<SEC-DOCUMENT>0001133228-18-006173.txt : 20181114
<SEC-HEADER>0001133228-18-006173.hdr.sgml : 20181114
<ACCEPTANCE-DATETIME>20181114100035
ACCESSION NUMBER:		0001133228-18-006173
CONFORMED SUBMISSION TYPE:	40-17G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20181114
DATE AS OF CHANGE:		20181114
EFFECTIVENESS DATE:		20181114

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:		181180965

	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 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:		181180952

	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 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:		181180949

	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:			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:		181180970

	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:			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:		181180946

	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 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:		181180968

	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:			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:		181180945

	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 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:		181180950

	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 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:		181180967

	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 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:		181180951

	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 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:		181180966

	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 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:		181180941

	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:			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:		181180944

	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:			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:		181180943

	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

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:		181180969

	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 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:		181180947

	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:		181180942

	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:			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:		181180939

	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 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:		181180964

	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 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:		181180953

	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:			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:		181180956

	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:		181180957

	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 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:		181180940

	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 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:		181180948

	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:			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:		181180958

	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:		181180959

	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:		181180962

	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:		181180963

	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:			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:		181180960

	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:		181180961

	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 Alternative Lending Fund A
		CENTRAL INDEX KEY:			0001709447
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-23265
		FILM NUMBER:		181180954

	BUSINESS ADDRESS:	
		STREET 1:		100 FRONT STREET, SUITE 400
		CITY:			WEST CONSHOHOCKEN
		STATE:			PA
		ZIP:			19428-2881
		BUSINESS PHONE:		610.260.7600

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

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AIP Alternative Lending Fund P
		CENTRAL INDEX KEY:			0001709406
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-23266
		FILM NUMBER:		181180955

	BUSINESS ADDRESS:	
		STREET 1:		100 FRONT STREET, SUITE 400
		CITY:			WEST CONSHOHOCKEN
		STATE:			PA
		ZIP:			19428-2881
		BUSINESS PHONE:		610.260.7600

	MAIL ADDRESS:	
		STREET 1:		100 FRONT STREET, SUITE 400
		CITY:			WEST CONSHOHOCKEN
		STATE:			PA
		ZIP:			19428-2881
</SEC-HEADER>
<DOCUMENT>
<TYPE>40-17G
<SEQUENCE>1
<FILENAME>h10058725_4017g.htm
<DESCRIPTION>40-17G
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: SUMMIT
         Document created using EDGARfilings PROfile 5.0.0.0
         Copyright 1995 - 2018 Broadridge -->
  </head>
<body text="#000000" bgcolor="#ffffff" style="font-family: Arial; font-size: 10pt;">
  <hr noshade="noshade" align="center" style="height: 4px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;">
  <div><br>
  </div>
  <div style="text-align: center; font-family: Arial; font-size: 10pt; font-weight: bold;">Morgan Stanley Funds</div>
  <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">522 Fifth Avenue</font></div>
  <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">New York, New York 10036</font></div>
  <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial;"> <br>
    </font></div>
  <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial;">November 14, 2018</font></div>
  <div><br>
  </div>
  <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">File Room</font></div>
  <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Securities and Exchange Commission</font></div>
  <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">450 Fifth Street, NW</font></div>
  <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Washington, D.C. 20549</font></div>
  <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;"> <br>
    </font></div>
  <div>
    <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: Arial; font-size: 10pt;" id="zd7e0778d9f4f40858d61656c08310907" class="DSPFListTable">

        <tr style="vertical-align: top;">
          <td style="width: 27pt;">&#160;</td>
          <td style="vertical-align: top; width: 9pt;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">RE:</font></div>
          </td>
          <td style="vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Morgan Stanley Funds</font></div>
          </td>
        </tr>

    </table>
  </div>
  <div style="text-align: left; text-indent: 30.6pt;"><font style="font-size: 10pt; font-family: Arial;"> <br>
    </font></div>
  <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Dear Ladies and Gentleman,</font></div>
  <div style="text-align: left; text-indent: 30.6pt;"><font style="font-size: 10pt; font-family: Arial;"> <br>
    </font></div>
  <div style="text-align: left; text-indent: 30.6pt;"><font style="font-size: 10pt; font-family: Arial;">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:</font></div>
  <div><br>
  </div>
  <div style="text-align: left;">
    <div>
      <table cellspacing="0" cellpadding="0" id="ze2bedd11bcec423593a95023d0a91394" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 28.5pt;"><br>
            </td>
            <td style="width: 21pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">1.</font></td>
            <td style="width: auto; vertical-align: top; text-align: left;">
              <div><font 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 $40 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, 2018 to October 5, 2019;</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: left;">
    <div>
      <table cellspacing="0" cellpadding="0" id="zaa8a30b1c7464504bc4dcb6cb0d41533" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 28.5pt;"><br>
            </td>
            <td style="width: 21pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">2.</font></td>
            <td style="width: auto; vertical-align: top; text-align: left;">
              <div><font 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;</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: left;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z2a4ac913557f4e3191245cca0ed4d780" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 28.5pt;"><br>
            </td>
            <td style="width: 21pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">3.</font></td>
            <td style="width: auto; vertical-align: top; text-align: left;">
              <div><font 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</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: left;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z6c97696fa1d04a299c00c1e54a3cb701" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27pt;"><br>
            </td>
            <td style="width: 22.5pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">4.</font></td>
            <td style="width: auto; vertical-align: top; text-align: left;">
              <div><font style="font-size: 10pt; font-family: Arial;"><font 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.</font></font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: left; text-indent: 30.6pt;"><font style="font-size: 10pt; font-family: Arial;"> <br>
    </font></div>
  <div style="text-align: left; text-indent: 30.6pt;"><font style="font-size: 10pt; font-family: Arial;">Please note that the premium has been paid in its entirety.</font></div>
  <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;"> </font><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="ze2dd92b32a6b45dab1f8de09d50abe35" style="font-family: Arial; font-size: 10pt; width: 100%;">

      <tr>
        <td style="width: 52.68%; vertical-align: bottom;">&#160;</td>
        <td style="width: 47.32%; vertical-align: bottom;">
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Very truly yours,</font></div>
        </td>
      </tr>
      <tr>
        <td rowspan="1" style="width: 52.68%; vertical-align: bottom;">&#160;</td>
        <td rowspan="1" style="width: 47.32%; vertical-align: bottom;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 52.68%; vertical-align: bottom;">&#160;</td>
        <td style="width: 47.32%; vertical-align: bottom; border-bottom: #000000 1px solid;">
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">/s/ Mary E. Mullin</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 52.68%; vertical-align: top;">&#160;</td>
        <td style="width: 47.32%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Mary E. Mullin</font></div>
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Secretary of the Funds</font></div>
        </td>
      </tr>

  </table>
  <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;"> <br>
    </font></div>
  <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Enclosures</font></div>
  <div><br>
  </div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div id="DSPFPageBreak" style="page-break-after:always;">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 1px; color: #999999; background-color: #999999; clear: both;"></div>
  </div>
  <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">EXHIBIT A</font></div>
  <div><br>
  </div>
  <div style="text-align: center;"><font style="font-size: 14pt; font-family: Arial; font-weight: bold;">MORGAN STANLEY FUNDS</font></div>
  <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;"> <br>
    </font></div>
  <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">at<br>
      <br>
    </font></div>
  <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">OCTOBER 3-4, </font></div>
  <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;"> <br>
    </font></div>
  <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">2018</font></div>
  <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">EQUITY FUNDS</font></div>
  <div><br>
  </div>
  <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;"><font style="font-size: 10pt; font-family: Arial;"><u>Open-End Equity Funds</u></font></font></div>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" border="0" id="z6eb165704e4e48f1a34d6e24755728f7" style="font-family: Arial; font-size: 10pt; width: 100%;">

      <tr>
        <td style="width: 5%; vertical-align: top;">
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        <td style="width: 92%; vertical-align: top;">
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        <td style="width: 5%; vertical-align: top;">&#160;</td>
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          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Global Franchise Portfolio</font></div>
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          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Global Infrastructure Portfolio</font></div>
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        <td style="width: 5%; vertical-align: top;">&#160;</td>
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          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></div>
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          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Global Insight Portfolio</font></div>
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        <td style="width: 5%; vertical-align: top;">&#160;</td>
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          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></div>
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          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Global Opportunity Portfolio</font></div>
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        <td style="width: 5%; vertical-align: top;">&#160;</td>
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          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></div>
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          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Global Real Estate Portfolio</font></div>
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        <td style="width: 5%; vertical-align: top;">&#160;</td>
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          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></div>
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          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Global Sustain Portfolio</font></div>
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        <td style="width: 5%; vertical-align: top;">&#160;</td>
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          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></div>
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          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Growth Portfolio</font></div>
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        <td style="width: 5%; vertical-align: top;">&#160;</td>
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          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></div>
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          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Insight Portfolio</font></div>
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        <td style="width: 5%; vertical-align: top;">&#160;</td>
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          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></div>
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          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">International Advantage Portfolio</font></div>
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        <td style="width: 5%; vertical-align: top;">&#160;</td>
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          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></div>
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          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">International Equity Portfolio</font></div>
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        <td style="width: 5%; vertical-align: top;">&#160;</td>
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          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></div>
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          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">International Opportunity Portfolio</font></div>
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          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></div>
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          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">International Real Estate Portfolio</font></div>
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        <td style="width: 5%; vertical-align: top;">&#160;</td>
        <td style="width: 3.49%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></div>
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          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Multi-Asset Portfolio</font></div>
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        <td style="width: 5%; vertical-align: top;">&#160;</td>
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          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></div>
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          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Real Assets Portfolio</font></div>
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        <td style="width: 5%; vertical-align: top;">&#160;</td>
        <td style="width: 3.49%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></div>
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          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Small Company Growth Portfolio</font></div>
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        <td style="width: 5%; vertical-align: top;">&#160;</td>
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          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></div>
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          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">US Core Portfolio</font></div>
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        <td style="width: 5%; vertical-align: top;">&#160;</td>
        <td style="width: 3.49%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></div>
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        <td style="width: 92%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">U.S. Real Estate Portfolio</font></div>
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        <td style="width: 5%; vertical-align: top;">&#160;</td>
        <td style="width: 3.49%; vertical-align: top;">&#160;</td>
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          <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 14pt; font-family: Arial; font-weight: bold;">In Registration</font></div>
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        <td style="width: 5%; vertical-align: top;">&#160;</td>
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        <td style="width: 92%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Global Permanence Portfolio</font></div>
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      <tr>
        <td style="width: 5%; vertical-align: top;">&#160;</td>
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          <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: Arial;">5.</font></div>
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          <div style="text-align: left;"><font 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;)</font></div>
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        <td style="width: 5%; vertical-align: top;">&#160;</td>
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          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Mid Cap Growth Portfolio</font></div>
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          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Emerging Markets Equity Portfolio</font></div>
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        <td style="width: 5%; vertical-align: top;">&#160;</td>
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        </td>
        <td style="width: 92%; vertical-align: top;">
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      <tr>
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        </td>
        <td style="width: 92%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Global Real Estate Portfolio</font></div>
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      <tr>
        <td style="width: 5%; vertical-align: top;">&#160;</td>
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          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></div>
        </td>
        <td style="width: 92%; vertical-align: top;">
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      <tr>
        <td style="width: 5%; vertical-align: top;">&#160;</td>
        <td style="width: 3.49%; vertical-align: top;">
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        </td>
        <td style="width: 92%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Growth Portfolio</font></div>
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      </tr>
      <tr>
        <td style="width: 5%; vertical-align: top;">&#160;</td>
        <td style="width: 3.49%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></div>
        </td>
        <td style="width: 92%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Mid Cap Growth Portfolio</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 5%; vertical-align: top;">&#160;</td>
        <td style="width: 3.49%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></div>
        </td>
        <td style="width: 92%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">U.S. Real Estate Portfolio</font></div>
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      </tr>
      <tr>
        <td style="width: 5%; vertical-align: top;">&#160;</td>
        <td style="width: 3.49%; vertical-align: top;">&#160;</td>
        <td style="width: 92%; vertical-align: top;">&#160;</td>
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      <tr>
        <td style="vertical-align: top;" colspan="3">
          <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><u><font style="font-size: 14pt; font-family: Arial; font-weight: bold;"><font style="font-size: 14pt; font-family: Arial;">Closed-End Equity Funds</font></font></u></div>
        </td>
      </tr>
      <tr>
        <td style="width: 5%; vertical-align: top;">&#160;</td>
        <td style="width: 3.49%; vertical-align: top;">&#160;</td>
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      <tr>
        <td style="width: 5%; vertical-align: top;">
          <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: Arial;">1.</font></div>
        </td>
        <td colspan="2" rowspan="1" style="width: 3.49%; vertical-align: top;">
          <div style="text-align: left;"><font 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;)</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 5%; vertical-align: top;">
          <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: Arial;">2.</font></div>
        </td>
        <td colspan="2" rowspan="1" style="width: 3.49%; vertical-align: top;">
          <div style="text-align: left;"><font 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;)</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 5%; vertical-align: top;">
          <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: Arial;">3.</font></div>
        </td>
        <td colspan="2" rowspan="1" style="width: 3.49%; vertical-align: top;">
          <div style="text-align: left;"><font 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;)</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 5%; vertical-align: top;">
          <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: Arial;">4.</font></div>
        </td>
        <td colspan="2" rowspan="1" style="width: 3.49%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Morgan Stanley India Investment Fund, Inc. (&#8220;<font style="font-size: 10pt; font-family: Arial; font-style: italic;">India Investment Fund</font>&#8221;)</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 5%; vertical-align: top;">
          <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: Arial;">5.</font></div>
        </td>
        <td colspan="2" rowspan="1" style="width: 3.49%; vertical-align: top;">
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        </td>
      </tr>
      <tr>
        <td style="width: 5%; vertical-align: top;">&#160;</td>
        <td style="width: 3.49%; vertical-align: top;">&#160;</td>
        <td style="width: 92%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="vertical-align: top;" colspan="3">
          <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 14pt; font-family: Arial; font-weight: bold;">FIXED INCOME FUNDS</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 5%; vertical-align: top;">&#160;</td>
        <td style="width: 3.49%; vertical-align: top;">&#160;</td>
        <td style="width: 92%; vertical-align: top;">&#160;</td>
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          <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><u><font style="font-size: 10pt; font-family: Arial; font-weight: bold;"><font style="font-size: 10pt; font-family: Arial;">Open-End Fixed Income Funds</font></font></u></div>
        </td>
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      <tr>
        <td style="width: 5%; vertical-align: top;">&#160;</td>
        <td style="width: 3.49%; vertical-align: top;">&#160;</td>
        <td style="width: 92%; vertical-align: top;">&#160;</td>
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      <tr>
        <td style="width: 5%; vertical-align: top;">
          <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: Arial;">1.</font></div>
        </td>
        <td colspan="2" rowspan="1" style="width: 3.49%; vertical-align: top;">
          <div style="text-align: left; margin-right: 57.55pt;"><font 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
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        </td>
      </tr>
      <tr>
        <td style="width: 5%; vertical-align: top;">
          <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: Arial;">2.</font></div>
        </td>
        <td colspan="2" rowspan="1" style="width: 3.49%; vertical-align: top;">
          <div style="text-align: left;"><font 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;)</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 5%; vertical-align: top;">
          <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: Arial;">3</font></div>
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        <td colspan="2" rowspan="1" style="width: 3.49%; vertical-align: top;">
          <div style="text-align: left;"><font 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;)</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 5%; vertical-align: top;">&#160;</td>
        <td style="width: 3.49%; vertical-align: top;">&#160;</td>
        <td style="width: 92%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 5%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">4.</font></div>
        </td>
        <td colspan="2" rowspan="1" style="width: 3.49%; vertical-align: top;">
          <div style="text-align: left;"><font 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;)</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 5%; vertical-align: top;">&#160;</td>
        <td style="width: 3.49%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></div>
        </td>
        <td style="width: 92%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Income Plus Portfolio</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 5%; vertical-align: top;">&#160;</td>
        <td style="width: 3.49%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></div>
        </td>
        <td style="width: 92%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Limited Duration Portfolio</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 5%; vertical-align: top;">&#160;</td>
        <td style="width: 3.49%; vertical-align: top;">&#160;</td>
        <td style="width: 92%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 5%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">5.</font></div>
        </td>
        <td colspan="2" rowspan="1" style="width: 3.49%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Morgan Stanley Institutional Fund, Inc. (&#8220;<font style="font-size: 10pt; font-family: Arial; font-style: italic;">Institutional Fund Inc.</font>&#8221;)</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 5%; vertical-align: top;">&#160;</td>
        <td style="width: 3.49%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></div>
        </td>
        <td style="width: 92%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Emerging Markets Fixed Income Opportunities Portfolio</font></div>
        </td>
      </tr>

  </table>
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  </div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div id="DSPFPageBreak" style="page-break-after:always;">
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      <tr>
        <td style="width: 5%; vertical-align: top;">
          <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: Arial;">6.</font></div>
        </td>
        <td colspan="2" rowspan="1" style="width: 3%; vertical-align: top;">
          <div style="text-align: left;"><font 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;)</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 5%; vertical-align: top;">&#160;</td>
        <td style="width: 3%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></div>
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        <td style="width: 92%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Core Plus Fixed Income Portfolio</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 5%; vertical-align: top;">&#160;</td>
        <td style="width: 3%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></div>
        </td>
        <td style="width: 92%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Corporate Bond Portfolio</font></div>
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      <tr>
        <td style="width: 5%; vertical-align: top;">&#160;</td>
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          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></div>
        </td>
        <td style="width: 92%; vertical-align: top;">
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      </tr>
      <tr>
        <td style="width: 5%; vertical-align: top;">&#160;</td>
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          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></div>
        </td>
        <td style="width: 92%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Short Duration Income Portfolio</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 5%; vertical-align: top;">&#160;</td>
        <td style="width: 3%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></div>
        </td>
        <td style="width: 92%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Strategic Income Portfolio</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 5%; vertical-align: top;">&#160;</td>
        <td style="width: 3%; vertical-align: top;">&#160;</td>
        <td style="width: 92%; vertical-align: top;">&#160;</td>
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        <td style="width: 5%; vertical-align: top;">
          <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: Arial;">7.</font></div>
        </td>
        <td colspan="2" rowspan="1" style="width: 3%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Morgan Stanley Variable Insurance Fund, Inc. (&#8220;<font style="font-size: 10pt; font-family: Arial; font-style: italic;">Variable Insurance Fund</font>&#8221;)</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 5%; vertical-align: top;">&#160;</td>
        <td style="width: 3%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></div>
        </td>
        <td style="width: 92%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Core Plus Fixed Income Portfolio</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 5%; vertical-align: top;">&#160;</td>
        <td style="width: 3%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></div>
        </td>
        <td style="width: 92%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Emerging Markets Debt Portfolio</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 5%; vertical-align: top;">&#160;</td>
        <td style="width: 3%; vertical-align: top;">&#160;</td>
        <td style="width: 92%; vertical-align: top;">&#160;</td>
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        <td style="vertical-align: top;" colspan="3">
          <div style="text-align: left;"><u><font style="font-size: 14pt; font-family: Arial; font-weight: bold;"><font style="font-size: 14pt; font-family: Arial;">Closed-End Fixed Income Funds</font></font></u></div>
        </td>
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      <tr>
        <td style="width: 5%; vertical-align: top;">&#160;</td>
        <td style="width: 3%; vertical-align: top;">&#160;</td>
        <td style="width: 92%; vertical-align: top;">&#160;</td>
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        <td style="width: 5%; vertical-align: top;">
          <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: Arial;">1.</font></div>
        </td>
        <td colspan="2" rowspan="1" style="width: 3%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Morgan Stanley Emerging Markets Debt Fund, Inc. (&#8220;<font style="font-size: 10pt; font-family: Arial; font-style: italic;">Emerging Markets Debt</font>&#8221;)</font></div>
        </td>
      </tr>
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        <td style="width: 5%; vertical-align: top;">
          <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: Arial;">2.</font></div>
        </td>
        <td colspan="2" rowspan="1" style="width: 3%; vertical-align: top;">
          <div style="text-align: left; margin-right: 8.75pt;"><font 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;)</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 5%; vertical-align: top;">&#160;</td>
        <td style="width: 3%; vertical-align: top;">&#160;</td>
        <td style="width: 92%; vertical-align: top;">&#160;</td>
      </tr>
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        <td style="vertical-align: top;" colspan="3">
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        </td>
      </tr>
      <tr>
        <td style="width: 5%; vertical-align: top;">&#160;</td>
        <td style="width: 3%; vertical-align: top;">&#160;</td>
        <td style="width: 92%; vertical-align: top;">&#160;</td>
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        <td style="vertical-align: top;" colspan="3">
          <div style="text-align: left;"><u><font style="font-size: 10pt; font-family: Arial; font-weight: bold;"><font style="font-size: 10pt; font-family: Arial;">Money Market Funds</font></font></u></div>
        </td>
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      <tr>
        <td style="width: 5%; vertical-align: top;">&#160;</td>
        <td style="width: 3%; vertical-align: top;">&#160;</td>
        <td style="width: 92%; vertical-align: top;">&#160;</td>
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        <td style="width: 5%; vertical-align: top;">
          <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: Arial;">1.</font></div>
        </td>
        <td colspan="2" rowspan="1" style="width: 3%; vertical-align: top;">
          <div style="text-align: left;"><font 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;)</font></div>
        </td>
      </tr>
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        <td style="width: 5%; vertical-align: top;">
          <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: Arial;">2.</font></div>
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        <td colspan="2" rowspan="1" style="width: 3%; vertical-align: top;">
          <div style="text-align: left;"><font 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;)</font></div>
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      <tr>
        <td style="width: 5%; vertical-align: top;">
          <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: Arial;">3.</font></div>
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        <td colspan="2" rowspan="1" style="width: 3%; vertical-align: top;">
          <div style="text-align: left;"><font 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;)</font></div>
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          <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: Arial;">4.</font></div>
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        <td colspan="2" rowspan="1" style="width: 3%; vertical-align: top;">
          <div style="text-align: left;"><font 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;)</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 5%; vertical-align: top;">&#160;</td>
        <td style="width: 3%; vertical-align: top;">&#160;</td>
        <td style="width: 92%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 5%; vertical-align: top;">
          <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: Arial;">5.</font></div>
        </td>
        <td colspan="2" rowspan="1" style="width: 3%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Morgan Stanley Institutional Liquidity Funds (&#8220;<font style="font-size: 10pt; font-family: Arial; font-style: italic;">Institutional Liquidity Funds</font>&#8221;)</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 5%; vertical-align: top;">&#160;</td>
        <td style="width: 3%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></div>
        </td>
        <td style="width: 92%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Government Portfolio</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 5%; vertical-align: top;">&#160;</td>
        <td style="width: 3%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></div>
        </td>
        <td style="width: 92%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Government Securities Portfolio</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 5%; vertical-align: top;">&#160;</td>
        <td style="width: 3%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></div>
        </td>
        <td style="width: 92%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Money Market Portfolio</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 5%; vertical-align: top;">&#160;</td>
        <td style="width: 3%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></div>
        </td>
        <td style="width: 92%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Prime Portfolio</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 5%; vertical-align: top;">&#160;</td>
        <td style="width: 3%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></div>
        </td>
        <td style="width: 92%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Tax-Exempt Portfolio</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 5%; vertical-align: top;">&#160;</td>
        <td style="width: 3%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></div>
        </td>
        <td style="width: 92%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Treasury Portfolio</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 5%; vertical-align: top;">&#160;</td>
        <td style="width: 3%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></div>
        </td>
        <td style="width: 92%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Treasury Securities Portfolio</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 5%; vertical-align: top;">&#160;</td>
        <td style="width: 3%; vertical-align: top;">&#160;</td>
        <td style="width: 92%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="vertical-align: top;" colspan="3">
          <div style="text-align: left;"><u><font style="font-size: 14pt; font-family: Arial; font-weight: bold;"><font style="font-size: 14pt; font-family: Arial;">Open-End Liquidity Funds</font></font></u></div>
        </td>
      </tr>
      <tr>
        <td style="width: 5%; vertical-align: top;">&#160;</td>
        <td style="width: 3%; vertical-align: top;">&#160;</td>
        <td style="width: 92%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 5%; vertical-align: top;">
          <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: Arial;">1.</font></div>
        </td>
        <td colspan="2" rowspan="1" style="width: 3%; vertical-align: top;">
          <div style="text-align: left;"><font 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;)</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 5%; vertical-align: top;">&#160;</td>
        <td style="width: 3%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></div>
        </td>
        <td style="width: 92%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Ultra-Short Income Portfolio</font></div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div id="DSPFPageBreak" style="page-break-after:always;">
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  </div>
  <table cellspacing="0" cellpadding="0" border="0" id="z47e61da9803642dab933bd338710053e" style="font-family: Arial; font-size: 10pt; width: 100%;">

      <tr>
        <td style="vertical-align: top;" colspan="2">
          <div style="text-align: left;"><font style="font-size: 14pt; font-family: Arial; font-weight: bold;">ALTERNATIVE FUNDS</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 5%; vertical-align: top;">&#160;</td>
        <td style="width: 95%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 5%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">1.</font></div>
        </td>
        <td style="width: 95%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">AIP Alternative Lending Fund A (&#8220;<font style="font-size: 10pt; font-family: Arial; font-style: italic;">Alternative Lending Fund A</font>&#8221;)</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 5%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">2.</font></div>
        </td>
        <td style="width: 95%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">AIP Alternative Lending Fund P (&#8220;<font style="font-size: 10pt; font-family: Arial; font-style: italic;">Alternative Lending Fund P</font>&#8221;)</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 5%; vertical-align: top;">&#160;</td>
        <td style="width: 95%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="vertical-align: top;" colspan="2">
          <div style="text-align: left;"><u><font style="font-size: 14pt; font-family: Arial; font-weight: bold;"><font style="font-size: 14pt; font-family: Arial;">Funds of Hedge Funds</font></font></u></div>
        </td>
      </tr>
      <tr>
        <td style="width: 5%; vertical-align: top;">&#160;</td>
        <td style="width: 95%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 5%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">1.</font></div>
        </td>
        <td style="width: 95%; vertical-align: top;">
          <div style="text-align: left;"><font 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;)</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 5%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">2.</font></div>
        </td>
        <td style="width: 95%; vertical-align: top;">
          <div style="text-align: left;"><font 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;)</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 5%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">3.</font></div>
        </td>
        <td style="width: 95%; vertical-align: top;">
          <div style="text-align: left;"><font 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;)</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 5%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">4.</font></div>
        </td>
        <td style="width: 95%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">AIP Long/Short Fund P (&#8220;<font style="font-size: 10pt; font-family: Arial; font-style: italic;">Long/Short P</font>&#8221;)</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 5%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">5.</font></div>
        </td>
        <td style="width: 95%; vertical-align: top;">
          <div style="text-align: left;"><font 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;)</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 5%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">6.</font></div>
        </td>
        <td style="width: 95%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">AIP Macro Registered Fund P (&#8220;<font style="font-size: 10pt; font-family: Arial; font-style: italic;">Macro Registered P</font>&#8221;)</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 5%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">7.</font></div>
        </td>
        <td style="width: 95%; vertical-align: top;">
          <div style="text-align: left;"><font 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;)</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 5%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">8.</font></div>
        </td>
        <td style="width: 95%; vertical-align: top;">
          <div style="text-align: left;"><font 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;)</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 5%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">9.</font></div>
        </td>
        <td style="width: 95%; vertical-align: top;">
          <div style="text-align: left;"><font 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 Fund of Hedge Funds</font>&#8221;)</font></div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
    <div style="page-break-after: always;" id="DSPFPageBreak">
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  </div>
  <div style="text-align: center; color: rgb(0, 0, 0); font-family: Arial; font-size: 18pt; font-weight: bold;">ICI MUTUAL INSURANCE COMPANY,</div>
  <div style="text-align: center;"><font style="font-size: 14pt; font-family: Arial; font-weight: bold; color: rgb(0, 0, 0);">a Risk Retention Group</font></div>
  <div><br>
  </div>
  <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; color: rgb(0, 0, 0);">1401 H St. NW</font></div>
  <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; color: rgb(0, 0, 0);">Washington, DC 20005</font></div>
  <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;"> </font><br>
  </div>
  <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: rgb(0, 0, 0);">INVESTMENT COMPANY BLANKET BOND</font></div>
  <div><br>
  </div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div id="DSPFPageBreak" style="page-break-after:always;">
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  </div>
  <div style="text-align: center;"><font style="font-size: 18pt; font-family: Arial; font-weight: bold;">ICI MUTUAL INSURANCE COMPANY,</font></div>
  <div style="text-align: center;"><font style="font-size: 14pt; font-family: Arial; font-weight: bold;">a Risk Retention Group</font></div>
  <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial;">1401 H St. NW</font></div>
  <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial;">Washington, DC 20005</font></div>
  <div><br>
  </div>
  <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">DECLARATIONS</font></div>
  <div><br>
  </div>
  <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial;">NOTICE</font></div>
  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">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.</font></div>
  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;"> </font>
    <hr noshade="noshade" align="center" style="background-color: #000000; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto; height: 1px; color: #000000; text-align: center;"></div>
  <table cellspacing="0" cellpadding="0" border="0" id="z03b3986e61474de9be81c55f6ebd60bd" style="font-family: Arial; font-size: 10pt; width: 100%;">

      <tr>
        <td style="width: 8%; vertical-align: top;">
          <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">Item 1.</font></div>
        </td>
        <td style="width: 72%; vertical-align: top;" rowspan="1">
          <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">Name of Insured (the &#8220;Insured&#8221;)</font></div>
        </td>
        <td style="width: 20%; vertical-align: top;">
          <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial;">Bond Number</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 8%; vertical-align: top;">&#160;</td>
        <td style="width: 72%; vertical-align: top;" rowspan="1">
          <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">Morgan Stanley Institutional Fund, Inc.</font></div>
        </td>
        <td style="width: 20%; vertical-align: top;">
          <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">88190118B</font></div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" border="0" style="font-family: Arial; font-size: 10pt; width: 100%;">

      <tr>
        <td style="width: 8%; vertical-align: top;">&#160;</td>
        <td style="vertical-align: top;" colspan="2" rowspan="1">
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Principal Office:</font></div>
        </td>
        <td style="width: 3%; vertical-align: top;" colspan="1">&#160;</td>
        <td style="width: 51%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Mailing Address:</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 8%; vertical-align: top;">&#160;</td>
        <td style="width: 3%; vertical-align: top;" colspan="1">&#160;</td>
        <td style="width: 35%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">522 Fifth Avenue</font></div>
        </td>
        <td style="width: 3%; vertical-align: top;" colspan="1">&#160;</td>
        <td style="width: 51%; vertical-align: top;">
          <div style="text-align: left; margin-left: 9pt;"><font style="font-size: 10pt; font-family: Arial;">1585 Broadway, 16th Floor</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 8%; vertical-align: top;">&#160;</td>
        <td style="width: 3%; vertical-align: top;" colspan="1">&#160;</td>
        <td style="width: 35%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">New York, NY&#160; 10036</font></div>
        </td>
        <td style="width: 3%; vertical-align: top;" colspan="1">&#160;</td>
        <td style="width: 51%; vertical-align: top;">
          <div style="text-align: left; margin-left: 9pt;"><font style="font-size: 10pt; font-family: Arial;">New York, NY 10036</font></div>
        </td>
      </tr>

  </table>
  &#160;<br>
  <hr noshade="noshade" align="center" style="background-color: #000000; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto; height: 1px; color: #000000; text-align: center;">
  <table cellspacing="0" cellpadding="0" border="0" id="zce099ce5e09b43fd8bf8414f8ef86924" style="font-family: Arial; font-size: 10pt; width: 100%;">

      <tr>
        <td style="width: 8.42%; vertical-align: top;">
          <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">Item 2.</font></div>
        </td>
        <td style="width: 30.22%; vertical-align: top;">
          <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">Bond Period: from 12:01 a.m. on</font></div>
        </td>
        <td style="width: 19.23%; vertical-align: top; border-bottom: #000000 1px solid;">
          <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial;">October 5, 2018</font></div>
        </td>
        <td style="width: 16.48%; vertical-align: top;">
          <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">, to 12:01 a.m. on</font></div>
        </td>
        <td style="width: 19.23%; vertical-align: top; border-bottom: #000000 1px solid;">
          <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial;">October 5, 2019</font></div>
        </td>
        <td style="width: 6.41%; vertical-align: top;">
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">, or</font></div>
        </td>
      </tr>
      <tr>
        <td style="border-bottom: 1px solid; vertical-align: top; width: 8.42%;" rowspan="1">&#160;</td>
        <td style="border-bottom: 1px solid; vertical-align: top; width: 30.22%;" rowspan="1" colspan="5">
          <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">the earlier effective date of the termination of this Bond, standard time at the Principal Address as to each of said dates.</font></div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" border="0" id="z5055688349b441af8613f0fd64f34ab7" style="font-family: Arial; font-size: 10pt; width: 100%;">

      <tr>
        <td style="width: 8%; vertical-align: top;">
          <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">Item 3.</font></div>
        </td>
        <td style="vertical-align: top;" colspan="4">
          <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">Limit of Liability&#8212;</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 8%; vertical-align: top;">&#160;</td>
        <td style="vertical-align: top;" colspan="4">
          <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">Subject to Sections 9, 10 and 12 hereof:</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 8%; vertical-align: bottom;">&#160;</td>
        <td style="width: 23%; vertical-align: bottom;">&#160;</td>
        <td style="width: 38%; vertical-align: bottom;">&#160;</td>
        <td style="width: 14.55%; vertical-align: bottom;">
          <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">LIMIT OF</font></div>
          <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">LIABILITY</font></div>
        </td>
        <td style="width: 15.55%; vertical-align: bottom;">
          <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">DEDUCTIBLE</font></div>
          <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">AMOUNT</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 8%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        <td style="width: 23%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Insuring Agreement A-</font></div>
        </td>
        <td style="width: 38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">FIDELITY</font></div>
        </td>
        <td style="width: 14.55%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
          <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial;">$40,000,000</font></div>
        </td>
        <td style="width: 15.55%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
          <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial;">N/A</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 8%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
        <td style="width: 23%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Insuring Agreement B-</font></div>
        </td>
        <td style="width: 38%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">AUDIT EXPENSE</font></div>
        </td>
        <td style="width: 14.55%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
          <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial;">$50,000</font></div>
        </td>
        <td style="width: 15.55%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
          <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial;">$10,000</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 8%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        <td style="width: 23%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Insuring Agreement C-</font></div>
        </td>
        <td style="width: 38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">ON PREMISES</font></div>
        </td>
        <td style="width: 14.55%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
          <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial;">$40,000,000</font></div>
        </td>
        <td style="width: 15.55%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
          <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial;">$150,000</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 8%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
        <td style="width: 23%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Insuring Agreement D-</font></div>
        </td>
        <td style="width: 38%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">IN TRANSIT</font></div>
        </td>
        <td style="width: 14.55%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
          <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial;">$40,000,000</font></div>
        </td>
        <td style="width: 15.55%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
          <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial;">$150,000</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 8%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        <td style="width: 23%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Insuring Agreement E-</font></div>
        </td>
        <td style="width: 38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">FORGERY OR ALTERATION</font></div>
        </td>
        <td style="width: 14.55%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
          <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial;">$40,000,000</font></div>
        </td>
        <td style="width: 15.55%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
          <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial;">$150,000</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 8%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
        <td style="width: 23%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Insuring Agreement F-</font></div>
        </td>
        <td style="width: 38%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">SECURITIES</font></div>
        </td>
        <td style="width: 14.55%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
          <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial;">$40,000,000</font></div>
        </td>
        <td style="width: 15.55%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
          <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial;">$150,000</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 8%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        <td style="width: 23%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Insuring Agreement G-</font></div>
        </td>
        <td style="width: 38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">COUNTERFEIT CURRENCY</font></div>
        </td>
        <td style="width: 14.55%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
          <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial;">$40,000,000</font></div>
        </td>
        <td style="width: 15.55%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
          <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial;">$150,000</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 8%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
        <td style="width: 23%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Insuring Agreement H-</font></div>
        </td>
        <td style="width: 38%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">UNCOLLECTIBLE ITEMS OF DEPOSIT</font></div>
        </td>
        <td style="width: 14.55%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
          <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial;">$1,000,000</font></div>
        </td>
        <td style="width: 15.55%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
          <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial;">$150,000</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 8%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        <td style="width: 23%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Insuring Agreement I-</font></div>
        </td>
        <td style="width: 38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">PHONE/ELECTRONIC TRANSACTIONS</font></div>
        </td>
        <td style="width: 14.55%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
          <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial;">$40,000,000</font></div>
        </td>
        <td style="width: 15.55%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
          <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial;">$150,000</font></div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" border="0" style="font-family: Arial; font-size: 10pt; width: 100%;">

      <tr>
        <td style="width: 8%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
        <td style="width: 92%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">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.</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 8%; vertical-align: bottom; background-color: rgb(255, 255, 255);" rowspan="1">&#160;</td>
        <td style="width: 92%; vertical-align: bottom; background-color: rgb(255, 255, 255);" rowspan="1">&#160;</td>
      </tr>
      <tr>
        <td style="width: 8%; vertical-align: bottom;">&#160;</td>
        <td style="width: 92%; vertical-align: bottom;">
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">OPTIONAL INSURING AGREEMENTS ADDED BY RIDER:</font></div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" border="0" style="font-family: Arial; font-size: 10pt; width: 100%;">

      <tr>
        <td style="width: 8%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        <td style="width: 21.79%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Insuring Agreement J-</font></div>
        </td>
        <td style="width: 39.04%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">COMPUTER SECURITY</font></div>
        </td>
        <td style="width: 14.55%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
          <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial;">$40,000,000</font></div>
        </td>
        <td style="width: 15.55%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
          <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial;">$150,000</font></div>
        </td>
      </tr>
      <tr>
        <td style="background-color: #FFFFFF; border-bottom: 1px solid #000000; vertical-align: bottom; width: 8%;">&#160;</td>
        <td style="background-color: #FFFFFF; border-bottom: 1px solid #000000; vertical-align: bottom; width: 21.79%;">
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Insuring Agreement M-</font></div>
        </td>
        <td style="background-color: #FFFFFF; border-bottom: 1px solid #000000; vertical-align: bottom; width: 39.04%;">
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">SOCIAL ENGINEERING FRAUD</font></div>
        </td>
        <td style="background-color: #FFFFFF; border-bottom: 1px solid #000000; vertical-align: bottom; width: 14.55%;">
          <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial;">$1,000,000</font></div>
        </td>
        <td style="background-color: #FFFFFF; border-bottom: 1px solid #000000; vertical-align: bottom; width: 15.55%;">
          <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial;">$150,000</font></div>
        </td>
      </tr>
      <tr>
        <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: 8%; text-align: left; background-color: rgb(255, 255, 255);" rowspan="1"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">Item</font><font style="font-size: 10pt; font-family: Arial;">&#160;</font><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">4.</font></td>
        <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 21.79%; background-color: rgb(255, 255, 255);" rowspan="1" colspan="4">
          <div><font style="font-size: 10pt; font-family: Arial;">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.</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 8%; vertical-align: top; text-align: left;" rowspan="1"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">Item 5.</font></td>
        <td style="width: 21.79%; vertical-align: bottom;" rowspan="1" colspan="4">
          <div><font style="font-size: 10pt; font-family: Arial;">The liability of ICI Mutual Insurance Company (the "Underwriter") is subject to the terms of the following Riders attached hereto:</font></div>
        </td>
      </tr>

  </table>
  <div>
    <div><br>
    </div>
  </div>
  <div>
    <table cellspacing="0" cellpadding="0" border="0" id="zf79d5b5f93cf4edfa282b7b3bbd34808" style="font-family: Arial; font-size: 10pt; width: 100%;">

        <tr>
          <td style="width: 8%; vertical-align: top; background-color: rgb(255, 255, 255);" rowspan="1"><br>
          </td>
          <td style="width: 10%; vertical-align: top; background-color: rgb(255, 255, 255);" rowspan="1"><font style="font-size: 10pt; font-family: Arial;">Riders:</font></td>
          <td style="width: 82%; vertical-align: top; background-color: rgb(255, 255, 255);" rowspan="1"><font style="font-size: 10pt; font-family: Arial;">1-2-3-4-5-6-7-8-9-10-11-12-13</font></td>
        </tr>
        <tr>
          <td style="width: 8%; vertical-align: top; background-color: rgb(255, 255, 255);" rowspan="1">&#160;</td>
          <td style="vertical-align: top; background-color: rgb(255, 255, 255);" rowspan="1" colspan="2">&#160;</td>
        </tr>
        <tr>
          <td style="width: 8%; vertical-align: top; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">&#160;</td>
          <td style="vertical-align: top; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1" colspan="2">
            <div>
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">and of all Riders applicable to this Bond issued during the Bond Period.</font></div>
            </div>
          </td>
        </tr>

    </table>
  </div>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" border="0" id="z325f7acb439c4a2e9177b980efbded3f" style="font-family: Arial; font-size: 10pt; width: 100%;">

      <tr>
        <td style="width: 3%; vertical-align: top;">
          <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">By:</font></div>
        </td>
        <td style="border-bottom: 1px solid #000000; vertical-align: top; width: 5%;" colspan="1">&#160;</td>
        <td style="width: 25%; vertical-align: top; border-bottom: 1px solid black;">
          <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;"><font style="font-size: 10pt; font-family: Arial;">/S/ Maggie Sullivan</font></font></div>
        </td>
        <td style="width: 25%; vertical-align: top;">&#160;</td>
        <td style="width: 3%; vertical-align: top;">
          <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">&#160;By:</font></div>
        </td>
        <td style="border-bottom: 1px solid #000000; vertical-align: top; width: 5%;">&#160;</td>
        <td style="width: 25%; vertical-align: top; border-bottom: 1px solid black;">
          <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;"><font style="font-size: 10pt; font-family: Arial;">/S/Catherine Dalton</font></font></div>
        </td>
        <td style="width: 9%; vertical-align: top; border-bottom: 1px solid black;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 3%; vertical-align: top;">&#160;</td>
        <td style="width: 5%; vertical-align: top;" colspan="1">&#160;</td>
        <td style="width: 25%; vertical-align: top;">
          <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">Authorized Representative</font></div>
        </td>
        <td style="width: 25%; vertical-align: top;">&#160;</td>
        <td style="vertical-align: top;" colspan="2">&#160;</td>
        <td style="vertical-align: top;" colspan="2">
          <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">Authorized Representative</font></div>
        </td>
      </tr>

  </table>
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  </div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div id="DSPFPageBreak" style="page-break-after:always;">
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  <!--PROfilePageNumberReset%Num%2%%%-->
  <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">INVESTMENT COMPANY BLANKET BOND</font></div>
  <div><br>
  </div>
  <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial;">NOTICE</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">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.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">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.</font></div>
  <div><br>
  </div>
  <div><br>
  </div>
  <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">INSURING AGREEMENTS</font></div>
  <div><br>
  </div>
  <div>
    <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: Arial; font-size: 10pt;" id="z874cb556e2f942d58a16d1d17e23dbe9" class="DSPFListTable">

        <tr style="vertical-align: top;">
          <td style="vertical-align: top; width: 27pt;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">A.</font></div>
          </td>
          <td style="align: left; vertical-align: top; width: auto;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">FIDELITY</font></div>
          </td>
        </tr>

    </table>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 27pt;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">Loss resulting directly from any Dishonest or Fraudulent Act committed by an Employee, committed anywhere and whether committed 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; and EXCLUDING loss
      covered under Insuring Agreement B.</font></div>
  <div><br>
  </div>
  <div>
    <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: Arial; font-size: 10pt;" id="z9c00bfb239a1469280a6e26f32471488" class="DSPFListTable">

        <tr style="vertical-align: top;">
          <td style="vertical-align: top; width: 27pt;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">B.</font></div>
          </td>
          <td style="align: left; vertical-align: top; width: auto;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">AUDIT EXPENSE</font></div>
          </td>
        </tr>

    </table>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 27pt;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">Expense incurred by the Insured for that part of the costs 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.</font></div>
  <div><br>
  </div>
  <div>
    <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: Arial; font-size: 10pt;" id="z1ecb875d424a43858c794ce744563f81" class="DSPFListTable">

        <tr style="vertical-align: top;">
          <td style="vertical-align: top; width: 27pt;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">C.</font></div>
          </td>
          <td style="align: left; vertical-align: top; width: auto;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">ON PREMISES</font></div>
          </td>
        </tr>

    </table>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 27pt;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">Loss of Property resulting directly from any Mysterious Disappearance, or any Dishonest or Fraudulent Act committed by a person
      physically present in an office or on the premises of the Insured at the time the Property is surrendered, while the Property is (or reasonably supposed or believed by the Insured to be) lodged or deposited within the Insured&#8217;s offices or premises
      located anywhere, except those offices excluded by Rider; and EXCLUDING loss covered under Insuring Agreement A.</font></div>
  <div><br>
  </div>
  <div>
    <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: Arial; font-size: 10pt;" id="zece450e466004092b9edaa3f1cc529f9" class="DSPFListTable">

        <tr style="vertical-align: top;">
          <td style="vertical-align: top; width: 27pt;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">D.</font></div>
          </td>
          <td style="align: left; vertical-align: top; width: auto;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">IN TRANSIT</font></div>
          </td>
        </tr>

    </table>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 27pt;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">Loss of Property resulting directly from any Mysterious Disappearance or Dishonest or Fraudulent Act while the Property is physically
      (not electronically) in transit anywhere 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 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 to the designated recipient or its agent, but only while the Property is being conveyed.</font></div>
  <div style="text-align: justify; margin-left: 27pt;"><font style="font-size: 10pt; font-family: Arial; color: #000000;"> <br>
    </font></div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: Arial; font-size: 8pt; font-weight: normal; font-style: normal;">2</font></div>
    <div id="DSPFPageBreak" style="page-break-after:always;">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 1px; color: #999999; background-color: #999999; clear: both;"></div>
  </div>
  <div style="text-align: left;">
    <div>
      <table cellspacing="0" cellpadding="0" id="za9a106fca433452e8bc38e4dd299b85d" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">E.</font></td>
            <td style="width: auto; vertical-align: top; text-align: left;">
              <div><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">FORGERY OR ALTERATION</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 27pt;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">Loss resulting directly from the Insured having, in good faith, paid or transferred any Property in reliance upon any Written,
      Original:</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z950874c707de45678184031c61e6dcd5" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27pt;"><br>
            </td>
            <td style="width: 22.5pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">(1)</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="font-size: 10pt; font-family: Arial; color: #000000;">bills of exchange, checks, drafts, or other written orders or directions to pay sums certain in money, acceptances, certificates of deposit, due bills, money orders,
                  warrants, orders upon public treasuries, or letters of credit; or</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="zeb43c284d09c42f1aafd6b15c9372225" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27pt;"><br>
            </td>
            <td style="width: 22.5pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">(2)</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="font-size: 10pt; font-family: Arial; color: #000000;">instructions, requests or applications directed to the Insured, authorizing or acknowledging the transfer, payment, redemption, delivery or receipt of money or Property,
                  or giving notice of any bank account (provided such 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, and further provided such instructions, requests, or applications either bear the forged signature or endorsement or have been altered without the knowledge
                  and consent of such customer, such shareholder or subscriber to shares issued by an Investment Company, or such financial or banking institution or stockbroker); or</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z6c663d78150b49a986b8b36f921885d2" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27pt;"><br>
            </td>
            <td style="width: 22.5pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">(3)</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="font-size: 10pt; font-family: Arial; color: #000000;">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;</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 27pt;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">which bear (a) a Forgery, or (b) an Alteration, but only to the extent that the Forgery or Alteration directly causes the loss.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 27pt;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">Actual physical possession by the Insured or its authorized representative of the items listed in (1) through (3) above is a condition
      precedent to the Insured having relied upon the items.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 27pt;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">This Insuring Agreement E does not cover loss caused by Forgery or Alteration of Securities or loss covered under Insuring Agreement
      A.</font></div>
  <div><br>
  </div>
  <div style="text-align: left;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z43ac9aaccfad46b09d2c90560ea9d1b6" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27pt; vertical-align: top;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">F.</font></td>
            <td style="width: auto; vertical-align: top; text-align: left;">
              <div><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">SECURITIES</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: justify; margin-left: 27pt;"><font style="font-size: 10pt; font-family: Arial; color: #000000;"> <br>
    </font></div>
  <div style="text-align: justify; margin-left: 27pt;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">Loss resulting directly 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 in reliance on any Written, Original Securities, where such loss results
      from the fact that such Securities prove to:</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z9eb04ffb334c467f94544c2ba6b2fab5" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27pt;"><br>
            </td>
            <td style="width: 22.5pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">(1)</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="font-size: 10pt; font-family: Arial; color: #000000;">be Counterfeit, but only to the extent that the Counterfeit directly causes the loss, or</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z620f8160e86544e89e9cdad5f644d0db" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27pt;"><br>
            </td>
            <td style="width: 22.5pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">(2)</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="font-size: 10pt; font-family: Arial; color: #000000;">be lost or stolen, or</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z796d6a1bfb084294ac6a710a799330f9" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27pt;"><br>
            </td>
            <td style="width: 22.5pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">(3)</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="font-size: 10pt; font-family: Arial; color: #000000;">contain a Forgery or Alteration, but only to the extent the Forgery or Alteration directly causes the loss,</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 27pt;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">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.</font></div>
  <div><br>
  </div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: Arial; font-size: 8pt; font-weight: normal; font-style: normal;">3</font></div>
    <div id="DSPFPageBreak" style="page-break-after:always;">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 1px; color: #999999; background-color: #999999; clear: both;"></div>
  </div>
  <div style="text-align: justify; margin-left: 27pt;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">This Insuring Agreement F does not cover loss covered under Insuring Agreement A.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 27pt;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">Actual physical possession by the Insured or its authorized representative of the Securities is a condition precedent to the Insured
      having relied upon the Securities.</font></div>
  <div><br>
  </div>
  <div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: Arial; font-size: 10pt;" id="z43cb9af1f3fd4553a8229a70e07fd4e8" class="DSPFListTable">

            <tr style="vertical-align: top;">
              <td style="vertical-align: top; width: 27pt;">
                <div style="text-align: justify;"><font style="text-align: justify; font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">G.</font></div>
              </td>
              <td style="align: left; vertical-align: top; width: auto;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">COUNTERFEIT CURRENCY</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 27pt;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">Loss resulting directly from the receipt by the Insured, in good faith of any Counterfeit Currency.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 27pt;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">This Insuring Agreement G does not cover loss covered under Insuring Agreement A.</font></div>
  <div><br>
  </div>
  <div>
    <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: Arial; font-size: 10pt;" id="zeff9c8853b564842b461cbfefd4eeadb" class="DSPFListTable">

        <tr style="vertical-align: top;">
          <td style="vertical-align: top; width: 27pt;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">H.</font></div>
          </td>
          <td style="align: left; vertical-align: top; width: auto;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">UNCOLLECTIBLE ITEMS OF DEPOSIT</font></div>
          </td>
        </tr>

    </table>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 27pt;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">Loss resulting directly from the payment of dividends, issuance of Fund shares or redemptions or exchanges permitted from an account
      with the Fund as a consequence of</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z05290d44c6aa4a19ba823a667f84a98b" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27pt;"><br>
            </td>
            <td style="width: 22.5pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">(1)</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font 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</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z2b6e5fd3bdab463dab1f36c4f36073f4" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27pt;"><br>
            </td>
            <td style="width: 22.5pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">(2)</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font 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;</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 27pt;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">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.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 27pt;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">This Insuring Agreement H does not cover loss covered under Insuring Agreement A.</font></div>
  <div><br>
  </div>
  <div style="text-align: left;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z462592e969d648ef8ef5b9f5ec96192a" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">I.</font></td>
            <td style="width: auto; vertical-align: top; text-align: left;">
              <div><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">PHONE/ELECTRONIC TRANSACTIONS</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 27pt;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">Loss resulting directly from a Phone/Electronic Transaction, where the request for such Phone/Electronic Transaction:</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="zd36eba118a684cd993017920786bc20b" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27pt;"><br>
            </td>
            <td style="width: 22.5pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">(1)</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font 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</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z785b1ea8f7894d4fbb6a8424d7675ba4" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27pt;"><br>
            </td>
            <td style="width: 22.5pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">(2)</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font 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</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z66bd7342a535438d90d11159e664ab02" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27pt;"><br>
            </td>
            <td style="width: 22.5pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">(3)</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="font-size: 10pt; font-family: Arial; color: #000000;">is unauthorized or fraudulent and is made with the manifest intent to deceive;</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 27pt;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">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</font></div>
  <div style="text-align: justify; margin-left: 27pt;"><font style="font-size: 10pt; font-family: Arial; color: #000000;"> <br>
    </font></div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: Arial; font-size: 8pt; font-weight: normal; font-style: normal;">4</font></div>
    <div id="DSPFPageBreak" style="page-break-after:always;">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 1px; color: #999999; background-color: #999999; clear: both;"></div>
  </div>
  <div style="text-align: justify; text-indent: 27pt;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">EXCLUDING loss resulting from:</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="zf1ebbf7c0991468db12aedf0c90cc920" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27pt;"><br>
            </td>
            <td style="width: 22.5pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">(1)</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="font-size: 10pt; font-family: Arial; color: #000000;">the failure to pay for shares attempted to be purchased; or</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z9979c6f11eb1467b8c5b9f8ef0a28542" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27pt;"><br>
            </td>
            <td style="width: 22.5pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">(2)</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font 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</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z30c06eb580e34f6f93e9c4b2dd9fabcc" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27pt;"><br>
            </td>
            <td style="width: 22.5pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">(3)</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font 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 (i) to be paid or made payable to other than an Authorized
                  Recipient or an Authorized Bank Account or (ii) to be sent to other than an Authorized Address;</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="zf12a8ad62071434eb6841a5090f69cb2" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27pt;"><br>
            </td>
            <td style="width: 22.5pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">(4)</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="font-size: 10pt; font-family: Arial; color: #000000;">the intentional failure to adhere to one or more Phone/Electronic Transaction Security Procedures; or</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="zfb6929b5fc7c4816bf579145e4bd3ea8" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27pt;"><br>
            </td>
            <td style="width: 22.5pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">(5)</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font 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</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z069d01b4afe34513b88a1800341e68e5" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27pt;"><br>
            </td>
            <td style="width: 22.5pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">(6)</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font 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.</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 27pt;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">This Insuring Agreement I does not cover loss covered under Insuring Agreement A, &#8220;Fidelity&#8221; or Insuring Agreement J, &#8220;Computer
      Security&#8221;.</font></div>
  <div><br>
  </div>
  <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">GENERAL AGREEMENTS</font></div>
  <div><br>
  </div>
  <div style="text-align: left;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z652c91443d98473ea99e31acb9e06fea" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">A.</font></td>
            <td style="width: auto; vertical-align: top; text-align: left;">
              <div><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">ADDITIONAL OFFICES OR EMPLOYEES&#8212;CONSOLIDATION OR MERGER&#8212;NOTICE</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="zcb35da30259b4e03bfa92cf5a8d9e28c" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">1.</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font 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.</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z1aaa06f861224d1cb3525b1eee591f14" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">2.</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font 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.</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div>
    <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: Arial; font-size: 10pt;" id="zef15073f488b42bfb5f15f8d2d8b8e40" class="DSPFListTable">

        <tr style="vertical-align: top;">
          <td style="vertical-align: top; width: 27pt;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">B.</font></div>
          </td>
          <td style="align: left; vertical-align: top; width: auto;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">WARRANTY</font></div>
          </td>
        </tr>

    </table>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 27pt;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">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.</font></div>
  <div style="text-align: justify; margin-left: 27pt;"><font style="font-size: 10pt; font-family: Arial; color: #000000;"> <br>
    </font></div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: Arial; font-size: 8pt; font-weight: normal; font-style: normal;">5</font></div>
    <div id="DSPFPageBreak" style="page-break-after:always;">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 1px; color: #999999; background-color: #999999; clear: both;"></div>
  </div>
  <div>
    <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: Arial; font-size: 10pt;" id="z682dba07713c4b4fb79b795bbc6f4938" class="DSPFListTable">

        <tr style="vertical-align: top;">
          <td style="vertical-align: top; width: 27pt;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">C.</font></div>
          </td>
          <td style="align: left; vertical-align: top; width: auto;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">COURT COSTS AND ATTORNEYS&#8217; FEES</font></div>
          </td>
        </tr>

    </table>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 27pt;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">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:</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z3634f66d5b56486bbebb1fc72824f6af" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">1.</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font 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 which caused the loss; or</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z503382b08a1541d7b591e159c02224bd" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">2.</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font 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 which caused the loss.</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 27pt;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">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&#8217;s election the Insured shall permit the Underwriter to conduct the defense of such legal proceeding in the Insured&#8217;s name, through attorneys of the Underwriter&#8217;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.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 27pt;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">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.</font></div>
  <div><br>
  </div>
  <div>
    <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: Arial; font-size: 10pt;" id="zf851e0fc6e1842bb9fba07bbad263c68" class="DSPFListTable">

        <tr style="vertical-align: top;">
          <td style="vertical-align: top; width: 27pt;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">D.</font></div>
          </td>
          <td style="align: left; vertical-align: top; width: auto;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">INTERPRETATION</font></div>
          </td>
        </tr>

    </table>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 27.35pt;"><font style="font-size: 10pt; font-family: Arial;">This Bond shall be interpreted with due regard to the purpose of fidelity bonding under Rule 17g-1 under 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.</font></div>
  <div><br>
  </div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: Arial; font-size: 8pt; font-weight: normal; font-style: normal;">6</font></div>
    <div id="DSPFPageBreak" style="page-break-after:always;">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 1px; color: #999999; background-color: #999999; clear: both;"></div>
  </div>
  <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">THIS BOND, INCLUDING THE FOREGOING INSURING AGREEMENTS</font></div>
  <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">AND GENERAL AGREEMENTS, IS SUBJECT TO THE FOLLOWING</font></div>
  <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">PROVISIONS, CONDITIONS AND LIMITATIONS:</font></div>
  <div><br>
  </div>
  <div>
    <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: Arial; font-size: 10pt;" id="zb3f12b75804c4e49a8fae04f0e02311a" class="DSPFListTable">

        <tr style="vertical-align: top;">
          <td style="vertical-align: top; width: 72pt;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">SECTION 1.</font></div>
          </td>
          <td style="align: left; vertical-align: top; width: auto;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">DEFINITIONS</font></div>
          </td>
        </tr>

    </table>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify; text-indent: -18pt; margin-left: 18pt;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">The following terms used in this Bond shall have the meanings stated in this Section:</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="zf0702945725c4b469124aea9bfe49ea9" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">A.</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font 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.</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z3fccb7ab6d4b454f8ad17ee89687fb95" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">B.</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font 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.</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z974b7bcf0f6f479aa431bd40cd6db5fa" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">C.</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="font-size: 10pt; font-family: Arial; color: #000000;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">&#8220;Authorized Address&#8221;</font> means (1) any Officially Designated address to which redemption proceeds
                  may be sent, (2) any address designated in writing (not to include Electronic Transmission) by the Shareholder of Record and received by the Insured at least one (1) day prior to the effective date of such designation, or (3) any address
                  designated by voice over the telephone or by Electronic Transmission by the Shareholder of Record at least 15 days prior to the effective date of such designation.</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z08b0d326ea0b43518a0d94c4a11e7aa7" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">D.</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="font-size: 10pt; font-family: Arial; color: #000000;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">&#8220;Authorized Bank Account&#8221;</font> means any Officially Designated bank account to which redemption
                  proceeds may be sent.</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="zb94c7146f0af4ab28a727e6a6325c28d" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">E.</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="font-size: 10pt; font-family: Arial; color: #000000;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">&#8220;Authorized Recipient&#8221;</font> means (1) the Shareholder of Record, or (2) any other Officially
                  Designated person to whom redemption proceeds may be sent.</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="zb89266de07a34d9d914dca800d827875" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">F.</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font 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.</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z4875e3fe4f68488fa0b31b55a3482cdd" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">G.</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font 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 a Written imitation of an actual valid Original which is intended to
                  deceive and to be taken as the Original.</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="zb091f8792f784edab5c8c3fd9baad997" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">H.</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="font-size: 10pt; font-family: Arial; color: #000000;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">&#8220;Cryptocurrency&#8221;</font> means a digital or electronic medium of exchange, operating independently of
                  a central bank, in which encryption techniques are used to regulate generation of units and to verify transfer of units from one person to another.</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z494c85a96cc2465bb91b8732564ceb5a" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">I.</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="font-size: 10pt; font-family: Arial; color: #000000;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">&#8220;Currency&#8221;</font> means a medium of exchange in current use authorized or adopted by a domestic or
                  foreign government as part of its official currency.</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z96afc33284af4e10a210f5fa4d0f9045" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">J.</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font 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.</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z509839e07cd64fde98728632413aae76" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">K.</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font 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.</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: Arial; font-size: 8pt; font-weight: normal; font-style: normal;">7</font></div>
    <div id="DSPFPageBreak" style="page-break-after:always;">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 1px; color: #999999; background-color: #999999; clear: both;"></div>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z8d6cb01394a04a0fba39b4a1482e963c" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">L.</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font 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 an improper financial benefit for the perpetrator or
                  any other person or entity. A Dishonest or Fraudulent Act does not mean or include a reckless act, a negligent act, or a grossly negligent act. As used in this definition, &#8220;improper financial benefit&#8221; does not include any employee
                  benefits received in the course of employment, including salaries, commissions, fees, bonuses, promotions, awards, profit sharing or pensions.</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z440b395e6fb5416bbc8961d5653f3248" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">M.</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font 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.</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z11b11deafa784f2d96f9a33fef5416b5" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">N.</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font 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:</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="zdb8d07f412524bbd9680fb2ea9e8499b" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27pt;"><br>
            </td>
            <td style="width: 22.5pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">(1)</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="font-size: 10pt; font-family: Arial; color: #000000;">each officer, director, trustee, partner or employee of the Insured, and</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z2adfcd48d46c42e5b925374d523ca892" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27pt;"><br>
            </td>
            <td style="width: 22.5pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">(2)</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font 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</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z17f29bc297db4740b3208548b2144789" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27pt;"><br>
            </td>
            <td style="width: 22.5pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">(3)</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font 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</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="zaf9fd0592f424c5e84a7588f04c09e76" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27pt;"><br>
            </td>
            <td style="width: 22.5pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">(4)</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font 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</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z19efaf18ecd643349ad3230953b3218a" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27pt;"><br>
            </td>
            <td style="width: 22.5pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">(5)</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="font-size: 10pt; font-family: Arial; color: #000000;">each officer, director, trustee, partner or employee of</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="zff14d2517f384e9888ed263ee44faf21" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 54pt;"><br>
            </td>
            <td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">(a)</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="font-size: 10pt; font-family: Arial; color: #000000;">an investment adviser,</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="ze68d98ba0b73462b910769e18bec5f35" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 54pt;"><br>
            </td>
            <td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">(b)</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="font-size: 10pt; font-family: Arial; color: #000000;">an underwriter (distributor),</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="zd8b0754c5f89421081ce48b24d1844cd" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 54pt;"><br>
            </td>
            <td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">(c)</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="font-size: 10pt; font-family: Arial; color: #000000;">a transfer agent or shareholder accounting recordkeeper, or</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z41f0e8dbbd5d43db8c59630b4e7d637a" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 54pt;"><br>
            </td>
            <td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">(d)</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="font-size: 10pt; font-family: Arial; color: #000000;">an administrator authorized by written agreement to keep financial and/or other required records,</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 54pt;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">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 an 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</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="zdc7c590fecae4d1abe946c5ebc658634" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27pt;"><br>
            </td>
            <td style="width: 22.5pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">(6)</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font 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</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: Arial; font-size: 8pt; font-weight: normal; font-style: normal;">8</font></div>
    <div id="DSPFPageBreak" style="page-break-after:always;">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 1px; color: #999999; background-color: #999999; clear: both;"></div>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="zf5d0bc61f7e74ffd95c78f0918ca4216" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27pt;"><br>
            </td>
            <td style="width: 22.5pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">(7)</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font 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</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z6e47bf222f6d43639720f38222eb35fd" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27pt;"><br>
            </td>
            <td style="width: 22.5pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">(8)</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="font-size: 10pt; font-family: Arial; color: #000000;">each officer, partner or employee of</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z3fb7554f2eb54a099a47fd484031493e" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 49.5pt;"><br>
            </td>
            <td style="width: 22.5pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">(a)</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="font-size: 10pt; font-family: Arial; color: #000000;">any Depository or Exchange,</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z4343817fbb9c405ab89e29b4fb77203b" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 49.5pt;"><br>
            </td>
            <td style="width: 22.5pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">(b)</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font 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</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z17de1756565648ce9bd81dfca0cc2f5d" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 49.5pt;"><br>
            </td>
            <td style="width: 22.5pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">(c)</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font 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,</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 49.5pt;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">while such officer, partner or employee is performing services for any Depository in the operation of systems for the central
      handling of securities, and</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z38a6d83db06d49cba01e0788ec61859d" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27pt;"><br>
            </td>
            <td style="width: 22.5pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">(9)</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font 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).</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 27pt;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">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.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 27pt;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">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).</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="zaf5217a09f214e3e8ef11da4065b4294" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">O.</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font 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.</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="zd668edfe66bf439f9eb234a583b2454d" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">P.</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font 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 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.</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z8b26270aabb84e49a913ab34d3bf85a2" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">Q.</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font 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.</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="zb91af0bc835b477a8d3b932e7fe79031" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">R.</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font 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.</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z64612c81cc3a4d1f8e6974db7aa8b8f2" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">S.</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font 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.</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="zf253cefe54a7418a8b661f3f171aa362" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">T.</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font 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.</font></div>
            </td>
          </tr>

      </table>
      <div> <br>
      </div>
    </div>
  </div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: Arial; font-size: 8pt; font-weight: normal; font-style: normal;">9</font></div>
    <div id="DSPFPageBreak" style="page-break-after:always;">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 1px; color: #999999; background-color: #999999; clear: both;"></div>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="za6573aa3a36b45d2a0c7f9bd0b623156" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">U.</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font 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.</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="zd49304a08cb842779702207e8d67e583" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">V.</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="font-size: 10pt; font-family: Arial; color: #000000;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">&#8220;Officially Designated&#8221;</font> means designated by the Shareholder of Record:</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="zfc49acb6ddfc49bbb9d1800326aa690a" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27.35pt;"><br>
            </td>
            <td style="width: 22.15pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">(1)</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="font-size: 10pt; font-family: Arial; color: #000000;">in the initial account application,</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z8df615a24bf74e9a97fde05f1612cb00" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27.35pt;"><br>
            </td>
            <td style="width: 22.15pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">(2)</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="font-size: 10pt; font-family: Arial; color: #000000;">in writing accompanied by a signature guarantee, or</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="zff3cd06f9bd14fe8b217c3d9ffb3b703" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27.35pt;"><br>
            </td>
            <td style="width: 22.15pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">(3)</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="font-size: 10pt; font-family: Arial; color: #000000;">in writing or by Electronic Transmission, where such designation is verified via a callback to the Shareholder of Record by the Insured at a predetermined telephone
                  number provided by the Shareholder of Record to the Insured in writing at least 30 days prior to such callback.</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="zdc69c1aec92347e28b402156b4d83d46" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">W.</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="font-size: 10pt; font-family: Arial; color: #000000;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">&#8220;Original&#8221;</font> means the first rendering or archetype and does not include photocopies or
                  electronic transmissions even if received and printed.</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z2b4e569066f44d00a9bca1a198e8e324" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">X.</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font 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.</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z1b36ffb540224f9b9cde0bfad9eafb2e" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">Y.</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font 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/ </font><font style="font-size: 10pt; font-family: Arial; color: #000000;">Electronic Transactions as set forth in the Application and/or as otherwise provided in writing to the Underwriter.</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: justify; text-indent: -27pt; margin-left: 54pt;"><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="zdb7c53b1ff234aeaa66a83c718fdb6ac" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">Z.</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font 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.</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z5033fe2f455740ee95f3b3f70ebfdb2d" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">AA.</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font 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 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.</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z26b1ae09dfd14b20a1f926229ade8ecf" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">BB.</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font 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.</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: Arial; font-size: 8pt; font-weight: normal; font-style: normal;">10</font></div>
    <div id="DSPFPageBreak" style="page-break-after:always;">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 1px; color: #999999; background-color: #999999; clear: both;"></div>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z80b7d831868f42ca92b99975d8af66fb" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">CC.</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font 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.</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z4de2f8336f45478eb742b4c89c3877fa" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">DD.</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font 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
                  and/or as otherwise provided in writing to the Underwriter.</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="za9ebe7fc7df64b44b787daed74e0352e" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">EE.</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font 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:</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="zb8639b0db7404102bae44da1e8f1793d" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27.35pt;"><br>
            </td>
            <td style="width: 22.15pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">(1)</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="font-size: 10pt; font-family: Arial; color: #000000;">all loss&#160; caused by any one act (other than a Dishonest or Fraudulent Act) committed by one person, or</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z97b5645b5d2847c68a5b19a868cd065c" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27.35pt;"><br>
            </td>
            <td style="width: 22.15pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">(2)</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="font-size: 10pt; font-family: Arial; color: #000000;">all loss caused by Dishonest or Fraudulent Acts committed by one person, or</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z5da187f785ea498a84bc9a4bc91c7ce8" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27.35pt;"><br>
            </td>
            <td style="width: 22.15pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">(3)</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="font-size: 10pt; font-family: Arial; color: #000000;">all expenses incurred with respect to any one audit or examination, or</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="zdd15c076e89f446089838dbaf07f9481" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27.35pt;"><br>
            </td>
            <td style="width: 22.15pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">(4)</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font 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 (3) above.</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 27pt;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">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) and (2) above of any other person shall be deemed to be the acts of such other person for purposes of this subsection.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 27pt;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">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.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z8b999b648e2b443aa4f9ac6a70f69f00" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">FF.</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font 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.</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="zf85e9755a7f54a79b903c9a2b8d8218e" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">GG.</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="font-size: 10pt; font-family: Arial; color: #000000;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">&#8220;Written&#8221;</font> means expressed through letters or marks placed upon paper and visible to the eye.</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div>
    <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: Arial; font-size: 10pt;" id="z2cc9dd1fe77341d694c748b917cb616e" class="DSPFListTable">

        <tr style="vertical-align: top;">
          <td style="vertical-align: top; width: 72pt;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">SECTION 2.</font></div>
          </td>
          <td style="align: left; vertical-align: top; width: auto;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">EXCLUSIONS</font></div>
          </td>
        </tr>

    </table>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">THIS BOND DOES NOT COVER:</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z4ca63900d53249c4863807750c322290" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">A.</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font 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.</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z8aff632569e3469ca6a824fddc788194" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">B.</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font 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.</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z35100e10ecf4444296588ad0ca22f5ad" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">C.</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font 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.</font></div>
            </td>
          </tr>

      </table>
      <div> <br>
      </div>
    </div>
  </div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: Arial; font-size: 8pt; font-weight: normal; font-style: normal;">11</font></div>
    <div id="DSPFPageBreak" style="page-break-after:always;">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 1px; color: #999999; background-color: #999999; clear: both;"></div>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="zc783ea7fcf494a07952762766599a9b4" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">D.</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font 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.</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z5eedf1b8579941e6ad5a1c12d2bb8550" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">E.</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font 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.</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z77964a1f21114d2ea715e9ef3760bd44" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">F.</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="font-size: 10pt; font-family: Arial; color: #000000;">Loss resulting from Property that is the object of a 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.</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="za6ff19571a644a29b248264dcd7468d9" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">G.</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font 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.</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z1fd24858903c4424800aaf9a0fc32298" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">H.</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font 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.</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="zcd782be5f38f4d40a9c8b485a5caef68" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">I.</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font 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 kidnap, ransom, or extortion, or a threat</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z000db9bf21f74eb5b51bfc48026ff6eb" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27pt;"><br>
            </td>
            <td style="width: 22.5pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">(1)</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font 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</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z74ffeced54574beba2b30da9dd53c603" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27pt;"><br>
            </td>
            <td style="width: 22.5pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">(2)</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="font-size: 10pt; font-family: Arial; color: #000000;">to do damage to the premises or Property of the Insured,</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify; text-indent: -9pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">unless such loss is otherwise covered under Insuring Agreement A.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z910d4de8074a4bab840326292f79fffd" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">J.</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font 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.</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z72a10f0383cb4ed8a3920b44fb7ba0e1" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">K.</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font 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.</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="za2ca9f8c42d84323963a0b27b3cb1d97" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">L.</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font 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.</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="za7a48bafd28f4804929abb22f25a0cf8" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">M.</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="font-size: 10pt; font-family: Arial; color: #000000;">Loss resulting from the Dishonest or Fraudulent Acts 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.</font></div>
            </td>
          </tr>

      </table>
      <div> <br>
      </div>
    </div>
  </div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: Arial; font-size: 8pt; font-weight: normal; font-style: normal;">12</font></div>
    <div id="DSPFPageBreak" style="page-break-after:always;">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 1px; color: #999999; background-color: #999999; clear: both;"></div>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z29a3dea0ff2240f89ec61c6fd4075c9c" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">N.</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font 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.</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z06907fda46c948b681212e6b1fd6c54a" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">O.</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font 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.</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z95763d3e40394a48904b03047c34d0e1" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">P.</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="font-size: 10pt; font-family: Arial; color: #000000;">Loss resulting from any Dishonest or Fraudulent Act or committed by an Employee as defined in Section 1.N(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.</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z9b5c51195d394598b2b269a2d21201ab" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">Q.</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font 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.</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z10431c1e782d40b2a2ba0ae65622f56e" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">R.</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="font-size: 10pt; font-family: Arial; color: #000000;">Loss resulting from the theft, disappearance, destruction, disclosure, or unauthorized use of confidential or personal information (including, but not limited to, trade
                  secrets, personal shareholder or client information, shareholder or client lists, personally identifiable financial or medical information, intellectual property, or any other type of non-public information), whether such information is
                  owned by the Insured or held by the Insured in any capacity (including concurrently with another person); provided, however, this exclusion shall not apply to loss arising out of the use of such information to support or facilitate the
                  commission of an act otherwise covered by this Bond.</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z3b8d485d6e2948229c02a1ae715df9ab" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">S.</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="font-size: 10pt; font-family: Arial; color: #000000;">All costs, fees, and other expenses arising from a data security breach or incident, including, but not limited to, forensic audit expenses, fines, penalties, expenses to
                  comply with federal and state laws and expenses related to notifying affected individuals.</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z67b41af8eacc4dc39830f68115e6ffe6" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">T.</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="font-size: 10pt; font-family: Arial; color: #000000;">Loss resulting from vandalism or malicious mischief.</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z944db4078dfd4f27a361bb3703ba5381" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">U.</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="font-size: 10pt; font-family: Arial; color: #000000;">Loss resulting from the theft, disappearance, or destruction of Cryptocurrency or from the change in value of Cryptocurrency, unless such loss (1) is sustained by any
                  investment company registered under the Investment Company Act of 1940 that is named as an Insured and (2) is otherwise covered under Insuring Agreement A.</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div>
    <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: Arial; font-size: 10pt;" id="z6977de9c98bc45dda6ac2b5e1ebd38ff" class="DSPFListTable">

        <tr style="vertical-align: top;">
          <td style="vertical-align: top; width: 72pt;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">SECTION 3.</font></div>
          </td>
          <td style="align: left; vertical-align: top; width: auto;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">ASSIGNMENT OF RIGHTS</font></div>
          </td>
        </tr>

    </table>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 27pt;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">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.</font></div>
  <div style="text-align: justify; margin-left: 27pt;"><font style="font-size: 10pt; font-family: Arial; color: #000000;"> <br>
    </font></div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: Arial; font-size: 8pt; font-weight: normal; font-style: normal;">13</font></div>
    <div id="DSPFPageBreak" style="page-break-after:always;">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 1px; color: #999999; background-color: #999999; clear: both;"></div>
  </div>
  <div style="text-align: justify; margin-left: 27pt;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">Assignment of any rights or claims under this Bond shall not bind the Underwriter without the Underwriter&#8217;s written consent.</font></div>
  <div><br>
  </div>
  <div>
    <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: Arial; font-size: 10pt;" id="z7eaad352f16e4962978ba3c13ae7a449" class="DSPFListTable">

        <tr style="vertical-align: top;">
          <td style="vertical-align: top; width: 72pt;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial; color: #000000;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">SECTION 4.</font></font></div>
          </td>
          <td style="align: left; vertical-align: top; width: auto;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial; color: #000000;"><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></font></div>
          </td>
        </tr>

    </table>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 27pt;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">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 of any loss covered hereunder, 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.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 27pt;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">The Insured shall provide the Underwriter with such information, assistance, and cooperation as the Underwriter may reasonably
      request.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 27pt;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">See also General Agreement C (Court Costs and Attorneys&#8217; Fees).</font></div>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 27pt;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">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.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 27pt;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">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.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 27pt;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">Notice hereunder shall be given to Manager, Professional Liability Claims, ICI Mutual Insurance Company, RRG, 1401 H St. NW,
      Washington, DC 20005.</font></div>
  <div><br>
  </div>
  <div>
    <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: Arial; font-size: 10pt;" id="z53bf555463fe4ac5b87fed1402bb62d7" class="DSPFListTable">

        <tr style="vertical-align: top;">
          <td style="vertical-align: top; width: 72pt;">
            <div style="text-align: justify; text-indent: -27pt; margin-left: 27pt;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">SECTION 5.</font></div>
          </td>
          <td style="align: left; vertical-align: top; width: auto;">
            <div style="text-align: justify; text-indent: -27pt; margin-left: 27pt;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">DISCOVERY</font></div>
          </td>
        </tr>

    </table>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 27pt;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">For all purposes under this Bond, a loss is discovered, and discovery of a loss occurs, when the Insured</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z8f7c954dd077438e950d3a1c4cd1c9cf" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27pt;"><br>
            </td>
            <td style="width: 22.5pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">(1)</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="font-size: 10pt; font-family: Arial; color: #000000;">becomes aware of facts, or</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z8d834abec040482ab7f47be6256fc95e" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27pt;"><br>
            </td>
            <td style="width: 22.5pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">(2)</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font 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,</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 27pt;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">which would cause a reasonable person to assume that a loss of a type covered by this Bond has been or is likely to be incurred,
      regardless of when the act or acts causing or contributing to such loss occurred, even though the exact amount or details of the loss may not be known.</font></div>
  <div><br>
  </div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: Arial; font-size: 8pt; font-weight: normal; font-style: normal;">14</font></div>
    <div id="DSPFPageBreak" style="page-break-after:always;">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 1px; color: #999999; background-color: #999999; clear: both;"></div>
  </div>
  <div>
    <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: Arial; font-size: 10pt;" id="zc83cb1b28a3b47539801540060814ab0" class="DSPFListTable">

        <tr style="vertical-align: top;">
          <td style="vertical-align: top; width: 72pt;">
            <div style="text-align: justify; text-indent: -27pt; margin-left: 27pt;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">SECTION 6.</font></div>
          </td>
          <td style="align: left; vertical-align: top; width: auto;">
            <div style="text-align: justify; text-indent: -27pt; margin-left: 27pt;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">VALUATION OF PROPERTY</font></div>
          </td>
        </tr>

    </table>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 27pt;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">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</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z27fbc324bcc249d79c26da32e353680e" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27pt;"><br>
            </td>
            <td style="width: 22.5pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">(1)</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font 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;</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="zd7901af73e424d119ffc923621cfa7f8" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27pt;"><br>
            </td>
            <td style="width: 22.5pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">(2)</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font 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</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="zfe47ebac9c6e44d8864053c3bf86ae31" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27pt;"><br>
            </td>
            <td style="width: 22.5pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">(3)</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font 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.</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div>
    <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: Arial; font-size: 10pt;" id="zeb17224f421d41228ae0a1826f3e56b4" class="DSPFListTable">

        <tr style="vertical-align: top;">
          <td style="vertical-align: top; width: 72pt;">
            <div style="text-align: justify; text-indent: -27pt; margin-left: 27pt;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">SECTION 7.</font></div>
          </td>
          <td style="align: left; vertical-align: top; width: auto;">
            <div style="text-align: justify; text-indent: -27pt; margin-left: 27pt;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">LOST SECURITIES</font></div>
          </td>
        </tr>

    </table>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 27pt;"><font style="font-size: 10pt; font-family: Arial;"><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></font></div>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 27pt;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">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.</font></div>
  <div><br>
  </div>
  <div>
    <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: Arial; font-size: 10pt;" id="z951da091827b452a8288a135ec17a215" class="DSPFListTable">

        <tr style="vertical-align: top;">
          <td style="vertical-align: top; width: 63pt;">
            <div style="text-align: justify; text-indent: -27pt; margin-left: 27pt;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">SECTION 8.</font></div>
          </td>
          <td style="align: left; vertical-align: top; width: auto;">
            <div style="text-align: justify; text-indent: -27pt; margin-left: 27pt;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">SALVAGE</font></div>
          </td>
        </tr>

    </table>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 27pt;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">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.</font></div>
  <div style="text-align: justify; margin-left: 27pt;"><font style="font-size: 10pt; font-family: Arial; color: #000000;"> <br>
    </font></div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: Arial; font-size: 8pt; font-weight: normal; font-style: normal;">15</font></div>
    <div id="DSPFPageBreak" style="page-break-after:always;">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 1px; color: #999999; background-color: #999999; clear: both;"></div>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z4ee8fab229cb49138033c8f59caced59" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 72pt; vertical-align: top;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">SECTION 9.</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">NON-REDUCTION AND NON-ACCUMULATION OF LIABILITY AND TOTAL LIABILITY</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 27pt;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">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.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z3213533379294b6f8f58981dab0962b1" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 72pt; vertical-align: top;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">SECTION 10.</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">MAXIMUM LIABILITY OF UNDERWRITER; OTHER BONDS OR POLICIES</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 27pt;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">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.</font></div>
  <div><br>
  </div>
  <div>
    <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: Arial; font-size: 10pt;" id="za47030f83cde45ccbd666c4d14dc4a62" class="DSPFListTable">

        <tr style="vertical-align: top;">
          <td style="vertical-align: top; width: 72pt;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">SECTION 11.</font></div>
          </td>
          <td style="align: left; vertical-align: top; width: auto;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">OTHER INSURANCE</font></div>
          </td>
        </tr>

    </table>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 27pt;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">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.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z28a8ea0bbc6e4ab9a1a6dcf6ad97b3ad" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 72pt; vertical-align: top;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">SECTION 12.</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">DEDUCTIBLE AMOUNT</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 27pt;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">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.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 27pt;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">No Deductible Amount shall apply to any loss covered under Insuring Agreement A sustained by any Investment Company named as an
      Insured.</font></div>
  <div><br>
  </div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: Arial; font-size: 8pt; font-weight: normal; font-style: normal;">16</font></div>
    <div id="DSPFPageBreak" style="page-break-after:always;">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 1px; color: #999999; background-color: #999999; clear: both;"></div>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z22cd5a43df434a7eadc23f6278e6f9d4" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 72pt; vertical-align: top;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">SECTION 13.</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">TERMINATION</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 27pt;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">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.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 27pt;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">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.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 27pt;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">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.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 27pt;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">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.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 27pt;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">Upon the detection by any Insured that an Employee has committed any Dishonest or Fraudulent Act(s), 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). 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).</font></div>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 27pt;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">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).</font></div>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 27pt;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">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.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z1a92dbf117424dc088278289af32eb01" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 72pt; vertical-align: top;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">SECTION 14.</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="font-size: 10pt; font-family: Arial; color: #000000;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">RIGHTS AFTER TERMINATION</font></font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 27pt;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">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.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 27pt;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">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.</font></div>
  <div style="text-align: justify; margin-left: 27pt;"><font style="font-size: 10pt; font-family: Arial; color: #000000;"> <br>
    </font></div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: Arial; font-size: 8pt; font-weight: normal; font-style: normal;">17</font></div>
    <div id="DSPFPageBreak" style="page-break-after:always;">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 1px; color: #999999; background-color: #999999; clear: both;"></div>
  </div>
  <div style="text-align: justify; margin-left: 27pt;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">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.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="zd2be5f6062484a3e9e5f152f84d0c02e" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 72pt; vertical-align: top;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">SECTION 15.</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">CENTRAL HANDLING OF SECURITIES</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 27pt;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">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.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 27pt;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">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.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 27pt;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">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.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z12ff373a765b4a5881dfa24c42dff64e" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 72pt; vertical-align: top;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">SECTION 16.</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">ADDITIONAL COMPANIES INCLUDED AS INSURED</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 27pt;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">If more than one entity is named as the Insured:</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z651d831977bd4bdab4f4ebe6373c82fd" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">A.</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font 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,</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z1446bc2964154cfcb67706f84dc94509" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">B.</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font 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,</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z05d01c236d604ea5887e1bd3b5ab9daa" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">C.</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font 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,</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z45ebb1174fea44eb97ca6b368d22e35e" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">D.</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font 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,</font></div>
            </td>
          </tr>

      </table>
      <div> <br>
      </div>
    </div>
  </div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: Arial; font-size: 8pt; font-weight: normal; font-style: normal;">18</font></div>
    <div id="DSPFPageBreak" style="page-break-after:always;">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 1px; color: #999999; background-color: #999999; clear: both;"></div>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="zd7d6b6886df743c790a9aa4db995903b" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">E.</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font 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</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z6173c9eb51ae4e479202a61d5e62b75b" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">F.</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="font-size: 10pt; font-family: Arial; color: #000000;">each named Insured shall constitute &#8220;the Insured&#8221; for all purposes of this Bond.</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="zcf572eebb78341659851a94057a72e10" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 72pt; vertical-align: top;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">SECTION 17.</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">NOTICE AND CHANGE OF CONTROL</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 27pt;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">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:</font></div>
  <div style="text-align: justify; margin-left: 27pt;"><font style="font-size: 10pt; font-family: Arial; color: #000000;"> <br>
    </font></div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z0f2d9cfd76804e96ba1ceb6dc0cab2e3" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">A.</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font 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</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z0b8132349a00487bb80fefd695ea5ea0" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">B.</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font 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</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z337f045a54814ece94266f27d1274e22" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">C.</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="font-size: 10pt; font-family: Arial; color: #000000;">the total number of outstanding voting securities.</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 27pt;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">As used in this Section, &#8220;control&#8221; means the power to exercise a controlling influence over the management or policies of the Insured.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z7326678836d7428db8e6082985604038" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 72pt; vertical-align: top;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">SECTION 18.</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">CHANGE OR MODIFICATION</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 27pt;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">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.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="ze872a958badf4c5799dc45b80f9891e5" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 72pt; vertical-align: top;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">SECTION 19.</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">COMPLIANCE WITH APPLICABLE TRADE AND ECONOMIC SANCTIONS</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 27pt;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">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).</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="zb935414a83e641199f5146d9be3e7b0f" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 72pt; vertical-align: top;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">SECTION 20.</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">ANTI-BUNDLING</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 27pt;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">If any Insuring Agreement requires that an enumerated type of document be Counterfeit, or contain a Forgery or Alteration, the
      Counterfeit, Forgery, or Alteration must be on or of the enumerated document itself, not on or of some other document submitted with, accompanying or incorporated by reference into the enumerated document.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">IN WITNESS WHEREOF, the Underwriter has caused this Bond to be executed on the Declarations Page.</font></div>
  <div><br>
  </div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: Arial; font-size: 8pt; font-weight: normal; font-style: normal;">19</font></div>
    <div id="DSPFPageBreak" style="page-break-after:always;">
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  </div>
  <div style="text-align: center;"><font style="font-size: 18pt; font-family: Arial; font-weight: bold;">ICI MUTUAL INSURANCE COMPANY,</font></div>
  <div style="text-align: center;"><font style="font-size: 18pt; font-family: Arial; font-weight: bold;">a Risk Retention Group</font></div>
  <div><br>
  </div>
  <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">INVESTMENT COMPANY BLANKET BOND</font></div>
  <div><br>
  </div>
  <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">RIDER NO. 1</font></div>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" border="0" id="zf18798ecc92d4776a4a7c1196d7c66fb" style="font-family: Arial; font-size: 10pt; width: 100%;">

      <tr>
        <td style="border-top: 1px solid #000000; vertical-align: top; width: 33%;">
          <div style="text-align: justify; font-size: 8pt;"><font style="font-family: Arial; font-weight: bold;">INSURED</font></div>
        </td>
        <td style="border-top: 1px solid rgb(0, 0, 0); vertical-align: top; width: 34%; font-size: 8pt;">&#160;</td>
        <td style="border-top: 1px solid #000000; vertical-align: top; width: 33.34%;">
          <div style="text-align: right; font-size: 8pt;"><font style="font-family: Arial; font-weight: bold;">BOND NUMBER</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 33%; vertical-align: top;" rowspan="1">&#160;</td>
        <td style="width: 34%; vertical-align: top;" rowspan="1">&#160;</td>
        <td style="width: 33.34%; vertical-align: top;" rowspan="1">&#160;</td>
      </tr>
      <tr>
        <td style="border-bottom: 1px solid #000000; vertical-align: top;" colspan="2">
          <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">Morgan Stanley Institutional Fund, Inc.</font></div>
        </td>
        <td style="border-bottom: 1px solid #000000; vertical-align: top; width: 33.34%;">
          <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">88190118B</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 33%; vertical-align: top;">
          <div style="text-align: justify; font-size: 8pt;"><font style="font-family: Arial; font-weight: bold;">EFFECTIVE DATE</font></div>
        </td>
        <td style="width: 34%; vertical-align: top;">
          <div style="text-align: center; font-size: 8pt;"><font style="font-family: Arial; font-weight: bold;">BOND PERIOD</font></div>
        </td>
        <td style="width: 33.34%; vertical-align: top;">
          <div style="text-align: center; font-size: 8pt;"><font style="font-family: Arial; font-weight: bold;">AUTHORIZED REPRESENTATIVE</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 33%; vertical-align: top;">&#160;</td>
        <td style="width: 34%; vertical-align: top;">&#160;</td>
        <td style="width: 33.34%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: top; width: 33%;">
          <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">October 5, <font style="font-size: 10pt; font-family: Arial;">2018</font></font></div>
        </td>
        <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: top; width: 34%;">
          <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">October 5, <font style="font-size: 10pt; font-family: Arial;">2018 to </font>October 5, <font style="font-size: 10pt; font-family: Arial;">2019</font></font></div>
        </td>
        <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: top; width: 33.34%;">
          <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">/S/ Catherine Dalton</font></div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">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:</font></div>
  <div><br>
  </div>
  <div style="text-align: left; margin-left: 36pt;"><font style="font-size: 10pt; font-family: Arial;">Active Assets California Tax-Free Trust</font></div>
  <div style="text-align: left; margin-left: 36pt;"><font style="font-size: 10pt; font-family: Arial;">Active Assets Government Securities Trust</font></div>
  <div style="text-align: left; margin-left: 36pt;"><font style="font-size: 10pt; font-family: Arial;">Active Assets Government Trust</font></div>
  <div style="text-align: left; margin-left: 36pt;"><font style="font-size: 10pt; font-family: Arial;">Active Assets Money Trust</font></div>
  <div style="text-align: left; margin-left: 36pt;"><font style="font-size: 10pt; font-family: Arial;">Active Assets Prime Trust</font></div>
  <div style="text-align: left; margin-left: 36pt;"><font style="font-size: 10pt; font-family: Arial;">Active Assets Tax-Free Trust</font></div>
  <div style="text-align: justify; text-indent: 0pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: Arial;">Morgan Stanley Asia-Pacific Fund, Inc.</font></div>
  <div style="text-align: left; margin-left: 36pt;"><font style="font-size: 10pt; font-family: Arial;">Morgan Stanley California Tax-Free Daily Income Trust</font></div>
  <div style="text-align: justify; text-indent: 0pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: Arial;">Morgan Stanley China A Share Fund, Inc.</font></div>
  <div style="text-align: justify; text-indent: 0pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: Arial;">Morgan Stanley Emerging Markets Debt Fund, Inc.</font></div>
  <div style="text-align: justify; text-indent: 0pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: Arial;">Morgan Stanley Emerging Markets Domestic Debt Fund, Inc.</font></div>
  <div style="text-align: justify; text-indent: 0pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: Arial;">Morgan Stanley Emerging Markets Fund, Inc.</font></div>
  <div style="text-align: left; margin-left: 36pt;"><font style="font-size: 10pt; font-family: Arial;">Morgan Stanley European Equity Fund Inc.</font></div>
  <div style="text-align: left; margin-left: 36pt;"><font style="font-size: 10pt; font-family: Arial;">Morgan Stanley Global Fixed Income Opportunities Fund</font></div>
  <div style="text-align: left; margin-left: 36pt;"><font style="font-size: 10pt; font-family: Arial;">Morgan Stanley Income Securities Fund, Inc.</font></div>
  <div style="text-align: justify; text-indent: 0pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: Arial;">Morgan Stanley India Investment Fund, Inc.</font></div>
  <div style="text-align: left; margin-left: 36pt;"><font style="font-size: 10pt; font-family: Arial;">Morgan Stanley Liquid Asset Fund Inc.</font></div>
  <div style="text-align: left; margin-left: 36pt;"><font style="font-size: 10pt; font-family: Arial;">Morgan Stanley Mortgage Securities Trust</font></div>
  <div style="text-align: left; margin-left: 36pt;"><font style="font-size: 10pt; font-family: Arial;">Morgan Stanley Multi Cap Growth Trust</font></div>
  <div style="text-align: left; margin-left: 36pt;"><font style="font-size: 10pt; font-family: Arial;">Morgan Stanley New York Municipal Money Market Trust</font></div>
  <div style="text-align: left; margin-left: 36pt;"><font style="font-size: 10pt; font-family: Arial;">Morgan Stanley Tax-Free Daily Income Trust</font></div>
  <div style="text-align: left; margin-left: 36pt;"><font style="font-size: 10pt; font-family: Arial;">Morgan Stanley U.S. Government Money Market Trust</font></div>
  <div style="text-align: left; margin-left: 36pt;"><font style="font-size: 10pt; font-family: Arial;">Morgan Stanley U.S. Government Securities Trust</font></div>
  <div style="text-align: justify; text-indent: 0pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: Arial;">The Latin American Discovery Fund, Inc.</font></div>
  <div style="text-align: justify; text-indent: 0pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: Arial;">The Thai Fund, Inc.</font></div>
  <div style="text-align: justify; text-indent: 0pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: Arial;">The Turkish Investment Fund, Inc.</font></div>
  <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: Arial;"> <br>
    </font></div>
  <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: Arial;">Morgan Stanley Select Dimensions Investment Series, a series fund consisting of:</font></div>
  <div style="text-align: left;">
    <div>
      <table cellspacing="0" cellpadding="0" id="zde6bfc292e7e4cb08b92c128fb147608" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 54pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">o</font></td>
            <td style="width: auto; vertical-align: top; text-align: left;">
              <div><font style="font-size: 10pt; font-family: Arial;">Mid Cap Growth Portfolio</font></div>
            </td>
          </tr>

      </table>
      <div> <br>
      </div>
    </div>
  </div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div id="DSPFPageBreak" style="page-break-after:always;">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 1px; color: #999999; background-color: #999999; clear: both;"></div>
  </div>
  <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: Arial;">Morgan Stanley Variable Investment Series, a series fund consisting of:</font></div>
  <div style="text-align: left;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z917eb9ff2e5f4144b4b735f71cff8a62" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 54pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">o</font></td>
            <td style="width: auto; vertical-align: top; text-align: left;">
              <div><font style="font-size: 10pt; font-family: Arial;">The European Equity Portfolio</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: left;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z63473af93bf4403ba8dca9ba2ab755ae" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 54pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">o</font></td>
            <td style="width: auto; vertical-align: top; text-align: left;">
              <div><font style="font-size: 10pt; font-family: Arial;">The Income Plus Portfolio</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: left;">
    <div>
      <table cellspacing="0" cellpadding="0" id="zc22c9e75439a41e3a11c6940259fc7af" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 54pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">o</font></td>
            <td style="width: auto; vertical-align: top; text-align: left;">
              <div><font style="font-size: 10pt; font-family: Arial;">The Limited Duration Portfolio</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: left;">
    <div>
      <table cellspacing="0" cellpadding="0" id="zfc842a4550a44fe4a7fe83be52b05ad0" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 54pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">o</font></td>
            <td style="width: auto; vertical-align: top; text-align: left;">
              <div><font style="font-size: 10pt; font-family: Arial;">The Multi Cap Growth Portfolio</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: justify; text-indent: 0pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: Arial;"> <br>
    </font></div>
  <div style="text-align: justify; text-indent: 0pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: Arial;">Morgan Stanley Institutional Fund, Inc., a series fund consisting of:</font></div>
  <div style="text-align: left;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z9184b59d6fb545e5b7ad2c3a1978aa44" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 54pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">o</font></td>
            <td style="width: auto; vertical-align: top; text-align: left;">
              <div><font style="font-size: 10pt; font-family: Arial;">Active International Allocation Portfolio</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: left;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z7279aa8636f845ef9e9a3a230d4a5f97" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 54pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">o</font></td>
            <td style="width: auto; vertical-align: top; text-align: left;">
              <div><font style="font-size: 10pt; font-family: Arial;">Advantage Portfolio</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: left;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z597f72341a2f4e89949cc9cc5802ad2c" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 54pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">o</font></td>
            <td style="width: auto; vertical-align: top; text-align: left;">
              <div><font style="font-size: 10pt; font-family: Arial;">Asia Opportunity Portfolio</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: left;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z8e31100707a94dcba8ff6459f5981633" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 54pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">o</font></td>
            <td style="width: auto; vertical-align: top; text-align: left;">
              <div><font style="font-size: 10pt; font-family: Arial;">Asian Equity Portfolio</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: left;">
    <div>
      <table cellspacing="0" cellpadding="0" id="zba5f83e38afc469abab229b06ca68720" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 54pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">o</font></td>
            <td style="width: auto; vertical-align: top; text-align: left;">
              <div><font style="font-size: 10pt; font-family: Arial;">Emerging Markets Fixed Income Opportunities Portfolio</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: left;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z457eef537f1e41e28ddf3dbcd540214a" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 54pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">o</font></td>
            <td style="width: auto; vertical-align: top; text-align: left;">
              <div><font style="font-size: 10pt; font-family: Arial;">Emerging Markets Leaders Portfolio</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: left;">
    <div>
      <table cellspacing="0" cellpadding="0" id="zd5d0aafbc86f4a3f8d58c8fde2dde359" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 54pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">o</font></td>
            <td style="width: auto; vertical-align: top; text-align: left;">
              <div><font style="font-size: 10pt; font-family: Arial;">Emerging Markets Portfolio</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: left;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z80c0fae0cd864158ba04df84f0ea2302" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 54pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">o</font></td>
            <td style="width: auto; vertical-align: top; text-align: left;">
              <div><font style="font-size: 10pt; font-family: Arial;">Emerging Markets Small Cap Portfolio</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: left;">
    <div>
      <table cellspacing="0" cellpadding="0" id="za494a758437a48a6ba572dbe592e8cf7" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 54pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">o</font></td>
            <td style="width: auto; vertical-align: top; text-align: left;">
              <div><font style="font-size: 10pt; font-family: Arial;">Frontier Emerging Markets Portfolio</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: left;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z161d1be17432444d830610a9127a07f3" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 54pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">o</font></td>
            <td style="width: auto; vertical-align: top; text-align: left;">
              <div><font style="font-size: 10pt; font-family: Arial;">Fundamental Multi-Cap Core Portfolio</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: left;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z977897a571d64a8f8f76e24a25adedc4" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 54pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">o</font></td>
            <td style="width: auto; vertical-align: top; text-align: left;">
              <div><font style="font-size: 10pt; font-family: Arial;">Global Advantage Portfolio</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: left;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z1b002fc8665a4e5589e65ddffa740ebe" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 54pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">o</font></td>
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              <div><font style="font-size: 10pt; font-family: Arial;">Global Concentrated Portfolio</font></div>
            </td>
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      </table>
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  <div style="text-align: left;">
    <div>
      <table cellspacing="0" cellpadding="0" id="zb9b20e497e6044fa919fe34b7f7299f3" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 54pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">o</font></td>
            <td style="width: auto; vertical-align: top; text-align: left;">
              <div><font style="font-size: 10pt; font-family: Arial;">Global Core Portfolio</font></div>
            </td>
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      </table>
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  <div style="text-align: left;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z071e0394386747f9986d996dfb49b51a" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 54pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">o</font></td>
            <td style="width: auto; vertical-align: top; text-align: left;">
              <div><font style="font-size: 10pt; font-family: Arial;">Global Discovery Portfolio</font></div>
            </td>
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      </table>
    </div>
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  <div style="text-align: left;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z74f26ed47f8e4cadab465c2c3b59197b" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 54pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">o</font></td>
            <td style="width: auto; vertical-align: top; text-align: left;">
              <div><font style="font-size: 10pt; font-family: Arial;">Global Franchise Portfolio</font></div>
            </td>
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      </table>
    </div>
  </div>
  <div style="text-align: left;">
    <div>
      <table cellspacing="0" cellpadding="0" id="zd9096834bca14869b8cc1d80dc3e9e76" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 54pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">o</font></td>
            <td style="width: auto; vertical-align: top; text-align: left;">
              <div><font style="font-size: 10pt; font-family: Arial;">Global Infrastructure Portfolio</font></div>
            </td>
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      </table>
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  <div style="text-align: left;">
    <div>
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          <tr>
            <td style="width: 54pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">o</font></td>
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              <div><font style="font-size: 10pt; font-family: Arial;">Global Insight Portfolio</font></div>
            </td>
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      </table>
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  <div style="text-align: left;">
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          <tr>
            <td style="width: 54pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">o</font></td>
            <td style="width: auto; vertical-align: top; text-align: left;">
              <div><font style="font-size: 10pt; font-family: Arial;">Global Opportunity Portfolio</font></div>
            </td>
          </tr>

      </table>
    </div>
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  <div style="text-align: left;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z69249441885b42748e51ff66477c2070" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 54pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">o</font></td>
            <td style="width: auto; vertical-align: top; text-align: left;">
              <div><font style="font-size: 10pt; font-family: Arial;">Global Quality Portfolio</font></div>
            </td>
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      </table>
    </div>
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  <div style="text-align: left;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z09fcb646bbc34b3fb9a543ba3a9c0351" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 54pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">o</font></td>
            <td style="width: auto; vertical-align: top; text-align: left;">
              <div><font style="font-size: 10pt; font-family: Arial;">Global Real Estate Portfolio</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: left;">
    <div>
      <table cellspacing="0" cellpadding="0" id="zff5965d930384a65bb8f0cc1914b511b" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 54pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">o</font></td>
            <td style="width: auto; vertical-align: top; text-align: left;">
              <div><font style="font-size: 10pt; font-family: Arial;">Growth Portfolio</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: left;">
    <div>
      <table cellspacing="0" cellpadding="0" id="zcdea57bb7d764d89a1da388f19c01003" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 54pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">o</font></td>
            <td style="width: auto; vertical-align: top; text-align: left;">
              <div><font style="font-size: 10pt; font-family: Arial;">Insight Portfolio</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: left;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z295d7948540a4d2bbcc04c01eb063f52" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 54pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">o</font></td>
            <td style="width: auto; vertical-align: top; text-align: left;">
              <div><font style="font-size: 10pt; font-family: Arial;">International Advantage Portfolio</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: left;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z9d339a0bfc4448c19b200192ba8d7527" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 54pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">o</font></td>
            <td style="width: auto; vertical-align: top; text-align: left;">
              <div><font style="font-size: 10pt; font-family: Arial;">International Equity Portfolio</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: left;">
    <div>
      <table cellspacing="0" cellpadding="0" id="za80be519498c4fada21681e7bcb18fd6" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 54pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">o</font></td>
            <td style="width: auto; vertical-align: top; text-align: left;">
              <div><font style="font-size: 10pt; font-family: Arial;">International Opportunity Portfolio</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: left;">
    <div>
      <table cellspacing="0" cellpadding="0" id="zad5b3f2cbb2342e6a46b28c129f7f369" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 54pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">o</font></td>
            <td style="width: auto; vertical-align: top; text-align: left;">
              <div><font style="font-size: 10pt; font-family: Arial;">International Real Estate Portfolio</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: left;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z2311166120f84bb7a7611bece8bfd19b" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 54pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">o</font></td>
            <td style="width: auto; vertical-align: top; text-align: left;">
              <div><font style="font-size: 10pt; font-family: Arial;">Multi-Asset Portfolio</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: left;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z771806bb1e5b40729b637aea9fed4648" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 54pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">o</font></td>
            <td style="width: auto; vertical-align: top; text-align: left;">
              <div><font style="font-size: 10pt; font-family: Arial;">Small Company Growth Portfolio</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: left;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z420d13e990034869a44862962c23843a" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 54pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">o</font></td>
            <td style="width: auto; vertical-align: top; text-align: left;">
              <div><font style="font-size: 10pt; font-family: Arial;">U.S. Core Portfolio</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: left;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z44eae31ea9e3488ea0f232658e80a6a9" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 54pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">o</font></td>
            <td style="width: auto; vertical-align: top; text-align: left;">
              <div><font style="font-size: 10pt; font-family: Arial;">U.S. Real Estate Portfolio</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: justify; text-indent: 0pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: Arial;"> <br>
    </font></div>
  <div style="text-align: justify; text-indent: 0pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: Arial;">The Universal Institutional Funds, Inc., a series fund consisting of:</font></div>
  <div style="text-align: left;">
    <div>
      <table cellspacing="0" cellpadding="0" id="za4821388a81943ffbe4aa17fba1570cc" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 54pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">o</font></td>
            <td style="width: auto; vertical-align: top; text-align: left;">
              <div><font style="font-size: 10pt; font-family: Arial;">Core Plus Fixed Income Portfolio</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: left;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z4ac79f7ea6c740189296aa228a156cd5" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 54pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">o</font></td>
            <td style="width: auto; vertical-align: top; text-align: left;">
              <div><font style="font-size: 10pt; font-family: Arial;">Emerging Markets Debt Portfolio</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: left;">
    <div>
      <table cellspacing="0" cellpadding="0" id="ze0cf1a40d1e14a0eba9ad9b168116f25" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 54pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">o</font></td>
            <td style="width: auto; vertical-align: top; text-align: left;">
              <div><font style="font-size: 10pt; font-family: Arial;">Emerging Markets Equity Portfolio</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: left;">
    <div>
      <table cellspacing="0" cellpadding="0" id="zdefcda8795634f84b2699a81d6c0d032" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 54pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">o</font></td>
            <td style="width: auto; vertical-align: top; text-align: left;">
              <div><font style="font-size: 10pt; font-family: Arial;">Global Franchise Portfolio</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: left;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z4ce85cc9983e445695d71f739a9e80fe" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 54pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">o</font></td>
            <td style="width: auto; vertical-align: top; text-align: left;">
              <div><font style="font-size: 10pt; font-family: Arial;">Global Infrastructure Portfolio</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: left;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z93ce9008e1ac44c7984f5ec9fe9473ec" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 54pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">o</font></td>
            <td style="width: auto; vertical-align: top; text-align: left;">
              <div><font style="font-size: 10pt; font-family: Arial;">Global Real Estate Portfolio</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: left;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z1d3c2957cc5749d8be17df609a7f4cc7" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 54pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">o</font></td>
            <td style="width: auto; vertical-align: top; text-align: left;">
              <div><font style="font-size: 10pt; font-family: Arial;">Global Strategist Portfolio</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: left;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z876efbf4deb84fb9a9e8a9b3195aa02d" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 54pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">o</font></td>
            <td style="width: auto; vertical-align: top; text-align: left;">
              <div><font style="font-size: 10pt; font-family: Arial;">Growth Portfolio</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: left;">
    <div>
      <table cellspacing="0" cellpadding="0" id="ze85fdbbcf13e40aba7d5b517e25c3436" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 54pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">o</font></td>
            <td style="width: auto; vertical-align: top; text-align: left;">
              <div><font style="font-size: 10pt; font-family: Arial;">Mid Cap Growth Portfolio</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: left;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z9cad4f1e3db84b1b847f1981fcb7f3cc" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 54pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">o</font></td>
            <td style="width: auto; vertical-align: top; text-align: left;">
              <div><font style="font-size: 10pt; font-family: Arial;">Small Company Growth Portfolio</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: left;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z4bb7980757c3444da984f5bd671f20e8" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 54pt;"><br>
            </td>
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            <td style="width: auto; vertical-align: top; text-align: left;">
              <div><font style="font-size: 10pt; font-family: Arial;">U.S. Real Estate Portfolio</font></div>
            </td>
          </tr>

      </table>
      <div> <br>
      </div>
    </div>
  </div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div id="DSPFPageBreak" style="page-break-after:always;">
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  </div>
  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: Arial;">Morgan Stanley Institutional Fund Trust, a series fund consisting of:</font></div>
  <div style="text-align: left;">
    <div>
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          <tr>
            <td style="width: 54pt;"><br>
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            <td style="width: auto; vertical-align: top; text-align: left;">
              <div><font style="font-size: 10pt; font-family: Arial;">Core Plus Fixed Income Portfolio</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: left;">
    <div>
      <table cellspacing="0" cellpadding="0" id="zff844be7dbf24c46ae4a7b3e58de7dbd" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 54pt;"><br>
            </td>
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            <td style="width: auto; vertical-align: top; text-align: left;">
              <div><font style="font-size: 10pt; font-family: Arial;">Corporate Bond Portfolio</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: left;">
    <div>
      <table cellspacing="0" cellpadding="0" id="za481920408744f6892119c9931e8e8f0" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 54pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">o</font></td>
            <td style="width: auto; vertical-align: top; text-align: left;">
              <div><font style="font-size: 10pt; font-family: Arial;">Global Multi-Asset Income Portfolio</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: left;">
    <div>
      <table cellspacing="0" cellpadding="0" id="zd77a76010196477f825279bb51bd7cdc" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 54pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">o</font></td>
            <td style="width: auto; vertical-align: top; text-align: left;">
              <div><font style="font-size: 10pt; font-family: Arial;">Global Strategist Portfolio</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: left;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z271c36347ab94729aad9aacd0862d501" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 54pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">o</font></td>
            <td style="width: auto; vertical-align: top; text-align: left;">
              <div><font style="font-size: 10pt; font-family: Arial;">High Yield Portfolio</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: left;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z2675186ca184497292ccec2c5b1e0b3f" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 54pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">o</font></td>
            <td style="width: auto; vertical-align: top; text-align: left;">
              <div><font style="font-size: 10pt; font-family: Arial;">Mid Cap Growth Portfolio</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: left;">
    <div>
      <table cellspacing="0" cellpadding="0" id="za46720d9b03c46f491a5411ba46c4c11" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 54pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">o</font></td>
            <td style="width: auto; vertical-align: top; text-align: left;">
              <div><font style="font-size: 10pt; font-family: Arial;">Short Duration Income Portfolio</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: left;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z63e57dd9c5e54dc7ac3293dd95a51d0a" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 54pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">o</font></td>
            <td style="width: auto; vertical-align: top; text-align: left;">
              <div><font style="font-size: 10pt; font-family: Arial;">Strategic Income Portfolio</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: left;">
    <div>
      <table cellspacing="0" cellpadding="0" id="zf8c00f31073749d6b8ee08eb9813981d" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 54pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">o</font></td>
            <td style="width: auto; vertical-align: top; text-align: left;">
              <div><font style="font-size: 10pt; font-family: Arial;">Ultra-Short Income Portfolio</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: Arial;"> <br>
    </font></div>
  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: Arial;">Morgan Stanley Institutional Liquidity Funds, a series fund consisting of:</font></div>
  <div style="text-align: left;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z9940570053d143f79c6cbcbf121e0d1c" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 54pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">o</font></td>
            <td style="width: auto; vertical-align: top; text-align: left;">
              <div><font style="font-size: 10pt; font-family: Arial;">Government Portfolio</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: left;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z3420a3a297474e599882739591abee6c" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 54pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">o</font></td>
            <td style="width: auto; vertical-align: top; text-align: left;">
              <div><font style="font-size: 10pt; font-family: Arial;">Government Securities Portfolio</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: left;">
    <div>
      <table cellspacing="0" cellpadding="0" id="zcf11466fd9954cf39b3f971abf6a6d8c" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 54pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">o</font></td>
            <td style="width: auto; vertical-align: top; text-align: left;">
              <div><font style="font-size: 10pt; font-family: Arial;">Money Market Portfolio</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: left;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z981fe1ee5d0442e399ce9448bb6e1fae" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 54pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">o</font></td>
            <td style="width: auto; vertical-align: top; text-align: left;">
              <div><font style="font-size: 10pt; font-family: Arial;">Prime Portfolio</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: left;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z82c994e987e842858b3c53e63f83c180" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 54pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">o</font></td>
            <td style="width: auto; vertical-align: top; text-align: left;">
              <div><font style="font-size: 10pt; font-family: Arial;">Tax-Exempt Portfolio</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: left;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z76a3185ebb2f44a189bf6509cf7b36bd" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 54pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">o</font></td>
            <td style="width: auto; vertical-align: top; text-align: left;">
              <div><font style="font-size: 10pt; font-family: Arial;">Treasury Portfolio</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: left;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z3835737018f94c9fbe861e1480949c6c" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 54pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">o</font></td>
            <td style="width: auto; vertical-align: top; text-align: left;">
              <div><font style="font-size: 10pt; font-family: Arial;">Treasury Securities Portfolio</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: Arial;"> <br>
    </font></div>
  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: Arial;">AIP Series Trust, a series fund consisting of:</font></div>
  <div style="text-align: left;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z98e5b56a739b48e5b12af7ccf45df655" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 54.3pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">o</font></td>
            <td style="width: auto; vertical-align: top; text-align: left;">
              <div><font style="font-size: 10pt; font-family: Arial;">AIP Dynamic Alternative Strategies Fund</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: left;">
    <div>
      <table cellspacing="0" cellpadding="0" id="zaec7c0dbf9e84cb89d9373a98bc1e141" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 54pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">o</font></td>
            <td style="width: auto; vertical-align: top; text-align: left;">
              <div><font style="font-size: 10pt; font-family: Arial;">AIP Dynamic Alpha Capture Fund</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: Arial;"> <br>
    </font></div>
  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: Arial;">Morgan Stanley Institutional Fund of Hedge Funds</font></div>
  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: Arial;">Alternative Investment Partners Absolute Return Fund STS</font></div>
  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: Arial;">Alternative Investment Partners Absolute Return Fund</font></div>
  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: Arial;">AIP Long/Short Fund A</font></div>
  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: Arial;">AIP Long/Short Fund P</font></div>
  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: Arial;">AIP Multi Strategy Fund A</font></div>
  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: Arial;">AIP Multi Strategy Fund P</font></div>
  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: Arial;">AIP Macro Registered Fund A</font></div>
  <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: Arial;">AIP Macro Registered Fund P</font></div>
  <div><br>
  </div>
  <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Except as above stated, nothing herein shall be held to alter, waive or extend any of the terms of this Bond.</font></div>
  <div><br>
  </div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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  </div>
  <div style="text-align: center;"><font style="font-size: 18pt; font-family: Arial; font-weight: bold;">ICI MUTUAL INSURANCE COMPANY,</font></div>
  <div style="text-align: center;"><font style="font-size: 18pt; font-family: Arial; font-weight: bold;">a Risk Retention Group</font></div>
  <div><br>
  </div>
  <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">INVESTMENT COMPANY BLANKET BOND</font></div>
  <div><br>
  </div>
  <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">RIDER NO. 2</font></div>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" border="0" id="z54ad1615005e4a87918b110f8b68f1d8" style="font-family: Arial; font-size: 10pt; width: 100%;">

      <tr>
        <td style="border-top: 1px solid #000000; vertical-align: top; width: 33%;">
          <div style="text-align: justify; font-size: 8pt;"><font style="font-family: Arial; font-weight: bold;">INSURED</font></div>
        </td>
        <td style="border-top: 1px solid rgb(0, 0, 0); vertical-align: top; width: 34%; font-size: 8pt;">&#160;</td>
        <td style="border-top: 1px solid #000000; vertical-align: top; width: 33.32%;">
          <div style="text-align: right; font-size: 8pt;"><font style="font-family: Arial; font-weight: bold;">BOND NUMBER</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 33%; vertical-align: top;" rowspan="1">&#160;</td>
        <td style="width: 34%; vertical-align: top;" rowspan="1">&#160;</td>
        <td style="width: 33.32%; vertical-align: top;" rowspan="1">&#160;</td>
      </tr>
      <tr>
        <td style="border-bottom: 1px solid #000000; vertical-align: top;" colspan="2">
          <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">Morgan Stanley Institutional Fund, Inc.</font></div>
        </td>
        <td style="border-bottom: 1px solid #000000; vertical-align: top; width: 33.32%;">
          <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">88190118B</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 33%; vertical-align: top;">
          <div style="text-align: justify; font-size: 8pt;"><font style="font-family: Arial; font-weight: bold;">EFFECTIVE DATE</font></div>
        </td>
        <td style="width: 34%; vertical-align: top;">
          <div style="text-align: center; font-size: 8pt;"><font style="font-family: Arial; font-weight: bold;">BOND PERIOD</font></div>
        </td>
        <td style="width: 33.32%; vertical-align: top;">
          <div style="text-align: center; font-size: 8pt;"><font style="font-family: Arial; font-weight: bold;">AUTHORIZED REPRESENTATIVE</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 33%; vertical-align: top;">&#160;</td>
        <td style="width: 34%; vertical-align: top;">&#160;</td>
        <td style="width: 33.32%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: top; width: 33%;">
          <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">October 5, <font style="font-size: 10pt; font-family: Arial;">2018</font></font></div>
        </td>
        <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: top; width: 34%;">
          <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">October 5, <font style="font-size: 10pt; font-family: Arial;">2018 to </font>October 5, <font style="font-size: 10pt; font-family: Arial;">2019</font></font></div>
        </td>
        <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: top; width: 33.32%;">
          <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">/S/ Catherine Dalton</font></div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">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 &#8220;Property&#8221; as defined in Section 1.Z of the Bond) or property rights of any Insured or any other person or entity.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">Except as above stated, nothing herein shall be held to alter, waive or extend any of the terms of this Bond.</font></div>
  <div><br>
  </div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div id="DSPFPageBreak" style="page-break-after:always;">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 1px; color: #999999; background-color: #999999; clear: both;"></div>
  </div>
  <div style="text-align: center;"><font style="font-size: 18pt; font-family: Arial; font-weight: bold;">ICI MUTUAL INSURANCE COMPANY,</font></div>
  <div style="text-align: center;"><font style="font-size: 18pt; font-family: Arial; font-weight: bold;">a Risk Retention Group</font></div>
  <div><br>
  </div>
  <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">INVESTMENT COMPANY BLANKET BOND</font></div>
  <div><br>
  </div>
  <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">RIDER NO. 3</font></div>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" border="0" id="z83d74c82b2944c53817908d9eb435e2d" style="font-family: Arial; font-size: 10pt; width: 100%;">

      <tr>
        <td style="border-top: 1px solid #000000; vertical-align: top; width: 33%;">
          <div style="text-align: justify; font-size: 8pt;"><font style="font-family: Arial; font-weight: bold;">INSURED</font></div>
        </td>
        <td style="border-top: 1px solid rgb(0, 0, 0); vertical-align: top; width: 34%; font-size: 8pt;">&#160;</td>
        <td style="border-top: 1px solid #000000; vertical-align: top; width: 33.32%;">
          <div style="text-align: right; font-size: 8pt;"><font style="font-family: Arial; font-weight: bold;">BOND NUMBER</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 33%; vertical-align: top;" rowspan="1">&#160;</td>
        <td style="width: 34%; vertical-align: top;" rowspan="1">&#160;</td>
        <td style="width: 33.32%; vertical-align: top;" rowspan="1">&#160;</td>
      </tr>
      <tr>
        <td style="border-bottom: 1px solid #000000; vertical-align: top;" colspan="2">
          <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">Morgan Stanley Institutional Fund, Inc.</font></div>
        </td>
        <td style="border-bottom: 1px solid #000000; vertical-align: top; width: 33.32%;">
          <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">88190118B</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 33%; vertical-align: top;">
          <div style="text-align: justify; font-size: 8pt;"><font style="font-family: Arial; font-weight: bold;">EFFECTIVE DATE</font></div>
        </td>
        <td style="width: 34%; vertical-align: top;">
          <div style="text-align: center; font-size: 8pt;"><font style="font-family: Arial; font-weight: bold;">BOND PERIOD</font></div>
        </td>
        <td style="width: 33.32%; vertical-align: top;">
          <div style="text-align: center; font-size: 8pt;"><font style="font-family: Arial; font-weight: bold;">AUTHORIZED REPRESENTATIVE</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 33%; vertical-align: top;">&#160;</td>
        <td style="width: 34%; vertical-align: top;">&#160;</td>
        <td style="width: 33.32%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: top; width: 33%;">
          <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">October 5, <font style="font-size: 10pt; font-family: Arial;">2018</font></font></div>
        </td>
        <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: top; width: 34%;">
          <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">October 5, <font style="font-size: 10pt; font-family: Arial;">2018 to </font>October 5, <font style="font-size: 10pt; font-family: Arial;">2019</font></font></div>
        </td>
        <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: top; width: 33.32%;">
          <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">/S/ Catherine Dalton</font></div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">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:</font></div>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 18pt;"><font style="font-size: 10pt; font-family: Arial;">J.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 18pt">&#160;</font><font style="font-size:
      10pt; font-family: Arial;">COMPUTER SECURITY</font></div>
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  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">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. 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.</font></div>
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            <td style="vertical-align: top; width: 18pt;"><font style="font-size: 10pt; font-family: Arial;">1.</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="font-size: 10pt; font-family: Arial;"><font style="font-size: 10pt; font-family: Arial;"><u>Definitions</u></font>. The following terms used in this Insuring Agreement shall have the following meanings:</font></div>
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            <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">a.</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="font-size: 10pt; font-family: Arial;">&#8220;Authorized User&#8221; 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;">. 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></font></div>
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            <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">b.</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="font-size: 10pt; font-family: Arial;">&#8220;Computer Fraud&#8221; 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:</font></div>
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            <td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(1)</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font 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></font></div>
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            <td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(2)</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font 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></font></div>
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            <td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(3)</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font 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.</font></div>
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            <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">c.</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="font-size: 10pt; font-family: Arial;">&#8220;Computer Security Procedures&#8221; means procedures for prevention of unauthorized computer access and use and administration of computer access and use as provided in writing to the
                  Underwriter.</font></div>
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            <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">d.</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="font-size: 10pt; font-family: Arial;">&#8220;Covered Computer System&#8221; means any Computer System as to which the Insured has possession, custody and control.</font></div>
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            <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">e.</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="font-size: 10pt; font-family: Arial;">&#8220;Unauthorized Third Party&#8221; means any person or entity that, at the time of the Computer Fraud, is not an Authorized User.</font></div>
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            <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">f.</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="font-size: 10pt; font-family: Arial;">&#8220;User Identification&#8221; 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.</font></div>
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            <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">2.</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="font-size: 10pt; font-family: Arial;"><font style="font-size: 10pt; font-family: Arial;"><u>Exclusions</u></font>. It is further understood and agreed that this Insuring Agreement J shall not cover:</font></div>
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            <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">a.</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="font-size: 10pt; font-family: Arial;">Any loss covered under Insuring Agreement A, &#8220;Fidelity,&#8221; of this Bond; <font style="font-size: 10pt; font-family: Arial;"><u>and</u></font></font></div>
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            <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">b.</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font 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></font></div>
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            <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">c.</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="font-size: 10pt; font-family: Arial;">Any loss resulting from a Computer Fraud committed by or in collusion with:</font></div>
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            <td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(1)</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font 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></font></div>
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            <td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(2)</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font 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 (&#8220;Related Entity&#8221;), 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></font></div>
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            <td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(3)</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font 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 (&#8220;Employer Entity&#8221;), 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 (&#8220;Employer-Related Entity&#8221;), or (d) any director, officer,
                  partner, employee or agent of such Employer-Related Entity;</font></div>
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  <div style="text-align: justify; margin-left: 54pt;"><font style="font-size: 10pt; font-family: Arial;"><font style="font-size: 10pt; font-family: Arial;"><u>and</u></font></font></div>
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            <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">d.</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font 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></font></div>
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            <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">e.</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font 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></font></div>
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            <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">f.</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font 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.</font></div>
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  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">For purposes of this Insuring Agreement, &#8220;Single Loss,&#8221; as defined in Section 1.EE 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. 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.</font></div>
  <div><br>
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  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">It is further understood and agreed that nothing in this Rider shall affect the exclusion set forth in Section 2.O of this Bond.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">Coverage under this Insuring Agreement shall terminate upon termination of this Bond. Coverage under this Insuring Agreement may also be terminated without terminating
      this Bond as an entirety:</font></div>
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            <td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(a)</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font 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</font></div>
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            <td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(b)</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="font-size: 10pt; font-family: Arial;">immediately by written notice from the Insured to the Underwriter.</font></div>
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  </div>
  <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Except as above stated, nothing herein shall be held to alter, waive or extend any of the terms of this Bond.</font></div>
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  <div style="text-align: center;"><font style="font-size: 18pt; font-family: Arial; font-weight: bold;">ICI MUTUAL INSURANCE COMPANY,</font></div>
  <div style="text-align: center;"><font style="font-size: 18pt; font-family: Arial; font-weight: bold;">a Risk Retention Group</font></div>
  <div><br>
  </div>
  <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">INVESTMENT COMPANY BLANKET BOND</font></div>
  <div><br>
  </div>
  <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">RIDER NO. 4</font></div>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" border="0" id="z40f156e996ff4612880dfd7ba1051e38" style="font-family: Arial; font-size: 10pt; width: 100%;">

      <tr>
        <td style="border-top: 1px solid #000000; vertical-align: top; width: 33%;">
          <div style="text-align: justify; font-size: 8pt;"><font style="font-family: Arial; font-weight: bold;">INSURED</font></div>
        </td>
        <td style="border-top: 1px solid rgb(0, 0, 0); vertical-align: top; width: 34%; font-size: 8pt;">&#160;</td>
        <td style="border-top: 1px solid #000000; vertical-align: top; width: 33.34%;">
          <div style="text-align: right; font-size: 8pt;"><font style="font-family: Arial; font-weight: bold;">BOND NUMBER</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 33%; vertical-align: top;" rowspan="1">&#160;</td>
        <td style="width: 34%; vertical-align: top;" rowspan="1">&#160;</td>
        <td style="width: 33.34%; vertical-align: top;" rowspan="1">&#160;</td>
      </tr>
      <tr>
        <td style="border-bottom: 1px solid #000000; vertical-align: top;" colspan="2">
          <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">Morgan Stanley Institutional Fund, Inc.</font></div>
        </td>
        <td style="border-bottom: 1px solid #000000; vertical-align: top; width: 33.34%;">
          <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">88190118B</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 33%; vertical-align: top;">
          <div style="text-align: justify; font-size: 8pt;"><font style="font-family: Arial; font-weight: bold;">EFFECTIVE DATE</font></div>
        </td>
        <td style="width: 34%; vertical-align: top;">
          <div style="text-align: center; font-size: 8pt;"><font style="font-family: Arial; font-weight: bold;">BOND PERIOD</font></div>
        </td>
        <td style="width: 33.34%; vertical-align: top;">
          <div style="text-align: center; font-size: 8pt;"><font style="font-family: Arial; font-weight: bold;">AUTHORIZED REPRESENTATIVE</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 33%; vertical-align: top;">&#160;</td>
        <td style="width: 34%; vertical-align: top;">&#160;</td>
        <td style="width: 33.34%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: top; width: 33%;">
          <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">October 5, <font style="font-size: 10pt; font-family: Arial;">2018</font></font></div>
        </td>
        <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: top; width: 34%;">
          <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">October 5, <font style="font-size: 10pt; font-family: Arial;">2018 to </font>October 5, <font style="font-size: 10pt; font-family: Arial;">2019</font></font></div>
        </td>
        <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: top; width: 33.34%;">
          <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">/S/ Catherine Dalton</font></div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">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.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">Except as above stated, nothing herein shall be held to alter, waive or extend any of the terms of this Bond.</font></div>
  <div><br>
  </div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div id="DSPFPageBreak" style="page-break-after:always;">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 1px; color: #999999; background-color: #999999; clear: both;"></div>
  </div>
  <div style="text-align: center;"><font style="font-size: 18pt; font-family: Arial; font-weight: bold;">ICI MUTUAL INSURANCE COMPANY,</font></div>
  <div style="text-align: center;"><font style="font-size: 18pt; font-family: Arial; font-weight: bold;">a Risk Retention Group</font></div>
  <div><br>
  </div>
  <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">INVESTMENT COMPANY BLANKET BOND</font></div>
  <div><br>
  </div>
  <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">RIDER NO. 5</font></div>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" border="0" id="z6567eed4337d46398e8d1e7302ba8b26" style="font-family: Arial; font-size: 10pt; width: 100%;">

      <tr>
        <td style="width: 33%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0);" rowspan="1">
          <div style="text-align: justify; font-size: 8pt;"><font style="font-family: Arial; font-weight: bold;">INSURED</font></div>
        </td>
        <td style="width: 34%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); font-size: 8pt;" rowspan="1">&#160;</td>
        <td style="width: 33.34%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0);" rowspan="1">
          <div style="text-align: right; font-size: 8pt;"><font style="font-family: Arial; font-weight: bold;">BOND NUMBER</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 33%; vertical-align: top;" rowspan="1">&#160;</td>
        <td style="width: 34%; vertical-align: top;" rowspan="1">&#160;</td>
        <td style="width: 33.34%; vertical-align: top;" rowspan="1">&#160;</td>
      </tr>
      <tr>
        <td style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);" colspan="2">
          <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">Morgan Stanley Institutional Fund, Inc.</font></div>
        </td>
        <td style="width: 33.34%; vertical-align: top; border-bottom: #000000 1px solid;">
          <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">88190118B</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 33%; vertical-align: top;">
          <div style="text-align: justify; font-size: 8pt;"><font style="font-family: Arial; font-weight: bold;">EFFECTIVE DATE</font></div>
        </td>
        <td style="width: 34%; vertical-align: top;">
          <div style="text-align: center; font-size: 8pt;"><font style="font-family: Arial; font-weight: bold;">BOND PERIOD</font></div>
        </td>
        <td style="width: 33.34%; vertical-align: top;">
          <div style="text-align: center; font-size: 8pt;"><font style="font-family: Arial; font-weight: bold;">AUTHORIZED REPRESENTATIVE</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 33%; vertical-align: top;">&#160;</td>
        <td style="width: 34%; vertical-align: top;">&#160;</td>
        <td style="width: 33.34%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 33%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">October 5, <font style="font-size: 10pt; font-family: Arial;">2018</font></font></div>
        </td>
        <td style="width: 34%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">October 5, <font style="font-size: 10pt; font-family: Arial;">2018 to </font>October 5, <font style="font-size: 10pt; font-family: Arial;">2019</font></font></div>
        </td>
        <td style="width: 33.34%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">/S/ Catherine Dalton</font></div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">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:</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z53b4a17451aa4b61aab231dd12bd9fc7" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(1)</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="font-size: 10pt; font-family: Arial;">letter requesting redemption of $100,000 or less payable by check to the Shareholder of Record and sent to an Authorized Address; or</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="zecd97aca39084b828c9bd6a772ed1d24" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(2)</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="font-size: 10pt; font-family: Arial;">letter requesting redemption of $100,000 or less by wire transfer to the Shareholder of Record of an Authorized Bank Account; or</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z6b4577231be44122aafa5615fae99b5e" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(3)</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="font-size: 10pt; font-family: Arial;">written request to a trustee or custodian for a Designated Retirement Account (&#8220;DRA&#8221;) 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 $100,000 or less from such DRA to a trustee or custodian for another DRA established for the benefit of such Owner;</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;"><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 $100,000 and that
      the Insured shall bear 20% of each such loss. This Rider shall not apply in the case of any such Single Loss which exceeds $100,000; in such case the Deductible Amounts and Limits of Liability set forth in Item 3 of the Declarations shall control.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">For purposes of this Rider:</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z6b3900cad60a44f4b33062003e75d45c" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(A)</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="font-size: 10pt; font-family: Arial;">&#8220;Designated Retirement Account&#8221; means any retirement plan or account described or qualified under the Internal Revenue Code of 1986, as amended, or a subaccount thereof.</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z8423a5c3c93742ee863f39122c841749" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(B)</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="font-size: 10pt; font-family: Arial;">&#8220;Owner&#8221; means the individual for whose benefit the DRA, or a subaccount thereof, is established.</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">Except as above stated, nothing herein shall be held to alter, waive or extend any of the terms of this Bond.</font></div>
  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;"> <br>
    </font></div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div id="DSPFPageBreak" style="page-break-after:always;">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 1px; color: #999999; background-color: #999999; clear: both;"></div>
  </div>
  <div style="text-align: center;"><font style="font-size: 18pt; font-family: Arial; font-weight: bold;">ICI MUTUAL INSURANCE COMPANY,</font></div>
  <div style="text-align: center;"><font style="font-size: 18pt; font-family: Arial; font-weight: bold;">a Risk Retention Group</font></div>
  <div><br>
  </div>
  <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">INVESTMENT COMPANY BLANKET BOND</font></div>
  <div><br>
  </div>
  <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">RIDER NO. 6</font></div>
  <div>
    <div><br>
    </div>
  </div>
  <table cellspacing="0" cellpadding="0" border="0" id="ze5a973b62d7b4c61afdde3c2c974082a" style="font-family: Arial; font-size: 10pt; width: 100%;">

      <tr>
        <td style="border-top: 1px solid #000000; vertical-align: top; width: 33%;">
          <div style="text-align: justify; font-size: 8pt;"><font style="font-family: Arial; font-weight: bold;">INSURED</font></div>
        </td>
        <td style="border-top: 1px solid rgb(0, 0, 0); vertical-align: top; width: 34%; font-size: 8pt;">&#160;</td>
        <td style="border-top: 1px solid #000000; vertical-align: top; width: 33.34%;">
          <div style="text-align: right; font-size: 8pt;"><font style="font-family: Arial; font-weight: bold;">BOND NUMBER</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 33%; vertical-align: top;" rowspan="1">&#160;</td>
        <td style="width: 34%; vertical-align: top;" rowspan="1">&#160;</td>
        <td style="width: 33.34%; vertical-align: top;" rowspan="1">&#160;</td>
      </tr>
      <tr>
        <td style="border-bottom: 1px solid #000000; vertical-align: top;" colspan="2">
          <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">Morgan Stanley Institutional Fund, Inc.</font></div>
        </td>
        <td style="border-bottom: 1px solid #000000; vertical-align: top; width: 33.34%;">
          <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">88190118B</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 33%; vertical-align: top;">
          <div style="text-align: justify; font-size: 8pt;"><font style="font-family: Arial; font-weight: bold;">EFFECTIVE DATE</font></div>
        </td>
        <td style="width: 34%; vertical-align: top;">
          <div style="text-align: center; font-size: 8pt;"><font style="font-family: Arial; font-weight: bold;">BOND PERIOD</font></div>
        </td>
        <td style="width: 33.34%; vertical-align: top;">
          <div style="text-align: center; font-size: 8pt;"><font style="font-family: Arial; font-weight: bold;">AUTHORIZED REPRESENTATIVE</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 33%; vertical-align: top;">&#160;</td>
        <td style="width: 34%; vertical-align: top;">&#160;</td>
        <td style="width: 33.34%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: top; width: 33%;">
          <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">October 5, <font style="font-size: 10pt; font-family: Arial;">2018</font></font></div>
        </td>
        <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: top; width: 34%;">
          <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">October 5, <font style="font-size: 10pt; font-family: Arial;">2018 to </font>October 5, <font style="font-size: 10pt; font-family: Arial;">2019</font></font></div>
        </td>
        <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: top; width: 33.34%;">
          <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">/S/ Catherine Dalton</font></div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">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</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="ze702eece7a894d52839f26032237d2e1" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(1)</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font 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</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="zd46be53e707e4d36b839ae4239ddfa26" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(2)</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font 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),</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify; text-indent: -72pt; margin-left: 72pt;"><font style="font-size: 10pt; font-family: Arial;">and then only to the extent such loss is otherwise covered under this Bond.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">For purposes of this Rider, &#8220;Third Party Check&#8221; means a check made payable to one or more parties and offered as payment to one or more other parties.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">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:</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="zfcf9a97f5a8c4f0cafccd61f86504738" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(1)</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="font-size: 10pt; font-family: Arial;">any payee on such Third Party Check reasonably appears to be a corporation or other entity; or</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z865df75b15a7467a8be51e7d8524a55a" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(2)</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font 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.</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">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, &#8220;Fidelity.&#8221;</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">Except as above stated, nothing herein shall be held to alter, waive or extend any of the terms of this Bond.</font></div>
  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;"> <br>
    </font></div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div id="DSPFPageBreak" style="page-break-after:always;">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 1px; color: #999999; background-color: #999999; clear: both;"></div>
  </div>
  <div style="text-align: center;"><font style="font-size: 18pt; font-family: Arial; font-weight: bold;">ICI MUTUAL INSURANCE COMPANY,</font></div>
  <div style="text-align: center;"><font style="font-size: 18pt; font-family: Arial; font-weight: bold;">a Risk Retention Group</font></div>
  <div><br>
  </div>
  <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">INVESTMENT COMPANY BLANKET BOND</font></div>
  <div><br>
  </div>
  <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">RIDER NO. 7</font></div>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" border="0" id="ze219de9428714691957431d1c5fbcda5" style="font-family: Arial; font-size: 10pt; width: 100%;">

      <tr>
        <td style="border-top: 1px solid #000000; vertical-align: top; width: 33%;">
          <div style="text-align: justify; font-size: 8pt;"><font style="font-family: Arial; font-weight: bold;">INSURED</font></div>
        </td>
        <td style="border-top: 1px solid rgb(0, 0, 0); vertical-align: top; width: 34%; font-size: 8pt;">&#160;</td>
        <td style="border-top: 1px solid #000000; vertical-align: top; width: 33.32%;">
          <div style="text-align: right; font-size: 8pt;"><font style="font-family: Arial; font-weight: bold;">BOND NUMBER</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 33%; vertical-align: top;" rowspan="1">&#160;</td>
        <td style="width: 34%; vertical-align: top;" rowspan="1">&#160;</td>
        <td style="width: 33.32%; vertical-align: top;" rowspan="1">&#160;</td>
      </tr>
      <tr>
        <td style="border-bottom: 1px solid #000000; vertical-align: top;" colspan="2">
          <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">Morgan Stanley Institutional Fund, Inc.</font></div>
        </td>
        <td style="border-bottom: 1px solid #000000; vertical-align: top; width: 33.32%;">
          <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">88190118B</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 33%; vertical-align: top;">
          <div style="text-align: justify; font-size: 8pt;"><font style="font-family: Arial; font-weight: bold;">EFFECTIVE DATE</font></div>
        </td>
        <td style="width: 34%; vertical-align: top;">
          <div style="text-align: center; font-size: 8pt;"><font style="font-family: Arial; font-weight: bold;">BOND PERIOD</font></div>
        </td>
        <td style="width: 33.32%; vertical-align: top;">
          <div style="text-align: center; font-size: 8pt;"><font style="font-family: Arial; font-weight: bold;">AUTHORIZED REPRESENTATIVE</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 33%; vertical-align: top;">&#160;</td>
        <td style="width: 34%; vertical-align: top;">&#160;</td>
        <td style="width: 33.32%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: top; width: 33%;">
          <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">October 5, <font style="font-size: 10pt; font-family: Arial;">2018</font></font></div>
        </td>
        <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: top; width: 34%;">
          <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">October 5, <font style="font-size: 10pt; font-family: Arial;">2018 to </font>October 5, <font style="font-size: 10pt; font-family: Arial;">2019</font></font></div>
        </td>
        <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: top; width: 33.32%;">
          <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">/S/ Catherine Dalton</font></div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">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, and the
      estimated annual assets of each Newly Created Investment Company or portfolio.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">For purposes of this Rider, Newly Created Investment Company or portfolio shall mean any Investment Company or portfolio declared effective by the U.S. Securities and
      Exchange Commission 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.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">Except as above stated, nothing herein shall be held to alter, waive or extend any of the terms of this Bond.</font></div>
  <div><br>
  </div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div id="DSPFPageBreak" style="page-break-after:always;">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 1px; color: #999999; background-color: #999999; clear: both;"></div>
  </div>
  <div style="text-align: center;"><font style="font-size: 18pt; font-family: Arial; font-weight: bold;">ICI MUTUAL INSURANCE COMPANY,</font></div>
  <div style="text-align: center;"><font style="font-size: 18pt; font-family: Arial; font-weight: bold;">a Risk Retention Group</font></div>
  <div><br>
  </div>
  <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">INVESTMENT COMPANY BLANKET BOND</font></div>
  <div><br>
  </div>
  <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">RIDER NO. 8</font></div>
  <div>
    <div><br>
    </div>
  </div>
  <table cellspacing="0" cellpadding="0" id="ze33931d568694a48af90b8aa599ec8f6" style="font-family: Arial; font-size: 10pt; width: 100%;">

      <tr>
        <td style="border-top: 1px solid #000000; vertical-align: top; width: 33%;">
          <div style="text-align: justify; font-size: 8pt;"><font style="font-family: Arial; font-weight: bold;">INSURED</font></div>
        </td>
        <td style="border-top: 1px solid rgb(0, 0, 0); vertical-align: top; width: 34%; font-size: 8pt;">&#160;</td>
        <td style="border-top: 1px solid #000000; vertical-align: top; width: 33.32%;">
          <div style="text-align: right; font-size: 8pt;"><font style="font-family: Arial; font-weight: bold;">BOND NUMBER</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 33%; vertical-align: top;" rowspan="1">&#160;</td>
        <td style="width: 34%; vertical-align: top;" rowspan="1">&#160;</td>
        <td style="width: 33.32%; vertical-align: top;" rowspan="1">&#160;</td>
      </tr>
      <tr>
        <td style="border-bottom: 1px solid #000000; vertical-align: top;" colspan="2">
          <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">Morgan Stanley Institutional Fund, Inc.</font></div>
        </td>
        <td style="border-bottom: 1px solid #000000; vertical-align: top; width: 33.32%;">
          <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">88190118B</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 33%; vertical-align: top;">
          <div style="text-align: justify; font-size: 8pt;"><font style="font-family: Arial; font-weight: bold;">EFFECTIVE DATE</font></div>
        </td>
        <td style="width: 34%; vertical-align: top;">
          <div style="text-align: center; font-size: 8pt;"><font style="font-family: Arial; font-weight: bold;">BOND PERIOD</font></div>
        </td>
        <td style="width: 33.32%; vertical-align: top;">
          <div style="text-align: center; font-size: 8pt;"><font style="font-family: Arial; font-weight: bold;">AUTHORIZED REPRESENTATIVE</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 33%; vertical-align: top;">&#160;</td>
        <td style="width: 34%; vertical-align: top;">&#160;</td>
        <td style="width: 33.32%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: top; width: 33%;">
          <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">October 5, <font style="font-size: 10pt; font-family: Arial;">2018</font></font></div>
        </td>
        <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: top; width: 34%;">
          <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">October 5, <font style="font-size: 10pt; font-family: Arial;">2018 to </font>October 5, <font style="font-size: 10pt; font-family: Arial;">2019</font></font></div>
        </td>
        <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: top; width: 33.32%;">
          <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">/S/ Catherine Dalton</font></div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">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:</font></div>
  <div><br>
  </div>
  <div style="text-align: left;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z8842023160a542998c7e24fdc74f7cb6" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(a)</font></td>
            <td style="width: auto; vertical-align: top; text-align: left;">
              <div><font 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 and sent to an Authorized Address; or</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: left;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z1df7a8e64eb94956a0ff552461afafa5" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(b)</font></td>
            <td style="width: auto; vertical-align: top; text-align: left;">
              <div><font 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 at an Authorized Bank Account,</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;"><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 <font style="font-size: 10pt; font-family: Arial; color: #000000;">$80,000 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 $80,000; in such case the Phone/Electronic Deductible and Limit of Liability set forth in Item 3 of the Declarations shall control.</font></font></div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">For purposes of this Rider, &#8220;Phone/Electronic Redemption&#8221; means any redemption of shares issued by an
        Investment Company</font>, which redemption is requested (a) by <font style="font-size: 10pt; font-family: Arial; color: #000000;">voice over the telephone or</font> (b)&#160; by Telefacsimile.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">Except as above stated, nothing herein shall be held to alter, waive or extend any of the terms of this Bond.</font></div>
  <div><br>
  </div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div id="DSPFPageBreak" style="page-break-after:always;">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 1px; color: #999999; background-color: #999999; clear: both;"></div>
  </div>
  <div style="text-align: center;"><font style="font-size: 18pt; font-family: Arial; font-weight: bold;">ICI MUTUAL INSURANCE COMPANY,</font></div>
  <div style="text-align: center;"><font style="font-size: 18pt; font-family: Arial; font-weight: bold;">a Risk Retention Group</font></div>
  <div><br>
  </div>
  <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">INVESTMENT COMPANY BLANKET BOND</font></div>
  <div><br>
  </div>
  <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">RIDER NO. 9</font></div>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="za879d2437ada4903910dbd66c9c66a8a" style="font-family: Arial; font-size: 10pt; width: 100%;">

      <tr>
        <td style="border-top: 1px solid #000000; vertical-align: top; width: 33%;">
          <div style="text-align: justify; font-size: 8pt;"><font style="font-family: Arial; font-weight: bold;">INSURED</font></div>
        </td>
        <td style="border-top: 1px solid rgb(0, 0, 0); vertical-align: top; width: 34%; font-size: 8pt;">&#160;</td>
        <td style="border-top: 1px solid #000000; vertical-align: top; width: 33.32%;">
          <div style="text-align: right; font-size: 8pt;"><font style="font-family: Arial; font-weight: bold;">BOND NUMBER</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 33%; vertical-align: top;">&#160;</td>
        <td style="width: 34%; vertical-align: top;">&#160;</td>
        <td style="width: 33.32%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top;" colspan="2">
          <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">Morgan Stanley Institutional Fund, Inc.</font></div>
        </td>
        <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: 33.32%;">
          <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">88190118B</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 33%; vertical-align: top;">
          <div style="text-align: justify; font-size: 8pt;"><font style="font-family: Arial; font-weight: bold;">EFFECTIVE DATE</font></div>
        </td>
        <td style="width: 34%; vertical-align: top;">
          <div style="text-align: center; font-size: 8pt;"><font style="font-family: Arial; font-weight: bold;">BOND PERIOD</font></div>
        </td>
        <td style="width: 33.32%; vertical-align: top;">
          <div style="text-align: center; font-size: 8pt;"><font style="font-family: Arial; font-weight: bold;">AUTHORIZED REPRESENTATIVE</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 33%; vertical-align: top;">&#160;</td>
        <td style="width: 34%; vertical-align: top;">&#160;</td>
        <td style="width: 33.32%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: top; width: 33%;">
          <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">October 5, <font style="font-size: 10pt; font-family: Arial;">2018</font></font></div>
        </td>
        <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: top; width: 34%;">
          <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">October 5, <font style="font-size: 10pt; font-family: Arial;">2018 to </font>October 5, <font style="font-size: 10pt; font-family: Arial;">2019</font></font></div>
        </td>
        <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: top; width: 33.32%;">
          <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">/S/ Catherine Dalton</font></div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">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:</font></div>
  <div style="background-color: #FFFFFF;">
    <div><br>
    </div>
  </div>
  <div style="background-color: #FFFFFF;">
    <div style="text-align: left;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z9ebda464ecce4c649871dad90137b92b" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: Arial;">by use of an automated telephone tone or voice response system ; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
  </div>
  <div style="background-color: #FFFFFF;">
    <div><br>
    </div>
  </div>
  <div style="background-color: #FFFFFF;">
    <div style="text-align: left;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z5439850f00914bf8ba5fbb208b4f3d03" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: Arial;">by transmissions over the Internet;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">except insofar as such loss is covered under Insuring Agreement A &#8220;Fidelity&#8221; of this Bond.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">Except as above stated, nothing herein shall be held to alter, waive or extend any of the terms of this Bond.</font></div>
  <div><br>
  </div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div id="DSPFPageBreak" style="page-break-after:always;">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 1px; color: #999999; background-color: #999999; clear: both;"></div>
  </div>
  <div style="text-align: center;"><font style="font-size: 18pt; font-family: Arial; font-weight: bold;">ICI MUTUAL INSURANCE COMPANY,</font></div>
  <div style="text-align: center;"><font style="font-size: 18pt; font-family: Arial; font-weight: bold;">a Risk Retention Group</font></div>
  <div><br>
  </div>
  <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">INVESTMENT COMPANY BLANKET BOND</font></div>
  <div><br>
  </div>
  <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">RIDER NO. 10</font></div>
  <div>
    <div><br>
    </div>
  </div>
  <table cellspacing="0" cellpadding="0" id="zd02aded370e74c53979e1e60431c2fe8" style="font-family: Arial; font-size: 10pt; width: 100%;">

      <tr>
        <td style="border-top: 1px solid #000000; vertical-align: top; width: 33%;">
          <div style="text-align: justify; font-size: 8pt;"><font style="font-family: Arial; font-weight: bold;">INSURED</font></div>
        </td>
        <td style="border-top: 1px solid rgb(0, 0, 0); vertical-align: top; width: 34%; font-size: 8pt;">&#160;</td>
        <td style="border-top: 1px solid #000000; vertical-align: top; width: 33.32%;">
          <div style="text-align: right; font-size: 8pt;"><font style="font-family: Arial; font-weight: bold;">BOND NUMBER</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 33%; vertical-align: top;">&#160;</td>
        <td style="width: 34%; vertical-align: top;">&#160;</td>
        <td style="width: 33.32%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="border-bottom: 1px solid #000000; vertical-align: top;" colspan="2">
          <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">Morgan Stanley Institutional Fund, Inc.</font></div>
        </td>
        <td style="border-bottom: 1px solid #000000; vertical-align: top; width: 33.32%;">
          <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">88190118B</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 33%; vertical-align: top;">
          <div style="text-align: justify; font-size: 8pt;"><font style="font-family: Arial; font-weight: bold;">EFFECTIVE DATE</font></div>
        </td>
        <td style="width: 34%; vertical-align: top;">
          <div style="text-align: center; font-size: 8pt;"><font style="font-family: Arial; font-weight: bold;">BOND PERIOD</font></div>
        </td>
        <td style="width: 33.32%; vertical-align: top;">
          <div style="text-align: center; font-size: 8pt;"><font style="font-family: Arial; font-weight: bold;">AUTHORIZED REPRESENTATIVE</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 33%; vertical-align: top;">&#160;</td>
        <td style="width: 34%; vertical-align: top;">&#160;</td>
        <td style="width: 33.32%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: top; width: 33%;">
          <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">October 5, <font style="font-size: 10pt; font-family: Arial;">2018</font></font></div>
        </td>
        <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: top; width: 34%;">
          <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">October 5, <font style="font-size: 10pt; font-family: Arial;">2018 to </font>October 5, <font style="font-size: 10pt; font-family: Arial;">2019</font></font></div>
        </td>
        <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: top; width: 33.32%;">
          <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">/S/ Catherine Dalton</font></div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">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:</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">&#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:</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z3f017c6855f2462f9e645415b2108836" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(1)</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="font-size: 10pt; font-family: Arial;">becomes aware of facts, or</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z66fc612fd205470dabbd2cfe5c36236d" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(2)</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="font-size: 10pt; font-family: Arial;">receives notice of an actual or potential claim by a third party which alleges that the Insured is liable under circumstances,</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">which would cause a reasonable person to assume that a loss of a type covered by this Bond and in excess of the applicable Deductible Amount has been or is likely to be
      incurred, regardless of when the act or acts causing or contributing to such loss occurred, even though the exact amount or details of the loss may not be known.&#8221;</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">Except as above stated, nothing herein shall be held to alter, waive or extend any of the terms of this Bond.</font></div>
  <div><br>
  </div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div id="DSPFPageBreak" style="page-break-after:always;">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 1px; color: #999999; background-color: #999999; clear: both;"></div>
  </div>
  <div style="text-align: center;"><font style="font-size: 18pt; font-family: Arial; font-weight: bold;">ICI MUTUAL INSURANCE COMPANY,</font></div>
  <div style="text-align: center;"><font style="font-size: 18pt; font-family: Arial; font-weight: bold;">a Risk Retention Group</font></div>
  <div><br>
  </div>
  <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">INVESTMENT COMPANY BLANKET BOND</font></div>
  <div><br>
  </div>
  <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">RIDER NO. 11</font></div>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="zaa32753b02344ecba902a4b96f0855a1" style="font-family: Arial; font-size: 10pt; width: 100%;">

      <tr>
        <td style="border-top: 1px solid #000000; vertical-align: top; width: 33%;">
          <div style="text-align: justify; font-size: 8pt;"><font style="font-family: Arial; font-weight: bold;">INSURED</font></div>
        </td>
        <td style="border-top: 1px solid rgb(0, 0, 0); vertical-align: top; width: 34%; font-size: 8pt;">&#160;</td>
        <td style="border-top: 1px solid #000000; vertical-align: top; width: 33.32%;">
          <div style="text-align: right; font-size: 8pt;"><font style="font-family: Arial; font-weight: bold;">BOND NUMBER</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 33%; vertical-align: top;">&#160;</td>
        <td style="width: 34%; vertical-align: top;">&#160;</td>
        <td style="width: 33.32%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="border-bottom: 1px solid #000000; vertical-align: top;" colspan="2">
          <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">Morgan Stanley Institutional Fund, Inc.</font></div>
        </td>
        <td style="border-bottom: 1px solid #000000; vertical-align: top; width: 33.32%;">
          <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">88190118B</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 33%; vertical-align: top;">
          <div style="text-align: justify; font-size: 8pt;"><font style="font-family: Arial; font-weight: bold;">EFFECTIVE DATE</font></div>
        </td>
        <td style="width: 34%; vertical-align: top;">
          <div style="text-align: center; font-size: 8pt;"><font style="font-family: Arial; font-weight: bold;">BOND PERIOD</font></div>
        </td>
        <td style="width: 33.32%; vertical-align: top;">
          <div style="text-align: center; font-size: 8pt;"><font style="font-family: Arial; font-weight: bold;">AUTHORIZED REPRESENTATIVE</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 33%; vertical-align: top;">&#160;</td>
        <td style="width: 34%; vertical-align: top;">&#160;</td>
        <td style="width: 33.32%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: top; width: 33%;">
          <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">October 5, <font style="font-size: 10pt; font-family: Arial;">2018</font></font></div>
        </td>
        <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: top; width: 34%;">
          <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">October 5, <font style="font-size: 10pt; font-family: Arial;">2018 to </font>October 5, <font style="font-size: 10pt; font-family: Arial;">2019</font></font></div>
        </td>
        <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: top; width: 33.32%;">
          <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">/S/ Catherine Dalton</font></div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">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;). The Act establishes a federal insurance backstop under which ICI Mutual and these other insurers may be partially reimbursed by the United States Government 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> (Each of these <font style="font-size: 10pt; font-family:
        Arial; font-weight: bold;">bolded terms </font>is defined by the Act.) The Act also places certain disclosure and other obligations on ICI Mutual and these other insurers.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">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>
      may be partially reimbursed by the United States government under a formula established by the Act. Under this formula, the United States government would generally 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 reach $100 billion (the &#8220;Cap on Annual Liability&#8221;). If total <font style="font-size: 10pt; font-family: Arial; font-weight:
        bold;">&#8220;insured losses&#8221; </font>of all property and casualty insurers reach the Cap on Annual Liability in any one calendar year, the Act limits U.S. Government reimbursement and provides that the insurers will not be liable under their policies
      for their portions of such losses that exceed such amount. Amounts otherwise payable under this policy may be reduced as a result.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">This policy has no express exclusion for <font style="font-size: 10pt; font-family: Arial; font-weight: bold;">&#8220;acts of terrorism.&#8221;</font> 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.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">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%) and does not include any charges for the portion of loss that may be covered by the U.S. Government under the Act</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">As used herein, &#8220;Federal Share of Compensation&#8221; shall mean 85% in calendar year 2015 and shall be reduced by 1% per calendar year until equal to 80%.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">Nothing herein contained shall be held to vary, alter, waive, or extend any of the terms, conditions, provisions, agreements, or limitations of this policy other than as
      above stated.</font></div>
  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;"> <br>
    </font></div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div id="DSPFPageBreak" style="page-break-after:always;">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 1px; color: #999999; background-color: #999999; clear: both;"></div>
  </div>
  <div style="text-align: center;"><font style="font-size: 18pt; font-family: Arial; font-weight: bold;">ICI MUTUAL INSURANCE COMPANY,</font></div>
  <div style="text-align: center;"><font style="font-size: 18pt; font-family: Arial; font-weight: bold;">a Risk Retention Group</font></div>
  <div><br>
  </div>
  <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">INVESTMENT COMPANY BLANKET BOND</font></div>
  <div><br>
  </div>
  <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">RIDER NO. 12</font></div>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="z7ac799c791634d0e9ef5403b56c9220c" style="font-family: Arial; font-size: 10pt; width: 100%;">

      <tr>
        <td style="border-top: 1px solid #000000; vertical-align: top; width: 33%;">
          <div style="text-align: justify; font-size: 8pt;"><font style="font-family: Arial; font-weight: bold;">INSURED</font></div>
        </td>
        <td style="border-top: 1px solid rgb(0, 0, 0); vertical-align: top; width: 34%; font-size: 8pt;">&#160;</td>
        <td style="border-top: 1px solid #000000; vertical-align: top; width: 33.32%;">
          <div style="text-align: right; font-size: 8pt;"><font style="font-family: Arial; font-weight: bold;">BOND NUMBER</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 33%; vertical-align: top;">&#160;</td>
        <td style="width: 34%; vertical-align: top;">&#160;</td>
        <td style="width: 33.32%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="border-bottom: 1px solid #000000; vertical-align: top;" colspan="2">
          <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">Morgan Stanley Institutional Fund, Inc.</font></div>
        </td>
        <td style="border-bottom: 1px solid #000000; vertical-align: top; width: 33.32%;">
          <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">88190118B</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 33%; vertical-align: top;">
          <div style="text-align: justify; font-size: 8pt;"><font style="font-family: Arial; font-weight: bold;">EFFECTIVE DATE</font></div>
        </td>
        <td style="width: 34%; vertical-align: top;">
          <div style="text-align: center; font-size: 8pt;"><font style="font-family: Arial; font-weight: bold;">BOND PERIOD</font></div>
        </td>
        <td style="width: 33.32%; vertical-align: top;">
          <div style="text-align: center; font-size: 8pt;"><font style="font-family: Arial; font-weight: bold;">AUTHORIZED REPRESENTATIVE</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 33%; vertical-align: top;">&#160;</td>
        <td style="width: 34%; vertical-align: top;">&#160;</td>
        <td style="width: 33.32%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: top; width: 33%;">
          <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">October 5, <font style="font-size: 10pt; font-family: Arial;">2018</font></font></div>
        </td>
        <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: top; width: 34%;">
          <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">October 5, <font style="font-size: 10pt; font-family: Arial;">2018 to </font>October 5, <font style="font-size: 10pt; font-family: Arial;">2019</font></font></div>
        </td>
        <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: top; width: 33.32%;">
          <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">/S/ Catherine Dalton</font></div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">In consideration of the premium charged for this Bond, it is hereby understood and agreed that Section 1.L shall be amended to read as follows:</font></div>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 18pt;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">&#8220;Dishonest or Fraudulent Act&#8221; 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 or (2) to obtain an improper financial benefit for the perpetrator or any other person or entity. A Dishonest or Fraudulent
      Act does not mean or include a reckless act, a negligent act, or a grossly negligent act. As used in this definition, &#8220;improper financial benefit&#8221; does not include any employee benefits received in the course of employment, including salaries,
      commissions, fees, bonuses, promotions, awards, profit sharing or pensions.</font></div>
  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;"> </font><br>
  </div>
  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">Except as above stated, nothing herein shall be held to alter, waive or extend any of the terms of this Bond.</font></div>
  <div><br>
  </div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div id="DSPFPageBreak" style="page-break-after:always;">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 1px; color: #999999; background-color: #999999; clear: both;"></div>
  </div>
  <div style="text-align: center;"><font style="font-size: 18pt; font-family: Arial; font-weight: bold;">ICI MUTUAL INSURANCE COMPANY,</font></div>
  <div style="text-align: center;"><font style="font-size: 18pt; font-family: Arial; font-weight: bold;">a Risk Retention Group</font></div>
  <div><br>
  </div>
  <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">INVESTMENT COMPANY BLANKET BOND</font></div>
  <div><br>
  </div>
  <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">RIDER NO. 13</font></div>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="z156bb746a9e84c67957d0bb71df1f32c" style="font-family: Arial; font-size: 10pt; width: 100%;">

      <tr>
        <td style="border-top: 1px solid #000000; vertical-align: top; width: 33%;">
          <div style="text-align: justify; font-size: 8pt;"><font style="font-family: Arial; font-weight: bold;">INSURED</font></div>
        </td>
        <td style="border-top: 1px solid rgb(0, 0, 0); vertical-align: top; width: 34%; font-size: 8pt;">&#160;</td>
        <td style="border-top: 1px solid #000000; vertical-align: top; width: 33.32%;">
          <div style="text-align: right; font-size: 8pt;"><font style="font-family: Arial; font-weight: bold;">BOND NUMBER</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 33%; vertical-align: top;">&#160;</td>
        <td style="width: 34%; vertical-align: top;">&#160;</td>
        <td style="width: 33.32%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="border-bottom: 1px solid #000000; vertical-align: top;" colspan="2">
          <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">Morgan Stanley Institutional Fund, Inc.</font></div>
        </td>
        <td style="border-bottom: 1px solid #000000; vertical-align: top; width: 33.32%;">
          <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">88190118B</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 33%; vertical-align: top;">
          <div style="text-align: justify; font-size: 8pt;"><font style="font-family: Arial; font-weight: bold;">EFFECTIVE DATE</font></div>
        </td>
        <td style="width: 34%; vertical-align: top;">
          <div style="text-align: center; font-size: 8pt;"><font style="font-family: Arial; font-weight: bold;">BOND PERIOD</font></div>
        </td>
        <td style="width: 33.32%; vertical-align: top;">
          <div style="text-align: center; font-size: 8pt;"><font style="font-family: Arial; font-weight: bold;">AUTHORIZED REPRESENTATIVE</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 33%; vertical-align: top;">&#160;</td>
        <td style="width: 34%; vertical-align: top;">&#160;</td>
        <td style="width: 33.32%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: top; width: 33%;">
          <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">October 5, <font style="font-size: 10pt; font-family: Arial;">2018</font></font></div>
        </td>
        <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: top; width: 34%;">
          <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">October 5, <font style="font-size: 10pt; font-family: Arial;">2018 to </font>October 5, <font style="font-size: 10pt; font-family: Arial;">2019</font></font></div>
        </td>
        <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: top; width: 33.32%;">
          <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">/S/ Catherine Dalton</font></div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">SOCIAL ENGINEERING FRAUD</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">In consideration of the premium charged for this Bond, it is hereby understood and agreed that this Bond is amended by adding an additional Insuring Agreement M, as
      follows:</font></div>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 18pt;"><font style="font-size: 10pt; font-family: Arial;">M.</font>&#160;&#160; <font style="font-size: 10pt; font-family: Arial;">Social Engineering Fraud</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">Loss resulting directly from the Insured, in good faith, transferring, paying, or delivering money from its own account as a direct result of a Social Engineering Fraud;</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">PROVIDED, that the entity receiving such request generally maintains and follows during the Bond Period all Social Engineering Security Procedures.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">The Limit of Liability for a Single Loss under this Insuring Agreement M shall be the lesser of (a) 50% of the amount by which such Single Loss exceeds the Deductible
      Amount or (b) $1,000,000 (One Million Dollars), and the Insured shall bear the remainder of any such Single Loss. The Deductible Amount for this Insuring Agreement M is $150,000 (One Hundred Fifty Thousand Dollars).</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">Notwithstanding any other provision of this Bond, the aggregate Limit of Liability under this Bond with respect to any and all loss or losses under this Insuring
      Agreement M shall be $1,000,000 (One Million Dollars) for the Bond Period, irrespective of the total amount of such loss or losses.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">This Insuring Agreement M does not cover loss covered under any other Insuring Agreement of this Bond.</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;">It is further understood and agreed that for purposes of this rider:</font></div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z3e9b3e37fee64eb685d523a6895a4ace" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

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            </td>
            <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">1.</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="font-size: 10pt; font-family: Arial;">&#8220;Communication&#8221; means an instruction that (a) directs an Employee to transfer, pay, or deliver money from the Insured&#8217;s own account, (b) contains a material misrepresentation of fact,
                  and (c) is relied upon by the Employee, believing it to be true.</font></div>
            </td>
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    </div>
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  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="zc3dfb3e6c22e4018a1db1680ced128c6" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

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            </td>
            <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">2.</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="font-size: 10pt; font-family: Arial;">&#8220;Social Engineering Fraud&#8221; means the intentional misleading of an Employee through the use of a Communication, where such Communication:</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z2edda267975842d086e3f7a7c2d0ef84" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

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            <td style="width: 45pt;"><br>
            </td>
            <td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(a)</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="font-size: 10pt; font-family: Arial;">is transmitted to the Employee in writing, by voice over the telephone, or by Electronic Transmission;</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z1726e787a65a4350aa30cc688846ee52" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

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            <td style="width: 45pt;"><br>
            </td>
            <td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(b)</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="font-size: 10pt; font-family: Arial;">is made by an individual who purports to be (i) an Employee who is duly authorized by the Insured to instruct another Employee to transfer, pay, or deliver money, or (ii) an officer or
                  employee of a Vendor who is duly authorized by the Insured to instruct an Employee to transfer, pay, or deliver money; and</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="zf2db544e5fa94d1abe8ac1f3e1bfb34a" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

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            <td style="width: 45pt;"><br>
            </td>
            <td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">(c)</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="font-size: 10pt; font-family: Arial;">is unauthorized, dishonest or fraudulent and is made with the manifest intent to deceive.</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z34eaa176241c4058a4553483e31b9d74" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

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            <td style="width: 27pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">3.</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="font-size: 10pt; font-family: Arial;">&#8220;Social Engineering Security Procedures&#8221; means security procedures intended to prevent Social Engineering Fraud as set forth in the Application and/or as otherwise provided in writing to
                  the Underwriter.</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify;">
    <div>
      <table cellspacing="0" cellpadding="0" id="z5b062b40e9414054a1651c7ead01851c" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

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            <td style="width: 27pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Arial;">4.</font></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div><font style="font-size: 10pt; font-family: Arial;">&#8220;Vendor&#8221; means any entity or individual that provides goods or services to the Insured under a pre-existing, written agreement.</font></div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div><br>
  </div>
  <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Except as above stated, nothing herein shall be held to alter, waive, or extend any of the terms of this Bond.</font></div>
  <div><br>
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  </div>
  <div style="text-align: justify; font-family: Arial; font-size: 10pt; text-indent: 27pt;">Fidelity Bond Resolutions from the October 3-4, 2018 Board Meeting on behalf of the Morgan Stanley Funds</div>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 108pt;"><font style="font-size: 10pt; font-family: Arial;">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/Trustees 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 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 Inc. or MSAIP, as applicable, and the
      Board hereby approves the amount of said Bond so determined; and further</font></div>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 108pt;"><font style="font-size: 10pt; font-family: Arial;">RESOLVED, that the Board hereby approves the binding of the Bond in the amount of $40 million for a projected premium of $190,500; and further</font></div>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 108pt;"><font style="font-size: 10pt; font-family: Arial;">RESOLVED, that the Board hereby approves a premium allocation of 100% payable by the Participating Funds for the Bond; and further</font></div>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 108pt;"><font style="font-size: 10pt; font-family: Arial;">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</font></div>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 108pt;"><font style="font-size: 10pt; font-family: Arial;">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</font></div>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 108pt;"><font style="font-size: 10pt; font-family: Arial;">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</font></div>
  <div style="text-align: justify; margin-left: 108pt;"><font style="font-size: 10pt; font-family: Arial;"> <br>
    </font></div>
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  </div>
  <font style="font-size: 10pt; font-family: Arial;"> </font>
  <div style="text-align: justify; margin-left: 108pt;"><font style="font-size: 10pt; font-family: Arial;">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</font></div>
  <div><br>
  </div>
  <div style="text-align: justify; margin-left: 108pt;"><font style="font-size: 10pt; font-family: Arial;">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
      things, 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.</font></div>
  <div><br>
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  </div>
  <div>
    <div style="text-align: center; font-family: Arial; font-size: 10pt; font-weight: bold;">JOINT FIDELITY BOND AGREEMENT</div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;"><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;);</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;"><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;</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: Arial;"><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.</font></div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Dated:&#160; November 14, 2018</font></div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z8935c068773c4edb8b3346d162fc4bff" style="font-family: Arial; font-size: 10pt; width: 100%;">

        <tr>
          <td style="vertical-align: top; width: 2%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">By:&#160;</font></div>
          </td>
          <td style="width: 2%; vertical-align: top; border-bottom: 1px solid black;">
            <div style="text-align: left;"><br>
            </div>
          </td>
          <td style="width: 20%; vertical-align: top; border-bottom: 1px solid black;" colspan="1">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;"><font style="font-size: 10pt; font-family: Arial;">/s/ Mary E. Mullin</font></font></div>
          </td>
          <td style="width: 76%; vertical-align: top; padding-bottom: 1px;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top;" colspan="4" rowspan="1">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Mary E. Mullin</font></div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top;" colspan="4" rowspan="1">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Secretary of each Fund</font></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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    </div>
    <div>
      <div style="text-align: center; font-family: Arial; font-size: 10pt; font-weight: bold;">MORGAN STANLEY FUNDS</div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">at </font></div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">OCTOBER 3-4, 2018</font></div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;"> <br>
        </font></div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">EQUITY FUNDS</font></div>
      <div><br>
      </div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;"><font style="font-size: 10pt; font-family: Arial;"><u>Open-End Equity Funds</u></font></font></div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" id="z684cab4aa4fb4066858f6904d5d13370" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 45pt; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">1.</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: left;"><font 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;)</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" id="z6108d8b552574be7add49acfe30a1430" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 45pt; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">2.</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: left;"><font 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;)</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <div>
          <div>
            <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z8f65cb1c441e47178397c8d93cd016d4" style="width: 100%; font-family: Arial; font-size: 10pt;">

                <tr style="vertical-align: top;">
                  <td style="vertical-align: top; width: 45pt;">
                    <div style="text-align: left;"><font style="text-align: left; font-size: 10pt; font-family: Arial;">3.</font></div>
                  </td>
                  <td style="align: left; vertical-align: top; width: auto;">
                    <div style="text-align: left;"><font 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;)</font></div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
      </div>
      <div>
        <div>
          <div>
            <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="zc9848292f7c449c490ffce32c827f0e6" style="width: 100%; font-family: Arial; font-size: 10pt;">

                <tr style="vertical-align: top;">
                  <td style="width: 45pt;">&#160;</td>
                  <td style="vertical-align: top; width: 18pt;">
                    <div style="text-align: left;"><font style="text-align: left; font-size: 10pt; font-family: Symbol,serif;">&#183;</font></div>
                  </td>
                  <td style="align: left; vertical-align: top; width: auto;">
                    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">European Equity Portfolio</font></div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" id="z0baab4611d9a435782d42b1c156915a2" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 45pt;">&#160;</td>
              <td style="width: 18pt; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Symbol,serif;">&#183;</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Multi Cap Growth Portfolio</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" id="z8500225ba73a4409865562d274e36d01" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 45pt; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">4.</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Morgan Stanley Institutional Fund, Inc. (&#8220;<font style="font-size: 10pt; font-family: Arial; font-style: italic;">Institutional Fund Inc.</font>&#8221;)</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" id="z7f34429080c749d38d1b7bbd6f6d1306" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 45pt;">&#160;</td>
              <td style="width: 18pt; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Symbol,serif;">&#183;</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Active International Allocation Portfolio</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" id="z515c5352766f4f78b2c3a618b24f0829" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 45pt;">&#160;</td>
              <td style="width: 18pt; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Symbol,serif;">&#183;</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">Advantage Portfolio</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" id="zb40450c7feae4ca9b2a185fc4f7f9bcd" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

            <tr>
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              <td style="width: 45pt; vertical-align: top;">
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                <div style="text-align: left;"><font 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;)</font></div>
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              <td style="width: 45pt; vertical-align: top;">
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              <td style="width: 45pt; vertical-align: top;">
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              <td style="width: 45pt; vertical-align: top;">
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              <td style="width: 45pt; vertical-align: top;">
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                <div style="text-align: left; margin-left: 42pt;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></div>
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                <div style="text-align: left; margin-left: 42.05pt;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></div>
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      <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;"><font style="font-size: 10pt; font-family: Arial;"><u>Open-End Liquidity Funds</u></font></font></div>
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      <div>
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            <tr>
              <td style="width: 45pt; vertical-align: top;">
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                <div style="text-align: left;"><font 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;)</font></div>
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      <div>
        <table cellspacing="0" cellpadding="0" id="z5a7463932c514f8c8ea66d0f27b80090" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 60pt; vertical-align: top; align: right;">
                <div style="text-align: left; margin-left: 42pt;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></div>
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            </tr>

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      <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold;">ALTERNATIVE FUNDS</font></div>
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      <div>
        <table cellspacing="0" cellpadding="0" id="z0517dfbc145340a198536df65c85e6a7" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 45pt; vertical-align: top;">
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              <td style="width: auto; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">AIP Alternative Lending Fund A (&#8220;<font style="font-size: 10pt; font-family: Arial; font-style: italic;">Alternative Lending Fund A</font>&#8221;)</font></div>
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      <div>
        <table cellspacing="0" cellpadding="0" id="zb5c70335e7ca4e9bb9371bddd04a4d56" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 45pt; vertical-align: top;">
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              <td style="width: auto; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">AIP Alternative Lending Fund P (&#8220;<font style="font-size: 10pt; font-family: Arial; font-style: italic;">Alternative Lending Fund P</font>&#8221;)</font></div>
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      <div><br>
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      <div>
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            <tr>
              <td style="width: 45pt; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">1.</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: left;"><font 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;)</font></div>
              </td>
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      <div>
        <table cellspacing="0" cellpadding="0" id="ze7f3b7bec74946bc8989db044ee12a67" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 45pt; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">2.</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: left;"><font 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;)</font></div>
              </td>
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      <div>
        <table cellspacing="0" cellpadding="0" id="zde6586cfe34b43ffbcdad03a4e338dbc" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 45pt; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">3.</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: left;"><font 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;)</font></div>
              </td>
            </tr>

        </table>
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      <div>
        <table cellspacing="0" cellpadding="0" id="z2fd28cfcca9e41f4ade929fef7cd6eac" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 45pt; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">4.</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">AIP Long/Short Fund P (&#8220;<font style="font-size: 10pt; font-family: Arial; font-style: italic;">Long/Short P</font>&#8221;)</font></div>
              </td>
            </tr>

        </table>
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      <div>
        <table cellspacing="0" cellpadding="0" id="z170b7c7933dd40eda1959586ba9052a9" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 45pt; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">5.</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: left;"><font 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;)</font></div>
              </td>
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        </table>
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      <div>
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            <tr>
              <td style="width: 45pt; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">6.</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">AIP Macro Registered Fund P (&#8220;<font style="font-size: 10pt; font-family: Arial; font-style: italic;">Macro Registered P</font>&#8221;)</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" id="zc57ff2c05cdd41adba435fd821d64166" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 45pt; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">7.</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: left;"><font 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;)</font></div>
              </td>
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        </table>
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      <div>
        <table cellspacing="0" cellpadding="0" id="z3a8caa9e3e9c4853a470d9bce400135a" class="DSPFListTable" style="font-family: Arial; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 45pt; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">8.</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: left;"><font 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;)</font></div>
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        </table>
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      <div>
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            <tr>
              <td style="width: 45pt; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial;">9.</font></div>
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                <div style="text-align: left;"><font 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 Fund of Hedge Funds</font>&#8221;)</font></div>
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        <div style="font-size: 10pt;"><br>
        </div>
        <div style="text-align: left; font-size: 10pt;"><font style="font-family: Arial;">Columns E &amp; F and rows 8 thru 33, reflect the matrix used to calculate the minimum fidelity bond requirements.</font></div>
        <div style="font-size: 10pt;"><br>
        </div>
        <div style="text-align: left; font-size: 10pt;"><font style="font-family: Arial;">All the Funds advised by American Capital (except Common Sense Trust) are covered by the same bond.&#160; Common Sense is covered by a separate bond.</font></div>
        <div style="font-size: 10pt;"><br>
        </div>
        <div style="text-align: left; font-size: 10pt;"><font style="font-family: Arial;">The gross assets of each portfolio in a series are grouped to arrive at one total gross asset figure which is then matched against the minimum required amount. (SEE
            FOLLOWING PARAGRAPH)</font></div>
        <div style="font-size: 10pt;"><br>
        </div>
        <div style="text-align: left; font-size: 10pt;"><font style="font-family: Arial;">Effective 12/14/93, a new SEC position requires that each portfolio within a series be treated as a separate Fund for calculation of minimum requirements.</font></div>
      </div>
    </div>
    <div style="float: right; width: 48%;" id="EFPFTCR">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%;" id="z43a5baa97db3451f869294ff3c3877b2">

            <tr>
              <td valign="bottom" style="vertical-align: bottom;" colspan="6">
                <div style="text-align: center; font-family: Arial; font-size: 10pt;">RULES UNDER 17-G</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);" colspan="2">
                <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial;">GROSS</font></div>
                <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial;">ASSET</font></div>
                <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial;">RANGE</font></div>
                <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial;">(in mills)</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 1px;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; padding-bottom: 1px;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);" colspan="2">
                <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial;">MINIMUM</font></div>
                <div style="text-align: center;"><font style="font-size: 10pt; font-family: Arial;">COVERAGE</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 1px;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div><font style="font-size: 10pt; font-family: Arial;">0</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div><font style="font-size: 10pt; font-family: Arial;">50,000</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div><font style="font-size: 10pt; font-family: Arial;">0.499999</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div><font style="font-size: 10pt; font-family: Arial;">75,000</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div><font style="font-size: 10pt; font-family: Arial;">0.999999</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div><font style="font-size: 10pt; font-family: Arial;">100,000</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div><font style="font-size: 10pt; font-family: Arial;">2.499999</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div><font style="font-size: 10pt; font-family: Arial;">125,000</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div><font style="font-size: 10pt; font-family: Arial;">4.999999</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div><font style="font-size: 10pt; font-family: Arial;">150,000</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div><font style="font-size: 10pt; font-family: Arial;">7.499999</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div><font style="font-size: 10pt; font-family: Arial;">175,000</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div><font style="font-size: 10pt; font-family: Arial;">9.999999</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div><font style="font-size: 10pt; font-family: Arial;">200,000</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div><font style="font-size: 10pt; font-family: Arial;">14.999999</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div><font style="font-size: 10pt; font-family: Arial;">225,000</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div><font style="font-size: 10pt; font-family: Arial;">19.999999</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div><font style="font-size: 10pt; font-family: Arial;">250,000</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div><font style="font-size: 10pt; font-family: Arial;">24.999999</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div><font style="font-size: 10pt; font-family: Arial;">300,000</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div><font style="font-size: 10pt; font-family: Arial;">34.999999</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div><font style="font-size: 10pt; font-family: Arial;">350,000</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div><font style="font-size: 10pt; font-family: Arial;">49.999999</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div><font style="font-size: 10pt; font-family: Arial;">400,000</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div><font style="font-size: 10pt; font-family: Arial;">74.999999</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div><font style="font-size: 10pt; font-family: Arial;">450,000</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div><font style="font-size: 10pt; font-family: Arial;">99.999999</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div><font style="font-size: 10pt; font-family: Arial;">525,000</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div><font style="font-size: 10pt; font-family: Arial;">149.999999</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div><font style="font-size: 10pt; font-family: Arial;">600,000</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div><font style="font-size: 10pt; font-family: Arial;">249.999999</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div><font style="font-size: 10pt; font-family: Arial;">750,000</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div><font style="font-size: 10pt; font-family: Arial;">499.999999</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div><font style="font-size: 10pt; font-family: Arial;">900,000</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div><font style="font-size: 10pt; font-family: Arial;">749.999999</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div><font style="font-size: 10pt; font-family: Arial;">1,000,000</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div><font style="font-size: 10pt; font-family: Arial;">999.999999</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div><font style="font-size: 10pt; font-family: Arial;">1,250,000</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div><font style="font-size: 10pt; font-family: Arial;">1,499.999999</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div><font style="font-size: 10pt; font-family: Arial;">1,500,000</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div><font style="font-size: 10pt; font-family: Arial;">1,999.999999</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div><font style="font-size: 10pt; font-family: Arial;">1,700,000</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div><font style="font-size: 10pt; font-family: Arial;">2,499.999999</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div><font style="font-size: 10pt; font-family: Arial;">1,900,000</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div><font style="font-size: 10pt; font-family: Arial;">2,999.999999</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div><font style="font-size: 10pt; font-family: Arial;">2,100,000</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div><font style="font-size: 10pt; font-family: Arial;">3,499.999999</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div><font style="font-size: 10pt; font-family: Arial;">2,300,000</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div><font style="font-size: 10pt; font-family: Arial;">3,999.999999</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div><font style="font-size: 10pt; font-family: Arial;">2,500,000</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div><font style="font-size: 10pt; font-family: Arial;">4,499.999999</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div><font style="font-size: 10pt; font-family: Arial;">2,500,000</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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    <div style="text-align: left; color: #000000; font-family: Arial; font-size: 10pt;">
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: Arial; font-size: 10pt; width: 100%;" id="z370a16e6ee954f6fa530fec4399f2075">

          <tr>
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              <div>&#160;</div>
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    <div style="text-align: left; color: #000000; font-family: Arial; font-size: 10pt;">REVIEW OF FIDELITY BOND COVERAGE</div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">September 30, 2018</font></div>
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            <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: 63%;">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap; width: 1%; text-align: left;" colspan="1">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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              <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;"> GROSS ASSETS</font>
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;"> PORTFOLIO</font>
                  <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;"> (in mils)</font></div>
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            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap; width: 1%; text-align: left;" colspan="1">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top;" colspan="2">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;"> GROSS ASSETS</font>
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;"> Registrant</font>
                  <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;"> (in mils)</font></div>
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            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap; width: 1%; text-align: left;" colspan="1">&#160;</td>
            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top;" colspan="2">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">MINIMUM</font><font style="font-size: 10pt; font-family: Arial; color: #000000;"></font></div>
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">COVERAGE</font>
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: Arial; color: #000000;">REQUIRED</font></div>
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            <td style="border-bottom: 1px solid #000000; vertical-align: bottom; white-space: nowrap; width: 1%; text-align: left;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; background-color: rgb(255, 255, 255); width: 63%;">
              <div style="text-align: center;"><u><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">MORGAN STANLEY RETAIL FUNDS</font></u></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top; background-color: rgb(255, 255, 255);" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top; background-color: rgb(255, 255, 255);" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 63%;" rowspan="1"><br>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; background-color: rgb(204, 238, 255); width: 63%;">
              <div style="text-align: left; text-indent: -9pt; margin-left: 9pt;"><font style="font-size: 10pt; font-family: Arial; color: rgb(0, 0, 0);">CALIFORNIA TAX FREE DAILY INCOME</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 1px; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 1px; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top; background-color: rgb(204, 238, 255);" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 1px; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 1px; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 9%;" colspan="1">
              <div><font style="font-size: 10pt; font-family: Arial; color: #000000;">31</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 1px; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 1px; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 1px; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; padding-bottom: 1px; background-color: rgb(204, 238, 255); width: 9%;" colspan="1">
              <div><font style="font-size: 10pt; font-family: Arial; color: #000000;">300,000</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 1px; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; background-color: rgb(255, 255, 255); width: 63%;">
              <div style="text-align: left; text-indent: -9pt; margin-left: 9pt;"><font style="font-size: 10pt; font-family: Arial; color: rgb(0, 0, 0);">MULTI CAP GROWTH</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 1px; background-color: rgb(255, 255, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 1px; background-color: rgb(255, 255, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top; background-color: rgb(255, 255, 255);" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 1px; background-color: rgb(255, 255, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 1px; background-color: rgb(255, 255, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); width: 9%;" colspan="1">
              <div><font style="font-size: 10pt; font-family: Arial; color: #000000;">970</font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 1px; background-color: rgb(255, 255, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 1px; background-color: rgb(255, 255, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 1px; background-color: rgb(255, 255, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; padding-bottom: 1px; background-color: rgb(255, 255, 255); width: 9%;" colspan="1">
              <div><font style="font-size: 10pt; font-family: Arial; color: #000000;">1,000,000</font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 1px; background-color: rgb(255, 255, 255); width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; background-color: rgb(204, 238, 255); width: 63%;">
              <div style="text-align: left; text-indent: -9pt; margin-left: 9pt;"><font style="font-size: 10pt; font-family: Arial; color: rgb(0, 0, 0);">EUROPEAN EQUITY FUND</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 1px; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 1px; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top; background-color: rgb(204, 238, 255);" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 1px; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 1px; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 9%;" colspan="1">
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 1px; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
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              <div style="text-align: left; text-indent: -9pt; margin-left: 9pt;"><font style="font-size: 10pt; font-family: Arial; color: rgb(0, 0, 0);">MSCE EMERGING MARKETS DOMESTIC DEBT</font></div>
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              <div style="text-align: left; text-indent: -9pt; margin-left: 9pt;"><font style="font-size: 10pt; font-family: Arial; color: rgb(0, 0, 0);">MSCE INDIA INVESTMENT FUND</font></div>
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              <div><font style="font-size: 10pt; font-family: Arial; color: #000000;">368</font></div>
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              <div><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">20,631.6</font></div>
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              <div style="text-align: left; text-indent: -9pt; margin-left: 18pt;"><font style="font-size: 10pt; font-family: Arial; color: rgb(0, 0, 0);">GLOBAL SUSTAIN PORTFOLIO (formerly GLOBAL QUALITY)</font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 1px; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">11</font></div>
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              <div><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">220</font></div>
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              <div><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">156</font></div>
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              <div><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">15</font></div>
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              <div><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">365</font></div>
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              <div><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">449</font></div>
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              <div><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">117</font></div>
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            <td valign="bottom" style="text-align: left; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">191</font></div>
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              <div style="text-align: left; text-indent: -9pt; margin-left: 18pt;"><font style="font-size: 10pt; font-family: Arial; color: rgb(0, 0, 0);">MID CAP GROWTH</font></div>
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              <div><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">714</font></div>
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              <div><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">191</font></div>
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              <div><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">21</font></div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; padding-bottom: 1px; background-color: rgb(204, 238, 255); width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 1px; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 1px; background-color: rgb(255, 255, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;" colspan="1">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">139</font></div>
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            <td valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 1px; background-color: rgb(255, 255, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; padding-bottom: 1px; background-color: rgb(255, 255, 255); width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 1px; background-color: rgb(255, 255, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 1px; background-color: rgb(255, 255, 255); width: 1%;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; padding-bottom: 1px; background-color: rgb(255, 255, 255); width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 1px; background-color: rgb(255, 255, 255); width: 1%;" colspan="1">&#160;</td>
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              <div style="text-align: left; text-indent: -9pt; margin-left: 18pt;"><font style="font-size: 10pt; font-family: Arial; color: rgb(0, 0, 0);">MID CAP GROWTH</font></div>
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            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 1px; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">156</font></div>
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            <td valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 1px; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; padding-bottom: 1px; background-color: rgb(204, 238, 255); width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 1px; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 1px; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 1px; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; padding-bottom: 1px; background-color: rgb(204, 238, 255); width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 1px; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
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              <div style="text-align: left; text-indent: -9pt; margin-left: 18pt;"><font style="font-size: 10pt; font-family: Arial; color: rgb(0, 0, 0);">US REAL ESTATE</font></div>
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            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 1px; background-color: rgb(255, 255, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;" colspan="1">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">469</font></div>
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            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 1px; background-color: rgb(255, 255, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 1px; background-color: rgb(255, 255, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; padding-bottom: 1px; background-color: rgb(255, 255, 255); width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 1px; background-color: rgb(255, 255, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 1px; background-color: rgb(255, 255, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 1px; background-color: rgb(255, 255, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; padding-bottom: 1px; background-color: rgb(255, 255, 255); width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 1px; background-color: rgb(255, 255, 255); width: 1%;" colspan="1">&#160;</td>
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              <div style="text-align: left; text-indent: -9pt; margin-left: 18pt;"><font style="font-size: 10pt; font-family: Arial; color: rgb(0, 0, 0);">GLOBAL INFRASTRUCTURE</font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 1px; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 1px; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">85</font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 1px; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 1px; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 1px; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; padding-bottom: 1px; background-color: rgb(204, 238, 255); width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 1px; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 1px; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 1px; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; padding-bottom: 1px; background-color: rgb(204, 238, 255); width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 1px; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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              <div style="text-align: left; text-indent: -9pt; margin-left: 9pt;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: rgb(0, 0, 0);">FUNDS OF HEDGE FUNDS</font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
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          <tr>
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              <div style="text-align: left; text-indent: -9pt; margin-left: 18pt;"><font style="font-size: 10pt; font-family: Arial; color: rgb(0, 0, 0);">AIP Multi Strategy A</font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); width: 9%;" colspan="1">
              <div><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">86.2</font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); width: 9%;" colspan="1">
              <div><font style="font-size: 10pt; font-family: Arial; color: #000000;">450,000</font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: top; background-color: rgb(204, 238, 255); width: 63%;">
              <div style="text-align: left; text-indent: -9pt; margin-left: 18pt;"><font style="font-size: 10pt; font-family: Arial; color: rgb(0, 0, 0);">AIP Multi Strategy P</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 9%;" colspan="1">
              <div><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">28.5</font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: Arial; color: #000000;">300,000</font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
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          <tr>
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              <div style="text-align: left; text-indent: -9pt; margin-left: 18pt;"><font style="font-size: 10pt; font-family: Arial; color: rgb(0, 0, 0);">Alternative Investment Partners Absolute Return Fund</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); width: 9%;" colspan="1">
              <div><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">544.7</font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;" colspan="1">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: Arial; color: #000000;">900,000</font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;" colspan="1">&#160;</td>
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          <tr>
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              <div style="text-align: left; text-indent: -9pt; margin-left: 18pt;"><font style="font-size: 10pt; font-family: Arial; color: rgb(0, 0, 0);">Alternative Investment Partners Absolute Return Fund STS</font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 9%;" colspan="1">
              <div><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">277.6</font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 9%;" colspan="1">
              <div><font style="font-size: 10pt; font-family: Arial; color: #000000;">750,000</font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; background-color: rgb(255, 255, 255); width: 63%;">
              <div style="text-align: left; text-indent: -9pt; margin-left: 18pt;"><font style="font-size: 10pt; font-family: Arial; color: rgb(0, 0, 0);">AIP Macro Fund A</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); width: 9%;" colspan="1">
              <div><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">33.6</font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); width: 9%;" colspan="1">
              <div><font style="font-size: 10pt; font-family: Arial; color: #000000;">300,000</font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; background-color: rgb(204, 238, 255); width: 63%;">
              <div style="text-align: left; text-indent: -9pt; margin-left: 18pt;"><font style="font-size: 10pt; font-family: Arial; color: rgb(0, 0, 0);">AIP Macro Fund P</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 9%;" colspan="1">
              <div><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">17.1</font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 9%;" colspan="1">
              <div><font style="font-size: 10pt; font-family: Arial; color: #000000;">225,000</font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; background-color: rgb(255, 255, 255); width: 63%;">
              <div style="text-align: left; text-indent: -9pt; margin-left: 18pt;"><font style="font-size: 10pt; font-family: Arial; color: rgb(0, 0, 0);">Morgan Stanley Institutional Fund of Hedge Funds</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); width: 9%;" colspan="1">
              <div><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">417.4</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); width: 9%;" colspan="1">
              <div><font style="font-size: 10pt; font-family: Arial; color: #000000;">750,000</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; background-color: rgb(204, 238, 255); width: 63%;">
              <div style="text-align: left; text-indent: -9pt; margin-left: 18pt;"><font style="font-size: 10pt; font-family: Arial; color: rgb(0, 0, 0);">IFHF Special Purpose Vehicle</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 9%;" colspan="1">
              <div><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: #000000;">15.8</font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 9%;" colspan="1">
              <div><font style="font-size: 10pt; font-family: Arial; color: #000000;">225,000</font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; background-color: rgb(255, 255, 255); text-indent: -9pt; margin-left: 9pt; width: 63%;" rowspan="1">&#160;&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: top; background-color: rgb(204, 238, 255); width: 63%;">
              <div style="text-align: right; text-indent: -9pt; margin-left: 9pt;"><font style="font-size: 10pt; font-family: Arial; font-weight: bold; color: rgb(0, 0, 0);">COMBINED TOTAL</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 9%;" colspan="1">
              <div><font style="font-size: 10pt; font-family: Arial; color: #000000;">145,953</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 9%;" colspan="1">
              <div><font style="font-size: 10pt; font-family: Arial; color: #000000;">24,950,000</font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; background-color: rgb(255, 255, 255); text-indent: -9pt; margin-left: 9pt; width: 63%;" rowspan="1">&#160;&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: top; background-color: rgb(204, 238, 255); width: 63%;">
              <div style="text-align: left; text-indent: -9pt; margin-left: 9pt;"><font style="font-size: 10pt; font-family: Arial; color: rgb(0, 0, 0);">(CURRENT AMOUNT OF FIDELITY BOND IN EFFECT IS $40 MILLION)</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; background-color: rgb(255, 255, 255); width: 63%;" rowspan="1">&#160;&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 63%;" rowspan="1">&#160;&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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