the Underwriter under this General Agreement C is limited to the proportion of court costs and attorneys&#8217; fees incurred and paid by the Insured or by the Underwriter that the amount which the Insured would be entitled to recover under this Bond (other than pursuant to this General Agreement C) bears to the sum of such amount plus the amount which the Insured is not entitled to recover. Such indemnity shall be in addition to the Limit of Liability for the applicable Insuring Agreement.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">&#160;</div>

<div style="TEXT-ALIGN: justify">
<table id="za521bc126bcd424a9fecbdb47ed797ab" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; WIDTH: 27pt; align: right">D.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">INTERPRETATION</div>
</td>
</tr>
</table>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">This Bond shall be interpreted with due regard to the purpose of fidelity bonding under Rule 17g-1 of the Investment Company Act of 1940 (i.e., to protect innocent third parties from harm) and to the structure of the investment management industry (in which a loss of Property resulting from a cause described in any Insuring Agreement ordinarily gives rise to a potential legal liability on the part of the Insured), such that the term &#8220;loss&#8221; as used herein shall include an Insured&#8217;s legal liability for direct compensatory damages resulting directly from a misappropriation, or measurable diminution in value, of Property.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; FONT-STYLE: normal">5</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 1px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #999999; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #999999" noshade="noshade">
</div>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">THIS BOND, INCLUDING THE FOREGOING INSURING AGREEMENTS</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">AND GENERAL AGREEMENTS, IS SUBJECT TO THE FOLLOWING</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center">PROVISIONS, CONDITIONS AND LIMITATIONS:</div>

<div>
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<tr style="VERTICAL-ALIGN: top">
<td style="VERTICAL-ALIGN: top; WIDTH: 72pt; align: right">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: justify">SECTION 1.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: auto; align: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: justify">DEFINITIONS</div>
</td>
</tr>
</table>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: justify">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt">The following terms used in this Bond shall have the meanings stated in this Section:</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt">&#160;</div>

<div style="TEXT-ALIGN: justify">
<table id="ze81c085f91214d86874d05074f7cabdd" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #000000; WIDTH: 27pt; align: right">A.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">&#8220;Alteration&#8221;</font> means the marking, changing or altering in a material way of the terms, meaning or legal effect of a document with the intent to deceive.</div>
</td>
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</table>
</div>

<div style="TEXT-ALIGN: justify">&#160;</div>

<div style="TEXT-ALIGN: justify">
<table id="z489974a05b164893a31cb2ebba031b32" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #000000; WIDTH: 27pt; align: right">B.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">&#8220;Application&#8221;</font> means the Insured&#8217;s application (and any attachments and materials submitted in connection therewith) furnished to the Underwriter for this Bond.</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">&#160;</div>

<div style="TEXT-ALIGN: justify">
<table id="zc66dff7d91564a85afdefdf30fe36adb" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #000000; WIDTH: 27pt; align: right">C.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">&#8220;Computer System&#8221;</font> means (1) computers with related peripheral components, including storage components, (2) systems and applications software, (3) terminal devices, (4) related communications networks or customer communication systems, and (5) related electronic funds transfer systems; by which data or monies are electronically collected, transmitted, processed, stored or retrieved.</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">&#160;</div>

<div style="TEXT-ALIGN: justify">
<table id="z6b34da1ae91a4f96bf509d13aa141685" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #000000; WIDTH: 27pt; align: right">D.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">&#8220;Counterfeit&#8221;</font> means, with respect to any item, one which is false but is intended to deceive and to be taken for the original authentic item.</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">&#160;</div>

<div style="TEXT-ALIGN: justify">
<table id="z6f4db03f6cc74435a06210f00b592ca6" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #000000; WIDTH: 27pt; align: right">E.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">&#8220;Deductible Amount&#8221;</font> means, with respect to any Insuring Agreement, the amount set forth under the heading &#8220;Deductible Amount&#8221; in Item 3 of the Declarations or in any Rider for such Insuring Agreement, applicable to each Single Loss covered by such Insuring Agreement.</div>
</td>
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</table>
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<div style="TEXT-ALIGN: justify">
<table id="z41dc0259388641448e3fbbd18658df9c" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #000000; WIDTH: 27pt; align: right">F.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">&#8220;Depository&#8221;</font> means any &#8220;securities depository&#8221; (other than any foreign securities depository) in which an Investment Company may deposit its Securities in accordance with Rule 17f-4 under the Investment Company Act of 1940.</div>
</td>
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<div style="TEXT-ALIGN: justify">&#160;</div>

<div style="TEXT-ALIGN: justify">
<table id="z645a3d0d17dc462b9f21d6db0ba90418" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #000000; WIDTH: 27pt; align: right">G.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">&#8220;Dishonest or Fraudulent Act&#8221;</font> means any dishonest or fraudulent act, including &#8220;larceny and embezzlement&#8221; as defined in Section 37 of the Investment Company Act of 1940, committed with the conscious manifest intent (1) to cause the Insured to sustain a loss and (2) to obtain financial benefit for the perpetrator or any other person (other than salaries, commissions, fees, bonuses, awards, profit sharing, pensions or other employee benefits). A Dishonest or Fraudulent Act does not mean or include a reckless act, a negligent act, or a grossly negligent act.</div>
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<div style="TEXT-ALIGN: justify">
<table id="z81b1843c88bb426487de8d90adc822ea" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #000000; WIDTH: 27pt; align: right">H.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">&#8220;Electronic Transmission&#8221;</font> means any transmission effected by electronic means, including but not limited to a transmission effected by telephone tones, Telefacsimile, wireless device, or over the Internet.</div>
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<div style="TEXT-ALIGN: justify">
<table id="z2c9e21bd4b244188bf16268ca2e8ac54" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #000000; WIDTH: 18pt; align: right">I.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">&#8220;Employee&#8221;</font> means:</div>
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<div style="TEXT-ALIGN: justify">
<table id="z14d3450fd27e4eeba222bb32d68e02db" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="WIDTH: 27pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; COLOR: #000000; WIDTH: 18pt; align: right">(1)</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">each officer, director, trustee, partner or employee of the Insured, and</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">&#160;</div>

<div style="TEXT-ALIGN: justify">
<table id="zfe3bd53acaa94dcb8abe51dbcf5c1e7c" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 27pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; COLOR: #000000; WIDTH: 18pt; align: right">(2)</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">each officer, director, trustee, partner or employee of any predecessor of the Insured whose principal assets are acquired by the Insured by consolidation or merger with, or purchase of assets or capital stock of, such predecessor, and</div>
</td>
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</table>
</div>

<div style="TEXT-ALIGN: justify">&#160;</div>

<div style="TEXT-ALIGN: justify">
<table id="z0f22af11886144eaae4bffc0a80e8d6b" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 27pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; COLOR: #000000; WIDTH: 18pt; align: right">(3)</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">each attorney performing legal services for the Insured and each employee of such attorney or of the law firm of such attorney while performing services for the Insured, and</div>
</td>
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<div style="TEXT-ALIGN: justify">&#160;</div>

<div style="TEXT-ALIGN: justify">
<table id="zade0764c3047441bbfa42bd9038f0a54" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 27pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; COLOR: #000000; WIDTH: 18pt; align: right">(4)</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">each student who is an authorized intern of the Insured, while in any of the Insured&#8217;s offices, and</div>
</td>
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</div>

<div style="TEXT-ALIGN: justify">&#160;</div>

<div style="TEXT-ALIGN: justify">
<table id="za944bb2682f54f6a987668df00e5f52e" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 27pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; COLOR: #000000; WIDTH: 18pt; align: right">(5)</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">each officer, director, trustee, partner or employee of</div>
</td>
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</table>
</div>

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<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; FONT-STYLE: normal">6</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 1px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #999999; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #999999" noshade="noshade">
</div>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z967684be77074874b3b664141a15c99f" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="WIDTH: 45pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; COLOR: #000000; WIDTH: 18pt; align: right">(a)</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">an investment adviser,</div>
</td>
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</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z2ec92e3550fb4ab29fb543fd800c2c04" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 45pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; COLOR: #000000; WIDTH: 18pt; align: right">(b)</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">an underwriter (distributor),</div>
</td>
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</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zc1f92b551f774585af600a891a627543" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 45pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; COLOR: #000000; WIDTH: 18pt; align: right">(c)</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">a transfer agent or shareholder accounting recordkeeper, or</div>
</td>
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</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z8ea97eb05c784ab9b022d399f257a910" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="WIDTH: 45pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; COLOR: #000000; WIDTH: 18pt; align: right">(d)</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">an administrator authorized by written agreement to keep financial and/or other required records,</div>
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<div style="TEXT-ALIGN: justify">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 45pt">for an Investment Company named as an Insured, BUT ONLY while (i) such officer, partner or employee is performing acts coming within the scope of the usual duties of an officer or employee of an Insured, or (ii) such officer, director, trustee, partner or employee is acting as a member of any committee duly elected or appointed to examine or audit or have custody of or access to the Property of the Insured, or (iii) such director or trustee (or anyone acting in a similar capacity) is acting outside the scope of the usual duties of a director or trustee;PROVIDED, that the term &#8220;Employee&#8221; shall not include any officer, director, trustee, partner or employee of a transfer agent, shareholder accounting recordkeeper or administrator (x) which is not an &#8220;affiliated person&#8221; (as defined in Section 2(a) of the Investment Company Act of 1940) of an Investment Company named as Insured or of the adviser or underwriter of such Investment Company, or (y) which is a &#8220;Bank&#8221; (as defined in Section 2(a) of the Investment Company Act of 1940), and</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 45pt">&#160;</div>

<div style="TEXT-ALIGN: justify">
<table id="z65a7c691b31647c6a24e69ecc3c37016" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 27pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; COLOR: #000000; WIDTH: 18pt; align: right">(6)</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">each individual assigned, by contract or by any agency furnishing temporary personnel, in either case on a contingent or part-time basis, to perform the usual duties of an employee in any office of the Insured, and</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">&#160;</div>

<div style="TEXT-ALIGN: justify">
<table id="z18ec17f1abc2474f8010c01f0c6e1949" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 27pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; COLOR: #000000; WIDTH: 18pt; align: right">(7)</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">each individual assigned to perform the usual duties of an employee or officer of any entity authorized by written agreement with the Insured to perform services as electronic data processor of checks or other accounting records of the Insured, but excluding a processor which acts as transfer agent or in any other agency capacity for the Insured in issuing checks, drafts or securities, unless included under subsection (5) hereof, and</div>
</td>
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</table>
</div>

<div style="TEXT-ALIGN: justify">&#160;</div>

<div style="TEXT-ALIGN: left">
<table id="z05ce94ce7ec3416c82630f5827eda575" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 27pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; COLOR: #000000; WIDTH: 18pt; align: right">(8)</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">each officer, partner or employee of</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">&#160;</div>

<div style="TEXT-ALIGN: left">
<table id="zfafb6c4b1f0a4e0c9c212316a1225e58" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 45pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; COLOR: #000000; WIDTH: 18pt; align: right">(a)</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">any Depository or Exchange,</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table id="z861d498b6951491a9a7a199719783dae" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 45pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; COLOR: #000000; WIDTH: 18pt; align: right">(b)</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">any nominee in whose name is registered any Security included in the systems for the central handling of securities established and maintained by any Depository, and</div>
</td>
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</table>
</div>

<div style="TEXT-ALIGN: left">
<table id="zd3eebc90fc0444828df377c8b0b29f56" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 45pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; COLOR: #000000; WIDTH: 18pt; align: right">(c)</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">any recognized service company which provides clerks or other personnel to any Depository or Exchange on a contract basis,</div>
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</table>
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<div style="TEXT-ALIGN: left">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 45pt">while such officer, partner or employee is performing services for any Depository in the operation of systems for the central handling of securities, and</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 45pt">&#160;</div>

<div style="TEXT-ALIGN: justify">
<table id="zbcc479815b9940bbb4abe8ffd5db6b88" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 27pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; COLOR: #000000; WIDTH: 18pt; align: right">(9)</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">in the case of an Insured which is an &#8220;employee benefit plan&#8221; (as defined in Section 3 of the Employee Retirement Income Security Act of 1974 (&#8220;ERISA&#8221;)) for officers, directors or employees of another Insured (&#8220;In-House Plan&#8221;), any &#8220;fiduciary&#8221; or other &#8220;plan official&#8221; (within the meaning of Section 412 of ERISA) of such In-House Plan, provided that such fiduciary or other plan official is a director, partner, officer, trustee or employee of an Insured (other than an In-House Plan).</div>
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<div style="TEXT-ALIGN: justify">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">Each employer of temporary personnel and each entity referred to in subsections (6) and (7) and their respective partners, officers and employees shall collectively be deemed to be one person for all the purposes of this Bond.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">Brokers, agents, independent contractors, or representatives of the same general character shall not be considered Employees, except as provided in subsections (3), (6), and (7).</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">&#160;</div>

<div style="TEXT-ALIGN: justify">
<table id="z2cc8a8ce73bf4da0a2b12dd1d6f7456c" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #000000; WIDTH: 27pt; align: right">J.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">&#8220;Exchange&#8221;</font> means any national securities exchange registered under the Securities Exchange Act of 1934.</div>
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<div style="TEXT-ALIGN: justify">&#160;</div>

<div style="TEXT-ALIGN: justify">
<table id="z4b61dc6343b54c0f972aa177219760e4" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #000000; WIDTH: 27pt; align: right">K.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">&#8220;Forgery&#8221;</font> means the physical signing on a document of the name of another person (whether real or fictitious) with the intent to deceive. A Forgery may be by means of mechanically reproduced facsimile signatures as well as handwritten signatures. Forgery does not include the signing of an individual&#8217;s own name, regardless of such individual&#8217;s authority, capacity or purpose.</div>
</td>
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</div>

<div style="TEXT-ALIGN: justify">&#160;</div>

<div style="TEXT-ALIGN: justify">
<table id="z5aa8fdcc781248029223f8046ab448bc" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #000000; WIDTH: 27pt; align: right">L.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">&#8220;Items of Deposit&#8221;</font> means one or more checks or drafts.</div>
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</table>
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<div style="TEXT-ALIGN: justify">&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; FONT-STYLE: normal">7</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 1px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #999999; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #999999" noshade="noshade">
</div>
</div>

<div style="TEXT-ALIGN: justify">
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<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #000000; WIDTH: 27pt; align: right">M.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">&#8220;Investment Company&#8221;</font> or <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">&#8220;Fund&#8221;</font> means an investment company registered under the Investment Company Act of 1940.</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">&#160;</div>

<div style="TEXT-ALIGN: justify">
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<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #000000; WIDTH: 27pt; align: right">N.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">&#8220;Limit of Liability&#8221;</font> means, with respect to any Insuring Agreement, the limit of liability of the Underwriter for any Single Loss covered by such Insuring Agreement as set forth under the heading &#8220;Limit of Liability&#8221; in Item 3 of the Declarations or in any Rider for such Insuring Agreement.</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">&#160;</div>

<div style="TEXT-ALIGN: justify">
<table id="z986609c06b174645b60dc1a549c4887f" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #000000; WIDTH: 27pt; align: right">O.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">&#8220;Mysterious Disappearance&#8221;</font> means any disappearance of Property which, after a reasonable investigation has been conducted, cannot be explained.</div>
</td>
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</div>

<div style="TEXT-ALIGN: justify">&#160;</div>

<div style="TEXT-ALIGN: justify">
<table id="z841eb74019bd4a0da7fdbfcfad9ace00" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #000000; WIDTH: 27pt; align: right">P.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">&#8220;Non-Fund&#8221;</font> means any corporation, business trust, partnership, trust or other entity which is not an Investment Company.</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">&#160;</div>

<div style="TEXT-ALIGN: justify">
<table id="z03406933024b4bbdb5efb494530ad2a0" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #000000; WIDTH: 27pt; align: right">Q.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">&#8220;Phone/Electronic Transaction Security Procedures&#8221;</font> means security procedures for Phone/ Electronic Transactions as provided in writing to the Underwriter.</div>
</td>
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</table>
</div>

<div style="TEXT-ALIGN: justify">&#160;</div>

<div style="TEXT-ALIGN: justify">
<table id="zb1e7dc6035e446c698983eccafea88bc" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #000000; WIDTH: 27pt; align: right">R.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">&#8220;Phone/Electronic Transaction&#8221;</font> means any (1) redemption of shares issued by an Investment Company, (2) election concerning dividend options available to Fund shareholders, (3) exchange of shares in a registered account of one Fund into shares in an identically registered account of another Fund in the same complex pursuant to exchange privileges of the two Funds, or (4) purchase of shares issued by an Investment Company, which redemption, election, exchange or purchase is requested by voice over the telephone or through an Electronic Transmission.</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">&#160;</div>

<div style="TEXT-ALIGN: justify">
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<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #000000; WIDTH: 27pt; align: right">S.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">&#8220;Property&#8221;</font> means the following tangible items: money, postage and revenue stamps, precious metals, Securities, bills of exchange, acceptances, checks, drafts, or other written orders or directions to pay sums certain in money, certificates of deposit, due bills, money orders, letters of credit, financial futures contracts, conditional sales contracts, abstracts of title, insurance policies, deeds, mortgages, and assignments of any of the foregoing, and other valuable papers, including books of account and other records used by the Insured in the conduct of its business, and all other instruments similar to or in the nature of the foregoing (but excluding all data processing records), (1) in which the Insured has a legally cognizable interest, (2) in which the Insured acquired or should have acquired such an interest by reason of a predecessor&#8217;s declared financial condition at the time of the Insured&#8217;s consolidation or merger with, or purchase of the principal assets of, such predecessor or (3) which are held by the Insured for any purpose or in any capacity.</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">&#160;</div>

<div style="TEXT-ALIGN: justify">
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<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #000000; WIDTH: 27pt; align: right">T.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">&#8220;Securities&#8221;</font> means original negotiable or non-negotiable agreements or instruments which represent an equitable or legal interest, ownership or debt (including stock certificates, bonds, promissory notes, and assignments thereof), which are in the ordinary course of business and transferable by physical delivery with appropriate endorsement or assignment. &#8220;Securities&#8221; does not include bills of exchange, acceptances, certificates of deposit, checks, drafts, or other written orders or directions to pay sums certain in money, due bills, money orders, or letters of credit.</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">&#160;</div>

<div style="TEXT-ALIGN: justify">
<table id="zc756ccb4eb0446ff8c0e1dd7bcfd2eae" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #000000; WIDTH: 27pt; align: right">U.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">&#8220;Security Company&#8221;</font> means an entity which provides or purports to provide the transport of Property by secure means, including, without limitation, by use of armored vehicles or guards.</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">&#160;</div>

<div style="TEXT-ALIGN: justify">
<table id="z36c6d1c04d7141fe8a51908005368109" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #000000; WIDTH: 27pt; align: right">V.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">&#8220;Self Regulatory Organization&#8221;</font> means any association of investment advisers or securities dealers registered under the federal securities laws, or any Exchange.</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">&#160;</div>

<div style="TEXT-ALIGN: justify">
<table id="z6f329771c8cb4724ab36b041c3206646" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #000000; WIDTH: 27pt; align: right">W.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">&#8220;Shareholder of Record&#8221;</font> means the record owner of shares issued by an Investment Company or, in the case of joint ownership of such shares, all record owners, as designated (1) in the initial account application, or (2) in writing accompanied by a signature guarantee, or (3) pursuant to procedures as set forth in the Application.</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">&#160;</div>

<div style="TEXT-ALIGN: justify">
<table id="zfa621b8a03e24a95b4fb70ee54e76427" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #000000; WIDTH: 27pt; align: right">X.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">&#8220;Single Loss&#8221;</font> means:</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; FONT-STYLE: normal">8</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 1px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #999999; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #999999" noshade="noshade">
</div>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z359ed83d58ee4fbea2d878eec54231ed" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 27pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; COLOR: #000000; WIDTH: 18pt; align: right">(1)</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">all loss resulting from any one actual or attempted Theft committed by one person, or</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">&#160;</div>

<div style="TEXT-ALIGN: justify">
<table id="z4047703ce7f9451bbb6f997f06ee319e" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 27pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; COLOR: #000000; WIDTH: 18pt; align: right">(2)</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">all loss caused by any one act (other than a Theft or a Dishonest or Fraudulent Act) committed by one person, or</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">&#160;</div>

<div style="TEXT-ALIGN: justify">
<table id="zde6391cdce1e486e8d40195350d87914" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 27pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; COLOR: #000000; WIDTH: 18pt; align: right">(3)</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">all loss caused by Dishonest or Fraudulent Acts committed by one person, or</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">&#160;</div>

<div style="TEXT-ALIGN: justify">
<table id="zb40144d86a1d447bb3152580a42c322c" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 27pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; COLOR: #000000; WIDTH: 18pt; align: right">(4)</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">all expenses incurred with respect to any one audit or examination, or</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">&#160;</div>

<div style="TEXT-ALIGN: justify">
<table id="zdd6823aa93184812a8bd222a96d31622" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 27pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; COLOR: #000000; WIDTH: 18pt; align: right">(5)</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">all loss caused by any one occurrence or event other than those specified in subsections (1) through (4) above.</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">All acts or omissions of one or more persons which directly or indirectly aid or, by failure to report or otherwise, permit the continuation of an act referred to in subsections (1) through (3) above of any other person shall be deemed to be the acts of such other person for purposes of this subsection.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 18pt">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">All acts or occurrences or events which have as a common nexus any fact, circumstance, situation, transaction or series of facts, circumstances, situations, or transactions shall be deemed to be one act, one occurrence, or one event.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 18pt">&#160;</div>

<div style="TEXT-ALIGN: justify">
<table id="z4cf782f76fc64fef9f1d21ac45b2f052" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #000000; WIDTH: 27pt; align: right">Y.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">&#8220;Telefacsimile&#8221;</font> means a system of transmitting and reproducing fixed graphic material (as, for example, printing) by means of signals transmitted over telephone lines or over the Internet.</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">&#160;</div>

<div style="TEXT-ALIGN: justify">
<table id="z1cbc45b175c64180a76706db9725fa5c" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #000000; WIDTH: 27pt; align: right">Z.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">&#8220;Theft&#8221;</font> means robbery, burglary or hold-up, occurring with or without violence or the threat of violence.</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">&#160;</div>

<div>
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<tr style="VERTICAL-ALIGN: top">
<td style="VERTICAL-ALIGN: top; WIDTH: 72pt; align: right">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: justify">SECTION 2.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: auto; align: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: justify">EXCLUSIONS</div>
</td>
</tr>
</table>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: justify">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify">THIS BOND DOES NOT COVER:</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify">&#160;</div>

<div style="TEXT-ALIGN: justify">
<table id="z3f665a55dd6e412f89b2fcb01758f8bc" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; COLOR: #000000; WIDTH: 27pt; align: right">A.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">Loss resulting from (1) riot or civil commotion outside the United States of America and Canada, or (2) war, revolution, insurrection, action by armed forces, or usurped power, wherever occurring; except if such loss occurs while the Property is in transit, is otherwise covered under Insuring Agreement D, and when such transit was initiated, the Insured or any person initiating such transit on the Insured&#8217;s behalf had no knowledge of such riot, civil commotion, war, revolution, insurrection, action by armed forces, or usurped power.</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">&#160;</div>

<div style="TEXT-ALIGN: justify">
<table id="zf164002c185f4732b1b52598d64d7803" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; COLOR: #000000; WIDTH: 27pt; align: right">B.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">Loss in time of peace or war resulting from nuclear fission or fusion or radioactivity, or biological or chemical agents or hazards, or fire, smoke, or explosion, or the effects of any of the foregoing.</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">&#160;</div>

<div style="TEXT-ALIGN: justify">
<table id="z544036c8fe9d43e3a0c5a5d6c7599c35" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; COLOR: #000000; WIDTH: 27pt; align: right">C.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">Loss resulting from any Dishonest or Fraudulent Act committed by any person while acting in the capacity of a member of the Board of Directors or any equivalent body of the Insured or of any other entity.</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">&#160;</div>

<div style="TEXT-ALIGN: justify">
<table id="z3c7f5163ddbd4395951a88ea3fedb1cf" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; COLOR: #000000; WIDTH: 27pt; align: right">D.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">Loss resulting from any nonpayment or other default of any loan or similar transaction made by the Insured or any of its partners, directors, officers or employees, whether or not authorized and whether procured in good faith or through a Dishonest or Fraudulent Act, unless such loss is otherwise covered under Insuring Agreement A, E or F.</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">&#160;</div>

<div style="TEXT-ALIGN: justify">
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<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; COLOR: #000000; WIDTH: 27pt; align: right">E.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">Loss resulting from any violation by the Insured or by any Employee of any law, or any rule or regulation pursuant thereto or adopted by a Self Regulatory Organization, regulating the issuance, purchase or sale of securities, securities transactions upon security exchanges or over the counter markets, Investment Companies, or investment advisers, unless such loss, in the absence of such law, rule or regulation, would be covered under Insuring Agreement A, E or F.</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">&#160;</div>

<div style="TEXT-ALIGN: justify">
<table id="z35b4cbfad6b6475b8800989b92a7b4c7" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; COLOR: #000000; WIDTH: 27pt; align: right">F.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">Loss resulting from Property that is the object of Theft, Dishonest or Fraudulent Act, or Mysterious Disappearance while in the custody of any Security Company, unless such loss is covered under this Bond and is in excess of the amount recovered or received by the Insured under (1) the Insured&#8217;s contract with such Security Company, and (2) insurance or indemnity of any kind carried by such Security Company for the benefit of, or otherwise available to, users of its service, in which case this Bond shall cover only such excess, subject to the applicable Limit of Liability and Deductible Amount.</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; FONT-STYLE: normal">9</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 1px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #999999; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #999999" noshade="noshade">
</div>
</div>

<div style="TEXT-ALIGN: justify">
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<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; COLOR: #000000; WIDTH: 27pt; align: right">G.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">Potential income, including but not limited to interest and dividends, not realized by the Insured because of a loss covered under this Bond, except when covered under Insuring Agreement H.</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">&#160;</div>

<div style="TEXT-ALIGN: justify">
<table id="z71b018d0f9e44e48aea3014c2a15b1b7" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; COLOR: #000000; WIDTH: 27pt; align: right">H.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">Loss in the form of (1) damages of any type for which the Insured is legally liable, except direct compensatory damages, or (2) taxes, fines, or penalties, including without limitation two-thirds of treble damage awards pursuant to judgments under any statute or regulation.</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">&#160;</div>

<div style="TEXT-ALIGN: justify">
<table id="zbfa7fc3031454a1db87966ec2e992868" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; COLOR: #000000; WIDTH: 27pt; align: right">I.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">Loss resulting from the surrender of Property away from an office of the Insured as a result of a threat</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">&#160;</div>

<div style="TEXT-ALIGN: justify">
<table id="z5d15524ffc344b869a83cda8f9b33511" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 27pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; COLOR: #000000; WIDTH: 18pt; align: right">(1)</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">to do bodily harm to any person, except where the Property is in transit in the custody of any person acting as messenger as a result of a threat to do bodily harm to such person, if the Insured had no knowledge of such threat at the time such transit was initiated, or</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">&#160;</div>

<div style="TEXT-ALIGN: justify">
<table id="z113b0f1282a8415e995f43f09d1b07fc" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 27pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; COLOR: #000000; WIDTH: 18pt; align: right">(2)</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">to do damage to the premises or Property of the Insured,</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt; TEXT-INDENT: -9pt">unless such loss is otherwise covered under Insuring Agreement A.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt; TEXT-INDENT: -9pt">&#160;</div>

<div style="TEXT-ALIGN: justify">
<table id="z48752527baca476c9d977f1fbbfebe2a" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; COLOR: #000000; WIDTH: 27pt; align: right">J.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">All costs, fees and other expenses incurred by the Insured in establishing the existence of or amount of loss covered under this Bond, except to the extent certain audit expenses are covered under Insuring Agreement B.</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">&#160;</div>

<div style="TEXT-ALIGN: justify">
<table id="zf71760d1347f4d319676d1f2a42e9ee5" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; COLOR: #000000; WIDTH: 27pt; align: right">K.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">Loss resulting from payments made to or withdrawals from any account, involving funds erroneously credited to such account, unless such loss is otherwise covered under Insuring Agreement A.</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">&#160;</div>

<div style="TEXT-ALIGN: justify">
<table id="z46598ab6de1b4a10aad454e0f777ca33" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; COLOR: #000000; WIDTH: 27pt; align: right">L.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">Loss resulting from uncollectible Items of Deposit which are drawn upon a financial institution outside the United States of America, its territories and possessions, or Canada.</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">&#160;</div>

<div style="TEXT-ALIGN: justify">
<table id="zaab0836b10044e43b4dc75cef8b85d63" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; COLOR: #000000; WIDTH: 27pt; align: right">M.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">Loss resulting from the Dishonest or Fraudulent Acts, Theft, or other acts or omissions of an Employee primarily engaged in the sale of shares issued by an Investment Company to persons other than (1) a person registered as a broker under the Securities Exchange Act of 1934 or (2) an &#8220;accredited investor&#8221; as defined in Rule 501(a) of Regulation D under the Securities Act of 1933, which is not an individual.</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">&#160;</div>

<div style="TEXT-ALIGN: justify">
<table id="z24655ee755cb4518a52943ffabb85917" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; COLOR: #000000; WIDTH: 27pt; align: right">N.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">Loss resulting from the use of credit, debit, charge, access, convenience, identification, cash management or other cards, whether such cards were issued or purport to have been issued by the Insured or by anyone else, unless such loss is otherwise covered under Insuring Agreement A.</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">&#160;</div>

<div style="TEXT-ALIGN: justify">
<table id="z27cb702523264393b5731ffc33612a6f" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; COLOR: #000000; WIDTH: 27pt; align: right">O.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">Loss resulting from any purchase, redemption or exchange of securities issued by an Investment Company or other Insured, or any other instruction, request, acknowledgement, notice or transaction involving securities issued by an Investment Company or other Insured or the dividends in respect thereof, when any of the foregoing is requested, authorized or directed or purported to be requested, authorized or directed by voice over the telephone or by Electronic Transmission, unless such loss is otherwise covered under Insuring Agreement A or Insuring Agreement I.</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">&#160;</div>

<div style="TEXT-ALIGN: justify">
<table id="z42bda3cf8b8045a0983c4926fd1cb0ff" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; COLOR: #000000; WIDTH: 27pt; align: right">P.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">Loss resulting from any Dishonest or Fraudulent Act or Theft committed by an Employee as defined in Section 1.I(2), unless such loss (1) could not have been reasonably discovered by the due diligence of the Insured at or prior to the time of acquisition by the Insured of the assets acquired from a predecessor, and (2) arose out of a lawsuit or valid claim brought against the Insured by a person unaffiliated with the Insured or with any person affiliated with the Insured.</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">&#160;</div>

<div style="TEXT-ALIGN: justify">
<table id="zeed3a0d35cc1442598b1fa7299438829" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; COLOR: #000000; WIDTH: 27pt; align: right">Q.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">Loss resulting from the unauthorized entry of data into, or the deletion or destruction of data in, or the change of data elements or programs within, any Computer System, unless such loss is otherwise covered under Insuring Agreement A.</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; FONT-STYLE: normal">10</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 1px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #999999; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #999999" noshade="noshade">
</div>
</div>

<div>
<table id="z8fafa9359a104580b65ca980aa3083d2" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="VERTICAL-ALIGN: top; WIDTH: 72pt; align: right">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: justify">SECTION 3.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: auto; align: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: justify">ASSIGNMENT OF RIGHTS</div>
</td>
</tr>
</table>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: justify">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">Upon payment to the Insured hereunder for any loss, the Underwriter shall be subrogated to the extent of such payment to all of the Insured&#8217;s rights and claims in connection with such loss; provided, however, that the Underwriter shall not be subrogated to any such rights or claims one named Insured under this Bond may have against another named Insured under this Bond. At the request of the Underwriter, the Insured shall execute all assignments or other documents and take such action as the Underwriter may deem necessary or desirable to secure and perfect such rights and claims, including the execution of documents necessary to enable the Underwriter to bring suit in the name of the Insured.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">Assignment of any rights or claims under this Bond shall not bind the Underwriter without the Underwriter&#8217;s written consent.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">&#160;</div>

<div>
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<tr style="VERTICAL-ALIGN: top">
<td style="VERTICAL-ALIGN: top; WIDTH: 72pt; align: right">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: justify">SECTION 4.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: auto; align: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">LOSS</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8212;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">NOTICE</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8212;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">PROOF</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8212;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">LEGAL PROCEEDINGS</font></div>
</td>
</tr>
</table>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">This Bond is for the use and benefit only of the Insured and the Underwriter shall not be liable hereunder to anyone other than the Insured. As soon as practicable and not more than sixty (60) days after discovery, the Insured shall give the Underwriter written notice thereof and, as soon as practicable and within one year after such discovery, shall also furnish to the Underwriter affirmative proof of loss with full particulars. The Underwriter may extend the sixty day notice period or the one year proof of loss period if the Insured requests an extension and shows good cause therefor.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">See also General Agreement C (Court Costs and Attorneys' Fees).</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">The Underwriter shall not be liable hereunder for loss of Securities unless each of the Securities is identified in such proof of loss by a certificate or bond number or by such identification means as the Underwriter may require. The Underwriter shall have a reasonable period after receipt of a proper affirmative proof of loss within which to investigate the claim, but where the Property is Securities and the loss is clear and undisputed, settlement shall be made within forty-eight (48) hours even if the loss involves Securities of which duplicates may be obtained.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">The Insured shall not bring legal proceedings against the Underwriter to recover any loss hereunder prior to sixty (60) days after filing such proof of loss or subsequent to twenty-four (24) months after the discovery of such loss or, in the case of a legal proceeding to recover hereunder on account of any judgment against the Insured in or settlement of any suit mentioned in General Agreement C or to recover court costs or attorneys&#8217; fees paid in any such suit, twenty-four (24) months after the date of the final judgment in or settlement of such suit. If any limitation in this Bond is prohibited by any applicable law, such limitation shall be deemed to be amended to be equal to the minimum period of limitation permitted by such law.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">Notice hereunder shall be given to Manager, Professional Liability Claims, ICI Mutual Insurance Company, 1401 H St. NW, Washington, DC 20005.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">&#160;</div>

<div>
<table id="zccd40035c69e4eceabc211af2ba13630" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="VERTICAL-ALIGN: top; WIDTH: 72pt; align: right">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: justify">SECTION 5.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: auto; align: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: justify">DISCOVERY</div>
</td>
</tr>
</table>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: justify">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">For all purposes under this Bond, a loss is discovered, and discovery of a loss occurs, when the Insured</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">&#160;</div>

<div style="TEXT-ALIGN: justify">
<table id="zd90aa774fa2349829654d03a31238c3c" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 27pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; COLOR: #000000; WIDTH: 18pt; align: right">(1)</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">becomes aware of facts, or</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">&#160;</div>

<div style="TEXT-ALIGN: justify">
<table id="z4a146c1739c345089b67f1de3167d1dd" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 27pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; COLOR: #000000; WIDTH: 18pt; align: right">(2)</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">receives notice of an actual or potential claim by a third party which alleges that the Insured is liable under circumstances,</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">which would cause a reasonable person to assume that loss covered by this Bond has been or is likely to be incurred even though the exact amount or details of loss may not be known.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; FONT-STYLE: normal">11</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 1px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #999999; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #999999" noshade="noshade">
</div>
</div>

<div>
<table id="z4a3738f6816e4c2d94375c41faf69ed2" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="VERTICAL-ALIGN: top; WIDTH: 72pt; align: right">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: justify">SECTION 6.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: auto; align: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: justify">VALUATION OF PROPERTY</div>
</td>
</tr>
</table>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: justify">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">For the purpose of determining the amount of any loss hereunder, the value of any Property shall be the market value of such Property at the close of business on the first business day before the discovery of such loss; except that</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">&#160;</div>

<div style="TEXT-ALIGN: justify">
<table id="zdadc9e3c745840a48a7c1707339281c4" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 27pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; COLOR: #000000; WIDTH: 18pt; align: right">(1)</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">the value of any Property replaced by the Insured prior to the payment of a claim therefor shall be the actual market value of such Property at the time of replacement, but not in excess of the market value of such Property on the first business day before the discovery of the loss of such Property;</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">&#160;</div>

<div style="TEXT-ALIGN: justify">
<table id="z20539cd517594009a8ef7c31b918749d" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 27pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; COLOR: #000000; WIDTH: 18pt; align: right">(2)</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">the value of Securities which must be produced to exercise subscription, conversion, redemption or deposit privileges shall be the market value of such privileges immediately preceding the expiration thereof if the loss of such Securities is not discovered until after such expiration, but if there is no quoted or other ascertainable market price for such Property or privileges referred to in clauses (1) and (2), their value shall be fixed by agreement between the parties or by arbitration before an arbitrator or arbitrators acceptable to the parties; and</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">&#160;</div>

<div style="TEXT-ALIGN: justify">
<table id="z41561a3efcc74ceaa07b25aaca89a35a" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 27pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; COLOR: #000000; WIDTH: 18pt; align: right">(3)</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">the value of books of accounts or other records used by the Insured in the conduct of its business shall be limited to the actual cost of blank books, blank pages or other materials if the books or records are reproduced plus the cost of labor for the transcription or copying of data furnished by the Insured for reproduction.</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">&#160;</div>

<div style="TEXT-ALIGN: justify">
<table id="z04829bd597ef4daa816613c488670cb9" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #000000; WIDTH: 72pt; align: right">SECTION 7.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000">LOST SECURITIES</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">The maximum liability of the Underwriter hereunder for lost Securities shall be the payment for, or replacement of, such Securities having an aggregate value not to exceed the applicable Limit of Liability. If the Underwriter shall make payment to the Insured for any loss of </font>S<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">ecurities, the Insured shall assign to the Underwriter all of the Insured&#8217;s right, title and interest in and to such Securities. In lieu of such payment, the Underwriter may, at its option, replace such lost Securities, and in such case the Insured shall cooperate to effect such replacement. To effect the replacement of lost Securities, the Underwriter may issue or arrange for the issuance of a lost instrument bond. If the value of such Securities does not exceed the applicable Deductible Amount (at the time of the discovery of the loss), the Insured will pay the usual premium charged for the lost instrument bond and will indemnify the issuer of such bond against all loss and expense that it may sustain because of the issuance of such bond.</font></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">If the value of such Securities exceeds the applicable Deductible Amount (at the time of discovery of the loss), the Insured will pay a proportion of the usual premium charged for the lost instrument bond, equal to the percentage that the applicable Deductible Amount bears to the value of such Securities upon discovery of the loss, and will indemnify the issuer of such bond against all loss and expense that is not recovered from the Underwriter under the terms and conditions of this Bond, subject to the applicable Limit of Liability.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">&#160;</div>

<div>
<table id="z7d07d3603eaa4ae4b38fec1e8572bd02" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="VERTICAL-ALIGN: top; WIDTH: 72pt; align: right">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: justify">SECTION 8.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: auto; align: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: justify">SALVAGE</div>
</td>
</tr>
</table>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: justify">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">If any recovery is made, whether by the Insured or the Underwriter, on account of any loss within the applicable Limit of Liability hereunder, the Underwriter shall be entitled to the full amount of such recovery to reimburse the Underwriter for all amounts paid hereunder with respect to such loss. If any recovery is made, whether by the Insured or the Underwriter, on account of any loss in excess of the applicable Limit of Liability hereunder plus the Deductible Amount applicable to such loss from any source other than suretyship, insurance, reinsurance, security or indemnity taken by or for the benefit of the Underwriter, the amount of such recovery, net of the actual costs and expenses of recovery, shall be applied to reimburse the Insured in full for the portion of such loss in excess of such Limit of Liability, and the remainder, if any, shall be paid first to reimburse the Underwriter for all amounts paid hereunder with respect to such loss and then to the Insured to the extent of the portion of such loss within the Deductible Amount. The Insured shall execute all documents which the Underwriter deems necessary or desirable to secure to the Underwriter the rights provided for herein.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify">&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; FONT-STYLE: normal">12</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 1px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #999999; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #999999" noshade="noshade">
</div>
</div>

<div style="TEXT-ALIGN: left">
<table id="z2c8623698ace48a9aed3f049ac5f2c4f" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #000000; WIDTH: 72pt; align: right">SECTION 9.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000">NON-REDUCTION AND NON-ACCUMULATION OF LIABILITY AND TOTAL LIABILITY</div>
</td>
</tr>
</table>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">Prior to its termination, this Bond shall continue in force up to the Limit of Liability for each Insuring Agreement for each Single Loss, notwithstanding any previous loss (other than such Single Loss) for which the Underwriter may have paid or be liable to pay hereunder; PROVIDED, however, that regardless of the number of years this Bond shall continue in force and the number of premiums which shall be payable or paid, the liability of the Underwriter under this Bond with respect to any Single Loss shall be limited to the applicable Limit of Liability irrespective of the total amount of such Single Loss and shall not be cumulative in amounts from year to year or from period to period.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">&#160;</div>

<div>
<table id="z2d45330106604a4f974923e5e2201cea" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="VERTICAL-ALIGN: top; WIDTH: 72pt; align: right">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: justify">SECTION 10.&#160;</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: auto; align: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: justify">MAXIMUM LIABILITY OF UNDERWRITER; OTHER BONDS OR POLICIES</div>
</td>
</tr>
</table>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 81pt; TEXT-INDENT: -81pt">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">The maximum liability of the Underwriter for any Single Loss covered by any Insuring Agreement under this Bond shall be the Limit of Liability applicable to such Insuring Agreement, subject to the applicable Deductible Amount and the other provisions of this Bond. Recovery for any Single Loss may not be made under more than one Insuring Agreement. If any Single Loss covered under this Bond is recoverable or recovered in whole or in part because of an unexpired discovery period under any other bonds or policies issued by the Underwriter to the Insured or to any predecessor in interest of the Insured, the maximum liability of the Underwriter shall be the greater of either (1) the applicable Limit of Liability under this Bond, or (2) the maximum liability of the Underwriter under such other bonds or policies.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">&#160;</div>

<div>
<table id="zb6cd1eb0fcd343bf8afa01743def7d15" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="VERTICAL-ALIGN: top; WIDTH: 72pt; align: right">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: justify">SECTION 11.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: auto; align: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: justify">OTHER INSURANCE</div>
</td>
</tr>
</table>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">Notwithstanding anything to the contrary herein, if any loss covered by this Bond shall also be covered by other insurance or suretyship for the benefit of the Insured, the Underwriter shall be liable hereunder only for the portion of such loss in excess of the amount recoverable under such other insurance or suretyship, but not exceeding the applicable Limit of Liability of this Bond.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">&#160;</div>

<div>
<table id="z6a74bf6ffe28472eace6851357c19142" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="VERTICAL-ALIGN: top; WIDTH: 72pt; align: right">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: justify">SECTION 12.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: auto; align: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: justify">DEDUCTIBLE AMOUNT</div>
</td>
</tr>
</table>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: justify">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">The Underwriter shall not be liable under any Insuring Agreement unless the amount of the loss covered thereunder, after deducting the net amount of all reimbursement and/or recovery received by the Insured with respect to such loss (other than from any other bond, suretyship or insurance policy or as an advance by the Underwriter hereunder) shall exceed the applicable Deductible Amount; in such case the Underwriter shall be liable only for such excess, subject to the applicable Limit of Liability and the other terms of this Bond.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">No Deductible Amount shall apply to any loss covered under Insuring Agreement A sustained by any Investment Company named as an Insured.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">&#160;</div>

<div>
<table id="z4069285f4af9454ebc8a4d5c535bba72" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="VERTICAL-ALIGN: top; WIDTH: 72pt; align: right">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: justify">SECTION 13.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: auto; align: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: justify">TERMINATION</div>
</td>
</tr>
</table>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: justify">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">The Underwriter may terminate this Bond as to any Insured or all Insureds only by written notice to such Insured or Insureds and, if this Bond is terminated as to any Investment Company, to each such Investment Company terminated thereby and to the Securities and Exchange Commission, Washington, D.C., in all cases not less than sixty (60) days prior to the effective date of termination specified in such notice.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">The Insured may terminate this Bond only by written notice to the Underwriter not less than sixty (60) days prior to the effective date of the termination specified in such notice. Notwithstanding the foregoing, when the Insured terminates this Bond as to any Investment Company, the effective date of termination shall be not less than sixty (60) days from the date the Underwriter provides written notice of the termination to each such Investment Company terminated thereby and to the Securities and Exchange Commission, Washington, D.C.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; FONT-STYLE: normal">13</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 1px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #999999; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #999999" noshade="noshade">
</div>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">This Bond will terminate as to any Insured that is a Non-Fund immediately and without notice upon (1) the takeover of such Insured&#8217;s business by any State or Federal official or agency, or by any receiver or liquidator, or (2) the filing of a petition under any State or Federal statute relative to bankruptcy or reorganization of the Insured, or assignment for the benefit of creditors of the Insured.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">Premiums are earned until the effective date of termination. The Underwriter shall refund the unearned premium computed at short rates in accordance with the Underwriter&#8217;s standard short rate cancellation tables if this Bond is terminated by the Insured or pro rata if this Bond is terminated by the Underwriter.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">Upon the detection by any Insured that an Employee has committed any Dishonest or Fraudulent Act(s) or Theft, the Insured shall immediately remove such Employee from a position that may enable such Employee to cause the Insured to suffer a loss by any subsequent Dishonest or Fraudulent Act(s) or Theft. The Insured, within two (2) business days of such detection, shall notify the Underwriter with full and complete particulars of the detected Dishonest or Fraudulent Act(s) or Theft.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">For purposes of this section, detection occurs when any partner, officer, or supervisory employee of any Insured, who is not in collusion with such Employee, becomes aware that the Employee has committed any Dishonest or Fraudulent Act(s) or Theft.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">This Bond shall terminate as to any Employee by written notice from the Underwriter to each Insured and, if such Employee is an Employee of an Insured Investment Company, to the Securities and Exchange Commission, in all cases not less than sixty (60) days prior to the effective date of termination specified in such notice.</div>

<div><br>
</div>

<div>
<table id="zdc863f72f8e6474fa863db734856cddb" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="VERTICAL-ALIGN: top; WIDTH: 72pt; align: right">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: justify">SECTION 14.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: auto; align: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: justify">RIGHTS AFTER TERMINATION</div>
</td>
</tr>
</table>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: justify">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">At any time prior to the effective date of termination of this Bond as to any Insured, such Insured may, by written notice to the Underwriter, elect to purchase the right under this Bond to an additional period of twelve (12) months within which to discover loss sustained by such Insured prior to the effective date of such termination and shall pay an additional premium therefor as the Underwriter may require.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">Such additional discovery period shall terminate immediately and without notice upon the takeover of such Insured&#8217;s business by any State or Federal official or agency, or by any receiver or liquidator. Promptly after such termination the Underwriter shall refund to the Insured any unearned premium.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">The right to purchase such additional discovery period may not be exercised by any State or Federal official or agency, or by any receiver or liquidator, acting or appointed to take over the Insured&#8217;s business.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">&#160;</div>

<div>
<table id="z9a0f687dfcbf4958b74fcbd2dc35c87e" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="VERTICAL-ALIGN: top; WIDTH: 72pt; align: right">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: justify">SECTION 15.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: auto; align: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: justify">CENTRAL HANDLING OF SECURITIES</div>
</td>
</tr>
</table>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: justify">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">The Underwriter shall not be liable for loss in connection with the central handling of securities within the systems established and maintained by any Depository (&#8220;Systems&#8221;), unless the amount of such loss exceeds the amount recoverable or recovered under any bond or policy or participants&#8217; fund insuring the Depository against such loss (the &#8220;Depository&#8217;s Recovery&#8221;); in such case the Underwriter shall be liable hereunder only for the Insured&#8217;s share of such excess loss, subject to the applicable Limit of Liability, the Deductible Amount and the other terms of this Bond.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; FONT-STYLE: normal">14</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">For determining the Insured&#8217;s share of such excess loss, (1) the Insured shall be deemed to have an interest in any certificate representing any security included within the Systems equivalent to the interest the Insured then has in all certificates representing the same security included within the Systems; (2) the Depository shall have reasonably and fairly apportioned the Depository&#8217;s Recovery among all those having an interest as recorded by appropriate entries in the books and records of the Depository in Property involved in such loss, so that each such interest shall share in the Depository&#8217;s Recovery in the ratio that the value of each such interest bears to the total value of all such interests; and (3) the Insured&#8217;s share of such excess loss shall be the amount of the Insured&#8217;s interest in such Property in excess of the amount(s) so apportioned to the Insured by the Depository.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">This Bond does not afford coverage in favor of any Depository or Exchange or any nominee in whose name is registered any security included within the Systems.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">&#160;</div>

<div>
<table id="z96767daba48c457cab1bc195745a6a88" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="VERTICAL-ALIGN: top; WIDTH: 72pt; align: right">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: justify">SECTION 16.</div>
</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: justify">ADDITIONAL COMPANIES INCLUDED AS INSURED</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: justify">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">If more than one entity is named as the Insured:</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">&#160;</div>

<div style="TEXT-ALIGN: justify">
<table id="za7c194e9646548c19e74d79004092e75" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; COLOR: #000000; WIDTH: 18pt; align: right">A.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">the total liability of the Underwriter hereunder for each Single Loss shall not exceed the Limit of Liability which would be applicable if there were only one named Insured, regardless of the number of Insured entities which sustain loss as a result of such Single Loss,</div>
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</div>

<div style="TEXT-ALIGN: justify">&#160;</div>

<div style="TEXT-ALIGN: justify">
<table id="zc9cc0f5140e947a6a78dbe7b44a30241" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; COLOR: #000000; WIDTH: 18pt; align: right">B.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">the Insured first named in Item 1 of the Declarations shall be deemed authorized to make, adjust, and settle, and receive and enforce payment of, all claims hereunder as the agent of each other Insured for such purposes and for the giving or receiving of any notice required or permitted to be given hereunder; provided, that the Underwriter shall promptly furnish each named Insured Investment Company with (1) a copy of this Bond and any amendments thereto, (2) a copy of each formal filing of a claim hereunder by any other Insured, and (3) notification of the terms of the settlement of each such claim prior to the execution of such settlement,</div>
</td>
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</div>

<div style="TEXT-ALIGN: justify">&#160;</div>

<div style="TEXT-ALIGN: justify">
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<td style="WIDTH: 27pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; COLOR: #000000; WIDTH: 18pt; align: right">C.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">the Underwriter shall not be responsible or have any liability for the proper application by the Insured first named in Item 1 of the Declarations of any payment made hereunder to the first named Insured,</div>
</td>
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</div>

<div style="TEXT-ALIGN: justify">&#160;</div>

<div style="TEXT-ALIGN: justify">
<table id="z32e5ca9eff674fcb980bcc017dd13528" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; COLOR: #000000; WIDTH: 18pt; align: right">D.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">for the purposes of Sections 4 and 13, knowledge possessed or discovery made by any partner, officer or supervisory Employee of any Insured shall constitute knowledge or discovery by every named Insured,</div>
</td>
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</div>

<div style="TEXT-ALIGN: justify">&#160;</div>

<div style="TEXT-ALIGN: justify">
<table id="zc0189eb53f1a4cbb8a337b16b863647b" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; COLOR: #000000; WIDTH: 18pt; align: right">E.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">if the first named Insured ceases for any reason to be covered under this Bond, then the Insured next named shall thereafter be considered as the first named Insured for the purposes of this Bond, and</div>
</td>
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</div>

<div style="TEXT-ALIGN: justify">&#160;</div>

<div style="TEXT-ALIGN: justify">
<table id="zc9e5ddbd508d4c6b98b00f0488eefa82" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; COLOR: #000000; WIDTH: 18pt; align: right">F.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">each named Insured shall constitute &#8220;the Insured&#8221; for all purposes of this Bond.</div>
</td>
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</div>

<div style="TEXT-ALIGN: justify">&#160;</div>

<div>
<table id="zc1b41a22710c4716a4f44e852a03e5f8" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: justify">SECTION 17.</div>
</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: justify">NOTICE AND CHANGE OF CONTROL</div>
</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: justify">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">Within thirty (30) days after learning that there has been a change in control of an Insured by transfer of its outstanding voting securities the Insured shall give written notice to the Underwriter of:</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">&#160;</div>

<div style="TEXT-ALIGN: justify">
<table id="z33b3cd26464b4d10b61fe55423cd5e2f" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 27pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; COLOR: #000000; WIDTH: 18pt; align: right">A.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">the names of the transferors and transferees (or the names of the beneficial owners if the voting securities are registered in another name), and</div>
</td>
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</div>

<div style="TEXT-ALIGN: justify">&#160;</div>

<div style="TEXT-ALIGN: justify">
<table id="ze1ec07c9841b4022a4e67e60d4ea841d" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; COLOR: #000000; WIDTH: 18pt; align: right">B.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">the total number of voting securities owned by the transferors and the transferees (or the beneficial owners), both immediately before and after the transfer, and</div>
</td>
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</table>
</div>

<div style="TEXT-ALIGN: justify">&#160;</div>

<div style="TEXT-ALIGN: justify">
<table id="z27584b6177f1448e8e3ccca9b72b7398" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 27pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; COLOR: #000000; WIDTH: 18pt; align: right">C.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">the total number of outstanding voting securities.</div>
</td>
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</table>
</div>

<div style="TEXT-ALIGN: justify">&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; FONT-STYLE: normal">15</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">As used in this Section, &#8220;control&#8221; means the power to exercise a controlling influence over the management or policies of the Insured.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">&#160;</div>

<div>
<table id="zac4da7b00c1240648b2b3c643cba1e01" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: justify">SECTION 18.</div>
</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: justify">CHANGE OR MODIFICATION</div>
</td>
</tr>
</table>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: justify">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">This Bond may only be modified by written Rider forming a part hereof over the signature of the Underwriter&#8217;s authorized representative. Any Rider which modifies the coverage provided by Insuring Agreement A, Fidelity, in a manner which adversely affects the rights of an Insured Investment Company shall not become effective until at least sixty (60) days after the Underwriter has given written notice thereof to the Securities and Exchange Commission, Washington, D.C., and to each Insured Investment Company affected thereby.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">&#160;</div>

<div>
<table id="zc9b3080bd01143e5a21591f1f4304ec2" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: justify">SECTION 19.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: auto; align: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: justify">COMPLIANCE WITH APPLICABLE TRADE AND ECONOMIC SANCTIONS</div>
</td>
</tr>
</table>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: justify">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">This Bond shall not be deemed to provide any coverage, and the Underwriter shall not be required to pay any loss or provide any benefit hereunder, to the extent that the provision of such coverage, payment of such loss or provision of such benefit would cause the Underwriter to be in violation of any applicable trade or economic sanctions, laws or regulations, including, but not limited to, any sanctions, laws or regulations administered and enforced by the U.S. Department of Treasury Office of Foreign Assets Control (OFAC).</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">IN WITNESS WHEREOF, the Underwriter has caused this Bond to be executed on the Declarations Page.</div>

<div>&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; FONT-STYLE: normal">16</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 1px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #999999; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #999999" noshade="noshade">
</div>
</div>

<div style="FONT-SIZE: 18pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">ICI MUTUAL INSURANCE COMPANY,</div>

<div style="FONT-SIZE: 18pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">a Risk Retention Group</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">INVESTMENT COMPANY BLANKET BOND</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">RIDER NO. 1</div>

<div>&#160;</div>

<table id="z23b4e4dde89449e197aa2a824b1a538a" style="FONT-SIZE: 10pt; BORDER-TOP: medium none; FONT-FAMILY: Arial; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 100%" cellspacing="0" cellpadding="0" border="0">
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">INSURED</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 33%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: right">BOND NUMBER</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" colspan="2">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 33%">&#160;</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Morgan Stanley Institutional Fund, Inc.</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 33%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: right">88190116B</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 33%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">EFFECTIVE DATE</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 34%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">BOND PERIOD</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 33%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">AUTHORIZED REPRESENTATIVE</div>
</td>
</tr>

<tr>
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<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 34%">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 33%">&#160;</td>
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<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px double; BORDER-LEFT: medium none; WIDTH: 33%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">October 5, <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2016</font></div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px double; BORDER-LEFT: medium none; WIDTH: 34%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">October 5, <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2016 to </font>October 5, <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2017</font></div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px double; BORDER-LEFT: medium none; WIDTH: 33%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">/S/ Joseph Costello</div>
</td>
</tr>
</table>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">In consideration of the premium charged for this Bond, it is hereby understood and agreed that Item 1 of the Declarations, Name of Insured, shall include the following:</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 27pt">Active Assets California Tax-Free Trust</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 27pt">Active Assets Government Securities Trust</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 27pt">Active Assets Government Trust</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 27pt">Active Assets Money Trust</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 27pt">Active Assets Prime Trust</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 27pt">Active Assets Tax-Free Trust</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">Morgan Stanley Asia-Pacific Fund, Inc.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 27pt">Morgan Stanley California Tax-Free Daily Income Trust</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">Morgan Stanley China A Share Fund, Inc.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">Morgan Stanley Emerging Markets Debt Fund, Inc.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">Morgan Stanley Emerging Markets Domestic Debt Fund, Inc.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">Morgan Stanley Emerging Markets Fund, Inc.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 27pt">Morgan Stanley European Equity Fund Inc.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 27pt">Morgan Stanley Global Fixed Income Opportunities Fund</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 27pt">Morgan Stanley Income Securities Fund, Inc.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">Morgan Stanley India Investment Fund, Inc.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 27pt">Morgan Stanley Liquid Asset Fund Inc.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 27pt">Morgan Stanley Mortgage Securities Trust</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 27pt">Morgan Stanley Multi Cap Growth Trust</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 27pt">Morgan Stanley New York Municipal Money Market Trust</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 27pt">Morgan Stanley Tax-Free Daily Income Trust</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 27pt">Morgan Stanley U.S. Government Money Market Trust</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 27pt">Morgan Stanley U.S. Government Securities Trust</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">The Latin American Discovery Fund, Inc.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">The Thai Fund, Inc.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">The Turkish Investment Fund, Inc.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 27pt">Morgan Stanley Select Dimensions Investment Series, a series fund consisting of:</div>

<div style="TEXT-ALIGN: left">
<table id="z64f232b615f8447bb2972199255436aa" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 54pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">o</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Mid Cap Growth Portfolio</div>
</td>
</tr>
</table>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 27pt">Morgan Stanley Variable Investment Series, a series fund consisting of:</div>

<div style="TEXT-ALIGN: left">
<table id="z64f1ffeeb8934683af9ac9374bf350f5" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 54pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">o</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">The European Equity Portfolio</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table id="z22d11a9b2118490cb9503db030b3ead0" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 54pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">o</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">The Income Plus Portfolio</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 1px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #999999; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #999999" noshade="noshade">
</div>
</div>

<div style="TEXT-ALIGN: left">
<table id="z5e89570ba8cd4a3b92017094e7267e1b" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 54pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">o</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">The Limited Duration Portfolio</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table id="za4efd7a71a004863b7646e5f49aaff07" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 54pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">o</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">The Multi Cap Growth Portfolio</div>
</td>
</tr>
</table>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">Morgan Stanley Institutional Fund, Inc., a series fund consisting of:</div>

<div style="TEXT-ALIGN: justify">
<table id="z1d41f94ee5aa4171a0d09e1d1c037fac" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 54pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">o</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Active International Allocation Portfolio</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zf7efb24eb83844cebf38b77c6bd6871f" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 54pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">o</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Advantage Portfolio</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zc0a4946e3a7a44a8986ecb94f5ec42f4" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 54pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">o</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Asia Opportunity Portfolio</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z04417591d6624927b0b69cc9fedd6d2e" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 54pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">o</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Asian Equity Portfolio</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z2fc74bb87bc34d95878b92f8a3425a90" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 54pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">o</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Emerging Markets Fixed Income Opportunities Portfolio</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="za38e2709a9bc41ba9ac22cd0d7ac154b" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 54pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">o</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Emerging Markets Leaders Portfolio</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="za0ba70c1034d4a26acd513a539b37f9d" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 54pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">o</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Emerging Markets Portfolio</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z0979d1bf577b43949676279bbe37d05b" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 54pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">o</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Emerging Markets Small Cap Portfolio</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zc9b135afdd744f78ba5ac58a0aceaa82" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 54pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">o</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Frontier Emerging Markets Portfolio</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z24cbc8852824426099ca95c73bada6c9" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 54pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">o</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Fundamental Multi-Cap Core Portfolio</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z60113a38a180411590387b9f1e2170cf" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 54pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">o</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Global Advantage Portfolio</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="ze954ffcbe67c4a26b63f45fc413f5ede" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 54pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">o</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Global Concentrated Portfolio</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zadf323f6a951474dbf3d8be83b3968f9" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 54pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">o</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Global Core Portfolio</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z9e5ff61425824c7f8ddfee02c25b19d1" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 54pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">o</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Global Discovery Portfolio</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z6d6ff978c2de4aa1afc2832124eaf1e4" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 54pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">o</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Global Franchise Portfolio</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zee6c2f74a5d54f759bec0f717876f712" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 54pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">o</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Global Infrastructure Portfolio</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z1b5ba45fe10648ccba7453713aed2f6a" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 54pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">o</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Global Insight Portfolio</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z1da7826e5fac4bdcbb51e33c5d2d0a11" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 54pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">o</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Global Opportunity Portfolio</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z174bf29ec0464a39bda3a4cb6b565a02" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 54pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">o</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Global Quality Portfolio</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z128a0516000241fa99295e85886815d3" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 54pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">o</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Global Real Estate Portfolio</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z8a188c24483647f5a65735af07df932c" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 54pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">o</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Growth Portfolio</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zbd5468d27f4b42f28022af78279f9af3" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 54pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">o</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Insight Portfolio</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z7313abde2c0642e6a26b975ed3f48569" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 54pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">o</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">International Advantage Portfolio</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zdd7a7f7c24a7409f8eecd04a4295f8af" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 54pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">o</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">International Equity Portfolio</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z652c50a1d87a4bb1b6e2adef81b6ece7" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 54pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">o</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">International Opportunity Portfolio</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z5af5eee12f73426b8bca6f2f2076701d" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 54pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">o</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">International Real Estate Portfolio</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z16e41bec8516431eb14009bed752bc59" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 54pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">o</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Multi-Asset Portfolio</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zef8dfa562bc946ab9b0724e80bd77b6c" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 54pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">o</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Small Company Growth Portfolio</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z8c30a9662932438c992a96e15a4183e8" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 54pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">o</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">U.S. Core Portfolio</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z18528a0790e145fb93acc07751cf55b0" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 54pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">o</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">U.S. Real Estate Portfolio</div>
</td>
</tr>
</table>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">The Universal Institutional Funds, Inc., a series fund consisting of:</div>

<div style="TEXT-ALIGN: left">
<table id="z99a5c36d07f64f2585d02f81a1838656" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 54pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">o</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Core Plus Fixed Income Portfolio</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table id="z773f933d8ba745b186f66484d957a768" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 54pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">o</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Emerging Markets Debt Portfolio</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zb3df2842c8db4489a78394429b8c4d3e" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 54pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">o</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Emerging Markets Equity Portfolio</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zc5c941efa1a0445db0a0579516c45540" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 54pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">o</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Global Franchise Portfolio</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z4fe84b89c04a40188fe2a1f2ff2ff67f" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 54pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">o</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Global Infrastructure Portfolio</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z9fc686e04d3746e9ba5f09609d0a8aa8" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 54pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">o</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Global Real Estate Portfolio</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z46ff7ce0e3a94ffc97ca73a0a6ec9983" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 54pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">o</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Global Strategist Portfolio</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z82f81cac37b84cd6a34e8162fab57b9d" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 54pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">o</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Growth Portfolio</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z526bcbe532c3492c83afa92b816e4ad0" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 54pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">o</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Mid Cap Growth Portfolio</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z0104513fa20741c998a260ad2599f689" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 54pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">o</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Small Company Growth Portfolio</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z08e1d6c7b2e543fda2bdf59b0ba0db57" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 54pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">o</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">U.S. Real Estate Portfolio</div>
</td>
</tr>
</table>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">Morgan Stanley Institutional Fund Trust, a series fund consisting of:</div>

<div style="TEXT-ALIGN: left">
<table id="z9a80eb0c16344367bead997c5f101684" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 54pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">o</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Core Plus Fixed Income Portfolio</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table id="zf5e0e7829d934eae922dc590bcd36bf7" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 54pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">o</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Corporate Bond Portfolio</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table id="zf1bcb3453aef45359d5752bfdd0c1009" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 54pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">o</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Global Multi-Asset Income Portfolio</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">&#160;</div>

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<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
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</div>
</div>

<div style="TEXT-ALIGN: left">
<table id="z919100952f4841ab962595be4c6206c1" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 54pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">o</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Global Strategist Portfolio</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table id="z7763732edfea43c085f7c7143b221a5d" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 54pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">o</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">High Yield Portfolio</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table id="z900ec16b0c1f4a1b8e55eeb27549bdf5" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 54pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">o</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Mid Cap Growth Portfolio</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table id="zcd856ae8d76f4b988b8bb91e43805442" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 54pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">o</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Short Duration Income Portfolio</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table id="z862c94323bcd410db87017213d736a00" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 54pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">o</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Strategic Income Portfolio</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table id="zd592da6ceacf41468272dc8e833d586c" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 54pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">o</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Ultra-Short Income Portfolio</div>
</td>
</tr>
</table>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">Morgan Stanley Institutional Liquidity Funds, a series fund consisting of:</div>

<div style="TEXT-ALIGN: justify">
<table id="zb2922cc737b04153b9e1bd1d48700a69" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 54pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">o</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Government Portfolio</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zd6f1d73dd83a40ecb9d699a0f0225f32" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 54pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">o</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Government Securities Portfolio</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z380af6e5cc664b41983476833e17b904" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 54pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">o</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Money Market Portfolio</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z61e040b6feb14ebc997f12d76d11e508" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 54pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">o</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Prime Portfolio</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z13e3d5ef4f87426db8f1f5abf82b366a" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 54pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">o</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Tax-Exempt Portfolio</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zb34fd8dda3b04ea5a271b5ea40ac602a" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 54pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">o</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Treasury Portfolio</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zeef04a9f2ca84262ad9692662ae43296" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 54pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">o</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Treasury Securities Portfolio</div>
</td>
</tr>
</table>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">AIP Series Trust, a series fund consisting of:</div>

<div style="TEXT-ALIGN: justify">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">o</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">AIP Dynamic Alternative Strategies Fund</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z0dde9f463913467bae2a0e052bc4eb4a" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 54.3pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">o</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">AIP Dynamic Alpha Capture Fund</div>
</td>
</tr>
</table>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">Morgan Stanley Institutional Fund of Hedge Funds</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">Alternative Investment Partners Absolute Return Fund STS</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">Alternative Investment Partners Absolute Return Fund</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">AIP Long/Short Fund A</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">AIP Long/Short Fund P</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">AIP Multi Strategy Fund A</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">AIP Multi Strategy Fund P</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">AIP Macro Registered Fund A</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 27pt">AIP Macro Registered Fund P</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Except as above stated, nothing herein shall be held to alter, waive or extend any of the terms of this Bond.</div>

<div>&#160;</div>

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</div>
</div>

<div style="FONT-SIZE: 18pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">ICI MUTUAL INSURANCE COMPANY,</div>

<div style="FONT-SIZE: 18pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">a Risk Retention Group</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">INVESTMENT COMPANY BLANKET BOND</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">RIDER NO. 2</div>

<div>&#160;</div>

<table id="z9d742e384d5f49d9bbb47cb3caba83d8" style="FONT-SIZE: 10pt; BORDER-TOP: medium none; FONT-FAMILY: Arial; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 100%" cellspacing="0" cellpadding="0" border="0">
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">INSURED</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 33%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: right">BOND NUMBER</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" colspan="2">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 33%">&#160;</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Morgan Stanley Institutional Fund, Inc.</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 33%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: right">88190116B</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 33%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">EFFECTIVE DATE</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 34%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">BOND PERIOD</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 33%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">AUTHORIZED REPRESENTATIVE</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 33%">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 34%">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 33%">&#160;</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px double; BORDER-LEFT: medium none; WIDTH: 33%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">October 5, <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2016</font></div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px double; BORDER-LEFT: medium none; WIDTH: 34%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">October 5, <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2016 to </font>October 5, <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2017</font></div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px double; BORDER-LEFT: medium none; WIDTH: 33%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">/S/ Joseph Costello</div>
</td>
</tr>
</table>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">In consideration of the premium charged for this Bond, it is hereby understood and agreed that this Bond shall not cover any loss resulting from or in connection with (1) the acts or omissions of any custodian, clearing agency or depository located outside of the United States of America, or of any employee or agent of any such custodian or depository; or (2) the nationalization or expropriation by any country and/or territory of any property (including "Property" as defined in Section 1.S of the Bond) or property rights of any Insured or any other person or entity.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">Except as above stated, nothing herein shall be held to alter, waive or extend any of the terms of this Bond.</div>

<div>&#160;</div>

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<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 1px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #999999; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #999999" noshade="noshade">
</div>
</div>

<div style="FONT-SIZE: 18pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">ICI MUTUAL INSURANCE COMPANY,</div>

<div style="FONT-SIZE: 18pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">a Risk Retention Group</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">INVESTMENT COMPANY BLANKET BOND</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">RIDER NO. 3</div>

<div><br>
</div>

<table id="ze89030c223d047f18a5f6f678c6c20b1" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0" border="0">
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<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; WIDTH: 33%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">INSURED</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; WIDTH: 34%">&#160;</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; WIDTH: 33%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: right">BOND NUMBER</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 33%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 34%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 33%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Morgan Stanley Institutional Fund, Inc.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 33%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: right">88190116B</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; WIDTH: 33%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">EFFECTIVE DATE</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; WIDTH: 34%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">BOND PERIOD</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; WIDTH: 33%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">AUTHORIZED REPRESENTATIVE</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 33%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 34%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 33%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; WIDTH: 33%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">October 5, <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2016</font></div>
</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; WIDTH: 34%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">October 5, <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2016 to </font>October 5, <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2017</font></div>
</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; WIDTH: 33%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">/S/ Joseph Costello</div>
</td>
</tr>
</table>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">In consideration of the premium charged for this Bond, it is hereby understood and agreed that notwithstanding Section 2.Q of this Bond, this Bond is amended by adding an additional Insuring Agreement J as follows:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z831a2914d96f4422a16cc179287f4c34" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">J.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">COMPUTER SECURITY</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">Loss (including loss of Property) resulting directly from Computer Fraud; <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><u>provided</u></font>, that the Insured has adopted in writing and generally maintains and follows during the Bond Period all Computer Security Procedures.&#160; The isolated failure of the Insured to maintain and follow a particular Computer Security Procedure in a particular instance will not preclude coverage under this Insuring Agreement, subject to the specific exclusions herein and in the Bond.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z4668970b51cd47be835939139e809a5a" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="WIDTH: 18pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">1.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><u>Definitions</u></font>.&#160; The following terms used in this Insuring Agreement shall have the following meanings:</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zd7d83d338b8149f5afa12db070093bba" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">a.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">"Authorized User" means any person or entity designated by the Insured (through contract, assignment of User Identification, or otherwise) as authorized to use a Covered Computer System, or any part thereof<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000">.&#160; An individual who invests in an Insured Fund shall not be considered to be an Authorized User solely by virtue of being an investor.</font></div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z0b019e54677b4676882d03093b1e829d" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">b.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">"Computer Fraud" means the unauthorized entry of data into, or the deletion or destruction of data in, or change of data elements or programs within, a Covered Computer System which:</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z4ba8b2204da740918e82982ca6f27879" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 54pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">(1)</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">is committed by any Unauthorized Third Party anywhere, alone or in collusion with other Unauthorized Third Parties; <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><u>and</u></font></div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zfb5f18cab65e48a2bcc7929992f77973" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 54pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">(2)</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">is committed with the conscious manifest intent (a) to cause the Insured to sustain a loss, <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><u>and</u></font> (b) to obtain financial benefit for the perpetrator or any other person; <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><u>and</u></font></div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z828456156efa47c29ee9e80485afe3ae" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 54pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">(3)</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">causes (x) Property to be transferred, paid or delivered; <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><u>or</u></font> (y) an account of the Insured, or of its customer, to be added, deleted, debited or credited; <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><u>or</u></font> (z) an unauthorized or fictitious account to be debited or credited.</div>
</td>
</tr>
</table>
</div>

<div>&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 1px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #999999; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #999999" noshade="noshade">
</div>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z19d93692a2c74c599d1e118bd14094af" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">c.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">"Computer Security Procedures" means procedures for prevention of unauthorized computer access and use and administration of computer access and use as provided in writing to the Underwriter.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zdc35ea020bcb40c8a65debed9ef03e97" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">d.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">"Covered Computer System" means any Computer System as to which the Insured has possession, custody and control.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z886a096a61184cb1b87f30ea3f35d37e" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">e.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">"Unauthorized Third Party" means any person or entity that, at the time of the Computer Fraud, is not an Authorized User.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
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<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">f.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">"User Identification" means any unique user name (<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">i.e.</font>, a series of characters) that is assigned to a person or entity by the Insured.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
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<tr>
<td style="WIDTH: 18pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">2.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><u>Exclusions</u></font>.&#160; It is further understood and agreed that this Insuring Agreement J shall not cover:</div>
</td>
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</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z5703aee0ac1f45738aef583623bfa0f0" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">a.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Any loss covered under Insuring Agreement A, "Fidelity," of this Bond; <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><u>and</u></font></div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z6bbdc7d6856444bb9b7dca5fda3ebd57" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">b.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Any loss resulting directly or indirectly from Theft or misappropriation of confidential or proprietary information, material or data (including but not limited to trade secrets, computer programs or customer information); <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><u>and</u></font></div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z67de29f16df543d0bc49cb8fb66ec806" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">c.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Any loss resulting from the intentional failure to adhere to one or more Computer Security Procedures; <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><u>and</u></font></div>
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</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zff5598af4b524f308ccb8336123e2ff5" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">d.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Any loss resulting from a Computer Fraud committed by or in collusion with:</div>
</td>
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</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zcde32b9ee9544907873231aa2c79153b" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 54pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">(1)</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">any Authorized User (whether a natural person or an entity); <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><u>or</u></font></div>
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</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z96f91082c9744a2b94fcffe81b7d535d" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 54pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">(2)</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">in the case of any Authorized User which is an entity, (a) any director, officer, partner, employee or agent of such Authorized User, or (b) any entity which controls, is controlled by, or is under common control with such Authorized User ("Related Entity"), or (c) any director, officer, partner, employee or agent of such Related Entity; <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><u>or</u></font></div>
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<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z97cd3697bd14477dab01b91a923289a7" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 54pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">(3)</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">in the case of any Authorized User who is a natural person, (a) any entity for which such Authorized User is a director, officer, partner, employee or agent ("Employer Entity"), or (b) any director, officer, partner, employee or agent of such Employer Entity, or (c) any entity which controls, is controlled by, or is under common control with such Employer Entity ("Employer-Related Entity"), or (d) any director, officer, partner, employee or agent of such Employer-Related Entity;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 54pt"><u>and</u></div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
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<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">e.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Any loss resulting from physical damage to or destruction of any Covered Computer System, or any part thereof, or any data, data elements or media associated therewith; <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><u>and</u></font></div>
</td>
</tr>
</table>
</div>

<div>&#160;</div>

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</div>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zebf8bb09115e4ca08e0a8b1fc73b864f" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">f.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Any loss not directly and proximately caused by Computer Fraud (including, without limitation, disruption of business and extra expense); <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><u>and</u></font></div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z57dab7f4ee25484ba2a80915ed34976b" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">g.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Payments made to any person(s) who has threatened to deny or has denied authorized access to a Covered Computer System or otherwise has threatened to disrupt the business of the Insured.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">For purposes of this Insuring Agreement, "Single Loss," as defined in Section 1.X of this Bond, shall also include all loss caused by Computer Fraud(s) committed by one person, or in which one person is implicated, whether or not that person is specifically identified.&#160; A series of losses involving unidentified individuals, but arising from the same method of operation, may be deemed by the Underwriter to involve the same individual and in that event shall be treated as a Single Loss.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">It is further understood and agreed that nothing in this Rider shall affect the exclusion set forth in Section 2.O of this Bond.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">Coverage under this Insuring Agreement shall terminate upon termination of this Bond.&#160; Coverage under this Insuring Agreement may also be terminated without terminating this Bond as an entirety:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
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<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">(a)</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">by written notice from the Underwriter not less than sixty (60) days prior to the effective date of termination specified in such notice; or</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z5b7ac779c0cf4c84827520e5d91d2e2a" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">(b)</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">immediately by written notice from the Insured to the Underwriter.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Except as above stated, nothing herein shall be held to alter, waive or extend any of the terms of this Bond.</div>

<div>&#160;</div>

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</div>
</div>

<div style="FONT-SIZE: 18pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">ICI MUTUAL INSURANCE COMPANY,</div>

<div style="FONT-SIZE: 18pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">a Risk Retention Group</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">INVESTMENT COMPANY BLANKET BOND</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">RIDER NO. 4</div>

<div><br>
</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">INSURED</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; WIDTH: 34%">&#160;</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; WIDTH: 33.34%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: right">BOND NUMBER</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 33%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 34%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 33.34%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Morgan Stanley Institutional Fund, Inc.</div>
</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; WIDTH: 33.34%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: right">88190116B</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 33%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">EFFECTIVE DATE</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 34%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">BOND PERIOD</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 33.34%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">AUTHORIZED REPRESENTATIVE</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 33%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 34%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 33.34%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px double; WIDTH: 33%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">October 5, <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2016</font></div>
</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px double; WIDTH: 34%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">October 5, <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2016 to </font>October 5, <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2017</font></div>
</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px double; WIDTH: 33.34%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">/S/ Joseph Costello</div>
</td>
</tr>
</table>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">In consideration of the premium charged for this Bond, it is hereby understood and agreed that notwithstanding Section 9, Non-Reduction and Non Accumulation of Liability and Total Liability, or any other provision of this Bond, the liability of the Underwriter under this Bond with respect to any and all loss or losses, under Insuring Agreement H, Uncollectible Items of Deposit, shall be limited to an aggregate of One Million Dollars ($1,000,000) for the Bond Period, irrespective of the total amount of any such loss or losses.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">Except as above stated, nothing herein shall be held to alter, waive or extend any of the terms of this Bond.</div>

<div>&#160;</div>

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<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
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</div>
</div>

<div style="FONT-SIZE: 18pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">ICI MUTUAL INSURANCE COMPANY,</div>

<div style="FONT-SIZE: 18pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">a Risk Retention Group</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">INVESTMENT COMPANY BLANKET BOND</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">RIDER NO. 5</div>

<div>&#160;</div>

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<tr>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; WIDTH: 33%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">INSURED</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; WIDTH: 34%">&#160;</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; WIDTH: 33.34%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: right">BOND NUMBER</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 33%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 34%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 33.34%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Morgan Stanley Institutional Fund, Inc.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 33.34%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: right">88190116B</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; WIDTH: 33%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">EFFECTIVE DATE</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; WIDTH: 34%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">BOND PERIOD</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; WIDTH: 33.34%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">AUTHORIZED REPRESENTATIVE</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 33%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 34%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 33.34%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px double; WIDTH: 33%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">October 5, <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2016</font></div>
</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px double; WIDTH: 34%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">October 5, <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2016 to </font>October 5, <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2017</font></div>
</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px double; WIDTH: 33.34%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">/S/ Joseph Costello</div>
</td>
</tr>
</table>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">In consideration of the premium charged for this Bond, it is hereby understood and agreed that the Deductible Amount for Insuring Agreement E, Forgery or Alteration, and Insuring Agreement F, Securities, shall not apply with respect to loss through Forgery of a signature on the following documents:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="za5ef91ca25ca48b6bf55b28835034f18" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 54pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">(1)</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">letter requesting redemption of $50,000 or less payable by check to the shareholder of record and addressed to the address of record; or</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z3f31cef1f0e940f3b17f8b85d3f2b3fe" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 54pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">(2)</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">letter requesting redemption of $50,000 or less by wire transfer to the record shareholder's bank account of record; or</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zf9a8859acb134eb9b7e8fd0d3992ece5" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 54pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">(3)</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">written request to a trustee or custodian for a Designated Retirement Account ("DRA") which holds shares of an Insured Fund, where such request (a) purports to be from or at the instruction of the Owner of such DRA, and (b) directs such trustee or custodian to transfer $50,000 or less from such DRA to a trustee or custodian for another DRA established for the benefit of such Owner;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><u>provided</u></font>, that the Limit of Liability for a Single Loss as described above shall be $50,000 and that the Insured shall bear 20% of each such loss.&#160; This Rider shall not apply in the case of any such Single Loss which exceeds $50,000; in such case the Deductible Amounts and Limits of Liability set forth in Item 3 of the Declarations shall control.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">For purposes of this Rider:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
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<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 27pt; align: right">(A)</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">"Designated Retirement Account" means any retirement plan or account described or qualified under the Internal Revenue Code of 1986, as amended, or a subaccount thereof.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zeea00f8ef02b44ddb082f7c692ed6fea" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 27pt; align: right">(B)</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">"Owner" means the individual for whose benefit the DRA, or a subaccount thereof, is established.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">Except as above stated, nothing herein shall be held to alter, waive or extend any of the terms of this Bond.</div>

<div>&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 1px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #999999; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #999999" noshade="noshade">
</div>
</div>

<div style="FONT-SIZE: 18pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">ICI MUTUAL INSURANCE COMPANY,</div>

<div style="FONT-SIZE: 18pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">a Risk Retention Group</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">INVESTMENT COMPANY BLANKET BOND</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">RIDER NO. 6</div>

<div>&#160;</div>

<table id="z7be448c898e34387ad32797ba8841761" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; WIDTH: 33%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">INSURED</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; WIDTH: 34%">&#160;</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; WIDTH: 33.34%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: right">BOND NUMBER</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 33%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 34%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 33.34%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Morgan Stanley Institutional Fund, Inc.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 33.34%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: right">88190116B</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; WIDTH: 33%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">EFFECTIVE DATE</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; WIDTH: 34%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">BOND PERIOD</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; WIDTH: 33.34%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">AUTHORIZED REPRESENTATIVE</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 33%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 34%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 33.34%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px double; WIDTH: 33%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">October 5, <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2016</font></div>
</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px double; WIDTH: 34%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">October 5, <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2016 to </font>October 5, <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2017</font></div>
</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px double; WIDTH: 33.34%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">/S/ Joseph Costello</div>
</td>
</tr>
</table>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">In consideration of the premium charged for this Bond, it is hereby understood and agreed that this Bond does not cover any loss resulting from or in connection with the acceptance of any Third Party Check, unless</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z865427e8356b4017bbb92c1ab088a59b" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 27pt; align: right">(1)</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">such Third Party Check is used to open or increase an account which is registered in the name of one or more of the payees on such Third Party Check, and</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="ze5565429cf974ca399e565f34c7eb7a4" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 27pt; align: right">(2)</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">reasonable efforts are made by the Insured, or by the entity receiving Third Party Checks on behalf of the Insured, to verify all endorsements on all Third Party Checks made payable in amounts greater than $100,000 (provided, however, that the isolated failure to make such efforts in a particular instance will not preclude coverage, subject to the exclusions herein and in the Bond),</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 72pt; TEXT-INDENT: -72pt">and then only to the extent such loss is otherwise covered under this Bond.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">For purposes of this Rider, "Third Party Check" means a check made payable to one or more parties and offered as payment to one or more other parties.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">It is further understood and agreed that notwithstanding anything to the contrary above or elsewhere in the Bond, this Bond does not cover any loss resulting from or in connection with the acceptance of a Third Party Check where:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z3b7ff10611e5456db0693720f521219b" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 27pt; align: right">(1)</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">any payee on such Third Party Check reasonably appears to be a corporation or other entity; or</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zee25cc2a3710438cae3fcd62ee956142" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 27pt; align: right">(2)</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">such Third Party Check is made payable in an amount greater than $100,000 and does not include the purported endorsements of all payees on such Third Party Check.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">It is further understood and agreed that this Rider shall not apply with respect to any coverage that may be available under Insuring Agreement A, "Fidelity."</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">Except as above stated, nothing herein shall be held to alter, waive or extend any of the terms of this Bond.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 1px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #999999; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #999999" noshade="noshade">
</div>
</div>

<div style="FONT-SIZE: 18pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">ICI MUTUAL INSURANCE COMPANY,</div>

<div style="FONT-SIZE: 18pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">a Risk Retention Group</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">INVESTMENT COMPANY BLANKET BOND</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">RIDER NO. 7</div>

<div>&#160;</div>

<table id="z4e937ad2fc2c4575a721d1ceeeaf9cd4" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; WIDTH: 33%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">INSURED</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; WIDTH: 34%">&#160;</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; WIDTH: 33.34%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: right">BOND NUMBER</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 33%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 34%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 33.34%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Morgan Stanley Institutional Fund, Inc.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 33.34%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: right">88190116B</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; WIDTH: 33%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">EFFECTIVE DATE</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; WIDTH: 34%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">BOND PERIOD</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; WIDTH: 33.34%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">AUTHORIZED REPRESENTATIVE</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 33%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 34%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 33.34%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px double; WIDTH: 33%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">October 5, <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2016</font></div>
</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px double; WIDTH: 34%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">October 5, <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2016 to </font>October 5, <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2017</font></div>
</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px double; WIDTH: 33.34%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">/S/ Joseph Costello</div>
</td>
</tr>
</table>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">In consideration of the premium charged for this Bond, it is hereby understood and agreed that, notwithstanding anything to the contrary in General Agreement A of this Bond, Item 1 of the Declarations shall include any Newly Created Investment Company or portfolio, provided that the Insured shall submit to the Underwriter, at least annually, a list of all Newly Created Investment Companies or portfolios, the estimated annual assets of each Newly Created Investment Company or portfolio, and copies of any prospectuses and statements of additional information relating to such Newly Created Investment Companies or portfolios, unless said prospectuses and statements of additional information have been previously submitted.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">For purposes of this Rider, Newly Created Investment Company or portfolio shall mean any Investment Company or portfolio declared effective by the SEC after the inception date of this Bond which is advised, distributed or administered by Morgan Stanley Investment Management Inc. and/or Morgan Stanley AIP GP LP, and for which they have the responsibility of placing fidelity bond coverage.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">Except as above stated, nothing herein shall be held to alter, waive or extend any of the terms of this Bond.</div>

<div>&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 1px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #999999; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #999999" noshade="noshade">
</div>
</div>

<div style="FONT-SIZE: 18pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">ICI MUTUAL INSURANCE COMPANY,</div>

<div style="FONT-SIZE: 18pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">a Risk Retention Group</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">INVESTMENT COMPANY BLANKET BOND</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">RIDER NO. 8</div>

<div>&#160;</div>

<table id="z66901bc2145c4c5aaf9888caab9c49f0" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; WIDTH: 33%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">INSURED</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; WIDTH: 34%">&#160;</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; WIDTH: 33.34%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: right">BOND NUMBER</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 33%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 34%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 33.34%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Morgan Stanley Institutional Fund, Inc.</div>
</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; WIDTH: 33.34%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: right">88190116B</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 33%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">EFFECTIVE DATE</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 34%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">BOND PERIOD</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 33.34%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">AUTHORIZED REPRESENTATIVE</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 33%">&#160;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: right; WIDTH: 34%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 33.34%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px double; WIDTH: 33%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">October 5, <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2016</font></div>
</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px double; WIDTH: 34%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">October 5, <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2016 to </font>October 5, <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2017</font></div>
</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px double; WIDTH: 33.34%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">/S/ Joseph Costello</div>
</td>
</tr>
</table>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">In consideration for the premium charged for this Bond, it is hereby understood and agreed that, with respect to Insuring Agreement I only, the Deductible Amount set forth in Item 3 of the Declarations (&#8220;Phone/Electronic Deductible&#8221;) shall not apply with respect to a Single Loss, otherwise covered by Insuring Agreement I, caused by:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z7d597164a33845f29fc8701af01b1102" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">(1)</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">a Phone/Electronic Redemption requested to be paid or made payable by check to the Shareholder of Record at the address of record; or</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z7f4fbded5a414d8ca20a120c62a9ef85" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">(2)</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">a Phone/Electronic Redemption requested to be paid or made payable by wire transfer to the Shareholder of Record&#8217;s bank account of record,</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><u>provided</u></font>, that the Limit of Liability for a Single Loss as described in (1) or (2) above shall be the lesser of 80% of such loss or $40,000 and that the Insured shall bear the remainder of each such Loss.&#160; This Rider shall not apply if the application of the Phone/Electronic Deductible to the Single Loss would result in coverage of greater than $40,000 or more; in such case the Phone/Electronic Deductible and Limit of Liability set forth in Item 3 of the Declarations shall control.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">For purposes of this Rider, &#8220;Phone/Electronic Redemption&#8221; means any redemption of shares issued by an Investment Company, which redemption is requested (a) by voice over the telephone, or (b) by Telefacsimile.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">Except as above stated, nothing herein shall be held to alter, waive or extend any of the terms of this Bond.</div>

<div>&#160;</div>

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<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 1px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #999999; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #999999" noshade="noshade">
</div>
</div>

<div style="FONT-SIZE: 18pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">ICI MUTUAL INSURANCE COMPANY,</div>

<div style="FONT-SIZE: 18pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">a Risk Retention Group</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">INVESTMENT COMPANY BLANKET BOND</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">RIDER NO. 9</div>

<div>&#160;</div>

<table id="ze72aa87547d047858e5905c547b0a033" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0" border="0">
<tr>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">INSURED</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; WIDTH: 34%">&#160;</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; WIDTH: 33.34%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: right">BOND NUMBER</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 33%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 34%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 33.34%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Morgan Stanley Institutional Fund, Inc.</div>
</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; WIDTH: 33.34%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: right">88190116B</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 33%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">EFFECTIVE DATE</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 34%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">BOND PERIOD</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 33.34%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">AUTHORIZED REPRESENTATIVE</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 33%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 34%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 33.34%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px double; WIDTH: 33%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">October 5, <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2016</font></div>
</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px double; WIDTH: 34%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">October 5, <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2016 to </font>October 5, <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2017</font></div>
</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px double; WIDTH: 33.34%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">/S/ Joseph Costello</div>
</td>
</tr>
</table>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">In consideration of the premium charged for this Bond, it is hereby understood and agreed that notwithstanding anything to the contrary in this Bond (including Insuring Agreement I), this Bond does not cover loss caused by a Phone/Electronic Transaction requested:</div>

<div style="BACKGROUND-COLOR: #ffffff"><br>
</div>

<div style="TEXT-ALIGN: justify; BACKGROUND-COLOR: #ffffff">
<table id="ze92b5342e8504ec4a165c50d9a850a5a" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#183;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">by use of an automated telephone tone or voice response system ; or</div>
</td>
</tr>
</table>

<br>
</div>

<div style="BACKGROUND-COLOR: #ffffff">
<div style="TEXT-ALIGN: justify">
<table id="ze697787937d94af18f4fcfb19d700457" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#183;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">by transmissions over the Internet (including any connected or associated intranet or extranet) or utilizing modem or similar connections;</div>
</td>
</tr>
</table>
</div>

<div>&#160;</div>

<div>except insofar as such loss is covered under Insuring Agreement A &#8220;Fidelity&#8221; of this Bond.</div>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">Except as above stated, nothing herein shall be held to alter, waive or extend any of the terms of this Bond.</div>

<div>&#160;</div>

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</div>
</div>

<div style="FONT-SIZE: 18pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">ICI MUTUAL INSURANCE COMPANY,</div>

<div style="FONT-SIZE: 18pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">a Risk Retention Group</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">INVESTMENT COMPANY BLANKET BOND</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">RIDER NO. 10</div>

<div>&#160;</div>

<table id="z14a1dbc592624828bf7d04f1aa256557" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0" border="0">
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<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; WIDTH: 33%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">INSURED</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; WIDTH: 34%">&#160;</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; WIDTH: 33.34%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: right">BOND NUMBER</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 33%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 34%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 33.34%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Morgan Stanley Institutional Fund, Inc.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 33.34%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: right">88190116B</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; WIDTH: 33%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">EFFECTIVE DATE</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; WIDTH: 34%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">BOND PERIOD</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; WIDTH: 33.34%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">AUTHORIZED REPRESENTATIVE</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 33%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 34%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 33.34%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px double; WIDTH: 33%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">October 5, <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2016</font></div>
</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px double; WIDTH: 34%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">October 5, <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2016 to </font>October 5, <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2017</font></div>
</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px double; WIDTH: 33.34%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">/S/ Joseph Costello</div>
</td>
</tr>
</table>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">In consideration of the premium charged for this Bond, it is hereby understood and agreed that Section 5 of this Bond is amended to read as follows:</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">&#8220;For all purposes under this Bond, a loss is discovered, and discovery of a loss occurs, when the Legal Department or Chief Compliance Officer of Morgan Stanley Investment Management Inc. and/or Morgan Stanley AIP GP LP, or the Risk and Insurance Department of Morgan Stanley:</div>

<div><br>
</div>

<div>
<table id="zb171ff7a944e4e60bcc1b1d5f1fa1ab0" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 54pt">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">(1)</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: auto; align: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">becomes aware of facts, or</div>
</td>
</tr>
</table>
</div>

<div>
<table id="zd3ce45f3484d4aafb5f7a8a59e7edc5d" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 54pt">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">(2)</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: auto; align: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">receives notice of an actual or potential claim by a third party which alleges that the Insured is liable under circumstances,</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">which would cause a reasonable person to assume that loss covered by this Bond and in excess of the applicable Deductible Amount has been or is likely to&#160; be incurred even though the exact amount or details of loss may not be known.&#8221;</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">Except as above stated, nothing herein shall be held to alter, waive or extend any of the terms of this Bond.</div>

<div>&#160;</div>

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<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 1px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #999999; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #999999" noshade="noshade">
</div>
</div>

<div style="FONT-SIZE: 18pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">ICI MUTUAL INSURANCE COMPANY,</div>

<div style="FONT-SIZE: 18pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">a Risk Retention Group</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">INVESTMENT COMPANY BLANKET BOND</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">RIDER NO.&#160; 11</div>

<div><br>
</div>

<table id="z965498b9a13648d1a3eabfb6e1ef3a63" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; WIDTH: 33%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">INSURED</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; WIDTH: 34%">&#160;</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; WIDTH: 33.34%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: right">BOND NUMBER</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 33%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 34%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 33.34%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Morgan Stanley Institutional Fund, Inc.</div>
</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid; WIDTH: 33.34%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: right">88190116B</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 33%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">EFFECTIVE DATE</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 34%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">BOND PERIOD</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 33.34%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">AUTHORIZED REPRESENTATIVE</div>
</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; WIDTH: 33%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 34%">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 33.34%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px double; WIDTH: 33%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">October 5, <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2016</font></div>
</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px double; WIDTH: 34%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">October 5, <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2016 to </font>October 5, <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2017</font></div>
</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px double; WIDTH: 33.34%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">/S/ Joseph Costello</div>
</td>
</tr>
</table>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">Most property and casualty insurers, including ICI Mutual Insurance Company, a Risk Retention Group (&#8220;ICI Mutual&#8221;), are subject to the requirements of the Terrorism Risk Insurance Act of 2002, as amended (the &#8220;Act&#8221;).&#160; The Act establishes a federal insurance backstop under which ICI Mutual and these other insurers will be partially reimbursed for future <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">&#8220;insured losses&#8221;</font> resulting from certified<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"> &#8220;acts of terrorism.&#8221;</font>&#160; (Each of these <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">bolded terms </font>is defined by the Act.)&#160; The Act also places certain disclosure and other obligations on ICI Mutual and these other insurers.</div>

<div><br>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">Pursuant to the Act, any future losses to ICI Mutual caused by certified <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">&#8220;acts of terrorism&#8221;</font> will be partially reimbursed by the United States government under a formula established by the Act.&#160; Under this formula, the United States government will reimburse ICI Mutual for the Federal Share of Compensation of ICI Mutual&#8217;s <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">&#8220;insured losses&#8221;</font> in excess of ICI Mutual&#8217;s <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">&#8220;insurer deductible&#8221;</font> until total <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">&#8220;insured losses&#8221;</font> of all participating insurers in excess of a statutorily established aggregate deductible reach the Cap on Annual Liability.&#160; If total <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">&#8220;insured losses&#8221; </font>of all property and casualty insurers in excess of a statutorily established aggregate deductible reach the Cap on Annual Liability during any applicable period, the Act provides that the insurers will not be liable under their policies for their portions of such losses that exceed such amount.&#160; Amounts otherwise payable under this policy may be reduced as a result.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">This policy has no express exclusion for <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">&#8220;acts of terrorism.&#8221;</font>&#160;&#160; However, coverage under this policy remains subject to all applicable terms, conditions and limitations of the policy (including exclusions) that are permissible under the Act.&#160; The portion of the premium that is attributable to any coverage potentially available under the policy for <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">&#8220;acts of terrorism&#8221;</font> is one percent (1%).</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">As used herein, &#8220;Federal Share of Compensation&#8221; shall mean:</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 36pt">85% in calendar year 2015;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 36pt">84% in calendar year 2016;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 36pt">83% in calendar year 2017;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 36pt">82% in calendar year 2018;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 36pt">81% in calendar year 2019; and</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 36pt">80% in calendar year 2020.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">As used herein, &#8220;Cap on Annual Liability&#8221; shall mean, with respect to total <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">&#8220;insured losses&#8221;</font> of all participating insurers:</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 36pt">$100 billion in calendar year 2015;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 36pt">$120 billion in calendar year 2016;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 36pt">$140 billion in calendar year 2017;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 36pt">$160 billion in calendar year 2018;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 36pt">$180 billion in calendar year 2019; and</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; TEXT-INDENT: 36pt">$200 billion in calendar year 2020.</div>

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<div style="FONT-SIZE: 18pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">ICI MUTUAL INSURANCE COMPANY,</div>

<div style="FONT-SIZE: 18pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">a Risk Retention Group</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">INVESTMENT COMPANY BLANKET BOND</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">RIDER NO. 12</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Morgan Stanley Institutional Fund, Inc.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: right">88190116B</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">EFFECTIVE DATE</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">BOND PERIOD</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">AUTHORIZED REPRESENTATIVE</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: 33.34%">&#160;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">October 5, <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2016</font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">October 5, <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2016 to </font>October 5, <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2017</font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">/S/ Joseph Costello</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">In consideration of the premium charged for this Bond, it is hereby understood and agreed that Section 1.G shall be amended to read as follows:</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 18pt">"Dishonest or Fraudulent Act" means any dishonest or fraudulent act, including "larceny and embezzlement" as defined in Section 37 of the Investment Company Act of 1940, committed with the conscious manifest intent (1) to cause the Insured to sustain a loss or (2) to obtain financial benefit for the perpetrator or any other person (other than salaries, commissions, fees, bonuses, awards, profit sharing, pensions or other employee benefits). A Dishonest or Fraudulent Act does not mean or include a reckless act, a negligent act, or a grossly negligent act.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">Except as above stated, nothing herein shall be held to alter, waive or extend any of the terms of this Bond.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify">Fidelity Bond Resolutions from the September 27-28, 2016 Board Meeting on behalf of the Morgan Stanley Funds, excluding Morgan Stanley India Investment Fund, Inc.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 18pt">RESOLVED, that having due consideration for the aggregate value of the funds and securities of the Portfolio to which each officer or employee of the Fund may, singly or jointly with others, have access, including, but not limited to, subscription payments for shares, either directly or through authority to draw upon such funds or to direct generally the disposition of such assets, the Board, including a majority of independent Directors of the Board, hereby approves the type and form of the Fidelity Bond to be maintained by the Fund, upon commencement of the Portfolio&#8217;s operations, jointly with the other Funds, in accordance with the Investment Company Act and Rule 17g-1 thereunder, and hereby further approves that said Bond shall be in an amount at least equal to the sum of the total amount of coverage which the other Funds would have been required to provide and maintain individually pursuant to the schedule contained in Rule 17g-1(d)(1), such amount to be monitored and determined on a continuous basis for the other Funds by MSIM Inc. and the Board approves all increases in the amount of said Bond so determined; and further</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 18pt">RESOLVED, that the Board hereby approves the payment by the Portfolio of a portion of the total premium for the coverage of said Fidelity Bond, the amount of such portion to be in the proportion that the net assets of the Portfolio bear to the total net assets of all Funds, as of a date to be selected by Management; and further</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 18pt">RESOLVED, that the officers of the Fund be, and each hereby is, authorized to prepare and enter into agreements meeting the requirements of Rule 17g-1(f) under the Investment Company Act relating to joint insured bonds covering investment companies, in substantially the same form as the present agreement among the Funds participating in the Fidelity Bond; and further</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 18pt">RESOLVED, that the Board hereby designates the Secretary, any assistant secretary or such other officers of each Morgan Stanley Fund as may be appropriate, as the officer who shall make all filings with the SEC and give all notices to the members of the Board which shall at any time be required by Rule 17g-1(g) under the Investment Company Act; and further</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 18pt">RESOLVED, that the Board hereby authorizes the Portfolio to participate in said Bond only so long as the Board, upon consideration of the matter no less frequently than annually, shall approve the form and amount of the Bond, and the portion of the premium for said Bond to be paid by the Portfolio.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">MINUTES OF A REGULAR MEETING</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">OF THE BOARD OF DIRECTORS OF</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">MORGAN STANLEY INDIA INVESTMENT FUND, INC.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">SEPTEMBER 28, 2016</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Review and Approval of Joint D&amp;O/E&amp;O Insurance Policy and Joint Fidelity Bond for the Morgan Stanley Funds</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; TEXT-INDENT: 18pt">The Board discussed the matter.&#160; Thereafter, upon motion duly made, seconded and carried by the Board of the Fund, it was</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 18pt">RESOLVED, that having due consideration for the aggregate value of the funds and securities of the Fund to which each officer or employee of the Fund may, singly or jointly with others, have access, including, but not limited to, subscription payments for shares, either directly or through authority to draw upon such funds or to direct generally the disposition of such assets, the Board, including a majority of the Independent Directors of the Board, hereby approves the type and form (Investment Company Blanket Bond, with ICI Mutual Insurance Company as the lead underwriter) of the joint fidelity bond to be maintained by this Fund jointly with the Participating Funds in accordance with the Investment Company Act and Rule 17g-1 thereunder, and hereby further approves that said Bond shall be in an amount at least equal to the sum of the total amount of coverage which each Participating Fund would have been required to provide and maintain individually pursuant to the schedule contained in Rule 17g-1(d)(1), such amount to be monitored and determined on a continuous basis for each Participating Fund by MSIM or MSAIP, as applicable, and the Board hereby approves the amount of said Bond so determined; and further</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 18pt">RESOLVED, that the Board hereby approves the binding of the Bond in the amount of $61 million for a projected premium of $257,000; and further</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 18pt">RESOLVED, that the Board hereby approves a premium allocation of 100% payable by the Participating Funds for the Bond; and further</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 18pt">RESOLVED, that the Board hereby approves the payment by the Fund of a portion of the total premium for the coverage of said Bond, the amount of such portion to be in the proportion that the net assets of the Fund bear to the total net assets of all Participating Funds, as of a date to be selected by Management; and further</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 18pt">RESOLVED, that the Board hereby authorizes the officers of the Fund to prepare and enter into agreements meeting the requirements of Rule 17g-1(f) under the Investment Company Act relating to joint insured bonds covering investment companies, in substantially the same form as the present agreement among the Participating Funds; and further</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 18pt">RESOLVED, that the Board hereby designates the Secretary of the Fund or any Vice President or Assistant Secretary, as the officer who shall make all filings with the SEC and give all notices to the members of the Board of the Fund which shall at any time be required by Rule 17g-1(g) under the Investment Company Act; and further</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 18pt">RESOLVED, that the Board hereby authorizes the Fund to participate in said Bond only so long as the Board, upon consideration of the matter no less frequently than annually, shall approve the form and amount of the Bond, and the portion of the premium for said Bond to be paid by the Fund; and further</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; MARGIN-LEFT: 18pt">RESOLVED, that the officers of the Fund be, and each hereby is, authorized from time to time to do, or cause to be done, all such other acts, and to amend, execute and/or deliver all such instruments and documents, as each officer shall deem necessary or appropriate, to carry out the purpose and intent of the foregoing resolutions.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">JOINT FIDELITY BOND AGREEMENT</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">WHEREAS</font>, each Morgan Stanley Fund listed on the attached Appendix A (each a &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Fund</font>&#8221; and collectively, the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Funds</font>&#8221;) is a management investment company registered under the Investment Company Act of 1940, as amended (the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Investment Company Act</font>&#8221;);</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">WHEREAS</font>, each Fund is named in a joint fidelity blanket bond (the &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Bond</font>&#8221;) issued by the ICI Mutual Insurance Company; and whereas, the Funds which are so named in such Bond are required to enter into a Joint Fidelity Bond Agreement pursuant to Rule 17g-1(f) under the Investment Company Act;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">NOW, THEREFORE</font>, it is agreed that in the event a recovery is awarded under the Bond as a result of a loss sustained by one or more of the Funds named in such Bond, each Fund shall receive an equitable and proportionate share of the recovery, such amount being at least equal to the minimum amount as set forth in a single insured bond pursuant to Rule 17g-1(d)(1) of the Investment Company Act.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Dated:&#160; February 9, 2018</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">By:</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 9pt">/s/ Mary E. Mullin</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Mary E. Mullin</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Secretary of each Fund</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: right">Appendix A</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">MORGAN STANLEY FUNDS</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">at</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center">SEPTEMBER 27-28, 2016</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">EQUITY FUNDS</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left"><u>Open-End Equity Funds</u></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Morgan Stanley Multi Cap Growth Trust (&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Multi Cap Growth</font>&#8221;)</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Morgan Stanley European Equity Fund Inc. (&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">European Equity</font>&#8221;)</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Morgan Stanley Select Dimensions Investment Series<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">&#160;</font>(&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Select Dimensions</font>&#8221;)</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Mid Cap Growth Portfolio</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Morgan Stanley Variable Investment Series (&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Variable Investment</font>&#8221;)</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Multi Cap Growth Portfolio</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#183;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">European Equity Portfolio</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">5.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Morgan Stanley Institutional Fund, Inc. (&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Institutional Fund Inc.</font>&#8221;)</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Emerging Markets Leaders Portfolio</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Emerging Markets Portfolio</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Frontier Emerging Markets Portfolio</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Fundamental Multi-Cap Core Portfolio</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Global Advantage Portfolio</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left"><u>Closed-End Equity Funds</u></div>

<div>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </div>

<div>
<div style="TEXT-ALIGN: left">
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Morgan Stanley Asia-Pacific Fund, Inc. (&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Asia-Pacific Fund</font>&#8221;)</div>
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<div style="TEXT-ALIGN: left">
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Morgan Stanley China A Share Fund, Inc. (&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">China A Fund</font>&#8221;)</div>
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<div style="TEXT-ALIGN: left">
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Morgan Stanley Emerging Markets Fund, Inc. (&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Emerging Markets Fund</font>&#8221;)</div>
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<div style="TEXT-ALIGN: left">
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Morgan Stanley India Investment Fund, Inc. (<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">&#8220;India Investment Fund&#8221;</font>)</div>
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<div style="TEXT-ALIGN: left">
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">The Latin American Discovery Fund, Inc. (&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Latin American Discovery</font>&#8221;)</div>
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<div style="TEXT-ALIGN: left">
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<div>&#160;&#160;&#160;&#160;&#160;&#160;&#160; </div>

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<div><br>
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<div style="TEXT-ALIGN: left">
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Morgan Stanley Global Fixed Income Opportunities Fund (&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Global Fixed Income Opportunities</font>&#8221;)</div>
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<div style="TEXT-ALIGN: left">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">2.</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Morgan Stanley Mortgage Securities Trust (&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Mortgage Securities</font>&#8221;)</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Morgan Stanley U.S. Government Securities Trust (&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Government Securities</font>&#8221;)</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#183;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left"><u>Closed-End Fixed Income Funds</u></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Morgan Stanley Emerging Markets Debt Fund, Inc. (&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Emerging Markets Debt</font>&#8221;)</div>
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<td style="VERTICAL-ALIGN: top; WIDTH: 36pt; align: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">2</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">.</font></td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Morgan Stanley Emerging Markets Domestic Debt Fund, Inc<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">. </font>(&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Emerging Markets Domestic Debt</font>&#8221;)</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">3.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Morgan Stanley Income Securities Inc.<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">&#160;</font>(&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Income Securities</font>&#8221;)</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">MONEY MARKET FUNDS</div>

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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">2.</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Active Assets Government Trust (&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">AA Government Trust</font>&#8221;)<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">1</sup></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Active Assets Money Trust (&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">AA Money</font>&#8221;)</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Active Assets Prime Trust (&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">AA Prime</font>&#8221;)<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">2</sup></div>
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<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#183;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Treasury Portfolio</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table id="z29ad25fb8f244f1c86c5bc183dd50d7e" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="WIDTH: 36pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; VERTICAL-ALIGN: top; WIDTH: 18pt; align: right">&#183;</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Treasury Securities Portfolio</div>
</td>
</tr>
</table>
</div>

<div><br>
<hr style="BORDER-TOP: medium none; HEIGHT: 1px; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 0px; BORDER-LEFT: medium none; WIDTH: 20%; BACKGROUND-COLOR: #000000; MARGIN-RIGHT: auto" align="left" noshade="noshade">
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">1</sup><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> Formerly, Active Assets Institutional Government Securities Trust</font></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-SIZE: smaller; VERTICAL-ALIGN: text-top; LINE-HEIGHT: 1">2</sup><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> Formerly, Active Assets Institutional Money Trust</font></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left">ALTERNATIVE FUNDS</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left"><u>Funds of Hedge Funds</u></div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table id="zfe1a74e8324542a696349597c9ef8b7f" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">1.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Alternate Investment Partners Absolute Return Fund (&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Absolute Return Fund</font>&#8221;)</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table id="z69feeb2738b347b9b8e7793bad369f68" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">2.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Alternative Investment Partners Absolute Return Fund STS (&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Absolute Return STS</font>&#8221;)</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table id="z2c1e6a1a6fc84527837d4ab37c647e01" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">3.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">AIP Long/Short Fund A (&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Long/Short A</font>&#8221;)</div>
</td>
</tr>
</table>
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<div style="TEXT-ALIGN: left">
<table id="zcbd9887324474d6d981f39199dc59c29" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">4.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">AIP Long/Short Fund P&#160; (&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Long/Short P</font>&#8221;)</div>
</td>
</tr>
</table>
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<div style="TEXT-ALIGN: left">
<table id="z54a371c1fddc432f960427daa5da3349" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">5.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">AIP Macro Registered Fund A (&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Macro Registered A</font>&#8221;)</div>
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<div>
<table id="z0c6e6609aa4a4791b5ca7b2459c0ec4f" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">6.</div>
</td>
<td style="VERTICAL-ALIGN: top; WIDTH: auto; align: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">AIP Macro Registered Fund P (&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Macro Registered P</font>&#8221;)</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table id="z970e4ad7c3e4491598a74059a08837a7" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">7.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">AIP Multi-Strategy Fund A (&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Multi-Strategy A</font>&#8221;)</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table id="z4c72cee4f56b4d2b97a1a8e4fae5327c" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">8.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">AIP Multi-Strategy Fund P (&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Multi-Strategy P</font>&#8221;)</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zc51134eed04f4821a692f094b4eea9b6" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">9.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Morgan Stanley Institutional Fund of Hedge Funds LP (&#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Institutional</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">Fund of Hedge Funds</font>&#8221;)</div>
</td>
</tr>
</table>
</div>

<div>&#160;</div>

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<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; FONT-STYLE: normal"></font>&#160;</div>

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<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 1px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #999999; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #999999" noshade="noshade">
</div>
</div>
</div>

<div>
<table id="z8f3f62470f504dfbb3c57091b0566498" style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: 100%" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 63%">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left">FIDELITY BOND COVERAGE</div>
</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 20.03%">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: center">RULES UNDER 17-G</div>
</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 15.99%">&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 63%">&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 20.03%">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: center">GROSS</div>
</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 15.99%">&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; WIDTH: 63%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">Columns E &amp; F and rows 8 thru 33, reflect the matrix used to</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">calculate the minimum fidelity bond requirements.</div>

<font style="FONT-SIZE: 10pt">&#160;</font></td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; WIDTH: 20.03%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">ASSET</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">RANGE</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">(in mills)</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; WIDTH: 15.99%"><font style="FONT-SIZE: 10pt">&#160; </font>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">MINIMUM</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: center">COVERAGE</div>
</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; WIDTH: 1%">&#160;&#160;&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 63%">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left">All the Funds advised by American Capital (except Common Sense</div>
</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 20.03%">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 15.99%">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 63%">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left">Trust) are covered by the same bond.&#160; Common Sense is covered</div>
</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 20.03%">&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 15.99%">&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 1%">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 63%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left">by a separate bond.</div>
</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 20.03%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: right">0.00</div>
</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 15.99%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: right">50,000</div>
</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 63%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 20.03%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: right">0.499999</div>
</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 15.99%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: right">75,000</div>
</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 63%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left">The gross assets of each portfolio in a series are grouped to</div>
</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 20.03%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: right">0.999999</div>
</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 15.99%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: right">100,000</div>
</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 63%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left">arrive at one total gross asset figure which is then matched</div>
</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 20.03%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: right">2.499999</div>
</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 15.99%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: right">125,000</div>
</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 63%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left">against the minimum required amount. (SEE FOLLOWING PARAGRAPH)</div>
</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 20.03%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: right">4.999999</div>
</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 15.99%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: right">150,000</div>
</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 63%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 20.03%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: right">7.499999</div>
</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 15.99%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: right">175,000</div>
</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 63%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left">Effective 12/14/93, a new SEC position requires that each</div>
</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 20.03%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: right">9.999999</div>
</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 15.99%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: right">200,000</div>
</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 63%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left">portfolio within a series be treated as a separate Fund for</div>
</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 20.03%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: right">14.999999</div>
</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 15.99%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: right">225,000</div>
</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 63%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left">calculation of minimum requirements.</div>
</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 20.03%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: right">19.999999</div>
</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 15.99%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: right">250,000</div>
</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 63%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 20.03%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: right">24.999999</div>
</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 15.99%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: right">300,000</div>
</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 63%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 20.03%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: right">34.999999</div>
</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 15.99%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: right">350,000</div>
</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 63%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 20.03%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: right">49.999999</div>
</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 15.99%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: right">400,000</div>
</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 63%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 20.03%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: right">74.999999</div>
</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 15.99%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: right">450,000</div>
</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 63%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 20.03%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: right">99.999999</div>
</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 15.99%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: right">525,000</div>
</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 63%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 20.03%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: right">149.999999</div>
</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 15.99%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: right">600,000</div>
</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 63%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 20.03%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: right">249.999999</div>
</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 15.99%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: right">750,000</div>
</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 63%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 20.03%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: right">499.999999</div>
</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 15.99%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: right">900,000</div>
</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 63%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 20.03%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: right">749.999999</div>
</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 15.99%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: right">1,000,000</div>
</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 63%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 20.03%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: right">999.999999</div>
</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 15.99%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: right">1,250,000</div>
</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 63%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 20.03%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: right">1,499.999999</div>
</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 15.99%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: right">1,500,000</div>
</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 63%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 20.03%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: right">1,999.999999</div>
</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 15.99%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: right">1,700,000</div>
</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 63%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 20.03%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: right">2,499.999999</div>
</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 15.99%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: right">1,900,000</div>
</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 63%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 20.03%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: right">2,999.999999</div>
</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 15.99%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: right">2,100,000</div>
</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 63%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 20.03%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: right">3,499.999999</div>
</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 15.99%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: right">2,300,000</div>
</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 63%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 20.03%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: right">3,999.999999</div>
</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 15.99%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: right">2,500,000</div>
</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 63%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 20.03%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: right">4,499.999999</div>
</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 15.99%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: right">2,500,000</div>
</td>
<td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>
</table>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 1px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #999999; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #999999" noshade="noshade">
</div>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">REVIEW OF FIDELITY BOND COVERAGE</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left">September 30, 2016</div>

<div style="FONT-SIZE: 10pt"><br>
</div>

<table id="z03e0b414b1924319976b216f6fb07e14" style="FONT-SIZE: 10pt; BORDER-TOP: medium none; FONT-FAMILY: Arial; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 100%" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; MARGIN-LEFT: 9pt; BORDER-LEFT: medium none; WIDTH: 57%; TEXT-INDENT: -9pt">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: medium none; WIDTH: 13.78%">
<div style="FONT-SIZE: 14pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">
<div style="FONT-SIZE: 14pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">GROSS ASSETS</div>

<font style="FONT-SIZE: 10pt">PORTFOLIO</font></div>

<font style="FONT-SIZE: 10pt">(in mils)</font></div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: medium none; WIDTH: 13.78%">
<div style="FONT-SIZE: 14pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">
<div style="FONT-SIZE: 14pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">GROSS ASSETS</div>

<font style="FONT-SIZE: 10pt">Registrant</font></div>

<font style="FONT-SIZE: 10pt">(in mils)</font></div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: medium none; WIDTH: 14%">
<div style="FONT-SIZE: 14pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">MINIMUM</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: right">COVERAGE</div>

<font style="FONT-SIZE: 10pt">REQUIRED</font></div>
</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; BORDER-LEFT: medium none; WIDTH: 1%">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%">&#160;</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%">&#160;</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; FONT-FAMILY: Arial; BORDER-RIGHT: medium none; FONT-VARIANT: normal; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: bold; FONT-STYLE: normal; BORDER-LEFT: medium none; WIDTH: 57%">
<div style="TEXT-ALIGN: center; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt"><u>MORGAN STANLEY RETAIL FUNDS</u></div>
</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%">&#160;</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%">&#160;</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%">&#160;</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; MARGIN-LEFT: 9pt; BORDER-LEFT: medium none; WIDTH: 57%; TEXT-INDENT: -9pt">&#160;</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%">&#160;</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%">&#160;</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%">&#160;</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt">ACTIVE ASSETS PRIME TRUST <font style="FONT-FAMILY: Arial">(formerly Active Assets Institutional Money Trust)</font></div>
</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">31.00</div>
</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: right">300,000</div>
</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt">ACTIVE ASSETS GOVERNMENT TRUST <font style="FONT-FAMILY: Arial">(formerly Active Assets Institutional Government Securities Trust)</font></div>
</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">4,437.00</div>
</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: right">2,500,000</div>
</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt">CALIFORNIA TAX FREE DAILY INCOME</div>
</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">36.00</div>
</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: right">350,000</div>
</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt">MULTI CAP GROWTH</div>
</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">352.00</div>
</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: right">750,000</div>
</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt">EUROPEAN EQUITY FUND</div>
</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">116.00</div>
</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: right">525,000</div>
</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt">GLOBAL FIXED INCOME OPP FUND</div>
</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">828.00</div>
</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: right">1,000,000</div>
</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt">INCOME SECURITIES</div>
</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">178.00</div>
</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: right">600,000</div>
</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt">LIQUID ASSET FUND</div>
</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">148.00</div>
</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: right">525,000</div>
</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt">MORTGAGE SECURITIES TRUST</div>
</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">118.00</div>
</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: right">525,000</div>
</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt">NY MUNICIPAL MONEY MARKET TRUST</div>
</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">19.00</div>
</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: right">225,000</div>
</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; MARGIN-LEFT: 9pt; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #cceeff; TEXT-INDENT: -9pt">&#160;</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt">SELECT DIMENSIONS INVESTMENT SERIES</div>
</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">15.00</div>
</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: right">225,000</div>
</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt">MID CAP GROWTH</div>
</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">15.00</div>
</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; MARGIN-LEFT: 9pt; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #ffffff; TEXT-INDENT: -9pt">&#160;</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; MARGIN-LEFT: 9pt; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #cceeff; TEXT-INDENT: -9pt">&#160;</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt">TAX-FREE DAILY INC.</div>
</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">73.00</div>
</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: right">400,000</div>
</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt">U.S. GOVERNMENT SEC TR</div>
</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">607.00</div>
</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: right">900,000</div>
</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt">U.S. GOVERNMENT MONEY MARKET</div>
</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">1,385.00</div>
</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: right">1,250,000</div>
</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>
</table>

<table id="z5b92bed61f144066bd58d96039699880" style="FONT-SIZE: 10pt; BORDER-TOP: medium none; FONT-FAMILY: Arial; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 100%" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt">VARIABLE INVESTMENT SERIES</div>
</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">405.00</div>
</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: right">750,000</div>
</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt">MULTI CAP GROWTH</div>
</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">231.00</div>
</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt">EUROPEAN EQUITY</div>
</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">31.00</div>
</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt">INCOME PLUS</div>
</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">113.00</div>
</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt">LIMITED DURATION</div>
</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">30.00</div>
</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; MARGIN-LEFT: 9pt; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #ffffff; TEXT-INDENT: -9pt">&#160;</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: bold; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: center; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt"><u>MORGAN STANLEY CLOSED END FUNDS</u></div>
</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; MARGIN-LEFT: 9pt; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #ffffff; TEXT-INDENT: -9pt">&#160;</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt">MSCE ASIA PACIFIC</div>
</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">240.00</div>
</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: right">600,000</div>
</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt">MSCE CHINA A SHARE</div>
</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">493.00</div>
</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: right">750,000</div>
</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt">MSCE EMERGING MARKETS</div>
</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">245.00</div>
</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: right">600,000</div>
</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt">MSCE EMERGING MARKETS DEBT</div>
</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">248.00</div>
</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: right">600,000</div>
</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt">MSCE EMERGING MARKETS DOMESTIC DEBT</div>
</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">1,886.00</div>
</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: right">1,500,000</div>
</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt">MSCE INDIA INVESTMENT FUND</div>
</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">484.00</div>
</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: right">750,000</div>
</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt">MSCE LATIN AMERICAN DISCOVERY</div>
</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">77.00</div>
</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: right">450,000</div>
</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt">MSCE THAI FUND</div>
</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">115.00</div>
</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: right">525,000</div>
</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt">MSCE TURKISH INVESTMENT</div>
</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">43.00</div>
</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: right">350,000</div>
</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>
</table>

<div>&#160;</div>

<table id="z65784e5c8f734c64af90382d46fbf26c" style="FONT-SIZE: 10pt; BORDER-TOP: medium none; FONT-FAMILY: Arial; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 100%" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt">INSTITUTIONAL FUND INC.</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: right">16,906.0</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: right">2,500,000</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt">GLOBAL QUALITY</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">10.00</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt">ACTIVE INTERNATIONAL ALLOCATION</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">268.00</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt">ADVANTAGE</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">86.00</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt">GROWTH</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">3,629.00</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt">EMERGING MARKETS</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">1,053.00</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt">GLOBAL ADVANTAGE</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">8.00</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt">GLOBAL DISCOVERY</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">20.00</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt">GLOBAL FRANCHISE</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">805.00</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt">GLOBAL OPPORTUNITY</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">732.00</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt">GLOBAL REAL ESTATE</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">2,078.00</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt">INTERNATIONAL ADVANTAGE</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">23.00</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt">INTERNATIONAL EQUITY</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">4,496.00</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt">INTERNATIONAL OPPORTUNITY</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">78.00</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt">INTERNATIONAL REAL ESTATE</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">71.00</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt">GLOBAL INFRASTRUCTURE</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">351.00</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt">SMALL COMPANY GROWTH</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">985.00</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt">INSIGHT</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">10.00</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt">GLOBAL INSIGHT</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">3.00</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt">US REAL ESTATE</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">845.00</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt">EMERGING MARKETS FIXED INCOME OPPORTUNITIES</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">35.00</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt">FRONTIER EMERGING MARKETS</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">672.00</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt">MULTI-ASSET</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">460.00</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt">EMERGING MARKETS LEADERS</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">132.00</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt">EMERGING MARKETS SMALL CAP</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">24.00</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt">ASIA OPPORTUNITY PORTFOLIO</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">6.00</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>
</table>

<div>&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 1px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #999999; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #999999" noshade="noshade">
</div>
</div>

<table id="ze4f353771c8348509e465939dd297d4f" style="FONT-SIZE: 10pt; BORDER-TOP: medium none; FONT-FAMILY: Arial; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 100%" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt">GLOBAL CONCENTRATED PORTFOLIO</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">10.00</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt">GLOBAL CORE PORTFOLIO</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">8.00</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt">US CORE PORTFOLIO</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">8.00</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; MARGIN-LEFT: 9pt; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #ffffff; TEXT-INDENT: -9pt">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt">INSTITUTIONAL FUND TRUST</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: right">3,194.0</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: right">2,100,000</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt">GLOBAL STRATEGIST</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">575.00</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt">CORE PLUS FIXED INCOME</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">277.00</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt">CORPORATE BOND</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">42.00</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt">SHORT DURATION INCOME PORTFOLIO F/K/A LIMITED DURATION</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">173.00</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt">MID CAP GROWTH</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">1,313.00</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt">HIGH YIELD</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">131.00</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt">STRATEGIC INCOME</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">14.00</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt">GLOBAL MULT-ASSET INCOME PORT</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">27.00</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt">ULTRA SHORT INCOME PORTFOLIO</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: right">642.00</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; MARGIN-LEFT: 9pt; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #cceeff; TEXT-INDENT: -9pt">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt">INSTITUTIONAL LIQUIDITY FUNDS</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: right">123,078.0</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: right">2,500,000</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt">GOVERNMENT</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">51,262.00</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt">GOVERNMENT SECURITIES</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">23,375.00</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt">MONEY MARKET</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">1,589.00</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt">PRIME PORTFOLIO</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">6,277.00</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt">TAX-EXEMPT</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">118.00</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt">TREASURY</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">20,806.00</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt">TREASURY SECURITIES</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">19,651.00</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; MARGIN-LEFT: 9pt; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #ffffff; TEXT-INDENT: -9pt">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt">UNIVERSAL INSTITUTIONAL FUNDS</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: right">2,142.0</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: right">1,700,000</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt">GROWTH</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">209.00</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>
</table>

<table id="z738e6d1d65224346bf575828a72192cd" style="FONT-SIZE: 10pt; BORDER-TOP: medium none; FONT-FAMILY: Arial; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 100%" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt">CORE PLUS FIXED INCOME</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">263.00</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt">EMERGING MARKETS EQUITY</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">287.00</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt">EMERGING MARKETS DEBT</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">250.00</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt">GLOBAL FRANCHISE</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">43.00</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt">GLOBAL REAL ESTATE</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">93.00</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt">GLOBAL STRATEGIST (FORMERLY GLOBAL TACTICIAL ASSET ALLOC</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">211.00</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt">MID CAP GROWTH</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">120.00</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt">SMALL CO. GROWTH</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">12.00</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt">US REAL ESTATE</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">559.00</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt">GLOBAL INFRASTRUCTURE</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">95.00</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; MARGIN-LEFT: 9pt; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #cceeff; TEXT-INDENT: -9pt">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; MARGIN-LEFT: 9pt; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #ffffff; TEXT-INDENT: -9pt">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt">FUNDS OF HEDGE FUNDS*</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt">Morgan Stanley Institutional Fund of Hedge Funds</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: right">498.0</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: right">750,000</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt">IFHF Special Purpose Vehicle</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: right">39.0</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: right">350,000</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt">Alternative Investment Partners Absolute Return Fund STS</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: right">545.0</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: right">900,000</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt">Alternative Investment Partners Absolute Return Fund</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: right">545.0</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: right">900,000</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt">AIP Long/Short Fund A</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: right">165.0</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: right">600,000</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt">AIP Long/Short Fund P</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: right">165.0</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: right">600,000</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt">AIP Multi Strategy A</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: right">74.0</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: right">400,000</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt">AIP Multi Strategy P</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: right">74.0</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: right">400,000</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt">AIP Macro Fund A</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: right">49.0</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: right">350,000</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt">AIP Macro Fund P</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: right">49.0</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: right">350,000</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; MARGIN-LEFT: 9pt; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #ffffff; TEXT-INDENT: -9pt">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: right; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt">COMBINED TOTAL</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: right">160,102</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: right">31,350,000</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; MARGIN-LEFT: 9pt; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #ffffff; TEXT-INDENT: -9pt">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt">(CURRENT AMOUNT OF FIDELITY BOND IN EFFECT IS $61 MILLION)</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #ffffff" colspan="3">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt">*Funds of Hedge Funds assets use 5th business day estimates and the IFHF SPV uses previous months assets.</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; MARGIN-LEFT: 9pt; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #cceeff; TEXT-INDENT: -9pt">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; MARGIN-LEFT: 9pt; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #ffffff; TEXT-INDENT: -9pt">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left">Bond Coverage</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #ffffff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: right">61,000,000</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; MARGIN-LEFT: 9pt; BORDER-LEFT: medium none; WIDTH: 57%; BACKGROUND-COLOR: #cceeff; TEXT-INDENT: -9pt">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 13.78%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: left">Excess Reserve</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 14%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-FAMILY: Arial; TEXT-ALIGN: right">29,650,000</div>
</td>
<td style="FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>
</table>

<div>&#160;</div>

<div>&#160;</div>

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