<SEC-DOCUMENT>0001133228-21-005747.txt : 20211122
<SEC-HEADER>0001133228-21-005747.hdr.sgml : 20211122
<ACCEPTANCE-DATETIME>20211122171513
ACCESSION NUMBER:		0001133228-21-005747
CONFORMED SUBMISSION TYPE:	40-17G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20211122
DATE AS OF CHANGE:		20211122
EFFECTIVENESS DATE:		20211122

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Morgan Stanley Europe Opportunity 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:		211433582

	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 EQUITY FUND INC.
		DATE OF NAME CHANGE:	20051102

	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

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:		211433586

	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:			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:		211433570

	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 U.S. 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:		211433571

	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 US GOVERNMENT SECURITIES TRUST
		DATE OF NAME CHANGE:	20010618

	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

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:		211433568

	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:		211433574

	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 California 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:		211433581

	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 CALIF TAX FREE DAILY INCOME TRUST
		DATE OF NAME CHANGE:	20010618

	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:		211433569

	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 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:		211433577

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

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

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

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

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

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MORGAN STANLEY 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:		211433579

	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:		211433576

	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 Insight Fund
		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:		211433575

	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 MULTI CAP GROWTH TRUST
		DATE OF NAME CHANGE:	20110331

	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

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:		211433564

	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 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:		211433565

	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:		211433567

	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:		211433566

	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:		211433580

	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:		211433578

	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 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:		211433583

	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 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:		211433584

	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 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:		211433585

	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:			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:		211433573

	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 U.S. 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:		211433572

	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 US GOVERNMENT MONEY MARKET TRUST
		DATE OF NAME CHANGE:	20010618

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>40-17G
<SEQUENCE>1
<FILENAME>msfbf-html4158_4017g.htm
<DESCRIPTION>MS FIDELITY BOND FILING_14-17G
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY>


<P STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Morgan
Stanley Funds</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;<B>1633
Broadway</B></FONT></P>

<P STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>29<SUP>th
</SUP>Floor</B></FONT></P>

<P STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>New
York, New York 10019</B></FONT></P>

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

<P STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November 18, 2021</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 257pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">File
Room</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Securities
and Exchange Commission</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">450
Fifth Street, NW</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Washington,
D.C. 20549</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 73pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 25pt">&nbsp;<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">RE:
Morgan Stanley Funds</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 73pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Dear
Ladies and Gentleman,</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 73pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 5pt 0 0; text-indent: 30.6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 48pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 8%"></TD><TD STYLE="width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="width: 87%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A
                                         copy of the Fund&rsquo;s joint fidelity blanket bond (the &ldquo;Bond&rdquo;) providing
                                         for coverage of $35 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, 2021 to October 5, 2022;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 8%"></TD><TD STYLE="width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="padding-right: 1pt; width: 87%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 8%"></TD><TD STYLE="width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: justify; padding-right: 14pt; width: 87%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A
                                         copy of the joint fidelity bond agreement concerning the allocation of premiums and recoveries
                                         under the Bond; and</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 8%"></TD><TD STYLE="width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt; width: 87%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A
                                         chart that shows for each Fund (i) each Fund&rsquo;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></TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 30pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Please
note that the premium has been paid in its entirety.</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 59%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 41%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Very truly yours,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">/s/ Mary E. Mullin</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Mary E. Mullin</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Secretary of the Funds</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Enclosures</FONT></P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>EXHIBIT
A</B></FONT></P>

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

<P STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>MORGAN
STANLEY FUNDS</B></FONT></P>

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

<P STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>at</B></FONT></P>

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

<P STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>OCTOBER 4-6, 2021</B></FONT></P>

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



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><U>Open-End
Equity Funds</U></B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Morgan
                                         Stanley Europe Opportunity Fund Inc. (&ldquo;<I>Europe Opportunity</I>&rdquo;)</FONT></TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Morgan
                                         Stanley Insight Fund (&ldquo;<I>Insight Fund</I>&rdquo;)</FONT></TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Morgan
                                         Stanley Institutional Fund, Inc. (&ldquo;<I>Institutional Fund Inc.</I>&rdquo;)</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 40pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;&nbsp;&nbsp;
Active International Allocation Portfolio</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull; &nbsp;&nbsp;Advantage
Portfolio</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;&nbsp;&nbsp; Asia
Opportunity Portfolio</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull; &nbsp;&nbsp;China
Equity Portfolio</FONT></P>

<P STYLE="text-indent: 20pt; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull; &nbsp;&nbsp;Counterpoint
Global Portfolio</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull; &nbsp;&nbsp;Developing
Opportunity Portfolio</FONT></P>

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


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 40pt; text-align: justify">&bull; &nbsp;&nbsp;<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Emerging Markets Leaders Portfolio</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull; &nbsp;&nbsp;Emerging
Markets Portfolio</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull; &nbsp;&nbsp;Global Insight Portfolio</FONT></P>



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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull; &nbsp;&nbsp;Global
Concentrated Portfolio</FONT></P>

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


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&bull; &nbsp;&nbsp;Global Core Portfolio</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull; &nbsp;&nbsp;Global
Endurance Portfolio</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&bull; &nbsp;&nbsp;Global Focus Real Estate Portfolio</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&bull; &nbsp;&nbsp;Global Franchise Portfolio</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 40pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull; &nbsp;&nbsp;Global
Infrastructure Portfolio</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 40pt; text-align: left"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&bull; &nbsp;&nbsp;Global Opportunity Portfolio</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 40pt; text-align: left"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&bull; &nbsp;&nbsp;Global Permanence Portfolio</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 40pt; text-align: left"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&bull; &nbsp;&nbsp;Global Real Estate Portfolio</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull; &nbsp;&nbsp;Global
Sustain Portfolio</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&bull; &nbsp;&nbsp;Growth Portfolio</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull; &nbsp;&nbsp;Inception
Portfolio</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull; &nbsp;&nbsp;International
Advantage Portfolio</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull; &nbsp;&nbsp;International
Equity Portfolio</FONT></P>




<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;&nbsp;&nbsp; International
Opportunity Portfolio</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;&nbsp;&nbsp; Multi-Asset Real Return Portfolio</FONT></P>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;&nbsp;&nbsp; Next Gen Emerging Markets Portfolio</FONT></P>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&bull;&nbsp;&nbsp; Permanence Portfolio</FONT></P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 40pt; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&bull; &nbsp;&nbsp;US Core Portfolio</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 20pt; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&bull; &nbsp;&nbsp;U.S. Focus Real Estate Portfolio</FONT></P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 20pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;&nbsp;&nbsp; U.S.
Real Estate Portfolio</FONT></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.</FONT></TD><TD STYLE="text-align: justify; padding-right: 65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Morgan
                                         Stanley Institutional Fund Trust (&ldquo;<I>Institutional Fund Trust</I>&rdquo;) </FONT></TD></TR></TABLE>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 40pt; text-align: justify">&bull; &nbsp;&nbsp;Discovery
                                         Portfolio</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 40pt; text-align: justify">&bull; &nbsp;&nbsp;Dynamic Value Portfolio</P>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull; &nbsp;&nbsp;Global
Strategist Portfolio</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Morgan
                                         Stanley Variable Insurance Fund, Inc. (&ldquo;<I>Variable Insurance Fund</I>&rdquo;)</FONT></TD></TR></TABLE>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;&nbsp;&nbsp; Discovery
Portfolio</FONT></P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;&nbsp;&nbsp; Emerging
Markets Equity Portfolio</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&bull;&nbsp;&nbsp; Global Franchise Portfolio</FONT></P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;&nbsp;&nbsp; Global
Infrastructure Portfolio</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&bull;&nbsp;&nbsp; Global Real Estate Portfolio</FONT></P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;&nbsp;&nbsp; Global
Strategist Portfolio</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&bull;&nbsp;&nbsp; Growth Portfolio</FONT></P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;&nbsp;&nbsp; U.S.
Real Estate Portfolio</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><U>Closed-End
Equity Funds</U></B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Morgan
                                         Stanley China A Share Fund, Inc. (&ldquo;<I>China A Fund</I>&rdquo;)</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Morgan
                                         Stanley India Investment Fund, Inc. (&ldquo;<I>India Investment Fund</I>&rdquo;)</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>FIXED
INCOME FUNDS</B></FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><U>Open-End
Fixed Income Funds</U></B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Morgan
                                         Stanley Global Fixed Income Opportunities Fund (&ldquo;<I>Global Fixed Income Opportunities</I>&rdquo;)</FONT></TD></TR></TABLE>



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<TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Morgan
                                         Stanley Mortgage Securities Trust (&ldquo;<I>Mortgage Securities</I>&rdquo;)</FONT></TD></TR></TABLE>



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<TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Morgan
                                         Stanley U.S. Government Securities Trust (&ldquo;<I>Government Securities</I>&rdquo;)</FONT></TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Morgan
                                         Stanley Variable Investment Series (&ldquo;<I>Variable Investment</I>&rdquo;)</FONT></TD></TR></TABLE>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 40pt; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull; &nbsp;&nbsp;Income
Plus Portfolio</FONT></P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Morgan
                                         Stanley Institutional Fund, Inc. (&ldquo;<I>Institutional Fund Inc.</I>&rdquo;)</FONT></TD></TR></TABLE>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 40pt; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull; &nbsp;&nbsp;Emerging
Markets Fixed Income Opportunities Portfolio</FONT></P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Morgan
                                         Stanley Institutional Fund Trust (&ldquo;<I>Institutional Fund Trust</I>&rdquo;)</FONT></TD></TR></TABLE>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 40pt; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull; &nbsp;&nbsp;Core
Plus Fixed Income Portfolio</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 40pt; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&bull; &nbsp;&nbsp;Corporate Bond Portfolio</FONT></P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 40pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull; &nbsp;&nbsp;High
Yield Portfolio</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 40pt; margin: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&bull; &nbsp;&nbsp;Intermediate Municipal Income Portfolio</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 40pt; margin: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&bull; &nbsp;&nbsp;Municipal Income Portfolio</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 40pt; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull; &nbsp;&nbsp;Short
Duration Income Portfolio</FONT></P>




<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 40pt; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull; &nbsp;&nbsp;Strategic
Income Portfolio</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Morgan
                                         Stanley Variable Insurance Fund, Inc. (&ldquo;<I>Variable Insurance Fund</I>&rdquo;)</FONT></TD></TR></TABLE>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 40pt; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull; &nbsp;&nbsp;Core
Plus Fixed Income Portfolio</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 40pt; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&bull; &nbsp;&nbsp;Emerging Markets Debt Portfolio</FONT></P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><U>Closed-End
Fixed Income Funds</U></B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 36pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Morgan Stanley Emerging
Markets Debt Fund, Inc. (&ldquo;<I>Emerging Markets Debt</I>&rdquo;)</FONT></TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Morgan Stanley Emerging
Markets Domestic Debt Fund, Inc<I>.</I> (&ldquo;<I>Emerging Markets Domestic Debt</I>&rdquo;)</FONT></TD>
</TR></TABLE>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>LIQUIDITY
FUNDS</B></FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><U>Money
Market Funds</U></B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Morgan
                                         Stanley California Tax-Free Daily Income Trust (&ldquo;<I>California Tax-Free Daily</I>&rdquo;)</FONT></TD></TR></TABLE>





<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Morgan
                                         Stanley Tax-Free Daily Income Trust (&ldquo;<I>Tax-Free Daily</I>&rdquo;)</FONT></TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Morgan
                                         Stanley U.S. Government Money Market Trust (&ldquo;<I>Government Money</I>&rdquo;)</FONT></TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Morgan
                                         Stanley Institutional Liquidity Funds (&ldquo;<I>Institutional Liquidity Funds</I>&rdquo;)</FONT></TD></TR></TABLE>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 40pt; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;&nbsp;&nbsp; ESG
Money Market Portfolio</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 40pt; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&bull;&nbsp;&nbsp; Government Portfolio</FONT></P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 40pt; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull; &nbsp;&nbsp;Government
Securities Portfolio</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 40pt; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&bull; &nbsp;&nbsp;Prime Portfolio</FONT></P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 40pt; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull; &nbsp;&nbsp;Tax-Exempt
Portfolio</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 40pt; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&bull;&nbsp;&nbsp; Treasury Portfolio</FONT></P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 40pt; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull; &nbsp;&nbsp;Treasury
Securities Portfolio</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><U>Open-End
Liquidity Funds</U></B></FONT></P>

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

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<TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Morgan
                                         Stanley Institutional Fund Trust (&ldquo;<I>Institutional Fund Trust</I>&rdquo;)</FONT></TD></TR></TABLE>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 40pt; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull; &nbsp;&nbsp;Ultra-Short
Income Portfolio</FONT></P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 40pt; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;&nbsp;&nbsp; Ultra-Short
Municipal Income Portfolio</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>ALTERNATIVE
FUNDS</B></FONT></P>

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

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<TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">AIP
                                         Alternative Lending Fund A (&ldquo;<I>Alternative Lending Fund A</I>&rdquo;)</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">AIP
                                         Alternative Lending Fund P (&ldquo;<I>Alternative Lending Fund P</I>&rdquo;)</FONT></TD></TR></TABLE>






<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><U>Funds
of Hedge Funds</U></B></FONT></P>

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

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<TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Alternative
                                         Investment Partners Absolute Return Fund (&ldquo;<I>Absolute Return Fund</I>&rdquo;)</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify; padding-right: 14pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Alternative
                                         Investment Partners Absolute Return Fund STS (&ldquo;<I>Absolute Return STS</I>&rdquo;)</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">AIP
                                         Multi-Strategy Fund A (&ldquo;<I>Multi-Strategy A</I>&rdquo;)</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">AIP
                                         Multi-Strategy Fund P (&ldquo;<I>Multi-Strategy P</I>&rdquo;)</FONT></TD></TR></TABLE>



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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="text-align: right"></P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">1401 H St. NW</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Washington, DC 20005</P>

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

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


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="text-align: right"></P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">1401 H St. NW</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Washington, DC 20005</P>

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

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 4pt; text-align: justify">This policy is issued by your risk retention
group. Your risk retention group may not be subject to all of the insurance laws and regulations of your state. State insurance
insolvency guaranty funds are not available for your risk retention group.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; border-top: Black 1pt solid; text-align: justify; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Item 1.</B></FONT></TD>
    <TD STYLE="width: 40%; border-top: Black 1pt solid; text-align: justify; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Name of Insured (the &ldquo;Insured&rdquo;)</FONT></TD>
    <TD STYLE="width: 50%; border-top: Black 1pt solid; text-align: right; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Bond Number</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Morgan Stanley Institutional Fund, Inc.</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>88190121B</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 40%; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Principal Office:</FONT></TD>
    <TD STYLE="width: 50%; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Mailing Address:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="padding-left: 25.9pt; text-align: left; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">522 Fifth Avenue</FONT></TD>
    <TD STYLE="padding-left: 25.9pt; text-align: left; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1585 Broadway, 16th Floor</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="padding-left: 25.9pt; text-align: left; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">New York, NY&nbsp;&nbsp;10036</FONT></TD>
    <TD STYLE="padding-left: 25.9pt; text-align: left; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">New York, NY 10036</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; border-top: Black 1pt solid; text-align: justify; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Item 2.</B></FONT></TD>
    <TD STYLE="width: 30%; border-top: Black 1pt solid; text-align: justify; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Bond Period: from 12:01 a.m. on</FONT></TD>
    <TD STYLE="width: 17%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">October 5, 2021</FONT></TD>
    <TD STYLE="width: 18%; border-top: Black 1pt solid; text-align: justify; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">, to 12:01 a.m. on</FONT></TD>
    <TD STYLE="width: 19%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">October 5, 2022</FONT></TD>
    <TD STYLE="width: 6%; border-top: Black 1pt solid; text-align: left; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">, or </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the earlier effective date of the termination of this Bond, standard time at the Principal Address as to each of said dates.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt 45pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Item 3.</B></FONT></TD>
    <TD COLSPAN="4" STYLE="border-top: Black 1pt solid; text-align: justify; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Limit of Liability&mdash;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Subject to Sections 9, 10 and 12 hereof:</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 22%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 40%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>LIMIT OF</B><br><B>LIABILITY</B></TD>
    <TD STYLE="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>DEDUCTIBLE<BR>AMOUNT</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(214,247,250)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Insuring Agreement A-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">FIDELITY</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$30,000,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">N/A</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Insuring Agreement B-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">AUDIT EXPENSE</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$50,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$10,000</FONT></TD></TR>
<TR STYLE="background-color: rgb(214,247,250)">
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Insuring Agreement C-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ON PREMISES</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$30,000,000</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$150,000</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Insuring Agreement D-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">IN TRANSIT</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$30,000,000</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$150,000</FONT></TD></TR>
<TR STYLE="background-color: rgb(214,247,250)">
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Insuring Agreement E-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">FORGERY OR ALTERATION</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$30,000,000</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$150,000</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Insuring Agreement F-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SECURITIES</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$30,000,000</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$150,000</FONT></TD></TR>
<TR STYLE="background-color: rgb(214,247,250)">
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Insuring Agreement G-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">COUNTERFEIT CURRENCY</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$30,000,000</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$150,000</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Insuring Agreement H-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">UNCOLLECTIBLE ITEMS OF DEPOSIT</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,000,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$150,000</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(214,247,250)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Insuring Agreement I-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">PHONE/ELECTRONIC TRANSACTIONS</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$30,000,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$150,000</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 10pt; padding-bottom: 0; text-align: left">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding-top: 10pt; padding-bottom: 0; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If &ldquo;Not Covered&rdquo; is inserted opposite any Insuring Agreement above, such Insuring Agreement and any reference thereto shall be deemed to be deleted from this Bond.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(214,247,250)">
    <TD STYLE="padding-top: 10pt; padding-bottom: 10pt; text-align: left; background-color: White">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding-top: 10pt; padding-bottom: 10pt; text-align: left; background-color: White"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">OPTIONAL INSURING AGREEMENTS ADDED BY RIDER:</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(214,247,250)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Insuring Agreement J-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">COMPUTER SECURITY</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$30,000,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$150,000</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 4pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Insuring Agreement M-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SOCIAL ENGINEERING FRAUD</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,000,000</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$150,000</FONT></TD></TR>
</TABLE>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Item 4.</B></FONT></TD>
    <TD STYLE="width: 90%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Offices or Premises Covered--All the Insured&rsquo;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. 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></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Item 5.</B></FONT></TD>
    <TD STYLE="text-align: left; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The liability of ICI Mutual Insurance Company (the &ldquo;Underwriter&rdquo;) is subject to the terms of the following Riders attached hereto:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Riders:</FONT></TD>
    <TD STYLE="width: 80%; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1-2-3-4-5-6-7-8-9-10-11-12-13</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; border-bottom: Black 2px solid; padding-bottom: 4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; border-bottom: Black 2px solid; padding-bottom: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">and of all Riders applicable to this Bond issued during the Bond Period.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 45pt; text-align: justify; text-indent: -45pt"><FONT STYLE="text-underline-style: double">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; text-align: left; width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; border-bottom: Black 1pt solid; padding-left: 18pt; width: 40%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">/s/ Swenitha Nalli</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; width: 10%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left; width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; border-bottom: Black 1pt solid; padding-left: 18pt; width: 40%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">/s/ Catherine Dalton</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; padding-left: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Authorized Representative</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; padding-left: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Authorized Representative</FONT></TD></TR>
</TABLE>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="text-align: right"></P></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>INVESTMENT COMPANY BLANKET BOND</B></P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">This policy is issued by your risk retention
group. Your risk retention group may not be subject to all of the insurance laws and regulations of your state. State insurance
insolvency guaranty funds are not available for your risk retention group.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">ICI Mutual Insurance Company, a Risk Retention
Group (the &ldquo;Underwriter&rdquo;), 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) (&ldquo;Bond&rdquo;), 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.</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 27pt; text-align: left"><B>A.</B></TD><TD STYLE="text-align: justify"><B>FIDELITY</B></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 27pt; text-align: left"><B>B.</B></TD><TD STYLE="text-align: justify"><B>AUDIT EXPENSE</B></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 27pt; text-align: left"><B>C.</B></TD><TD STYLE="text-align: justify"><B>ON PREMISES</B></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">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&rsquo;s offices or premises located anywhere, except those offices
excluded by Rider; and EXCLUDING loss covered under Insuring Agreement A.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 27pt; text-align: left"><B>D.</B></TD><TD STYLE="text-align: justify"><B>IN TRANSIT</B></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">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 &ldquo;in transit&rdquo;
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.</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><B>E.</B></TD><TD STYLE="text-align: left"><B>FORGERY OR ALTERATION</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">Loss resulting directly from the Insured
having, in good faith, paid or transferred any Property in reliance upon any Written, Original:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 22.5pt">(1)</TD><TD STYLE="text-align: justify">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</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.5pt; text-align: justify; text-indent: -22.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 22.5pt">(2)</TD><TD STYLE="text-align: justify">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</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.5pt; text-align: justify; text-indent: -22.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 22.5pt">(3)</TD><TD STYLE="text-align: justify">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;</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">which bear (a) a Forgery, or (b) an
Alteration, but only to the extent that the Forgery or Alteration directly causes the loss.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">This Insuring Agreement E does not
cover loss caused by Forgery or Alteration of Securities or loss covered under Insuring Agreement A.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"><B>F.</B></TD><TD STYLE="text-align: left"><B>SECURITIES</B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">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:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 22.5pt">(1)</TD><TD STYLE="text-align: justify">be Counterfeit, but only to the extent that the Counterfeit directly causes the loss, or</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.5pt; text-align: justify; text-indent: -22.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 22.5pt">(2)</TD><TD STYLE="text-align: justify">be lost or stolen, or</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.5pt; text-align: justify; text-indent: -22.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 22.5pt">(3)</TD><TD STYLE="text-align: justify">contain a Forgery or Alteration, but only to the extent the Forgery or Alteration directly causes
the loss,</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">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.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">This Insuring Agreement F does not
cover loss covered under Insuring Agreement A.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 27pt; text-align: left"><B>G.</B></TD><TD STYLE="text-align: justify"><B>COUNTERFEIT CURRENCY</B></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">Loss resulting directly from the receipt
by the Insured, in good faith of any Counterfeit Currency.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">This Insuring Agreement G does not
cover loss covered under Insuring Agreement A.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 27pt; text-align: left"><B>H.</B></TD><TD STYLE="text-align: justify"><B>UNCOLLECTIBLE ITEMS OF DEPOSIT</B></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">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</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 22.5pt">(1)</TD><TD STYLE="text-align: justify">uncollectible Items of Deposit of a Fund&rsquo;s customer, shareholder or subscriber credited by
the Insured or its agent to such person&rsquo;s Fund account, or</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.5pt; text-align: justify; text-indent: -22.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 22.5pt">(2)</TD><TD STYLE="text-align: justify">any Item of Deposit processed through an automated clearing house which is reversed by a Fund&rsquo;s
customer, shareholder or subscriber and is deemed uncollectible by the Insured;</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 45pt; text-align: justify; text-indent: -18pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">PROVIDED, that (a) Items of Deposit
shall not be deemed uncollectible until the Insured&rsquo;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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">This Insuring Agreement H does not
cover loss covered under Insuring Agreement A.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"><B>I.</B></TD><TD STYLE="text-align: left"><B>PHONE/ELECTRONIC TRANSACTIONS</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">Loss resulting directly from a Phone/Electronic
Transaction, where the request for such Phone/Electronic Transaction:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 22.5pt">(1)</TD><TD STYLE="text-align: justify">is transmitted to the Insured or its agents by voice over the telephone or by Electronic Transmission;
and</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.5pt; text-align: justify; text-indent: -22.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 22.5pt">(2)</TD><TD STYLE="text-align: justify">is made by an individual purporting to be a Fund shareholder or subscriber or an authorized agent
of a Fund shareholder or subscriber; and</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.5pt; text-align: justify; text-indent: -22.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 22.5pt">(3)</TD><TD STYLE="text-align: justify">is unauthorized or fraudulent and is made with the manifest intent to deceive;</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 45pt; text-align: justify; text-indent: -18pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">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</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 27pt">EXCLUDING loss resulting
from:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 22.5pt">(1)</TD><TD STYLE="text-align: justify">the failure to pay for shares attempted to be purchased; or</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.5pt; text-align: justify; text-indent: -22.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 22.5pt">(2)</TD><TD STYLE="text-align: justify">any redemption of Investment Company shares which had been improperly credited to a shareholder&rsquo;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</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.5pt; text-align: justify; text-indent: -22.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 22.5pt">(3)</TD><TD STYLE="text-align: justify">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;</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.5pt; text-align: justify; text-indent: -22.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 22.5pt">(4)</TD><TD STYLE="text-align: justify">the intentional failure to adhere to one or more Phone/Electronic Transaction Security Procedures;
or</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.5pt; text-align: justify; text-indent: -22.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 22.5pt">(5)</TD><TD STYLE="text-align: justify">a Phone/Electronic Transaction request transmitted by electronic mail or transmitted by any method
not subject to the Phone/Electronic Transaction Security Procedures; or</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.5pt; text-align: justify; text-indent: -22.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 22.5pt">(6)</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 45pt; text-align: justify; text-indent: -18pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">This Insuring Agreement I does not
cover loss covered under Insuring Agreement A, &ldquo;Fidelity&rdquo; or Insuring Agreement J, &ldquo;Computer Security&rdquo;.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"><B>A.</B></TD><TD STYLE="text-align: left"><B>ADDITIONAL OFFICES OR EMPLOYEES&mdash;CONSOLIDATION OR MERGER&mdash;NOTICE</B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt">1.</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 45pt; text-align: justify; text-indent: -18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt">2.</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 45pt; text-align: justify; text-indent: -18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 27pt; text-align: left"><B>B.</B></TD><TD STYLE="text-align: justify"><B>WARRANTY</B></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">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.</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="text-align: right"></P></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 27pt; text-align: left"><B>C.</B></TD><TD STYLE="text-align: justify"><B>COURT COSTS AND ATTORNEYS&rsquo; FEES</B></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">The Underwriter will indemnify the
Insured against court costs and reasonable attorneys&rsquo; 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:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt">1.</TD><TD STYLE="text-align: justify">an Employee admits to having committed or is adjudicated to have committed a Dishonest or Fraudulent
Act which caused the loss; or</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 45pt; text-align: justify; text-indent: -18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt">2.</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 45pt; text-align: justify; text-indent: -18pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">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&rsquo;s election the Insured shall permit the Underwriter to conduct the defense of such
legal proceeding in the Insured&rsquo;s name, through attorneys of the Underwriter&rsquo;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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">If the amount of the Insured&rsquo;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&rsquo; 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 27pt; text-align: left"><B>D.</B></TD><TD STYLE="text-align: justify"><B>INTERPRETATION</B></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27.35pt; text-align: justify">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 &ldquo;loss&rdquo; as used herein shall include an Insured&rsquo;s legal liability for direct compensatory damages
resulting directly from a misappropriation, or measurable diminution in value, of Property.</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="text-align: right"></P></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>THIS BOND, INCLUDING THE FOREGOING INSURING
AGREEMENTS<BR>
AND GENERAL AGREEMENTS, IS SUBJECT TO THE FOLLOWING<BR>
PROVISIONS, CONDITIONS AND LIMITATIONS:</B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>SECTION 1. DEFINITIONS</B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 18pt; text-align: justify; text-indent: -18pt">The following terms
used in this Bond shall have the meanings stated in this Section:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 18pt; text-align: justify; text-indent: -18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><B>A.</B></TD><TD STYLE="text-align: justify"><B>&ldquo;Alteration&rdquo;</B> 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.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><B>B.</B></TD><TD STYLE="text-align: justify"><B>&ldquo;Application&rdquo;</B> means the Insured&rsquo;s application (and any attachments and
materials submitted in connection therewith) furnished to the Underwriter for this Bond.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><B>C.</B></TD><TD STYLE="text-align: justify"><B>&ldquo;Authorized Address&rdquo;</B> 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.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><B>D.</B></TD><TD STYLE="text-align: justify"><B>&ldquo;Authorized Bank Account&rdquo;</B> means any Officially Designated bank account to which
redemption proceeds may be sent.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><B>E.</B></TD><TD STYLE="text-align: justify"><B>&ldquo;Authorized Recipient&rdquo;</B> means (1) the Shareholder of Record, or (2) any other
Officially Designated person to whom redemption proceeds may be sent.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><B>F.</B></TD><TD STYLE="text-align: justify"><B>&ldquo;Computer System&rdquo;</B> 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.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><B>G.</B></TD><TD STYLE="text-align: justify"><B>&ldquo;Counterfeit&rdquo;</B> means a Written imitation of an actual valid Original which is
intended to deceive and to be taken as the Original.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><B>H.</B></TD><TD STYLE="text-align: justify"><B>&ldquo;Cryptocurrency&rdquo;</B> 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.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><B>I.</B></TD><TD STYLE="text-align: justify"><B>&ldquo;Currency&rdquo;</B> means a medium of exchange in current use authorized or adopted by
a domestic or foreign government as part of its official currency.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><B>J.</B></TD><TD STYLE="text-align: justify"><B>&ldquo;Deductible Amount&rdquo;</B> means, with respect to any Insuring Agreement, the amount
set forth under the heading &ldquo;Deductible Amount&rdquo; in Item 3 of the Declarations or in any Rider for such Insuring Agreement,
applicable to each Single Loss covered by such Insuring Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><B>K.</B></TD><TD STYLE="text-align: justify"><B>&ldquo;Depository&rdquo;</B> means any &ldquo;securities depository&rdquo; (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.</TD></TR></TABLE>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="text-align: right"></P></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><B>L.</B></TD><TD STYLE="text-align: justify"><B>&ldquo;Dishonest or Fraudulent Act&rdquo;</B> means any dishonest or fraudulent act, including
&ldquo;larceny and embezzlement&rdquo; 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, &ldquo;improper financial benefit&rdquo; does not include any employee benefits received
in the course of employment, including salaries, commissions, fees, bonuses, promotions, awards, profit sharing or pensions.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><B>M.</B></TD><TD STYLE="text-align: justify"><B>&ldquo;Electronic Transmission&rdquo;</B> 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.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><B>N.</B></TD><TD STYLE="text-align: justify"><B>&ldquo;Employee&rdquo;</B> means:</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 22.5pt">(1)</TD><TD STYLE="text-align: justify">each officer, director, trustee, partner or employee of the Insured, and</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.5pt; text-align: justify; text-indent: -22.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 22.5pt">(2)</TD><TD STYLE="text-align: justify">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</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.5pt; text-align: justify; text-indent: -22.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 22.5pt">(3)</TD><TD STYLE="text-align: justify">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</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.5pt; text-align: justify; text-indent: -22.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 22.5pt">(4)</TD><TD STYLE="text-align: justify">each student who is an authorized intern of the Insured, while in any of the Insured&rsquo;s offices,
and</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.5pt; text-align: justify; text-indent: -22.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 22.5pt">(5)</TD><TD STYLE="text-align: justify">each officer, director, trustee, partner or employee of</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 45pt; text-align: justify; text-indent: -18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(a)</TD><TD STYLE="text-align: justify">an investment adviser,</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(b)</TD><TD STYLE="text-align: justify">an underwriter (distributor),</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(c)</TD><TD STYLE="text-align: justify">a transfer agent or shareholder accounting recordkeeper, or</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(d)</TD><TD STYLE="text-align: justify">an administrator authorized by written agreement to keep financial and/or other required records,</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 63pt; text-align: justify; text-indent: -18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 27pt; text-align: right">&nbsp;</TD><TD STYLE="width: 27pt"></TD><TD STYLE="text-align: justify">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 &ldquo;Employee&rdquo; shall not include any officer, director, trustee, partner or employee of a transfer agent,
                                                                                  shareholder accounting recordkeeper or administrator (x) which is not an &ldquo;affiliated person&rdquo; (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 &ldquo;Bank&rdquo; (as defined in Section 2(a) of the Investment
                                                                                  Company Act of 1940), and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 22.5pt">(6)</TD><TD STYLE="text-align: justify">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</TD></TR></TABLE>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="text-align: right"></P></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 22.5pt">(7)</TD><TD STYLE="text-align: justify">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</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 54pt; text-align: justify; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 22.5pt">(8)</TD><TD STYLE="text-align: justify">each officer, partner or employee of</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 45pt; text-align: justify; text-indent: -18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.5pt"></TD><TD STYLE="width: 22.5pt">(a)</TD><TD STYLE="text-align: justify">any Depository or Exchange,</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 49.5pt"></TD><TD STYLE="width: 22.5pt">(b)</TD><TD STYLE="text-align: justify">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</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 49.5pt"></TD><TD STYLE="width: 22.5pt">(c)</TD><TD STYLE="text-align: justify">any recognized service company which provides clerks or other personnel to any Depository or Exchange
on a contract basis,</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 63.35pt; text-align: justify; text-indent: -18pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.5pt; text-align: justify">while such officer, partner or employee
is performing services for any Depository in the operation of systems for the central handling of securities, and</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 22.5pt">(9)</TD><TD STYLE="text-align: justify">in the case of an Insured which is an &ldquo;employee benefit plan&rdquo; (as defined in Section
3 of the Employee Retirement Income Security Act of 1974 (&ldquo;ERISA&rdquo;)) for officers, directors or employees of another
Insured (&ldquo;In-House Plan&rdquo;), any &ldquo;fiduciary&rdquo; or other &ldquo;plan official&rdquo; (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).</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 45pt; text-align: justify; text-indent: -18pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">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).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><B>O.</B></TD><TD STYLE="text-align: justify"><B>&ldquo;Exchange&rdquo;</B> means any national securities exchange registered under the Securities
Exchange Act of 1934.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><B>P.</B></TD><TD STYLE="text-align: justify"><B>&ldquo;Forgery&rdquo;</B> 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&rsquo;s own name, regardless of such individual&rsquo;s authority, capacity
or purpose.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><B>Q.</B></TD><TD STYLE="text-align: justify"><B>&ldquo;Items of Deposit&rdquo;</B> means one or more checks or drafts.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><B>R.</B></TD><TD STYLE="text-align: justify"><B>&ldquo;Investment Company&rdquo;</B> or <B>&ldquo;Fund&rdquo;</B> means an investment company
registered under the Investment Company Act of 1940.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><B>S.</B></TD><TD STYLE="text-align: justify"><B>&ldquo;Limit of Liability&rdquo;</B> 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 &ldquo;Limit
of Liability&rdquo; in Item 3 of the Declarations or in any Rider for such Insuring Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><B>T.</B></TD><TD STYLE="text-align: justify"><B>&ldquo;Mysterious Disappearance&rdquo;</B> means any disappearance of Property which, after
a reasonable investigation has been conducted, cannot be explained.</TD></TR></TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><B>U.</B></TD><TD STYLE="text-align: justify"><B>&ldquo;Non-Fund&rdquo;</B> means any corporation, business trust, partnership, trust or other
entity which is not an Investment Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><B>V.</B></TD><TD STYLE="text-align: justify"><B>&ldquo;Officially Designated&rdquo;</B> means designated by the Shareholder of Record:</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 22.15pt">(1)</TD><TD STYLE="text-align: justify">in the initial account application,</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.5pt; text-align: justify; text-indent: -22.15pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 22.15pt">(2)</TD><TD STYLE="text-align: justify">in writing accompanied by a signature guarantee, or</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.5pt; text-align: justify; text-indent: -22.15pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 22.15pt">(3)</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 45.35pt; text-align: justify; text-indent: -18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><B>W.</B></TD><TD STYLE="text-align: justify"><B>&ldquo;Original&rdquo;</B> means the first rendering or archetype and does not include photocopies
or electronic transmissions even if received and printed.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><B>X.</B></TD><TD STYLE="text-align: justify"><B>&ldquo;Phone/Electronic Transaction&rdquo;</B> 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.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><B>Y.</B></TD><TD STYLE="text-align: justify"><B>&ldquo;Phone/Electronic Transaction Security Procedures&rdquo;</B> means security procedures
for Phone/Electronic Transactions as set forth in the Application and/or as otherwise provided in writing to the Underwriter.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><B>Z.</B></TD><TD STYLE="text-align: justify"><B>&ldquo;Property&rdquo;</B> 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&rsquo;s
declared financial condition at the time of the Insured&rsquo;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.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><B>AA.</B></TD><TD STYLE="text-align: justify"><B>&ldquo;Securities&rdquo;</B> 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.
&ldquo;Securities&rdquo; 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.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><B>BB.</B></TD><TD STYLE="text-align: justify"><B>&ldquo;Security Company&rdquo;</B> 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.</TD></TR></TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><B>CC.</B></TD><TD STYLE="text-align: justify"><B>&ldquo;Self-Regulatory Organization&rdquo;</B> means any association of investment advisers
or securities dealers registered under the federal securities laws, or any Exchange.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><B>DD.</B></TD><TD STYLE="text-align: justify"><B>&ldquo;Shareholder of Record&rdquo;</B> 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.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><B>EE.</B></TD><TD STYLE="text-align: justify"><B>&ldquo;Single Loss&rdquo;</B> means:</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 22.15pt">(1)</TD><TD STYLE="text-align: justify">all loss caused by any one act (other than a Dishonest or Fraudulent Act) committed by one person,
or</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.5pt; text-align: justify; text-indent: -22.15pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 22.15pt">(2)</TD><TD STYLE="text-align: justify">all loss caused by Dishonest or Fraudulent Acts committed by one person, or</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.5pt; text-align: justify; text-indent: -22.15pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 22.15pt">(3)</TD><TD STYLE="text-align: justify">all expenses incurred with respect to any one audit or examination, or</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.5pt; text-align: justify; text-indent: -22.15pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 22.15pt">(4)</TD><TD STYLE="text-align: justify">all loss caused by any one occurrence or event other than those specified in subsections (1) through
(3) above.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 45pt; text-align: justify; text-indent: -18pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><B>FF.</B></TD><TD STYLE="text-align: justify"><B>&ldquo;Telefacsimile&rdquo;</B> 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.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><B>GG.</B></TD><TD STYLE="text-align: justify"><B>&ldquo;Written&rdquo;</B> means expressed through letters or marks placed upon paper and visible
to the eye.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>SECTION 2. EXCLUSIONS</B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">THIS BOND DOES NOT COVER:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt">A.</TD><TD STYLE="text-align: justify">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&rsquo;s behalf had no knowledge of such riot, civil commotion, war, revolution,
insurrection, action by armed forces, or usurped power.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt">B.</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt">C.</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt">D.</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt">E.</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt">F.</TD><TD STYLE="text-align: justify">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&rsquo;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.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt">G.</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt">H.</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt">I.</TD><TD STYLE="text-align: justify">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</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 22.5pt">(1)</TD><TD STYLE="text-align: justify">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</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.5pt; text-align: justify; text-indent: -22.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 22.5pt">(2)</TD><TD STYLE="text-align: justify">to do damage to the premises or Property of the Insured,</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 45pt; text-align: justify; text-indent: -18pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -9pt">unless such loss
is otherwise covered under Insuring Agreement A.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -9pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt">J.</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt">K.</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt">L.</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt">M.</TD><TD STYLE="text-align: justify">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 &ldquo;accredited investor&rdquo; as defined in Rule 501(a) of Regulation D
under the Securities Act of 1933, which is not an individual.</TD></TR></TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt">N.</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt">O.</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt">P.</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt">Q.</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt">R.</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt">S.</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt">T.</TD><TD STYLE="text-align: justify">Loss resulting from vandalism or malicious mischief.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt">U.</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>SECTION 3. ASSIGNMENT OF RIGHTS</B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">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&rsquo;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.</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="text-align: right"></P></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">Assignment of any rights or claims
under this Bond shall not bind the Underwriter without the Underwriter&rsquo;s written consent.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>SECTION 4. LOSS</B>&mdash;<B>NOTICE</B>&mdash;<B>PROOF</B>&mdash;<B>LEGAL
PROCEEDINGS</B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">The Insured shall provide the Underwriter
with such information, assistance, and cooperation as the Underwriter may reasonably request.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">See also General Agreement C (Court
Costs and Attorneys&rsquo; Fees).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">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&rsquo; 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">Notice hereunder shall be given to
Manager, Professional Liability Claims, ICI Mutual Insurance Company, RRG, 1401 H St. NW, Washington, DC 20005, with an electronic copy to LegalSupport@icimutual.com.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify; text-indent: -27pt"><B>SECTION 5. DISCOVERY</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify; text-indent: -27pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">For all purposes under this Bond, a
loss is discovered, and discovery of a loss occurs, when the Insured</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 22.5pt">(1)</TD><TD STYLE="text-align: justify">becomes aware of facts, or</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.5pt; text-align: justify; text-indent: -22.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 22.5pt">(2)</TD><TD STYLE="text-align: justify">receives notice of an actual or potential claim by a third party which alleges that the Insured
is liable under circumstances,</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 45pt; text-align: justify; text-indent: -18pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">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.</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="text-align: right"></P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify; text-indent: -27pt"><B>SECTION 6. VALUATION
OF PROPERTY</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify; text-indent: -27pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">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</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 22.5pt">(1)</TD><TD STYLE="text-align: justify">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;</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.5pt; text-align: justify; text-indent: -22.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 22.5pt">(2)</TD><TD STYLE="text-align: justify">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</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.5pt; text-align: justify; text-indent: -22.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 22.5pt">(3)</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 45pt; text-align: justify; text-indent: -18pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify; text-indent: -27pt"><B>SECTION 7. LOST
SECURITIES</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify; text-indent: -27pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">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 Securities, the Insured
shall assign to the Underwriter all of the Insured&rsquo;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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify; text-indent: -27pt"><B>SECTION 8. SALVAGE</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify; text-indent: -27pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">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</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="text-align: right"></P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">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.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt; text-align: justify; text-indent: -72pt"><B>SECTION 9.&#9;NON-REDUCTION
AND NON-ACCUMULATION OF LIABILITY AND TOTAL LIABILITY</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify; text-indent: -27pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt"><B>SECTION 10.
&#9;MAXIMUM LIABILITY OF UNDERWRITER; OTHER BONDS OR POLICIES</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>SECTION 11.&#9;OTHER INSURANCE</B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify; text-indent: -27pt"><B>SECTION 12.&#9;DEDUCTIBLE
AMOUNT</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify; text-indent: -27pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">No Deductible Amount shall apply to
any loss covered under Insuring Agreement A sustained by any Investment Company named as an Insured.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify; text-indent: -27pt"><B>SECTION 13.&#9;TERMINATION</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify; text-indent: -27pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">This Bond will terminate as to any
Insured that is a Non-Fund immediately and without notice upon (1) the takeover of such Insured&rsquo;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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">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&rsquo;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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">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).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">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).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify; text-indent: -27pt"><B>SECTION 14.&#9;RIGHTS
AFTER TERMINATION</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify; text-indent: -27pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">Such additional discovery period shall
terminate immediately and without notice upon the takeover of such Insured&rsquo;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.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">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&rsquo;s business.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify; text-indent: -27pt"><B>SECTION 15.&#9;CENTRAL
HANDLING OF SECURITIES</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify; text-indent: -27pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">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
(&ldquo;Systems&rdquo;), unless the amount of such loss exceeds the amount recoverable or recovered under any bond or policy or
participants&rsquo; fund insuring the Depository against such loss (the &ldquo;Depository&rsquo;s Recovery&rdquo;); in such case
the Underwriter shall be liable hereunder only for the Insured&rsquo;s share of such excess loss, subject to the applicable Limit
of Liability, the Deductible Amount and the other terms of this Bond.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">For determining the Insured&rsquo;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&rsquo;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&rsquo;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&rsquo;s share of such excess loss shall be the amount of the Insured&rsquo;s
interest in such Property in excess of the amount(s) so apportioned to the Insured by the Depository.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify; text-indent: -27pt"><B>SECTION 16.&#9;ADDITIONAL
COMPANIES INCLUDED AS INSURED</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify; text-indent: -27pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">If more than one entity is named as
the Insured:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt">A.</TD><TD STYLE="text-align: justify">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,</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 45pt; text-align: justify; text-indent: -18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt">B.</TD><TD STYLE="text-align: justify">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,</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 45pt; text-align: justify; text-indent: -18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt">C.</TD><TD STYLE="text-align: justify">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,</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 45pt; text-align: justify; text-indent: -18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt">D.</TD><TD STYLE="text-align: justify">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,</TD></TR></TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt">E.</TD><TD STYLE="text-align: justify">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</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 45pt; text-align: justify; text-indent: -18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt">F.</TD><TD STYLE="text-align: justify">each named Insured shall constitute &ldquo;the Insured&rdquo; for all purposes of this Bond.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 45pt; text-align: justify; text-indent: -18pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify; text-indent: -27pt"><B>SECTION 17.&#9;NOTICE
AND CHANGE OF CONTROL</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify; text-indent: -27pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">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:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt">A.</TD><TD STYLE="text-align: justify">the names of the transferors and transferees (or the names of the beneficial owners if the voting
securities are registered in another name), and</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 45pt; text-align: justify; text-indent: -18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt">B.</TD><TD STYLE="text-align: justify">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</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 45pt; text-align: justify; text-indent: -18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt">C.</TD><TD STYLE="text-align: justify">the total number of outstanding voting securities.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 45pt; text-align: justify; text-indent: -18pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">As used in this Section, &ldquo;control&rdquo;
means the power to exercise a controlling influence over the management or policies of the Insured.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify; text-indent: -27pt"><B>SECTION 18.&#9;CHANGE
OR MODIFICATION</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify; text-indent: -27pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">This Bond may only be modified by written
Rider forming a part hereof over the signature of the Underwriter&rsquo;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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify; text-indent: -27pt"><B>SECTION 19.&#9;COMPLIANCE
WITH APPLICABLE TRADE AND ECONOMIC SANCTIONS</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify; text-indent: -27pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">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).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify; text-indent: -27pt"><B>SECTION 20.&#9;ANTI-BUNDLING</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify; text-indent: -27pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">IN WITNESS WHEREOF, the Underwriter has caused
this Bond to be executed on the Declarations Page.</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="text-align: right"></P></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>ICI MUTUAL INSURANCE COMPANY,</B></P>

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

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>RIDER NO. 1</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; text-align: left; border-top: Black 1px solid; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>INSURED</B></FONT></TD>
    <TD STYLE="width: 34%; text-align: left; border-top: Black 1px solid; padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="width: 33%; text-align: right; border-top: Black 1px solid; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>BOND NUMBER</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: left; padding-bottom: 4pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Morgan Stanley Institutional Fund, Inc.</B></FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>88190121B</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; border-top: Black 1px solid; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>EFFECTIVE DATE</B></FONT></TD>
    <TD STYLE="text-align: center; border-top: Black 1px solid; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>BOND PERIOD</B></FONT></TD>
    <TD STYLE="text-align: center; border-top: Black 1px solid; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>AUTHORIZED REPRESENTATIVE</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="border-bottom: Black 2px solid; vertical-align: top">
    <TD STYLE="text-align: left; padding-bottom: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>October 5, 2021</B></FONT></TD>
    <TD STYLE="text-align: center; padding-bottom: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>October 5, 2021 to October 5, 2022</B></FONT></TD>
    <TD STYLE="text-align: center; padding-bottom: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>/s/ Catherine Dalton</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left">&nbsp;</P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-align: left">Morgan Stanley California Tax-Free Daily
Income Trust</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-align: left">Morgan Stanley China A Share Fund, Inc.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-align: left">Morgan Stanley Emerging Markets Debt Fund,
Inc.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-align: left">Morgan Stanley Emerging Markets Domestic
Debt Fund, Inc.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-align: left">Morgan Stanley Europe Opportunity Fund Inc.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-align: left">Morgan Stanley Global Fixed Income Opportunities
Fund</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-align: left">Morgan Stanley India Investment Fund,
Inc.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-align: left">Morgan Stanley Insight Fund</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-align: left">Morgan Stanley Mortgage Securities Trust</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-align: left">Morgan Stanley New York Municipal Money
Market Trust</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-align: left">Morgan Stanley Tax-Free Daily Income Trust</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-align: left">Morgan Stanley U.S. Government Money Market
Trust</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-align: left">Morgan Stanley U.S. Government Securities
Trust</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left; text-indent: 36pt">Morgan Stanley Variable Investment
Series, a series fund consisting of:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt">o</TD><TD STYLE="text-align: left">Income Plus Portfolio</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-align: left">Morgan Stanley Institutional Fund, Inc.,
a series fund consisting of:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt">o</TD><TD STYLE="text-align: left">Active International Allocation Portfolio</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt">o</TD><TD STYLE="text-align: left">Advantage Portfolio</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt">o</TD><TD STYLE="text-align: left">Asia Opportunity Portfolio</TD></TR>                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>o</TD><TD STYLE="text-align: left">China Equity Portfolio</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>o</TD><TD STYLE="text-align: left">Counterpoint Global Portfolio</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>o</TD><TD STYLE="text-align: left">Developing Opportunity Portfolio</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt">o</TD><TD STYLE="text-align: left">Emerging Markets Breakout Nations Portfolio</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt">o</TD><TD STYLE="text-align: left">Emerging Markets Fixed Income Opportunities Portfolio</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt">o</TD><TD STYLE="text-align: left">Emerging Markets Leaders Portfolio</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt">o</TD><TD STYLE="text-align: left">Emerging Markets Portfolio</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt">o</TD><TD STYLE="text-align: left">Emerging Markets Small Cap Portfolio</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt">o</TD><TD STYLE="text-align: left">Frontier Markets Portfolio</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt">o</TD><TD STYLE="text-align: left">Global Advantage Portfolio</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt">o</TD><TD STYLE="text-align: left">Global Concentrated Portfolio</TD></TR></TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt">o</TD><TD STYLE="text-align: left">Global Concentrated Real Estate Portfolio</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt">o</TD><TD STYLE="text-align: left">Global Core Portfolio</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt">o</TD><TD STYLE="text-align: left">Global Endurance Portfolio</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt">o</TD><TD STYLE="text-align: left">Global Franchise Portfolio</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt">o</TD><TD STYLE="text-align: left">Global Infrastructure Portfolio</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt">o</TD><TD STYLE="text-align: left">Global Opportunity Portfolio</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt">o</TD><TD STYLE="text-align: left">Global Permanence Portfolio</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt">o</TD><TD STYLE="text-align: left">Global Real Estate Portfolio</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt">o</TD><TD STYLE="text-align: left">Global Sustain Portfolio</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt">o</TD><TD STYLE="text-align: left">Growth Portfolio</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt">o</TD><TD STYLE="text-align: left">Inception Portfolio</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt">o</TD><TD STYLE="text-align: left">International Advantage Portfolio</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt">o</TD><TD STYLE="text-align: left">International Equity Portfolio</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt">o</TD><TD STYLE="text-align: left">International Opportunity Portfolio</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>o</TD><TD STYLE="text-align: left">International Real Estate Portfolio</TD></TR>
                                                                                                                                     <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>o</TD><TD STYLE="text-align: left">Global Insight Portfolio</TD></TR>
                                                                                                                                     </TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt">o</TD><TD STYLE="text-align: left">Multi-Asset Portfolio</TD></TR>                                                                                                                       <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>o</TD><TD STYLE="text-align: left">Next Gen Emerging Markets Portfolio</TD></TR>
                                                                                                                                                                                                                                              <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>o</TD><TD STYLE="text-align: left">Permanence Portfolio</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt">o</TD><TD STYLE="text-align: left">Real Assets Portfolio</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt">o</TD><TD STYLE="text-align: left">U.S. Core Portfolio</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt">o</TD><TD STYLE="text-align: left">U.S. Real Estate Portfolio</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-align: left">Morgan Stanley Institutional Fund Trust,
a series fund consisting of:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt">o</TD><TD STYLE="text-align: left">Core Plus Fixed Income Portfolio</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>o</TD><TD STYLE="text-align: left">Corporate Bond Portfolio</TD></TR>
                                                                                                                                  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt">o</TD><TD STYLE="text-align: left">Discovery Portfolio</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>o</TD><TD STYLE="text-align: left">Dynamic Value Portfolio</TD></TR>
                                                                                                                     </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt">o</TD><TD STYLE="text-align: left">Global Strategist Portfolio</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt">o</TD><TD STYLE="text-align: left">High Yield Portfolio</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>o</TD><TD STYLE="text-align: left">Intermediate Municipal Income Portfolio</TD></TR>
                                                                                                                      </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt">o</TD><TD STYLE="text-align: left">Liquid Assets Prime Portfolio</TD></TR>                                                                                                                               <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>o</TD><TD STYLE="text-align: left">Municipal Income Portfolio</TD></TR>
                                                                                                                                                                                                                                                              <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>o</TD><TD STYLE="text-align: left">Senior Loan Portfolio</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt">o</TD><TD STYLE="text-align: left">Short Duration Income Portfolio</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt">o</TD><TD STYLE="text-align: left">Strategic Income Portfolio</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt">o</TD><TD STYLE="text-align: left">Ultra-Short Income Portfolio</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt">o</TD><TD STYLE="text-align: left">Ultra-Short Municipal Income Portfolio</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-align: left">Morgan Stanley Institutional Liquidity
Funds, a series fund consisting of:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">                                                                                                                                     <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>o</TD><TD STYLE="text-align: left">ESG Money Market Portfolio</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt">o</TD><TD STYLE="text-align: left">Government Portfolio</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt">o</TD><TD STYLE="text-align: left">Government Securities Portfolio</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt">o</TD><TD STYLE="text-align: left">Prime Portfolio</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt">o</TD><TD STYLE="text-align: left">Tax-Exempt Portfolio</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt">o</TD><TD STYLE="text-align: left">Treasury Portfolio</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt">o</TD><TD STYLE="text-align: left">Treasury Securities Portfolio</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-align: left">Morgan Stanley Variable Insurance Fund,
Inc., a series fund consisting of:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54.3pt"></TD><TD STYLE="width: 18pt">o</TD><TD STYLE="text-align: left">Core Plus Fixed Income Portfolio</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54.3pt"></TD><TD STYLE="width: 18pt">o</TD><TD STYLE="text-align: left">Discovery Portfolio</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54.3pt"></TD><TD STYLE="width: 18pt">o</TD><TD STYLE="text-align: left">Emerging Markets Debt Portfolio</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54.3pt"></TD><TD STYLE="width: 18pt">o</TD><TD STYLE="text-align: left">Emerging Markets Equity Portfolio</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54.3pt"></TD><TD STYLE="width: 18pt">o</TD><TD STYLE="text-align: left">Global Franchise Portfolio</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54.3pt"></TD><TD STYLE="width: 18pt">o</TD><TD STYLE="text-align: left">Global Infrastructure Portfolio</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54.3pt"></TD><TD STYLE="width: 18pt">o</TD><TD STYLE="text-align: left">Global Real Estate Portfolio</TD></TR></TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54.3pt"></TD><TD STYLE="width: 18pt">o</TD><TD STYLE="text-align: left">Global Strategist Portfolio</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54.3pt"></TD><TD STYLE="width: 18pt">o</TD><TD STYLE="text-align: left">Growth Portfolio</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 4pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt">o</TD><TD STYLE="text-align: left">U.S. Real Estate Portfolio</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-align: left">Alternative Investment Partners Absolute Return Fund</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-align: left">Alternative Investment Partners
Absolute Return Fund STS</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-align: left">AIP Alternative Lending Fund A</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-align: left">AIP Alternative Lending Fund P</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-align: left">AIP Multi Strategy Fund A</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-align: left">AIP Multi Strategy Fund P</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left">Except as above stated, nothing herein shall be
held to alter, waive or extend any of the terms of this Bond.</P>


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

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

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>RIDER NO. 2</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; text-align: left; border-top: Black 1px solid; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>INSURED</B></FONT></TD>
    <TD STYLE="width: 34%; text-align: center; border-top: Black 1px solid; padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="width: 33%; text-align: right; border-top: Black 1px solid; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>BOND NUMBER</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: left; padding-bottom: 4pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Morgan Stanley Institutional Fund, Inc.</B></FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>88190121B</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; border-top: Black 1px solid; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>EFFECTIVE DATE</B></FONT></TD>
    <TD STYLE="text-align: center; border-top: Black 1px solid; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>BOND PERIOD</B></FONT></TD>
    <TD STYLE="border-top: Black 1px solid; vertical-align: top; text-align: center; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>AUTHORIZED REPRESENTATIVE</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; border-bottom: Black 2px solid; padding-bottom: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>October 5, 2021</B></FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Black 2px solid; padding-bottom: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>October 5, 2021 to October 5, 2022</B></FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Black 2px solid; padding-bottom: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>/s/ Catherine Dalton</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In consideration of the premium charged for
this Bond, it is hereby understood and agreed that this Bond shall not cover any loss resulting from or in connection with (1)
the acts or omissions of any custodian, clearing agency or depository located outside of the United States of America, or of any
employee or agent of any such custodian or depository; or (2) the nationalization or expropriation by any country and/or territory
of any property (including &ldquo;Property&rdquo; as defined in Section 1.Z of the Bond) or property rights of any Insured or any
other person or entity.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Except as above stated, nothing herein shall
be held to alter, waive or extend any of the terms of this Bond.</P>


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

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

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>RIDER NO. 3</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; text-align: left; border-top: Black 1px solid; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>INSURED</B></FONT></TD>
    <TD STYLE="width: 34%; text-align: center; border-top: Black 1px solid; padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="width: 33%; text-align: right; border-top: Black 1px solid; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>BOND NUMBER</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: left; padding-bottom: 4pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Morgan Stanley Institutional Fund, Inc.</B></FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>88190121B</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; border-top: Black 1px solid; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>EFFECTIVE DATE</B></FONT></TD>
    <TD STYLE="text-align: center; border-top: Black 1px solid; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>BOND PERIOD</B></FONT></TD>
    <TD STYLE="text-align: center; border-top: Black 1px solid; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>AUTHORIZED REPRESENTATIVE</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; border-bottom: Black 2px solid; padding-bottom: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>October 5, 2021</B></FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Black 2px solid; padding-bottom: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>October 5, 2021 to October 5, 2022</B></FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Black 2px solid; padding-bottom: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>/s/ Catherine Dalton</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In consideration of the premium charged for
this Bond, it is hereby understood and agreed that notwithstanding Section 2.Q of this Bond, this Bond is amended by adding an
additional Insuring Agreement J as follows:</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 18pt; text-align: justify">J.&nbsp;&nbsp;&nbsp;COMPUTER
SECURITY</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Loss (including loss of Property) resulting
directly from Computer Fraud; <U>provided</U>, 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.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">1.</TD><TD STYLE="text-align: justify"><U>Definitions</U>. The following terms used in this Insuring Agreement shall have the following
meanings:</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 54pt; text-align: left; text-indent: -18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt">a.</TD><TD STYLE="text-align: justify">&ldquo;Authorized User&rdquo; 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. An individual
who invests in an Insured Fund shall not be considered to be an Authorized User solely by virtue of being an investor.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 54pt; text-align: justify; text-indent: -18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt">b.</TD><TD STYLE="text-align: justify">&ldquo;Computer Fraud&rdquo; 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:</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 54pt; text-align: left; text-indent: -18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(1)</TD><TD STYLE="text-align: justify">is committed by any Unauthorized Third Party anywhere, alone or in collusion with other Unauthorized
Third Parties; <U>and</U></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 81pt; text-align: justify; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(2)</TD><TD STYLE="text-align: justify">is committed with the conscious manifest intent (a) to cause the Insured to sustain a loss, <U>and</U>
(b) to obtain financial benefit for the perpetrator or any other person; <U>and</U></TD></TR></TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(3)</TD><TD STYLE="text-align: justify">causes (x) Property to be transferred, paid or delivered; <U>or</U> (y) an account of the Insured,
or of its customer, to be added, deleted, debited or credited; <U>or</U> (z) an unauthorized or fictitious account to be debited
or credited.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt; text-align: justify; text-indent: -18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt">c.</TD><TD STYLE="text-align: justify">&ldquo;Computer Security Procedures&rdquo; means procedures for prevention of unauthorized computer
access and use and administration of computer access and use as provided in writing to the Underwriter.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 54pt; text-align: justify; text-indent: -18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt">d.</TD><TD STYLE="text-align: justify">&ldquo;Covered Computer System&rdquo; means any Computer System as to which the Insured has possession,
custody and control.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 54pt; text-align: justify; text-indent: -18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt">e.</TD><TD STYLE="text-align: justify">&ldquo;Unauthorized Third Party&rdquo; means any person or entity that, at the time of the Computer
Fraud, is not an Authorized User.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 54pt; text-align: justify; text-indent: -18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt">f.</TD><TD STYLE="text-align: justify">&ldquo;User Identification&rdquo; means any unique user name (<I>i.e.</I>, a series of characters)
that is assigned to a person or entity by the Insured.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">2.</TD><TD STYLE="text-align: justify"><U>Exclusions</U>. It is further understood and agreed that this Insuring Agreement J shall not
cover:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt">a.</TD><TD STYLE="text-align: justify">Any loss covered under Insuring Agreement A, &ldquo;Fidelity,&rdquo; of this Bond; <U>and</U></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 54pt; text-align: justify; text-indent: -18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt">b.</TD><TD STYLE="text-align: justify">Any loss resulting from the intentional failure to adhere to one or more Computer Security Procedures;
<U>and</U></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 54pt; text-align: justify; text-indent: -18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt">c.</TD><TD STYLE="text-align: justify">Any loss resulting from a Computer Fraud committed by or in collusion with:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(1)</TD><TD STYLE="text-align: justify; padding-right: 18pt">any Authorized User (whether a natural person or an entity); <U>or</U></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 18pt 0 81pt; text-align: justify; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(2)</TD><TD STYLE="text-align: justify; padding-right: 18pt">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 (&ldquo;Related Entity&rdquo;), or (c) any director, officer, partner, employee or agent of such Related
Entity; <U>or</U></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 18pt 0 81pt; text-align: justify; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(3)</TD><TD STYLE="text-align: justify; padding-right: 18pt">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 (&ldquo;Employer Entity&rdquo;), 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 (&ldquo;Employer-Related Entity&rdquo;), or (d) any director, officer, partner, employee or agent
of such Employer-Related Entity;</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 54pt; text-align: justify"><U>and</U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt">d.</TD><TD STYLE="text-align: justify">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; <U>and</U></TD></TR></TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt">e.</TD><TD STYLE="text-align: justify">Any loss not directly and proximately caused by Computer Fraud (including, without limitation,
disruption of business and extra expense); <U>and</U></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 54pt; text-align: justify; text-indent: -18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt">f.</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">For purposes of this Insuring Agreement, &ldquo;Single
Loss,&rdquo; 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.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">It is further understood and agreed that nothing
in this Rider shall affect the exclusion set forth in Section 2.O of this Bond.</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 27pt">(a)</TD><TD STYLE="text-align: justify">by written notice from the Underwriter not less than sixty (60) days prior to the effective date
of termination specified in such notice; or</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 63pt; text-align: justify; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 27pt">(b)</TD><TD STYLE="text-align: justify">immediately by written notice from the Insured to the Underwriter.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left">Except as above stated, nothing herein shall be
held to alter, waive or extend any of the terms of this Bond.</P>


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

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

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>RIDER NO. 4</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; text-align: left; border-top: Black 1px solid; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>INSURED</B></FONT></TD>
    <TD STYLE="width: 34%; text-align: center; border-top: Black 1px solid; padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="width: 33%; text-align: right; border-top: Black 1px solid; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>BOND NUMBER</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: left; padding-bottom: 4pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Morgan Stanley Institutional Fund, Inc.</B></FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>88190121B</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; border-top: Black 1px solid; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>EFFECTIVE DATE</B></FONT></TD>
    <TD STYLE="text-align: center; border-top: Black 1px solid; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>BOND PERIOD</B></FONT></TD>
    <TD STYLE="text-align: center; border-top: Black 1px solid; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>AUTHORIZED REPRESENTATIVE</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; border-bottom: Black 2px solid; padding-bottom: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>October 5, 2021</B></FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Black 2px solid; padding-bottom: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>October 5, 2021 to October 5, 2022</B></FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Black 2px solid; padding-bottom: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>/s/ Catherine Dalton</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In consideration of the premium charged for
this Bond, it is hereby understood and agreed that notwithstanding Section 9, Non-Reduction and Non Accumulation of Liability and
Total Liability, or any other provision of this Bond, the liability of the Underwriter under this Bond with respect to any and
all loss or losses, under Insuring Agreement H, Uncollectible Items of Deposit, shall be limited to an aggregate of One Million
Dollars ($1,000,000) for the Bond Period, irrespective of the total amount of any such loss or losses.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Except as above stated, nothing herein shall
be held to alter, waive or extend any of the terms of this Bond.</P>


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

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

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>RIDER NO. 5</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; text-align: justify; border-top: Black 1px solid; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>INSURED</B></FONT></TD>
    <TD STYLE="width: 34%; text-align: center; border-top: Black 1px solid; padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="width: 33%; text-align: right; border-top: Black 1px solid; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>BOND NUMBER</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify; padding-bottom: 4pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Morgan Stanley Institutional Fund, Inc.</B></FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>88190121B</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; border-top: Black 1px solid; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>EFFECTIVE DATE</B></FONT></TD>
    <TD STYLE="text-align: center; border-top: Black 1px solid; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>BOND PERIOD</B></FONT></TD>
    <TD STYLE="text-align: center; border-top: Black 1px solid; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>AUTHORIZED REPRESENTATIVE</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; border-bottom: Black 2px solid; padding-bottom: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>October 5, 2021</B></FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Black 2px solid; padding-bottom: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>October 5, 2021 to October 5, 2022</B></FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Black 2px solid; padding-bottom: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>/s/ Catherine Dalton</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In consideration of the premium charged for
this Bond, it is hereby understood and agreed that the Deductible Amount for Insuring Agreement E, Forgery or Alteration, and Insuring
Agreement F, Securities, shall not apply with respect to loss through Forgery of a signature on the following documents:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 72pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 27pt">(1)</TD><TD STYLE="text-align: justify; padding-right: 18pt">letter requesting redemption of $100,000 or less payable by check to the Shareholder
of Record and sent to an Authorized Address; or</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 18pt 0 63pt; text-align: justify; text-indent: -63pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 27pt">(2)</TD><TD STYLE="text-align: justify; padding-right: 18pt">letter requesting redemption of $100,000 or less by wire transfer to the Shareholder
of Record of an Authorized Bank Account; or</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 18pt 0 63pt; text-align: justify; text-indent: -63pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 27pt">(3)</TD><TD STYLE="text-align: justify; padding-right: 18pt">written request to a trustee or custodian for a Designated Retirement Account
(&ldquo;DRA&rdquo;) 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;</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 27pt 0 63pt; text-align: justify; text-indent: -63pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><U>provided</U>, 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.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">For purposes of this Rider:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 27pt">(A)</TD><TD STYLE="text-align: justify">&ldquo;Designated Retirement Account&rdquo; means any retirement plan or account described or qualified
under the Internal Revenue Code of 1986, as amended, or a subaccount thereof.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 63pt; text-align: justify; text-indent: -63pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 27pt">(B)</TD><TD STYLE="text-align: justify">&ldquo;Owner&rdquo; means the individual for whose benefit the DRA, or a subaccount thereof, is
established.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 63pt; text-align: justify; text-indent: -63pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Except as above stated, nothing herein shall
be held to alter, waive or extend any of the terms of this Bond.</P>


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

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

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>RIDER NO. 6</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; text-align: left; border-top: Black 1px solid; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>INSURED</B></FONT></TD>
    <TD STYLE="width: 34%; text-align: center; border-top: Black 1px solid; padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="width: 33%; text-align: right; border-top: Black 1px solid; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>BOND NUMBER</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: left; padding-bottom: 4pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Morgan Stanley Institutional Fund, Inc.</B></FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>88190121B</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; border-top: Black 1px solid; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>EFFECTIVE DATE</B></FONT></TD>
    <TD STYLE="text-align: center; border-top: Black 1px solid; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>BOND PERIOD</B></FONT></TD>
    <TD STYLE="text-align: center; border-top: Black 1px solid; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>AUTHORIZED REPRESENTATIVE</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; border-bottom: Black 2px solid; padding-bottom: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>October 5, 2021</B></FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Black 2px solid; padding-bottom: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>October 5, 2021 to October 5, 2022</B></FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Black 2px solid; padding-bottom: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>/s/ Catherine Dalton</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In consideration of the premium charged for
this Bond, it is hereby understood and agreed that this Bond does not cover any loss resulting from or in connection with the acceptance
of any Third Party Check, unless</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 27pt">(1)</TD><TD STYLE="text-align: justify; padding-right: 18pt">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</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 18pt 0 45pt; text-align: justify; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 27pt">(2)</TD><TD STYLE="text-align: justify; padding-right: 18pt">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),</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt; text-align: justify; text-indent: -72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt; text-align: justify; text-indent: -72pt">and then only to
the extent such loss is otherwise covered under this Bond.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt; text-align: justify; text-indent: -72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">For purposes of this Rider, &ldquo;Third Party
Check&rdquo; means a check made payable to one or more parties and offered as payment to one or more other parties.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">It is further understood and agreed that notwithstanding
anything to the contrary above or elsewhere in the Bond, this Bond does not cover any loss resulting from or in connection with
the acceptance of a Third Party Check where:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt; text-align: justify; text-indent: -36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 27pt">(1)</TD><TD STYLE="text-align: justify; padding-right: 18pt">any payee on such Third Party Check reasonably appears to be a corporation
or other entity; or</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 18pt 0 45pt; text-align: justify; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 27pt">(2)</TD><TD STYLE="text-align: justify; padding-right: 18pt">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.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">It is further understood and agreed that this
Rider shall not apply with respect to any coverage that may be available under Insuring Agreement A, &ldquo;Fidelity.&rdquo;</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Except as above stated, nothing herein shall
be held to alter, waive or extend any of the terms of this Bond.</P>


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

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

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>RIDER NO. 7</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; text-align: left; border-top: Black 1px solid; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>INSURED</B></FONT></TD>
    <TD STYLE="width: 34%; text-align: center; border-top: Black 1px solid; padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="width: 33%; text-align: right; border-top: Black 1px solid; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>BOND NUMBER</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: left; padding-bottom: 4pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Morgan Stanley Institutional Fund, Inc.</B></FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>88190121B</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; border-top: Black 1px solid; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>EFFECTIVE DATE</B></FONT></TD>
    <TD STYLE="text-align: center; border-top: Black 1px solid; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>BOND PERIOD</B></FONT></TD>
    <TD STYLE="text-align: center; border-top: Black 1px solid; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>AUTHORIZED REPRESENTATIVE</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; border-bottom: Black 2px solid; padding-bottom: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>October 5, 2021</B></FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Black 2px solid; padding-bottom: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>October 5, 2021 to October 5, 2022</B></FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Black 2px solid; padding-bottom: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>/s/ Catherine Dalton</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>NEWLY CREATED INVESTMENT COMPANIES</B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In consideration of the premium charged for this Bond,
it is hereby understood and agreed that, notwithstanding anything to the contrary in General Agreement A of this Bond, Item 1 of the Declarations
shall include any Newly Created Investment Company, provided that the Underwriter receives, at least annually, a report that lists (1)
all Newly Created Investment Companies created over the preceding twelve months, and (2) the estimated
net assets of each Newly Created Investment Company as of the date of the report.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">For purposes of this Rider, &ldquo;Newly Created Investment Company&rdquo;
shall mean any Investment Company or series thereof (notwithstanding that such Investment Company&rsquo;s or series&rsquo; registration
under the Investment Company Act of 1940 may not yet be effective), which Investment Company or series (1) was not yet created as of the
inception of the Bond Period, and (2) has (or upon registration will have) directors who are identical to the directors of another Insured
Fund (other than another Newly Created Investment Company).</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">It is further understood and agreed that the title in this Rider is included solely for convenience and shall not itself be deemed to be a term or condition of coverage, or a description or interpretation thereof.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Except as above stated, nothing herein shall
be held to alter, waive or extend any of the terms of this Bond.</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="text-align: right"></P></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>ICI MUTUAL INSURANCE COMPANY,</B></P>

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

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>RIDER NO. 8</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; text-align: left; border-top: Black 1px solid; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>INSURED</B></FONT></TD>
    <TD STYLE="width: 34%; text-align: center; border-top: Black 1px solid; padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="width: 33%; text-align: right; border-top: Black 1px solid; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>BOND NUMBER</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: left; padding-bottom: 4pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Morgan Stanley Institutional Fund, Inc.</B></FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>88190121B</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; border-top: Black 1px solid; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>EFFECTIVE DATE</B></FONT></TD>
    <TD STYLE="text-align: center; border-top: Black 1px solid; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>BOND PERIOD</B></FONT></TD>
    <TD STYLE="text-align: center; border-top: Black 1px solid; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>AUTHORIZED REPRESENTATIVE</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; border-bottom: Black 2px solid; padding-bottom: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>October 5, 2021</B></FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Black 2px solid; padding-bottom: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>October 5, 2021 to October 5, 2022</B></FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Black 2px solid; padding-bottom: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>/s/ Catherine Dalton</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In consideration for the premium charged for
this Bond, it is hereby understood and agreed that, with respect to Insuring Agreement I only, the Deductible Amount set forth
in Item 3 of the Declarations (&ldquo;Phone/Electronic Deductible&rdquo;) shall not apply with respect to a Single Loss, otherwise
covered by Insuring Agreement I, caused by:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 27pt">(a)</TD><TD STYLE="text-align: left; padding-right: 18pt">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</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 18pt 0 63pt; text-align: justify; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 27pt">(b)</TD><TD STYLE="text-align: left; padding-right: 18pt">a Phone/Electronic Redemption requested to be paid or made payable by wire transfer
to the Shareholder of Record at an Authorized Bank Account,</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><U>provided</U>, that the Limit of Liability
for a Single Loss as described in (a) or (b) above shall be the lesser of 80% of such loss or $80,000 and that the Insured shall
bear the remainder of each such Loss. 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.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">For purposes of this Rider, &ldquo;Phone/Electronic
Redemption&rdquo; means any redemption of shares issued by an Investment Company, which redemption is requested (a) by voice over
the telephone or (b) by Telefacsimile.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Except as above stated, nothing herein shall
be held to alter, waive or extend any of the terms of this Bond.</P>


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

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

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>RIDER NO. 9</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; text-align: left; border-top: Black 1px solid; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>INSURED</B></FONT></TD>
    <TD STYLE="width: 34%; text-align: center; border-top: Black 1px solid; padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="width: 33%; text-align: right; border-top: Black 1px solid; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>BOND NUMBER</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: left; padding-bottom: 4pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Morgan Stanley Institutional Fund, Inc.</B></FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>88190121B</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; border-top: Black 1px solid; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>EFFECTIVE DATE</B></FONT></TD>
    <TD STYLE="text-align: center; border-top: Black 1px solid; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>BOND PERIOD</B></FONT></TD>
    <TD STYLE="text-align: center; border-top: Black 1px solid; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>AUTHORIZED REPRESENTATIVE</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; border-bottom: Black 2px solid; padding-bottom: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>October 5, 2021</B></FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Black 2px solid; padding-bottom: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>October 5, 2021 to October 5, 2022</B></FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Black 2px solid; padding-bottom: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>/s/ Catherine Dalton</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In consideration of the premium charged for
this Bond, it is hereby understood and agreed that notwithstanding anything to the contrary in this Bond (including Insuring Agreement
I), this Bond does not cover loss caused by a Phone/Electronic Transaction requested:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.5pt; text-align: justify; text-indent: -13.5pt; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="text-align: left; padding-right: 36pt">by use of an automated telephone tone or voice response system; or</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 36pt 0 54pt; text-align: justify; text-indent: -18pt; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="text-align: left; padding-right: 36pt">by transmissions over the Internet;</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">except insofar as such loss is covered under
Insuring Agreement A &ldquo;Fidelity&rdquo; of this Bond.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Except as above stated, nothing herein shall
be held to alter, waive or extend any of the terms of this Bond.</P>


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

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

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>RIDER NO. 10</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; text-align: left; border-top: Black 1px solid; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>INSURED</B></FONT></TD>
    <TD STYLE="width: 34%; text-align: center; border-top: Black 1px solid; padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="width: 33%; text-align: right; border-top: Black 1px solid; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>BOND NUMBER</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: left; padding-bottom: 4pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Morgan Stanley Institutional Fund, Inc.</B></FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>88190121B</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; border-top: Black 1px solid; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>EFFECTIVE DATE</B></FONT></TD>
    <TD STYLE="text-align: center; border-top: Black 1px solid; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>BOND PERIOD</B></FONT></TD>
    <TD STYLE="text-align: center; border-top: Black 1px solid; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>AUTHORIZED REPRESENTATIVE</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; border-bottom: Black 2px solid; padding-bottom: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>October 5, 2021</B></FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Black 2px solid; padding-bottom: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>October 5, 2021 to October 5, 2022</B></FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Black 2px solid; padding-bottom: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>/s/ Catherine Dalton</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In consideration of the premium charged for
this Bond, it is hereby understood and agreed that Section 5 of this Bond is amended to read as follows:</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 27pt">(1)</TD><TD STYLE="text-align: justify">becomes aware of facts, or</TD></TR>                                                                                                                                 <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 27pt">(2)</TD><TD STYLE="text-align: justify">receives notice of an actual or potential claim by a third party which alleges that the Insured
is liable under circumstances,</TD></TR></TABLE>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Except as above stated, nothing herein shall
be held to alter, waive or extend any of the terms of this Bond.</P>


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

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

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>RIDER NO. 11</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; text-align: left; border-top: Black 1px solid; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>INSURED</B></FONT></TD>
    <TD STYLE="width: 34%; text-align: center; border-top: Black 1px solid; padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="width: 33%; text-align: right; border-top: Black 1px solid; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>BOND NUMBER</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: left; padding-bottom: 4pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Morgan Stanley Institutional Fund, Inc.</B></FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>88190121B</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; border-top: Black 1px solid; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>EFFECTIVE DATE</B></FONT></TD>
    <TD STYLE="text-align: center; border-top: Black 1px solid; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>BOND PERIOD</B></FONT></TD>
    <TD STYLE="text-align: center; border-top: Black 1px solid; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>AUTHORIZED REPRESENTATIVE</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; border-bottom: Black 2px solid; padding-bottom: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>October 5, 2021</B></FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Black 2px solid; padding-bottom: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>October 5, 2021 to October 5, 2022</B></FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Black 2px solid; padding-bottom: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>/s/ Catherine Dalton</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Most property and casualty insurers, including
ICI Mutual Insurance Company, a Risk Retention Group (&ldquo;ICI Mutual&rdquo;), are subject to the requirements of the Terrorism
Risk Insurance Act of 2002, as amended (the &ldquo;Act&rdquo;). 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 <B>&ldquo;insured losses&rdquo;</B>
resulting from certified <B>&ldquo;acts of terrorism.&rdquo;</B> (Each of these <B>bolded terms </B>is defined by the Act.) The
Act also places certain disclosure and other obligations on ICI Mutual and these other insurers.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Pursuant to the Act, any future losses to ICI
Mutual caused by certified <B>&ldquo;acts of terrorism&rdquo;</B> 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&rsquo;s <B>&ldquo;insured losses&rdquo;</B> in excess of ICI Mutual&rsquo;s <B>&ldquo;insurer
deductible&rdquo;</B> until total <B>&ldquo;insured losses&rdquo;</B> of all participating insurers reach $100 billion (the &ldquo;Cap
on Annual Liability&rdquo;). If total <B>&ldquo;insured losses&rdquo; </B>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.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">This policy has no express exclusion for <B>&ldquo;acts
of terrorism.&rdquo;</B> 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.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The portion of the premium that is attributable
to any coverage potentially available under the policy for <B>&ldquo;acts of terrorism&rdquo;</B> 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</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">As used herein, &ldquo;Federal Share of Compensation&rdquo; shall mean 80% beginning on January 1, 2020.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Except as above stated, nothing herein
shall be held to alter, waive or extend any of the terms of this Bond.</P>


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

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

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>RIDER NO. 12</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; text-align: left; border-top: Black 1px solid; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>INSURED</B></FONT></TD>
    <TD STYLE="width: 34%; text-align: center; border-top: Black 1px solid; padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="width: 33%; text-align: right; border-top: Black 1px solid; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>BOND NUMBER</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: left; padding-bottom: 4pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Morgan Stanley Institutional Fund, Inc.</B></FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>88190121B</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; border-top: Black 1px solid; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>EFFECTIVE DATE</B></FONT></TD>
    <TD STYLE="text-align: center; border-top: Black 1px solid; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>BOND PERIOD</B></FONT></TD>
    <TD STYLE="text-align: center; border-top: Black 1px solid; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>AUTHORIZED REPRESENTATIVE</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; border-bottom: Black 2px solid; padding-bottom: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>October 5, 2021</B></FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Black 2px solid; padding-bottom: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>October 5, 2021 to October 5, 2022</B></FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Black 2px solid; padding-bottom: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>/s/ Catherine Dalton</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left">&nbsp;</P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 18pt; text-align: justify">&ldquo;Dishonest or Fraudulent Act&rdquo;
means any dishonest or fraudulent act, including &ldquo;larceny and embezzlement&rdquo; 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, &ldquo;improper financial benefit&rdquo;
does not include any employee benefits received in the course of employment, including salaries, commissions, fees, bonuses, promotions,
awards, profit sharing or pensions.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Except as above stated, nothing herein shall
be held to alter, waive or extend any of the terms of this Bond.</P>


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

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

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>RIDER NO. 13</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; text-align: left; border-top: Black 1px solid; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>INSURED</B></FONT></TD>
    <TD STYLE="width: 34%; text-align: center; border-top: Black 1px solid; padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="width: 33%; text-align: right; border-top: Black 1px solid; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>BOND NUMBER</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: left; padding-bottom: 4pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Morgan Stanley Institutional Fund, Inc.</B></FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>88190121B</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; border-top: Black 1px solid; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>EFFECTIVE DATE</B></FONT></TD>
    <TD STYLE="text-align: center; border-top: Black 1px solid; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>BOND PERIOD</B></FONT></TD>
    <TD STYLE="text-align: center; border-top: Black 1px solid; padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>AUTHORIZED REPRESENTATIVE</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; border-bottom: Black 2px solid; padding-bottom: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>October 5, 2021</B></FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Black 2px solid; padding-bottom: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>October 5, 2021 to October 5, 2022</B></FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Black 2px solid; padding-bottom: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>/s/ Catherine Dalton</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left">&nbsp;</P>

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

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 18pt; text-align: justify">M.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Social
Engineering Fraud</P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">PROVIDED, that the entity receiving such request
generally maintains and follows during the Bond Period all Social Engineering Security Procedures.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">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).</P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">This Insuring Agreement M does not cover loss
covered under any other Insuring Agreement of this Bond.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">It is further understood and agreed that for
purposes of this rider:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt">1.</TD><TD STYLE="text-align: justify">&ldquo;Communication&rdquo; means an instruction that (a) directs an Employee to transfer, pay,
or deliver money from the Insured&rsquo;s own account, (b) contains a material misrepresentation of fact, and (c) is relied upon
by the Employee, believing it to be true.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt">2.</TD><TD STYLE="text-align: justify">&ldquo;Social Engineering Fraud&rdquo; means the intentional misleading of an Employee through
the use of a Communication, where such Communication:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45pt"></TD><TD STYLE="width: 27pt">(a)</TD><TD STYLE="text-align: justify">is transmitted to the Employee in writing, by voice over the telephone, or by Electronic Transmission;</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt; text-align: justify; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45pt"></TD><TD STYLE="width: 27pt">(b)</TD><TD STYLE="text-align: justify">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</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45pt"></TD><TD STYLE="width: 27pt">(c)</TD><TD STYLE="text-align: justify">is unauthorized, dishonest or fraudulent and is made with the manifest intent to deceive.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt">3.</TD><TD STYLE="text-align: justify">&ldquo;Social Engineering Security Procedures&rdquo; 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.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt">4.</TD><TD STYLE="text-align: justify">&ldquo;Vendor&rdquo; means any entity or individual that provides goods or services to the Insured
under a pre-existing, written agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left">Except as above stated, nothing herein shall be
held to alter, waive, or extend any of the terms of this Bond.</P>

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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 18pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Fidelity
Bond Resolutions from the September 17, 2021 Board Meeting on behalf of the Morgan Stanley Funds</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 108pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">RESOLVED,
that, having due consideration to all relevant factors, including those set forth in Rule 17g-1 under the Investment Company Act,
and 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, hereby approves the type and form of the joint fidelity bond as discussed
and presented at the Meeting, to be maintained by this Fund jointly with the Funds in accordance with the Investment Company Act
and Rule 17g-1 thereunder, and further approve that said bond shall be in an amount at least equal to the sum of the total amount
of coverage which each 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 Fund by MSIM Inc. or MSAIP, as applicable,
and the Board hereby approves the amount of said bond so determined; and further</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 108pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 108pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">RESOLVED,
that the Board hereby approves the binding of the Bond as discussed and presented at the Meeting; and further</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 108pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 108pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">RESOLVED,
that the Board, including a majority of the independent Directors/Trustees, having taken all relevant factors into consideration,
including those set forth in Rule 17g-1 under the Investment Company Act, hereby approves a premium allocation for the Bond as
discussed and presented at the Meeting; and further</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 108pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 108pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 Funds, as of a date
to be selected by Management; and further</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 108pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 108pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 Funds; and further</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 108pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 108pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 108pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Fund
which shall at any time be required by Rule 17g-1(g) under the Investment Company Act; and further</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 108pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 108pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 108pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 108pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 execute and 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></P>


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<P STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>JOINT
FIDELITY BOND AGREEMENT</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 189pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>WHEREAS</B>,
each Morgan Stanley Fund listed on the attached Appendix A (each a &ldquo;<I>Fund</I>&rdquo; and collectively, the &ldquo;<I>Funds</I>&rdquo;)
is a management investment company registered under the Investment Company Act of 1940, as amended (the &ldquo;<I>Investment Company
Act</I>&rdquo;);</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 55pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>WHEREAS</B>,
each Fund is named in a joint fidelity blanket bond (the &ldquo;<I>Bond</I>&rdquo;) 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></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 55pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>NOW,
THEREFORE</B>, 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></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 55pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 55pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Dated:
November 18, 2021</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 55pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; width: 4%; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0; width: 38%; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">/s/
    Mary E. Mullin</FONT></TD>
    <TD STYLE="padding: 0; width: 58%; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Mary
    E. Mullin</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Secretary
    of each Fund</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Appendix A</B></FONT></P>

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

<P STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>MORGAN
STANLEY FUNDS</B></FONT></P>

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

<P STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>at</B></FONT></P>

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

<P STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>OCTOBER 5-6, 2021</B></FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>EQUITY FUNDS</B></FONT></P>

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



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><U>Open-End
Equity Funds</U></B></FONT></P>

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

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<TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Morgan
                                         Stanley Europe Opportunity Fund Inc. (&ldquo;<I>Europe Opportunity</I>&rdquo;)</FONT></TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Morgan
                                         Stanley Insight Fund (&ldquo;<I>Insight Fund</I>&rdquo;)</FONT></TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Morgan
                                         Stanley Institutional Fund, Inc. (&ldquo;<I>Institutional Fund Inc.</I>&rdquo;)</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 40pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;&nbsp;&nbsp;
Active International Allocation Portfolio</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull; &nbsp;&nbsp;Advantage
Portfolio</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;&nbsp;&nbsp; Asia
Opportunity Portfolio</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull; &nbsp;&nbsp;China
Equity Portfolio</FONT></P>

<P STYLE="text-indent: 20pt; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull; &nbsp;&nbsp;Counterpoint
Global Portfolio</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull; &nbsp;&nbsp;Developing
Opportunity Portfolio</FONT></P>

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


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 40pt; text-align: justify">&bull; &nbsp;&nbsp;<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Emerging Markets Leaders Portfolio</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull; &nbsp;&nbsp;Emerging
Markets Portfolio</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull; &nbsp;&nbsp;Global Insight Portfolio</FONT></P>



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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull; &nbsp;&nbsp;Global
Concentrated Portfolio</FONT></P>

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


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&bull; &nbsp;&nbsp;Global Core Portfolio</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull; &nbsp;&nbsp;Global
Endurance Portfolio</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&bull; &nbsp;&nbsp;Global Focus Real Estate Portfolio</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&bull; &nbsp;&nbsp;Global Franchise Portfolio</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 40pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull; &nbsp;&nbsp;Global
Infrastructure Portfolio</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 40pt; text-align: left"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&bull; &nbsp;&nbsp;Global Opportunity Portfolio</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 40pt; text-align: left"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&bull; &nbsp;&nbsp;Global Permanence Portfolio</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 40pt; text-align: left"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&bull; &nbsp;&nbsp;Global Real Estate Portfolio</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull; &nbsp;&nbsp;Global
Sustain Portfolio</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&bull; &nbsp;&nbsp;Growth Portfolio</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull; &nbsp;&nbsp;Inception
Portfolio</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull; &nbsp;&nbsp;International
Advantage Portfolio</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull; &nbsp;&nbsp;International
Equity Portfolio</FONT></P>




<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;&nbsp;&nbsp; International
Opportunity Portfolio</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;&nbsp;&nbsp; Multi-Asset Real Return Portfolio</FONT></P>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;&nbsp;&nbsp; Next Gen Emerging Markets Portfolio</FONT></P>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&bull;&nbsp;&nbsp; Permanence Portfolio</FONT></P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 40pt; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&bull; &nbsp;&nbsp;US Core Portfolio</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&bull; &nbsp;&nbsp;U.S. Focus Real Estate Portfolio</FONT></P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;&nbsp;&nbsp; U.S.
Real Estate Portfolio</FONT></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.</FONT></TD><TD STYLE="text-align: justify; padding-right: 65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Morgan
                                         Stanley Institutional Fund Trust (&ldquo;<I>Institutional Fund Trust</I>&rdquo;) </FONT></TD></TR></TABLE>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 40pt; text-align: justify">&bull; &nbsp;&nbsp;Discovery
                                         Portfolio</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 40pt; text-align: justify">&bull; &nbsp;&nbsp;Dynamic Value Portfolio</P>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull; &nbsp;&nbsp;Global
Strategist Portfolio</FONT></P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Morgan
                                         Stanley Variable Insurance Fund, Inc. (&ldquo;<I>Variable Insurance Fund</I>&rdquo;)</FONT></TD></TR></TABLE>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;&nbsp;&nbsp; Discovery
Portfolio</FONT></P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;&nbsp;&nbsp; Emerging
Markets Equity Portfolio</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&bull;&nbsp;&nbsp; Global Franchise Portfolio</FONT></P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;&nbsp;&nbsp; Global
Infrastructure Portfolio</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&bull;&nbsp;&nbsp; Global Real Estate Portfolio</FONT></P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;&nbsp;&nbsp; Global
Strategist Portfolio</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&bull;&nbsp;&nbsp; Growth Portfolio</FONT></P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;&nbsp;&nbsp; U.S.
Real Estate Portfolio</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><U>Closed-End
Equity Funds</U></B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Morgan
                                         Stanley China A Share Fund, Inc. (&ldquo;<I>China A Fund</I>&rdquo;)</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Morgan
                                         Stanley India Investment Fund, Inc. (&ldquo;<I>India Investment Fund</I>&rdquo;)</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>FIXED
INCOME FUNDS</B></FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><U>Open-End
Fixed Income Funds</U></B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Morgan
                                         Stanley Global Fixed Income Opportunities Fund (&ldquo;<I>Global Fixed Income Opportunities</I>&rdquo;)</FONT></TD></TR></TABLE>



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<TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Morgan
                                         Stanley Mortgage Securities Trust (&ldquo;<I>Mortgage Securities</I>&rdquo;)</FONT></TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Morgan
                                         Stanley U.S. Government Securities Trust (&ldquo;<I>Government Securities</I>&rdquo;)</FONT></TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Morgan
                                         Stanley Variable Investment Series (&ldquo;<I>Variable Investment</I>&rdquo;)</FONT></TD></TR></TABLE>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 40pt; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull; &nbsp;&nbsp;Income
Plus Portfolio</FONT></P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Morgan
                                         Stanley Institutional Fund, Inc. (&ldquo;<I>Institutional Fund Inc.</I>&rdquo;)</FONT></TD></TR></TABLE>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 40pt; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull; &nbsp;&nbsp;Emerging
Markets Fixed Income Opportunities Portfolio</FONT></P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Morgan
                                         Stanley Institutional Fund Trust (&ldquo;<I>Institutional Fund Trust</I>&rdquo;)</FONT></TD></TR></TABLE>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 40pt; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull; &nbsp;&nbsp;Core
Plus Fixed Income Portfolio</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 40pt; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&bull; &nbsp;&nbsp;Corporate Bond Portfolio</FONT></P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 40pt; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull; &nbsp;&nbsp;High
Yield Portfolio</FONT></P>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 40pt; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull; &nbsp;&nbsp;Short
Duration Income Portfolio</FONT></P>




<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 40pt; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull; &nbsp;&nbsp;Strategic
Income Portfolio</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Morgan
                                         Stanley Variable Insurance Fund, Inc. (&ldquo;<I>Variable Insurance Fund</I>&rdquo;)</FONT></TD></TR></TABLE>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 40pt; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull; &nbsp;&nbsp;Core
Plus Fixed Income Portfolio</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 40pt; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&bull; &nbsp;&nbsp;Emerging Markets Debt Portfolio</FONT></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="text-align: right"></P></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><U>Closed-End
Fixed Income Funds</U></B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 36pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Morgan Stanley Emerging
Markets Debt Fund, Inc. (&ldquo;<I>Emerging Markets Debt</I>&rdquo;)</FONT></TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2<I>.</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Morgan Stanley Emerging
Markets Domestic Debt Fund, Inc<I>.</I> (&ldquo;<I>Emerging Markets Domestic Debt</I>&rdquo;)</FONT></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>LIQUIDITY
FUNDS</B></FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><U>Money
Market Funds</U></B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Morgan
                                         Stanley California Tax-Free Daily Income Trust (&ldquo;<I>California Tax-Free Daily</I>&rdquo;)</FONT></TD></TR></TABLE>





<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Morgan
                                         Stanley Tax-Free Daily Income Trust (&ldquo;<I>Tax-Free Daily</I>&rdquo;)</FONT></TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Morgan
                                         Stanley U.S. Government Money Market Trust (&ldquo;<I>Government Money</I>&rdquo;)</FONT></TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Morgan
                                         Stanley Institutional Liquidity Funds (&ldquo;<I>Institutional Liquidity Funds</I>&rdquo;)</FONT></TD></TR></TABLE>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 40pt; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;&nbsp;&nbsp; ESG
Money Market Portfolio</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 40pt; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&bull;&nbsp;&nbsp; Government Portfolio</FONT></P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 40pt; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull; &nbsp;&nbsp;Government
Securities Portfolio</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 40pt; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&bull; &nbsp;&nbsp;Prime Portfolio</FONT></P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 40pt; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull; &nbsp;&nbsp;Tax-Exempt
Portfolio</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 40pt; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&bull;&nbsp;&nbsp; Treasury Portfolio</FONT></P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 40pt; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull; &nbsp;&nbsp;Treasury
Securities Portfolio</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><U>Open-End
Liquidity Funds</U></B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Morgan
                                         Stanley Institutional Fund Trust (&ldquo;<I>Institutional Fund Trust</I>&rdquo;)</FONT></TD></TR></TABLE>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 40pt; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull; &nbsp;&nbsp;Ultra-Short
Income Portfolio</FONT></P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 40pt; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;&nbsp;&nbsp; Ultra-Short
Municipal Income Portfolio</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>ALTERNATIVE
FUNDS</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">AIP
                                         Alternative Lending Fund A (&ldquo;<I>Alternative Lending Fund A</I>&rdquo;)</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">AIP
                                         Alternative Lending Fund P (&ldquo;<I>Alternative Lending Fund P</I>&rdquo;)</FONT></TD></TR></TABLE>







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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><U>Funds
of Hedge Funds</U></B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Alternative
                                         Investment Partners Absolute Return Fund (&ldquo;<I>Absolute Return Fund</I>&rdquo;)</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify; padding-right: 14pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Alternative
                                         Investment Partners Absolute Return Fund STS (&ldquo;<I>Absolute Return STS</I>&rdquo;)</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">AIP
                                         Multi-Strategy Fund A (&ldquo;<I>Multi-Strategy A</I>&rdquo;)</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">AIP
                                         Multi-Strategy Fund P (&ldquo;<I>Multi-Strategy P</I>&rdquo;)</FONT></TD></TR></TABLE>



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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="text-align: right"></P></DIV>
    <!-- Field: /Page -->

    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">REVIEW
OF FIDELITY BOND COVERAGE</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">September
30, 2021</FONT></P>


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: 1px solid; padding: 4pt 4pt 2pt; width: 70%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: 1px solid; padding: 4pt 0 2pt; text-align: right; width: 8%; vertical-align: middle"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">GROSS
                                         ASSETS</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">PORTFOLIO</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(in
        mils)</FONT></P></TD>
    <TD STYLE="border-bottom: 1px solid; padding: 4pt 0 2pt; width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: 1px solid; padding: 4pt 0 2pt; text-align: right; width: 9%; vertical-align: middle"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">GROSS
                                         ASSETS</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Registrant</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(in
        mils)</FONT></P></TD>
    <TD STYLE="border-bottom: 1px solid; padding: 4pt 0 2pt; text-align: right; width: 2%; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: 1px solid; padding: 4pt 0 2pt; text-align: right; width: 8%; vertical-align: bottom"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">MINIMUM</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">COVERAGE</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">REQUIRED</FONT></P></TD>
    <TD STYLE="border-bottom: transparent 1px solid; padding: 4pt 0 0; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(214,247,250)">
    <TD STYLE="padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><U>MORGAN STANLEY RETAIL
    FUNDS</U></B></FONT></TD>
    <TD STYLE="padding: 4pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 4pt; text-indent: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">CALIFORNIA
    TAX FREE DAILY INCOME</FONT></TD>
    <TD STYLE="padding: 4pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">30</FONT></TD>
    <TD STYLE="padding: 4pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">300,000</FONT></TD>
    <TD STYLE="padding: 4pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(214,247,250)">
    <TD STYLE="padding: 4pt; text-indent: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">INSIGHT
    FUND</FONT></TD>
    <TD STYLE="padding: 4pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,595</FONT></TD>
    <TD STYLE="padding: 4pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,500,000</FONT></TD>
    <TD STYLE="padding: 4pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 4pt; text-indent: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">EUROPE
    OPPORTUNITY FUND</FONT></TD>
    <TD STYLE="padding: 4pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">373</FONT></TD>
    <TD STYLE="padding: 4pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">750,000</FONT></TD>
    <TD STYLE="padding: 4pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(214,247,250)">
    <TD STYLE="padding: 4pt; text-indent: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">GLOBAL
    FIXED INCOME OPP FUND</FONT></TD>
    <TD STYLE="padding: 4pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,427</FONT></TD>
    <TD STYLE="padding: 4pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,250,000</FONT></TD>
    <TD STYLE="padding: 4pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 4pt; text-indent: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">MORTGAGE
    SECURITIES TRUST</FONT></TD>
    <TD STYLE="padding: 4pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">330</FONT></TD>
    <TD STYLE="padding: 4pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">750,000</FONT></TD>
    <TD STYLE="padding: 4pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(214,247,250)">
    <TD STYLE="padding: 4pt; text-indent: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">TAX-FREE
    DAILY INC.</FONT></TD>
    <TD STYLE="padding: 4pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">33</FONT></TD>
    <TD STYLE="padding: 4pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">300,000</FONT></TD>
    <TD STYLE="padding: 4pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 4pt; text-indent: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">U.S.
    GOVERNMENT SECURITIES TRUST</FONT></TD>
    <TD STYLE="padding: 4pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">553</FONT></TD>
    <TD STYLE="padding: 4pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">900,000</FONT></TD>
    <TD STYLE="padding: 4pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(214,247,250)">
    <TD STYLE="padding: 4pt; text-indent: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">U.S.
    GOVERNMENT MONEY MARKET</FONT></TD>
    <TD STYLE="padding: 4pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">685</FONT></TD>
    <TD STYLE="padding: 4pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">900,000</FONT></TD>
    <TD STYLE="padding: 4pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><U>MORGAN STANLEY VARIABLE
    INVESTMENT SERIES</U></B></FONT></TD>
    <TD STYLE="padding: 4pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>72</B></FONT></TD>
    <TD STYLE="padding: 4pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">400,000</FONT></TD>
    <TD STYLE="padding: 4pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(214,247,250)">
    <TD STYLE="text-indent: 10pt; padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">INCOME
    PLUS</FONT></TD>
    <TD STYLE="padding: 4pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>72</B></FONT></TD>
    <TD STYLE="padding: 4pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><U>MORGAN STANLEY INSTITUTIONAL
    CLOSED END FUNDS</U></B></FONT></TD>
    <TD STYLE="padding: 4pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(214,247,250)">
    <TD STYLE="padding: 4pt; text-indent: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">MSCE
    CHINA A SHARE</FONT></TD>
    <TD STYLE="padding: 4pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">526</FONT></TD>
    <TD STYLE="padding: 4pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">900,000</FONT></TD>
    <TD STYLE="padding: 4pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 4pt; text-indent: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">MSCE
    EMERGING MARKETS DEBT</FONT></TD>
    <TD STYLE="padding: 4pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">216</FONT></TD>
    <TD STYLE="padding: 4pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">600,000</FONT></TD>
    <TD STYLE="padding: 4pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(214,247,250)">
    <TD STYLE="padding: 4pt; text-indent: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">MSCE
    EMERGING MARKETS DOMESTIC DEBT</FONT></TD>
    <TD STYLE="padding: 4pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">651</FONT></TD>
    <TD STYLE="padding: 4pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">900,000</FONT></TD>
    <TD STYLE="padding: 4pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 4pt; text-indent: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">MSCE
    INDIA INVESTMENT FUND</FONT></TD>
    <TD STYLE="padding: 4pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">366</FONT></TD>
    <TD STYLE="padding: 4pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">750,000</FONT></TD>
    <TD STYLE="padding: 4pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Information
Classification: Limited Access</FONT></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(214,247,250)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-indent: 10pt; text-align: justify"><B><U>MORGAN STANLEY INSTITUTIONAL
    FUND, INC.</U></B></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><B>48,557</B></TD>
    <TD STYLE="padding-right: 0; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">2,500,000</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-indent: 10pt; text-align: justify; width: 70%">GLOBAL SUSTAIN</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0; text-align: right; width: 8%"><B>91</B></TD>
    <TD STYLE="padding-right: 0; font: 10pt Arial, Helvetica, Sans-Serif; width: 2%; padding-left: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 9%">&nbsp;</TD>
    <TD STYLE="padding-right: 0; font: 10pt Arial, Helvetica, Sans-Serif; width: 2%; padding-left: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 8%">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0; text-align: justify; width: 1%">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(214,247,250)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-indent: 10pt; text-align: justify">ACTIVE INTERNATIONAL ALLOCATION</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0; text-align: right"><B>236</B></TD>
    <TD STYLE="padding-right: 0; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-indent: 10pt; text-align: justify">ADVANTAGE</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0; text-align: right"><B>959</B></TD>
    <TD STYLE="padding-right: 0; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(214,247,250)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-indent: 10pt; text-align: justify">GROWTH</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0; text-align: right"><B>18,321</B></TD>
    <TD STYLE="padding-right: 0; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-indent: 10pt; text-align: justify">EMERGING MARKETS</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0; text-align: right"><B>736</B></TD>
    <TD STYLE="padding-right: 0; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(214,247,250)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-indent: 10pt; text-align: justify">GLOBAL INSIGHT</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0; text-align: right"><B>414</B></TD>
    <TD STYLE="padding-right: 0; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-indent: 10pt; text-align: justify">GLOBAL FRANCHISE</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0; text-align: right"><B>3,433</B></TD>
    <TD STYLE="padding-right: 0; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(214,247,250)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-indent: 10pt; text-align: justify">GLOBAL OPPORTUNITY</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0; text-align: right"><B>7,550</B></TD>
    <TD STYLE="padding-right: 0; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-indent: 10pt; text-align: justify">GLOBAL REAL ESTATE</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0; text-align: right"><B>96</B></TD>
    <TD STYLE="padding-right: 0; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(214,247,250)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-indent: 10pt; text-align: justify">INTERNATIONAL ADVANTAGE</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0; text-align: right"><B>5,919</B></TD>
    <TD STYLE="padding-right: 0; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-indent: 10pt; text-align: justify">INTERNATIONAL EQUITY</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0; text-align: right"><B>2,133</B></TD>
    <TD STYLE="padding-right: 0; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(214,247,250)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-indent: 10pt; text-align: justify">INTERNATIONAL OPPORTUNITY</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0; text-align: right"><B>4,574</B></TD>
    <TD STYLE="padding-right: 0; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-indent: 10pt; text-align: justify">GLOBAL INFRASTRUCTURE</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0; text-align: right"><B>311</B></TD>
    <TD STYLE="padding-right: 0; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(214,247,250)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-indent: 10pt; text-align: justify">INCEPTION</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0; text-align: right"><B>1,969</B></TD>
    <TD STYLE="padding-right: 0; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-indent: 10pt; text-align: justify">U.S. REAL ESTATE</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0; text-align: right"><B>46</B></TD>
    <TD STYLE="padding-right: 0; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(214,247,250)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-indent: 10pt; vertical-align: top; text-align: left">EMERGING
    MARKETS FIXED INCOME OPPORTUNITIES</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0; text-align: right"><B>42</B></TD>
    <TD STYLE="padding-right: 0; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-indent: 10pt; text-align: justify">NEXT GEN EMERGING MARKETS
    PORTFOLIO</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0; text-align: right"><B>179</B></TD>
    <TD STYLE="padding-right: 0; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(214,247,250)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-indent: 10pt; text-align: justify">EMERGING MARKETS LEADERS</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0; text-align: right"><B>317</B></TD>
    <TD STYLE="padding-right: 0; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-indent: 10pt; text-align: justify">ASIA OPPORTUNITY</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0; text-align: right"><B>578</B></TD>
    <TD STYLE="padding-right: 0; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(214,247,250)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-indent: 10pt; text-align: justify">GLOBAL CONCENTRATED</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0; text-align: right"><B>104</B></TD>
    <TD STYLE="padding-right: 0; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-indent: 10pt; text-align: justify">GLOBAL CORE</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0; text-align: right"><B>19</B></TD>
    <TD STYLE="padding-right: 0; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(214,247,250)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-indent: 10pt; text-align: justify">US CORE</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0; text-align: right"><B>77</B></TD>
    <TD STYLE="padding-right: 0; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-indent: 10pt; text-align: justify">COUNTERPOINT GLOBAL</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0; text-align: right"><B>28</B></TD>
    <TD STYLE="padding-right: 0; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(214,247,250)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-indent: 10pt; text-align: justify">MULTI ASSET REAL RETURN</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0; text-align: right"><B>29</B></TD>
    <TD STYLE="padding-right: 0; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-indent: 10pt; text-align: justify">GLOBAL ENDURANCE</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0; text-align: right"><B>85</B></TD>
    <TD STYLE="padding-right: 0; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(214,247,250)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-indent: 10pt; text-align: justify">CHINA EQUITY</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0; text-align: right"><B>12</B></TD>
    <TD STYLE="padding-right: 0; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-indent: 10pt; text-align: justify">GLOBAL PERMANENCE</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0; text-align: right"><B>4</B></TD>
    <TD STYLE="padding-right: 0; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(214,247,250)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-indent: 10pt; text-align: justify">DEVELOPING OPPORTUNITY</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0; text-align: right"><B>280</B></TD>
    <TD STYLE="padding-right: 0; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-indent: 10pt; text-align: justify">PERMANENCE PORTFOLIO</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0; text-align: right"><B>4</B></TD>
    <TD STYLE="padding-right: 0; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(214,247,250)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt; text-indent: 10pt; text-align: justify">GLOBAL FOCUS REAL ESTATE
    PORTFOLIO</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0; text-align: right"><B>5</B></TD>
    <TD STYLE="padding-right: 0; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 0; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 0; text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Information
Classification: Limited Access</FONT></P>


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="text-indent: 10pt; padding: 4pt; text-align: justify; width: 70%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">U.S.
    FOCUS REAL ESTATE PORT</FONT></TD>
    <TD STYLE="padding: 4pt 0; text-align: right; width: 8%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>5</B></FONT></TD>
    <TD STYLE="padding-right: 0; width: 2%; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding: 4pt 0; text-align: justify; width: 9%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; width: 2%; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding: 4pt 0; text-align: justify; width: 8%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt 0; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><U>MORGAN
    STANLEY INSTITUTIONAL FUND TRUST</U></B></FONT></TD>
    <TD STYLE="padding: 4pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding: 4pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>20,502</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding: 4pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,500,000</FONT></TD>
    <TD STYLE="padding: 4pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="text-indent: 10pt; padding: 4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">GLOBAL
    STRATEGIST</FONT></TD>
    <TD STYLE="padding: 4pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>612</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding: 4pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding: 4pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 10pt; padding: 4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">CORE
    PLUS FIXED INCOME</FONT></TD>
    <TD STYLE="padding: 4pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,522</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding: 4pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding: 4pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="text-indent: 10pt; padding: 4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">CORPORATE
    BOND</FONT></TD>
    <TD STYLE="padding: 4pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>190</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding: 4pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding: 4pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 10pt; padding: 4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SHORT
    DURATION INCOME</FONT></TD>
    <TD STYLE="padding: 4pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>583</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding: 4pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding: 4pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="text-indent: 10pt; padding: 4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">DISCOVERY</FONT></TD>
    <TD STYLE="padding: 4pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>4,313</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding: 4pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding: 4pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 10pt; padding: 4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">HIGH
    YIELD</FONT></TD>
    <TD STYLE="padding: 4pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>190</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding: 4pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding: 4pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="text-indent: 10pt; padding: 4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">STRATEGIC
    INCOME</FONT></TD>
    <TD STYLE="padding: 4pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>32</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding: 4pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding: 4pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 10pt; padding: 4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ULTRA
    SHORT INCOME</FONT></TD>
    <TD STYLE="padding: 4pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>12,886</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding: 4pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding: 4pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="text-indent: 10pt; padding: 4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ULTRA-SHORT
    MUNICIPAL INCOME</FONT></TD>
    <TD STYLE="padding: 4pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>163</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding: 4pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding: 4pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 10pt; padding: 4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">DYNAMIC
    VALUE PORTFOLIO.</FONT></TD>
    <TD STYLE="padding: 4pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>11</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding: 4pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding: 4pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(210,247,250)">
    <TD STYLE="padding: 4pt; vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><U>MORGAN
    STANLEY INSTITUTIONAL LIQUIDITY FUNDS</U></B></FONT></TD>
    <TD STYLE="padding: 4pt 0; vertical-align: bottom; text-align: right"></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding: 4pt 0; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>287,663</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding: 4pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,500,000</FONT></TD>
    <TD STYLE="padding: 4pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 10pt; padding: 4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">GOVERNMENT
    PORTFOLIO</FONT></TD>
    <TD STYLE="padding: 4pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>155,187</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding: 4pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding: 4pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="text-indent: 10pt; padding: 4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">GOVERNMENT
    SECURITIES</FONT></TD>
    <TD STYLE="padding: 4pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>15,902</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding: 4pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding: 4pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 10pt; padding: 4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">MONEY
    MARKET</FONT></TD>
    <TD STYLE="padding: 4pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>3,464</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding: 4pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding: 4pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="text-indent: 10pt; padding: 4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">PRIME
    PORTFOLIO</FONT></TD>
    <TD STYLE="padding: 4pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>17,253</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding: 4pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding: 4pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 10pt; padding: 4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">TAX-EXEMPT</FONT></TD>
    <TD STYLE="padding: 4pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>266</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding: 4pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding: 4pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="text-indent: 10pt; padding: 4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">TREASURY</FONT></TD>
    <TD STYLE="padding: 4pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>42,514</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding: 4pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding: 4pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 10pt; padding: 4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">TREASURY
    SECURITIES</FONT></TD>
    <TD STYLE="padding: 4pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>53,078</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding: 4pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding: 4pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(210,247,250)">
    <TD STYLE="padding: 4pt; vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><U>MORGAN
    STANLEY VARIABLE INSURANCE FUND, INC.</U></B></FONT></TD>
    <TD STYLE="padding: 4pt 0; vertical-align: bottom; text-align: right"></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding: 4pt 0; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,696</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding: 4pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,900,000</FONT></TD>
    <TD STYLE="padding: 4pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 10pt; padding: 4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">GROWTH</FONT></TD>
    <TD STYLE="padding: 4pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,120</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding: 4pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding: 4pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="text-indent: 10pt; padding: 4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">CORE
    PLUS FIXED INCOME</FONT></TD>
    <TD STYLE="padding: 4pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>154</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding: 4pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding: 4pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 10pt; padding: 4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">EMERGING
    MARKETS EQUITY</FONT></TD>
    <TD STYLE="padding: 4pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>233</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding: 4pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding: 4pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="text-indent: 10pt; padding: 4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">EMERGING
    MARKETS DEBT</FONT></TD>
    <TD STYLE="padding: 4pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>160</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding: 4pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding: 4pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 10pt; padding: 4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">GLOBAL
    FRANCHISE</FONT></TD>
    <TD STYLE="padding: 4pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>35</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding: 4pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding: 4pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="text-indent: 10pt; padding: 4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">GLOBAL
    REAL ESTATE</FONT></TD>
    <TD STYLE="padding: 4pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>56</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding: 4pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding: 4pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 10pt; padding: 4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">GLOBAL
    STRATEGIST</FONT></TD>
    <TD STYLE="padding: 4pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>116</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding: 4pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding: 4pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Information
Classification: Limited Access</FONT></P>


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="padding: 4pt 4pt 4pt 18pt; width: 70%; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">DISCOVERY
    PORTFOLIO</FONT></TD>
    <TD STYLE="padding: 4pt 0; width: 8%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>361</B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="padding: 4pt 0; width: 9%; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="padding: 4pt 0; width: 8%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; width: 1%; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 4pt 4pt 4pt 18pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">U.S.
    REAL ESTATE</FONT></TD>
    <TD STYLE="padding: 4pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>375</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 4pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 4pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="padding: 4pt 4pt 4pt 18pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">GLOBAL
    INFRASTRUCTURE</FONT></TD>
    <TD STYLE="padding: 4pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>86</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 4pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 4pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><U>ALTERNATIVE
    FUNDS</U></B></FONT></TD>
    <TD STYLE="padding: 4pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 4pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 4pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="padding: 4pt 4pt 4pt 18pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">AIP
    Alternative Lending Fund A</FONT></TD>
    <TD STYLE="padding: 4pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 4pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,421</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 4pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,250,000</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 4pt 4pt 4pt 18pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">AIP
    Alternative Lending Fund P</FONT></TD>
    <TD STYLE="padding: 4pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 4pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>523</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 4pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">900,000</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="padding: 4pt 4pt 4pt 18pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">AIP
    Multi Strategy A</FONT></TD>
    <TD STYLE="padding: 4pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 4pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 4pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">100,000</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 4pt 4pt 4pt 18pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">AIP
    Multi Strategy P</FONT></TD>
    <TD STYLE="padding: 4pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 4pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 4pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">100,000</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="padding: 4pt 4pt 4pt 18pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Alternative
    Investment Partners Absolute Return Fund</FONT></TD>
    <TD STYLE="padding: 4pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 4pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>196</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 4pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">600,000</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 4pt 4pt 4pt 18pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Alternative
    Investment Partners Absolute Return Fund STS</FONT></TD>
    <TD STYLE="padding: 4pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 4pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>189</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 4pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">600,000</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="padding: 4pt 4pt 4pt 18pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>COMBINED
    TOTAL</B></FONT></TD>
    <TD STYLE="padding: 4pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 4pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">374,609</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 4pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">24,150,000</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 2pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(CURRENT
AMOUNT OF FIDELITY BOND IN EFFECT IS $35 MILLION)&#9;&#9;</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Information
Classification: Limited Access</FONT></P>



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