<SEC-DOCUMENT>0001133228-25-012062.txt : 20251112
<SEC-HEADER>0001133228-25-012062.hdr.sgml : 20251112
<ACCEPTANCE-DATETIME>20251112165550
ACCESSION NUMBER:		0001133228-25-012062
CONFORMED SUBMISSION TYPE:	40-17G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20251112
DATE AS OF CHANGE:		20251112
EFFECTIVENESS DATE:		20251112

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Morgan Stanley Europe Opportunity Fund Inc.
		CENTRAL INDEX KEY:			0000860720
		ORGANIZATION NAME:           	
		EIN:				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:		251473875

	BUSINESS ADDRESS:	
		STREET 1:		1585 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036
		BUSINESS PHONE:		800-869-6397

	MAIL ADDRESS:	
		STREET 1:		1585 BROADWAY
		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:			E Trade Trust
		CENTRAL INDEX KEY:			0002048903
		ORGANIZATION NAME:           	
		EIN:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-24035
		FILM NUMBER:		251473876

	BUSINESS ADDRESS:	
		STREET 1:		1585 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		212-761-4000

	MAIL ADDRESS:	
		STREET 1:		1585 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MORGAN STANLEY INSTITUTIONAL FUND TRUST
		CENTRAL INDEX KEY:			0000741375
		ORGANIZATION NAME:           	
		EIN:				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:		251473883

	BUSINESS ADDRESS:	
		STREET 1:		1585 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036
		BUSINESS PHONE:		800-548-7786

	MAIL ADDRESS:	
		STREET 1:		1585 BROADWAY
		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 INSTITUTIONAL FUND INC
		CENTRAL INDEX KEY:			0000836487
		ORGANIZATION NAME:           	
		EIN:				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:		251473894

	BUSINESS ADDRESS:	
		STREET 1:		1585 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036
		BUSINESS PHONE:		800-548-7786

	MAIL ADDRESS:	
		STREET 1:		1585 BROADWAY
		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 INCOME OPPORTUNITIES FUND
		CENTRAL INDEX KEY:			0000882381
		ORGANIZATION NAME:           	
		EIN:				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:		251473889

	BUSINESS ADDRESS:	
		STREET 1:		1585 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036
		BUSINESS PHONE:		800-548-7786

	MAIL ADDRESS:	
		STREET 1:		1585 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY GLOBAL FIXED INCOME OPPORTUNITIES FUND
		DATE OF NAME CHANGE:	20120307

	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

FILER:

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

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-07694
		FILM NUMBER:		251473887

	BUSINESS ADDRESS:	
		STREET 1:		1585 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036
		BUSINESS PHONE:		800-231-2608

	MAIL ADDRESS:	
		STREET 1:		1585 BROADWAY
		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
		ORGANIZATION NAME:           	
		EIN:				133753686
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-08238
		FILM NUMBER:		251473891

	BUSINESS ADDRESS:	
		STREET 1:		1585 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036
		BUSINESS PHONE:		800 869-6397

	MAIL ADDRESS:	
		STREET 1:		1585 BROADWAY
		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
		ORGANIZATION NAME:           	
		EIN:				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:		251473895

	BUSINESS ADDRESS:	
		STREET 1:		C/O MORGAN STANLEY
		STREET 2:		1585 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036
		BUSINESS PHONE:		800-548-7786

	MAIL ADDRESS:	
		STREET 1:		C/O MORGAN STANLEY
		STREET 2:		1585 BROADWAY
		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
		ORGANIZATION NAME:           	
		EIN:				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:		251473893

	BUSINESS ADDRESS:	
		STREET 1:		1585 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036
		BUSINESS PHONE:		800-548-7786

	MAIL ADDRESS:	
		STREET 1:		1585 BROADWAY
		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
		ORGANIZATION NAME:           	
		EIN:				000000000

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21339
		FILM NUMBER:		251473884

	BUSINESS ADDRESS:	
		STREET 1:		1585 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036
		BUSINESS PHONE:		800-548-7786

	MAIL ADDRESS:	
		STREET 1:		1585 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Alternative Investment Partners Absolute Return Fund
		CENTRAL INDEX KEY:			0001327228
		ORGANIZATION NAME:           	
		EIN:				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:		251473880

	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
		ORGANIZATION NAME:           	
		EIN:				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:		251473879

	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
		ORGANIZATION NAME:           	
		EIN:				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:		251473892

	BUSINESS ADDRESS:	
		STREET 1:		1585 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036
		BUSINESS PHONE:		800-231-2608

	MAIL ADDRESS:	
		STREET 1:		1585 BROADWAY
		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
		ORGANIZATION NAME:           	
		EIN:				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:		251473886

	BUSINESS ADDRESS:	
		STREET 1:		1585 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036
		BUSINESS PHONE:		800-869-6397

	MAIL ADDRESS:	
		STREET 1:		1585 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AIP Multi-Strategy Fund P
		CENTRAL INDEX KEY:			0001428688
		ORGANIZATION NAME:           	
		EIN:				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:		251473877

	BUSINESS ADDRESS:	
		STREET 1:		1585 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036
		BUSINESS PHONE:		610-260-7600

	MAIL ADDRESS:	
		STREET 1:		1585 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036

	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
		ORGANIZATION NAME:           	
		EIN:				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:		251473878

	BUSINESS ADDRESS:	
		STREET 1:		1585 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036
		BUSINESS PHONE:		610-260-7600

	MAIL ADDRESS:	
		STREET 1:		1585 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036

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

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Morgan Stanley ETF Trust
		CENTRAL INDEX KEY:			0001676326
		ORGANIZATION NAME:           	
		EIN:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		40-17G
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-23820
		FILM NUMBER:		251473890

	BUSINESS ADDRESS:	
		STREET 1:		1585 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036
		BUSINESS PHONE:		212.296.1404

	MAIL ADDRESS:	
		STREET 1:		1585 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AIP Alternative Lending Fund P
		CENTRAL INDEX KEY:			0001709406
		ORGANIZATION NAME:           	
		EIN:				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:		251473881

	BUSINESS ADDRESS:	
		STREET 1:		1585 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036
		BUSINESS PHONE:		610.260.7600

	MAIL ADDRESS:	
		STREET 1:		1585 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AIP Alternative Lending Fund A
		CENTRAL INDEX KEY:			0001709447
		ORGANIZATION NAME:           	
		EIN:				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:		251473882

	BUSINESS ADDRESS:	
		STREET 1:		1585 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036
		BUSINESS PHONE:		610.260.7600

	MAIL ADDRESS:	
		STREET 1:		1585 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MORGAN STANLEY U.S. GOVERNMENT MONEY MARKET TRUST
		CENTRAL INDEX KEY:			0000356409
		ORGANIZATION NAME:           	
		EIN:				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:		251473885

	BUSINESS ADDRESS:	
		STREET 1:		1585 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036
		BUSINESS PHONE:		800-869-6397

	MAIL ADDRESS:	
		STREET 1:		1585 BROADWAY
		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

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Morgan Stanley Long Duration Government Opportunities Fund
		CENTRAL INDEX KEY:			0000730044
		ORGANIZATION NAME:           	
		EIN:				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:		251473888

	BUSINESS ADDRESS:	
		STREET 1:		1585 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036
		BUSINESS PHONE:		800-869-6397

	MAIL ADDRESS:	
		STREET 1:		1585 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY U.S. GOVERNMENT SECURITIES TRUST
		DATE OF NAME CHANGE:	20210429

	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
</SEC-HEADER>
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<TYPE>40-17G
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<DESCRIPTION>MORGAN STANLEY EUROPE OPPORTUNITY FUND INC - 40-17G
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<BODY>


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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>30<SUP>th
</SUP>Floor</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><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; text-align: center"><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: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November 10, 2025</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><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: 8pt 0 0; text-indent: 30.6pt"><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: 8pt 0 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: 8pt 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; text-indent: 30.6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><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 $30 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, 2025 to October 5, 2026; </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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; padding-top: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD>
    <TD><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 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%; padding-top: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.</FONT></TD>
    <TD><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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; padding-top: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.</FONT></TD>
    <TD><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: 8pt 0 0; text-indent: 30.6pt"><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>

<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: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 40%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Very truly yours,</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <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>
    <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: bottom">
    <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>
    <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"><BR>
    /s/ Deidre Walsh</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>
    <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">Deidre Walsh<BR>
    Secretary of the Funds</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 8pt 0 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 0 12pt; text-align: right; text-indent: -0.35pt"><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 0 0pt; text-indent: -0.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>SEPTEMBER 17-18, 2025</B></FONT></P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;</B></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 0 0 36pt; text-indent: -36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></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: 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. (&#8220;<I>Europe Opportunity</I>&#8221;)</FONT></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: 0"></TD><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 (&#8220;<I>Insight Fund</I>&#8221;)</FONT></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: 0"></TD><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. (&#8220;<I>Institutional Fund Inc.</I>&#8221;)</FONT></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt">&nbsp;</TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Advantage Portfolio</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">American Resilience Portfolio</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Asia Opportunity Portfolio</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Developing Opportunity Portfolio</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Emerging Markets ex China Portfolio</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Emerging Markets Leaders Portfolio</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Emerging Markets Portfolio</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Global Insight Portfolio</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Global Concentrated Portfolio</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Global Core Portfolio</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Global Endurance Portfolio</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Global Franchise Portfolio</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Global Opportunity Portfolio</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Global Permanence Portfolio</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Global Stars Portfolio</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Growth Portfolio</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Inception Portfolio</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">International Advantage Portfolio</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">International Equity Portfolio</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">International Opportunity Portfolio</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">International Resilience Portfolio</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Passport Overseas Equity Portfolio</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Permanence Portfolio</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">US Core Portfolio</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Vitality Portfolio</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&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: 0"></TD><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 Fund Trust (&#8220;<I>Institutional Fund Trust</I>&#8221;)</FONT></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: 36pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Discovery
                                            Portfolio</FONT></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: 36pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Global
                                            Strategist Portfolio</FONT></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: 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. (&#8220;<I>Variable Insurance Fund</I>&#8221;)</FONT></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: 36pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Discovery
                                            Portfolio</FONT></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: 36pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Emerging
                                            Markets Equity Portfolio</FONT></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: 36pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Global
                                            Strategist Portfolio</FONT></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: 36pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Growth
                                            Portfolio</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 54pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></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: 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">E*TRADE Trust (&ldquo;<I>E*TRADE Trust</I>&rdquo;)</FONT></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: 36pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">E*TRADE No Fee Large Cap Index Fund</FONT></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: 36pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">E*TRADE No Fee International Index Fund</FONT></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: 36pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">E*TRADE No Fee Total Market Index Fund</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"><B>&nbsp;</B></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"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan
Stanley China A Share Fund, Inc. (&#8220;<I>China A Fund</I>&#8221;)</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan
Stanley India Investment Fund, Inc. (&#8220;<I>India Investment Fund</I>&#8221;)</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>Equity
ETFs</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"><B>&nbsp;</B></FONT></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"><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 ETF Trust (&#8220;<I>ETF Trust</I>&#8221;)</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"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Calvert
                                            International Responsible Index ETF</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"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Calvert
                                            US Large-Cap Core Responsible Index ETF</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"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Calvert
                                            US Large-Cap Diversity, Equity and Inclusion Index ETF</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"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Calvert
                                            US Mid-Cap Core Responsible Index ETF</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"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Calvert
                                            US Select Equity ETF</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Parametric Equity Plus ETF</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"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Parametric Equity Premium Income ETF</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"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Parametric Hedged Equity ETF</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"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-indent: -36pt"><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 0 0 36pt; text-indent: -36pt"><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: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Morgan Stanley Income Opportunities Fund (&ldquo;<I>Income Opportunities</I>&rdquo;)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Morgan Stanley Long Duration Government Opportunities Fund (<I>&ldquo;Long Duration Government Opportunities&rdquo;</I>)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.</FONT></TD>
    <TD COLSPAN="2"><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>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt">&nbsp;</TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Corporate Bond Portfolio</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">High Yield Portfolio</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.</FONT></TD>
    <TD COLSPAN="2"><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>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Emerging Markets Debt Portfolio</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">E*TRADE Trust (&ldquo;<I>E*TRADE Trust</I>&rdquo;)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">E*TRADE No Fee Municipal Bond Index Fund</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">E*TRADE No Fee U.S. Bond Index Fund</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><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"><B>&nbsp;</B></FONT></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><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">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. (&#8220;<I>Emerging Markets Debt</I>&#8221;)</FONT></TD></TR>
                                                                                                                                     <TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><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>(&#8220;<I>Emerging Markets Domestic
                                            Debt</I>&#8221;)</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"><B>&nbsp;</B></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>Fixed
Income ETFs</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"><B>&nbsp;</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Morgan Stanley ETF Trust (&ldquo;<I>ETF Trust</I>&rdquo;)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt">&nbsp;</TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Calvert Ultra-Short Investment Grade ETF</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Eaton Vance CLO Investment Grade ETF</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Eaton Vance Floating-Rate ETF</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Eaton Vance High Yield ETF</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Eaton Vance High Income Municipal ETF</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Eaton Vance Intermediate Municipal Income ETF</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Eaton Vance Mortgage Opportunities ETF</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Eaton Vance Short Duration Income ETF</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Eaton Vance Short Duration Municipal Income ETF</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Eaton Vance Income Opportunities ETF</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Eaton Vance Total Return Bond ETF</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Eaton Vance Ultra-Short Income ETF</FONT></TD></TR>
  </TABLE>

<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="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"><B>&nbsp;</B></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"><B>&nbsp;</B></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 U.S. Government Money Market Trust (&#8220;<I>Government Money</I>&#8221;)</FONT></TD></TR><TR STYLE="vertical-align: top">
<TD><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 Institutional Liquidity Funds (&#8220;<I>Institutional Liquidity Funds</I>&#8221;)</FONT></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: 36pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Government
                                            Portfolio</FONT></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: 36pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Government
                                            Securities Portfolio</FONT></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: 36pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Money
                                            Market Portfolio</FONT></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: 36pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Prime
                                            Portfolio</FONT></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: 36pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Tax-Exempt
                                            Portfolio</FONT></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: 36pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Treasury
                                            Portfolio</FONT></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: 36pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Treasury
                                            Securities Portfolio</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>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"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan
Stanley Institutional Fund Trust (&#8220;<I>Institutional Fund Trust</I>&#8221;)</FONT></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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ultra-Short
                                            Income Portfolio</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>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"><B>&nbsp;</B></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><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">AIP
                                            Alternative Lending Fund A (&ldquo;<I>Alternative Lending Fund A</I>&#8221;)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD>2.</TD><TD>AIP Alternative Lending Fund P (&ldquo;<I>Alternative Lending Fund P</I>&#8221;)</TD></TR>
</TABLE>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</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>Funds
of Hedge Funds</U></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&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: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Alternative
                                            Investment Partners Absolute Return Fund (&#8220;<I>Absolute Return Fund</I>&#8221;)</FONT></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: 0"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Alternative
                                            Investment Partners Absolute Return Fund STS (&#8220;<I>Absolute Return STS</I>&#8221;)</FONT></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: 0"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">AIP
                                            Multi-Strategy Fund A (&#8220;<I>Multi-Strategy A</I>&#8221;)</FONT></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: 0"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">AIP
                                            Multi-Strategy Fund P (&#8220;<I>Multi-Strategy P</I>&#8221;)</FONT></TD></TR></TABLE>



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<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>ICI MUTUAL INSURANCE COMPANY,<BR>
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"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: center"><FONT STYLE="letter-spacing: 0pt">INVESTMENT
COMPANY BLANKET BOND</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: center"><FONT STYLE="letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: right"><FONT STYLE="letter-spacing: 0pt">Blanket Bond (05/23)&nbsp;</FONT></P>


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    <!-- 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: 0pt; 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: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding: 2pt 0pt 0pt; text-align: justify; width: 9%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Item
    1.</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding: 2pt 0pt 0pt; text-align: justify; width: 51%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Name
                                            of Insured (the &ldquo;Insured&rdquo;)</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Morgan
                                            Stanley Institutional Fund, Inc.</B></FONT></P></TD>
    <TD STYLE="padding-top: 2pt; border-top: Black 1pt solid; text-align: right; width: 40%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Bond Number<BR>
    <B>88190125B</B></FONT></TD></TR>
</TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 9%">&nbsp;</TD>
  <TD STYLE="width: 46%">Principal Office:</TD>
  <TD STYLE="width: 45%">Mailing Address:</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1585 Broadway</TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1585 Broadway</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York, NY 10036</TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York, NY 10036</TD></TR>
</TABLE>






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

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  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0pt; width: 9%; font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Item 2.</B></FONT></TD>
    <TD STYLE="text-align: justify; padding: 0pt; width: 91%; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Bond Period: from 12:01 a.m. on <U>October 5, 2025</U>, to 12:01 a.m. on <U>October 5, 2026</U>, or 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="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0pt; width: 9%; border-top: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Item 3.</B></FONT></TD>
    <TD STYLE="padding: 0pt; width: 91%; border-top: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0pt"><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: 0pt; font: 12pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; font: 12pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Subject to Sections 9, 10 and 12 hereof:</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 21%; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="width: 41%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>LIMIT OF</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>LIABILITY</B></P></TD>
    <TD STYLE="text-align: center; width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>DEDUCTIBLE</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>AMOUNT</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="text-align: left; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-right: 5.4pt; padding-left: 0pt; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Insuring Agreement A-</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">FIDELITY</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.9pt; 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: top; padding-right: 13.8pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Not&nbsp;Applicable</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-right: 5.4pt; padding-left: 0pt; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Insuring Agreement B-</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">AUDIT EXPENSE</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.9pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$50,000</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 13.8pt; 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(210,247,250)">
    <TD STYLE="text-align: left; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Insuring Agreement C-</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ON PREMISES</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.9pt; 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: top; padding-right: 13.8pt; 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="text-align: left; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Insuring Agreement D-</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">IN TRANSIT</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.9pt; 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: top; padding-right: 13.8pt; 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(210,247,250)">
    <TD STYLE="text-align: left; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Insuring Agreement E-</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">FORGERY OR ALTERATION</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.9pt; 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: top; padding-right: 13.8pt; 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="text-align: left; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Insuring Agreement F-</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SECURITIES</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.9pt; 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: top; padding-right: 13.8pt; 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(210,247,250)">
    <TD STYLE="text-align: left; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Insuring Agreement G-</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">COUNTERFEIT CURRENCY</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.9pt; 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: top; padding-right: 13.8pt; 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="text-align: left; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-right: 5.4pt; padding-left: 0pt; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Insuring&nbsp;Agreement&nbsp;H-</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">UNCOLLECTIBLE ITEMS OF DEPOSIT</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.9pt; 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="vertical-align: top; padding-right: 13.8pt; 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(210,247,250)">
    <TD STYLE="text-align: left; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-right: 5.4pt; padding-left: 0pt; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Insuring Agreement I-</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">PHONE/ELECTRONIC TRANSACTIONS</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.9pt; 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: top; padding-right: 13.8pt; 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="text-align: left; padding-top: 3pt; padding-bottom: 3pt; vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="text-align: left; padding-top: 3pt; padding-bottom: 3pt; vertical-align: top"><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">
    <TD STYLE="text-align: left; padding-top: 3pt; padding-bottom: 3pt; vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="text-align: left; padding-top: 3pt; padding-bottom: 3pt; vertical-align: top"><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(210,247,250)">
    <TD STYLE="text-align: left; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-right: 5.4pt; padding-left: 0pt; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Insuring Agreement J-</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">COMPUTER SECURITY</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.9pt; 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: top; padding-right: 13.8pt; 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="text-align: left; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 0pt; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Insuring Agreement M-</FONT></TD>
    <TD STYLE="text-align: left; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SOCIAL ENGINEERING FRAUD</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.9pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$1,000,000</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 13.8pt; padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$150,000</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 45.35pt; text-align: justify; text-indent: -45.35pt"><B>&nbsp;</B></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 4pt"><TR STYLE="vertical-align: top">
<TD STYLE="border-top: Black 1pt solid; width: 9%"><B>Item 4.</B></TD><TD STYLE="border-top: Black 1pt solid; text-align: justify; width: 91%">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.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; border-top: Black 0.5pt solid"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9%"><B>Item 5.</B></TD><TD STYLE="text-align: justify; width: 91%"><B></B>The liability of ICI Mutual Insurance Company
(the &ldquo;Underwriter&rdquo;) is subject to the terms of the following Riders attached hereto:</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
                                                                                                          <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify">Riders:&#9;1-2-3-4-5-6-7-8-9-10-11-12-13</P></TD></TR>
                                                                                                          <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
                                                                                                          <TR STYLE="vertical-align: top">
<TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: justify"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify; text-indent: 0pt">and of all Riders applicable
to this Bond issued during the Bond Period.</P></TD></TR>
                                                                                                          </TABLE>

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





<DIV STYLE="padding: 0pt 0pt 1pt">





</DIV>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0pt; width: 5%; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0pt; width: 40%; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">/s/ Swenitha Nalli</FONT></TD>
    <TD STYLE="padding: 0pt; width: 10%; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; text-underline-style: double">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt; width: 5%; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0pt; width: 40%; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">/s/ Catherine Dalton</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; text-underline-style: double">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Authorized Representative</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; text-underline-style: double">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; text-underline-style: double">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Authorized Representative</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt">&nbsp;</FONT></P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
  <TD STYLE="text-align: center; width: 40%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></TD>
  <TD STYLE="text-align: right; width: 30%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Blanket Bond (05/23)</FONT></TD></TR>
</TABLE>

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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: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: center"><FONT STYLE="letter-spacing: 0pt">INSURING
AGREEMENTS</FONT></P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 29pt; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt">Loss
resulting directly from any Dishonest or Fraudulent Act committed by an Employee, committed anywhere and whether committed alone or in
collusion with other persons (whether or not Employees), during the time such Employee has the status of an Employee as defined herein,
and even if such loss is not discovered until after he or she ceases to be an Employee; and EXCLUDING loss covered under Insuring Agreement
B.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt">&nbsp;</FONT></P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 29pt; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt">Expense
incurred by the Insured for that part of the costs of audits or examinations required by any governmental regulatory authority or Self-Regulatory
Organization to be conducted by such authority or Organization or by an independent accountant or other person, by reason of the discovery
of loss sustained by the Insured and covered by this Bond.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt">&nbsp;</FONT></P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 29pt; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt">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.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt">&nbsp;</FONT></P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 29pt; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt">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.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt">&nbsp;</FONT></P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
  <TD STYLE="text-align: center; width: 40%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2</FONT></TD>
  <TD STYLE="text-align: right; width: 30%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Blanket Bond (05/23)</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt"></FONT></P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 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>FORGERY OR ALTERATION</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 0 0 27pt; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt">Loss
resulting directly from the Insured having, in good faith, paid or transferred any Property in reliance upon any Written, Original:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; letter-spacing: -0.1pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 22.5pt"><FONT STYLE="letter-spacing: 0pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0pt">bills of exchange, checks, drafts, or other written orders or directions
to pay sums certain in money, acceptances, certificates of deposit, due bills, money orders, warrants, orders upon public treasuries,
or letters of credit; or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.5pt; letter-spacing: -0.1pt; text-align: justify; text-indent: -22.5pt"><FONT STYLE="letter-spacing: 0pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; letter-spacing: -0.1pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 22.5pt"><FONT STYLE="letter-spacing: 0pt">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0pt">instructions, requests or applications directed to the Insured, authorizing
or acknowledging the transfer, payment, redemption, delivery or receipt of money or Property, or giving notice of any bank account (provided
such instructions or requests or applications purport to have been signed or endorsed by (a) any customer of the Insured, or (b) any shareholder
of or subscriber to shares issued by any Investment Company, or (c) any financial or banking institution or stockbroker, and further provided
such instructions, requests, or applications either bear the forged signature or endorsement or have been altered without the knowledge
and consent of such customer, such shareholder or subscriber to shares issued by an Investment Company, or such financial or banking institution
or stockbroker); or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.5pt; letter-spacing: -0.1pt; text-align: justify; text-indent: -22.5pt"><FONT STYLE="letter-spacing: 0pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; letter-spacing: -0.1pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 22.5pt"><FONT STYLE="letter-spacing: 0pt">(3)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0pt">withdrawal orders or receipts for the withdrawal of Property, or receipts
or certificates of deposit for Property and bearing the name of the Insured as issuer or of another Investment Company for which the Insured
acts as agent;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt">which
bear (a) a Forgery, or (b) an Alteration, but only to the extent that the Forgery or Alteration directly causes the loss.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt">Actual
physical possession by the Insured or its authorized representative of the items listed in (1) through (3) above is a condition precedent
to the Insured having relied upon the items.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt">This
Insuring Agreement E does not cover loss caused by Forgery or Alteration of Securities or loss covered under Insuring Agreement A.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt">F.&nbsp;&nbsp;</TD><TD>&nbsp;&nbsp;SECURITIES</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; letter-spacing: -0.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt">Loss
resulting directly from the Insured, in good faith, in the ordinary course of business, and in any capacity whatsoever, whether for its
own account or for the account of others, having acquired, accepted or received, or sold or delivered, or given any value, extended any
credit or assumed any liability in reliance on any Written, Original Securities, where such loss results from the fact that such Securities
prove to:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; letter-spacing: -0.1pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 22.5pt"><FONT STYLE="letter-spacing: 0pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0pt">be Counterfeit, but only to the extent that the Counterfeit directly
causes the loss, or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.5pt; letter-spacing: -0.1pt; text-align: justify; text-indent: -22.5pt"><FONT STYLE="letter-spacing: 0pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; letter-spacing: -0.1pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 22.5pt"><FONT STYLE="letter-spacing: 0pt">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0pt">be lost or stolen, or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.5pt; letter-spacing: -0.1pt; text-align: justify; text-indent: -22.5pt"><FONT STYLE="letter-spacing: 0pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; letter-spacing: -0.1pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 22.5pt"><FONT STYLE="letter-spacing: 0pt">(3)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0pt">contain a Forgery or Alteration, but only to the extent the Forgery
or Alteration directly causes the loss,</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt">and
notwithstanding whether or not the act of the Insured causing such loss violated the constitution, by-laws, rules, or regulations of any
Self-Regulatory Organization, whether or not the Insured was a member thereof.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; letter-spacing: -0.1pt; text-align: justify"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
  <TD STYLE="text-align: center; width: 40%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3</FONT></TD>
  <TD STYLE="text-align: right; width: 30%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Blanket Bond (05/23)</FONT></TD></TR>
</TABLE>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt">This
Insuring Agreement F does not cover loss covered under Insuring Agreement A.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt">Actual
physical possession by the Insured or its authorized representative of the Securities is a condition precedent to the Insured having relied
upon the Securities.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt">&nbsp;</FONT></P>

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

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0">H.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UNCOLLECTIBLE ITEMS OF
DEPOSIT</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt">Loss
resulting directly from the payment of dividends, issuance of Fund shares or redemptions or exchanges permitted from an account with the
Fund as a consequence of</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; letter-spacing: -0.1pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 22.5pt"><FONT STYLE="letter-spacing: 0pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0pt">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</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.5pt; letter-spacing: -0.1pt; text-align: justify; text-indent: -22.5pt"><FONT STYLE="letter-spacing: 0pt">&nbsp;</FONT></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; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt">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.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt">&nbsp;</FONT></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" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt">I.</TD><TD>&nbsp;&nbsp;&nbsp;PHONE/ELECTRONIC TRANSACTIONS</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 0 0 27pt; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt">Loss
resulting directly from a Phone/Electronic Transaction, where the request for such Phone/Electronic Transaction:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; letter-spacing: -0.1pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 22.5pt"><FONT STYLE="letter-spacing: 0pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0pt">is transmitted to the Insured or its agents by voice over the telephone
or by Electronic Transmission; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.5pt; letter-spacing: -0.1pt; text-align: justify; text-indent: -22.5pt"><FONT STYLE="letter-spacing: 0pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; letter-spacing: -0.1pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 22.5pt"><FONT STYLE="letter-spacing: 0pt">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0pt">is made by an individual purporting to be a Fund shareholder or subscriber
or an authorized agent of a Fund shareholder or subscriber; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.5pt; letter-spacing: -0.1pt; text-align: justify; text-indent: -22.5pt"><FONT STYLE="letter-spacing: 0pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; letter-spacing: -0.1pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 22.5pt"><FONT STYLE="letter-spacing: 0pt">(3)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0pt">is unauthorized or fraudulent and is made with the manifest intent to
deceive;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 45pt; letter-spacing: -0.1pt; text-align: justify; text-indent: -18pt"><FONT STYLE="letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt">PROVIDED,
that the entity receiving such request generally maintains and follows during the Bond Period all Phone/Electronic Transaction Security
Procedures with respect to all Phone/Electronic Transactions; and</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; letter-spacing: -0.1pt; text-align: justify"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
  <TD STYLE="text-align: center; width: 40%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4</FONT></TD>
  <TD STYLE="text-align: right; width: 30%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Blanket Bond (05/23)</FONT></TD></TR>
</TABLE>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 27pt"><FONT STYLE="letter-spacing: 0pt">EXCLUDING
loss resulting from:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 27pt"><FONT STYLE="letter-spacing: 0pt">&nbsp;</FONT></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; letter-spacing: -0.1pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 22.5pt"><FONT STYLE="letter-spacing: 0pt">(6)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0pt">the failure or circumvention of any physical or electronic protection
device, including any firewall, that imposes restrictions on the flow of electronic traffic in or out of any Computer System.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 45pt; letter-spacing: -0.1pt; text-align: justify; text-indent: -18pt"><FONT STYLE="letter-spacing: 0pt">&nbsp;</FONT></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: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: center"><FONT STYLE="letter-spacing: 0pt">GENERAL
AGREEMENTS</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 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>ADDITIONAL OFFICES OR EMPLOYEES&mdash;CONSOLIDATION OR MERGER&mdash;NOTICE</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; letter-spacing: -0.1pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="letter-spacing: 0pt">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0pt">Except as provided in paragraph 2 below, this Bond shall apply to any
additional office(s) established by the Insured during the Bond Period and to all Employees during the Bond Period, without the need to
give notice thereof or pay additional premiums to the Underwriter for the Bond Period.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 45pt; letter-spacing: -0.1pt; text-align: justify; text-indent: -18pt"><FONT STYLE="letter-spacing: 0pt">&nbsp;</FONT></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>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 29pt; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt">No
statement made by or on behalf of the Insured, whether contained in the Application or otherwise, shall be deemed to be an absolute warranty,
but only a warranty that such statement is true to the best of the knowledge of the person responsible for such statement.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; letter-spacing: -0.1pt; text-align: justify"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
  <TD STYLE="text-align: center; width: 40%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5</FONT></TD>
  <TD STYLE="text-align: right; width: 30%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Blanket Bond (05/23)</FONT></TD></TR>
</TABLE>


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<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0">C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COURT COSTS AND ATTORNEYS&rsquo;
FEES</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 29pt; 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; letter-spacing: -0.1pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="letter-spacing: 0pt">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0pt">an Employee admits to having committed or is adjudicated to have committed
a Dishonest or Fraudulent Act which caused the loss; or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 45pt; letter-spacing: -0.1pt; text-align: justify; text-indent: -18pt"><FONT STYLE="letter-spacing: 0pt">&nbsp;</FONT></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: 0pt 0pt 0pt 29pt; 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: 0pt 0pt 0pt 29pt; 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>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 29pt; 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>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27.35pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27.35pt; text-align: justify"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
  <TD STYLE="text-align: center; width: 40%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6</FONT></TD>
  <TD STYLE="text-align: right; width: 30%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Blanket Bond (05/23)</FONT></TD></TR>
</TABLE>


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<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: center"><FONT STYLE="letter-spacing: 0pt">THIS
BOND, INCLUDING THE FOREGOING INSURING AGREEMENTS<BR>
AND GENERAL AGREEMENTS, IS SUBJECT TO THE FOLLOWING<BR>
PROVISIONS, CONDITIONS AND LIMITATIONS:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&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">A.</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; 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"><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; 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">C.</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; 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">D.</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; 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">E.</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; 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">F.</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; 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">G.</TD><TD STYLE="text-align: justify">&ldquo;<B>Convertible Virtual Currency&rdquo;</B> means Digital Assets that have an equivalent value in
real currency, or that act as a substitute for real currency, including, without limitation, stablecoins and other cryptocurrency.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-indent: -27pt"><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">H.</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; 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">I.</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; 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">J.</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; 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">K.</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>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
  <TD STYLE="text-align: center; width: 40%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7</FONT></TD>
  <TD STYLE="text-align: right; width: 30%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Blanket Bond (05/23)</FONT></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: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt">L.</TD><TD STYLE="text-align: justify"><B>&ldquo;Digital Assets&rdquo;</B> mean any digital representations of value which are recorded on cryptographically
secured distributed ledgers or any similar technology, including, without limitation, Convertible Virtual Currency and Non-Fungible Tokens.</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: 0"></TD><TD STYLE="width: 27pt">M.</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; 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">N.</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; text-indent: -27pt"><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">O.</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: 27pt">(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 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: 27pt">(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 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: 27pt">(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 54pt; text-align: justify; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; letter-spacing: -0.1pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="letter-spacing: 0pt">(4)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0pt">each student who is an authorized intern of the Insured, while in any
of the Insured&rsquo;s offices, and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 54pt; letter-spacing: -0.1pt; text-align: justify; text-indent: -27pt"><FONT STYLE="letter-spacing: 0pt">&nbsp;</FONT></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: 27pt">(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></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: 27pt">(b)</TD><TD STYLE="text-align: justify">an underwriter (distributor),</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: 27pt">(c)</TD><TD STYLE="text-align: justify">a transfer agent or shareholder accounting recordkeeper, or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; letter-spacing: -0.1pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="letter-spacing: 0pt">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0pt">an administrator authorized by written agreement to keep financial and/or
other required records,</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 63pt; letter-spacing: -0.1pt; text-align: justify; text-indent: -18pt"><FONT STYLE="letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 54pt; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt">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</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 54pt; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 54pt; letter-spacing: -0.1pt; text-align: justify"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
  <TD STYLE="text-align: center; width: 40%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8</FONT></TD>
  <TD STYLE="text-align: right; width: 30%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Blanket Bond (05/23)</FONT></TD></TR>
</TABLE>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</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">(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>

<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">(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>each officer, partner or employee of</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 45pt; 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>any Depository or Exchange,</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: 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></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: 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">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">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; letter-spacing: -0.1pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 22.5pt"><FONT STYLE="letter-spacing: 0pt">(9)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0pt">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).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 45pt; letter-spacing: -0.1pt; text-align: justify; text-indent: -18pt"><FONT STYLE="letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt">Each
employer of temporary personnel and each entity referred to in subsections (6) and (7) and their respective partners, officers and employees
shall collectively be deemed to be one person for all the purposes of this Bond.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt">Brokers,
agents, independent contractors, or representatives of the same general character shall not be considered Employees, except as provided
in subsections (3), (6), and (7).</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt">&nbsp;</FONT></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"><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; 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">Q.</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; 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">R.</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; 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">S.</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; 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">T.</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="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
  <TD STYLE="text-align: center; width: 40%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9</FONT></TD>
  <TD STYLE="text-align: right; width: 30%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Blanket Bond (05/23)</FONT></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">U.</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>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; 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">V.</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">W.</TD><TD STYLE="text-align: justify"><B>&ldquo;Non-Fungible Tokens&rdquo;</B> mean Digital Assets that are unique digital identifiers that
are recorded on cryptographically secured distributed ledgers or any similar technology, and that are used to certify authenticity and/or
ownership of unique assets that cannot be traded, divided, or exchanged at equivalency.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-indent: -27pt"><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">X.</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: 26.65pt">(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 54pt; text-align: justify; text-indent: -26.65pt">&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: 26.65pt">(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 54pt; text-align: justify; text-indent: -26.65pt">&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: 26.65pt">(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">Y.</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; 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">Z.</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; 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">AA.</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; 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">BB.</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; 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">CC.</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="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
  <TD STYLE="text-align: center; width: 40%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10</FONT></TD>
  <TD STYLE="text-align: right; width: 30%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Blanket Bond (05/23)</FONT></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">DD.</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>

<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">EE.</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">FF.</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; 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">GG.</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: 26.65pt">(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 54pt; text-align: justify; text-indent: -26.65pt">&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: 26.65pt">(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 54pt; text-align: justify; text-indent: -26.65pt">&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: 26.65pt">(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 54pt; text-align: justify; text-indent: -26.65pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; letter-spacing: -0.1pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 26.65pt"><FONT STYLE="letter-spacing: 0pt">(4)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0pt">all loss caused by any one occurrence or event other than those specified
in subsections (1) through (3) above.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 45pt; letter-spacing: -0.1pt; text-align: justify; text-indent: -18pt"><FONT STYLE="letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt">All
acts or omissions of one or more persons which directly or indirectly aid or, by failure to report or otherwise, permit the continuation
of an act referred to in subsections (1) and (2) above of any other person shall be deemed to be the acts of such other person for purposes
of this subsection.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt">&nbsp;</FONT></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">HH.</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; 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">II.</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; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt">THIS
BOND DOES NOT COVER:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt">&nbsp;</FONT></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="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
  <TD STYLE="text-align: center; width: 40%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11</FONT></TD>
  <TD STYLE="text-align: right; width: 30%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Blanket Bond (05/23)</FONT></TD></TR>
</TABLE>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</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.</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; 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">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>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; 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">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; 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">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; 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">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; 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">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; 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">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; 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">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; letter-spacing: -0.1pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="letter-spacing: 0pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0pt">to do bodily harm to any person, except where the Property is in transit
in the custody of any person acting as messenger as a result of a threat to do bodily harm to such person, if the Insured had no knowledge
of such threat at the time such transit was initiated, or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 54pt; letter-spacing: -0.1pt; text-align: justify; text-indent: -27pt"><FONT STYLE="letter-spacing: 0pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; letter-spacing: -0.1pt; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="letter-spacing: 0pt">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0pt">to do damage to the premises or Property of the Insured,</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 45pt; letter-spacing: -0.1pt; text-align: justify; text-indent: -18pt"><FONT STYLE="letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; letter-spacing: -0.1pt; text-align: justify; text-indent: -9pt"><FONT STYLE="letter-spacing: 0pt">unless
such loss is otherwise covered under Insuring Agreement A.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; letter-spacing: -0.1pt; text-align: justify; text-indent: -9pt"><FONT STYLE="letter-spacing: 0pt">&nbsp;</FONT></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; 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">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="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
  <TD STYLE="text-align: center; width: 40%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12</FONT></TD>
  <TD STYLE="text-align: right; width: 30%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Blanket Bond (05/23)</FONT></TD></TR>
</TABLE>


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    <!-- Field: /Page -->


<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; 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">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>

<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">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; 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">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; 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">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.O(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; 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">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; 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">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; 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">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; 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">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; 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">U.</TD><TD STYLE="text-align: justify">Loss resulting from the theft, disappearance, or destruction of Digital Assets or from the change in value
of Digital Assets, 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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
  <TD STYLE="text-align: center; width: 40%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13</FONT></TD>
  <TD STYLE="text-align: right; width: 30%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Blanket Bond (05/23)</FONT></TD></TR>
</TABLE>


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<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; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt">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.</FONT></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">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; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt">This
Bond is for the use and benefit only of the Insured and the Underwriter shall not be liable hereunder to anyone other than the Insured.
As soon as practicable and not more than sixty (60) days after discovery of any loss covered hereunder, the Insured shall give the Underwriter
written notice thereof and, as soon as practicable and within one year after such discovery, shall also furnish to the Underwriter affirmative
proof of loss with full particulars. The Underwriter may extend the sixty-day notice period or the one-year proof of loss period if the
Insured requests an extension and shows good cause therefor.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt">The
Insured shall provide the Underwriter with such information, assistance, and cooperation as the Underwriter may reasonably request.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt">&nbsp;</FONT></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 27.35pt; 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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
  <TD STYLE="text-align: center; width: 40%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14</FONT></TD>
  <TD STYLE="text-align: right; width: 30%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Blanket Bond (05/23)</FONT></TD></TR>
</TABLE>


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

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

<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-indent: -27pt"><B>SECTION 6. VALUATION OF PROPERTY</B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt">For
the purpose of determining the amount of any loss hereunder, the value of any Property shall be the market value of such Property at the
close of business on the first business day before the discovery of such loss; except that</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt">&nbsp;</FONT></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: 27pt">(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 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: 27pt">(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 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: 27pt">(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-indent: -27pt"><B>SECTION 7. LOST SECURITIES</B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt">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.</FONT></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; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
  <TD STYLE="text-align: center; width: 40%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15</FONT></TD>
  <TD STYLE="text-align: right; width: 30%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Blanket Bond (05/23)</FONT></TD></TR>
</TABLE>


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<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-indent: -27pt"><B>SECTION 8. SALVAGE</B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt">If
any recovery is made, whether by the Insured or the Underwriter, on account of any loss within the applicable Limit of Liability hereunder,
the Underwriter shall be entitled to the full amount of such recovery to reimburse the Underwriter for all amounts paid hereunder with
respect to such loss. If any recovery is made, whether by the Insured or the Underwriter, on account of any loss in excess of the applicable
Limit of Liability hereunder plus the Deductible Amount applicable to such loss from any source other than suretyship, insurance, reinsurance,
security or indemnity taken by or for the benefit of the Underwriter, the amount of such recovery, net of the actual costs and expenses
of recovery, shall be applied to reimburse the Insured in full for the portion of such loss in excess of such Limit of Liability, and
the remainder, if any, shall be paid first to reimburse the Underwriter for all amounts paid hereunder with respect to such loss and then
to the Insured to the extent of the portion of such loss within the Deductible Amount. The Insured shall execute all documents which the
Underwriter deems necessary or desirable to secure to the Underwriter the rights provided for herein.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt; 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-indent: -27pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt">Prior
to its termination, this Bond shall continue in force up to the Limit of Liability for each Insuring Agreement for each Single Loss, notwithstanding
any previous loss (other than such Single Loss) for which the Underwriter may have paid or be liable to pay hereunder; PROVIDED, however,
that regardless of the number of years this Bond shall continue in force and the number of premiums which shall be payable or paid, the
liability of the Underwriter under this Bond with respect to any Single Loss shall be limited to the applicable Limit of Liability irrespective
of the total amount of such Single Loss and shall not be cumulative in amounts from year to year or from period to period.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt">&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt">The
maximum liability of the Underwriter for any Single Loss covered by any Insuring Agreement under this Bond shall be the Limit of Liability
applicable to such Insuring Agreement, subject to the applicable Deductible Amount and the other provisions of this Bond. Recovery for
any Single Loss may not be made under more than one Insuring Agreement. If any Single Loss covered under this Bond is recoverable or recovered
in whole or in part because of an unexpired discovery period under any other bonds or policies issued by the Underwriter to the Insured
or to any predecessor in interest of the Insured, the maximum liability of the Underwriter shall be the greater of either (1) the applicable
Limit of Liability under this Bond, or (2) the maximum liability of the Underwriter under such other bonds or policies.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt">&nbsp;</FONT></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; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt">Notwithstanding
anything to the contrary herein, if any loss covered by this Bond shall also be covered by other insurance or suretyship for the benefit
of the Insured, the Underwriter shall be liable hereunder only for the portion of such loss in excess of the amount recoverable under
such other insurance or suretyship, but not exceeding the applicable Limit of Liability of this Bond.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; letter-spacing: -0.1pt; text-align: justify"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
  <TD STYLE="text-align: center; width: 40%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16</FONT></TD>
  <TD STYLE="text-align: right; width: 30%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Blanket Bond (05/23)</FONT></TD></TR>
</TABLE>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt">The
Underwriter shall not be liable under any Insuring Agreement unless the amount of the loss covered thereunder, after deducting the net
amount of all reimbursement and/or recovery received by the Insured with respect to such loss (other than from any other bond, suretyship
or insurance policy or as an advance by the Underwriter hereunder) shall exceed the applicable Deductible Amount; in such case the Underwriter
shall be liable only for such excess, subject to the applicable Limit of Liability and the other terms of this Bond.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt">&nbsp;</FONT></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>

<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-indent: -27pt"><B>SECTION 13.&#9;TERMINATION</B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt">The
Underwriter may terminate this Bond as to any Insured or all Insureds only by written notice to such Insured or Insureds and, if this
Bond is terminated as to any Investment Company, to each such Investment Company terminated thereby and to the Securities and Exchange
Commission, Washington, D.C., in all cases not less than sixty (60) days prior to the effective date of termination specified in such
notice.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt">&nbsp;</FONT></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; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt">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.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt">&nbsp;</FONT></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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
  <TD STYLE="text-align: center; width: 40%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17</FONT></TD>
  <TD STYLE="text-align: right; width: 30%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Blanket Bond (05/23)</FONT></TD></TR>
</TABLE>


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    <!-- Field: /Page -->


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; 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-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; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt">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.</FONT></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 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-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-indent: -27pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt">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.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt">&nbsp;</FONT></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-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-indent: -27pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt">If
more than one entity is named as the Insured:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt">&nbsp;</FONT></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="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
  <TD STYLE="text-align: center; width: 40%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18</FONT></TD>
  <TD STYLE="text-align: right; width: 30%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Blanket Bond (05/23)</FONT></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">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>

<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">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-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-indent: -27pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt">Within
thirty (30) days after learning that there has been a change in control of an Insured by transfer of its outstanding voting securities
the Insured shall give written notice to the Underwriter of:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt">&nbsp;</FONT></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; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt">As
used in this Section, &ldquo;control&rdquo; means the power to exercise a controlling influence over the management or policies of the
Insured.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt">&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt">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.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt">&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt">This
Bond shall not be deemed to provide any coverage, and the Underwriter shall not be required to pay any loss or provide any benefit hereunder,
to the extent that the provision of such coverage, payment of such loss or provision of such benefit would cause the Underwriter to be
in violation of any applicable trade or economic sanctions, laws or regulations, including, but not limited to, any sanctions, laws or
regulations administered and enforced by the U.S. Department of Treasury Office of Foreign Assets Control (OFAC).</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; letter-spacing: -0.1pt; text-align: justify"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
  <TD STYLE="text-align: center; width: 40%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">19</FONT></TD>
  <TD STYLE="text-align: right; width: 30%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Blanket Bond (05/23)</FONT></TD></TR>
</TABLE>


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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt">If
any Insuring Agreement requires that an enumerated type of document be Counterfeit, or contain a Forgery or Alteration, the Counterfeit,
Forgery, or Alteration must be on or of the enumerated document itself, not on or of some other document submitted with, accompanying
or incorporated by reference into the enumerated document.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt">IN
WITNESS WHEREOF, the Underwriter has caused this Bond to be executed on the Declarations Page.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; letter-spacing: -0.1pt; text-align: justify"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
  <TD STYLE="text-align: center; width: 40%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">20</FONT></TD>
  <TD STYLE="text-align: right; width: 30%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Blanket Bond (05/23)</FONT></TD></TR>
</TABLE>


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    <!-- 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"><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: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; padding: 2pt 0pt; vertical-align: top; width: 35%; text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>INSURED</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 2pt 0pt; vertical-align: top; width: 30%; text-align: center; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 2pt 0pt; width: 35%; text-align: right; text-indent: 0pt"><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="padding: 0pt; vertical-align: top; text-align: left; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; vertical-align: top; text-align: center; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; text-align: right; text-indent: 0pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt 0pt; vertical-align: top; text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Morgan Stanley Institutional Fund, Inc.</B></FONT></TD>
    <TD STYLE="padding: 2pt 0pt; vertical-align: top; text-align: center; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 0pt; text-align: right; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>88190125B</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; padding: 2pt 0pt; vertical-align: top; text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>EFFECTIVE DATE</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 2pt 0pt; vertical-align: top; text-align: center; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>BOND PERIOD</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 2pt 0pt; text-align: center; text-indent: 0pt"><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="padding: 0pt; vertical-align: top; text-align: left; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; vertical-align: top; text-align: center; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; text-align: center; text-indent: 0pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 2px solid; padding: 2pt 0pt; vertical-align: top; text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>October 5, 2025</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; padding: 2pt 0pt; vertical-align: top; text-align: center; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>October 5, 2025 to October 5, 2026</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; padding: 2pt 0pt; text-align: center; text-indent: 0pt"><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">&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">Morgan Stanley ETF Trust</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">Calvert US Large-Cap Core Responsible Index ETF</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">Calvert US Large-Cap DE&amp;I Index ETF</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">Calvert US Mid-Cap Core Responsible Index ETF</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">Calvert US Select Equity ETF</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">Calvert International Responsible Index ETF</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">Calvert Ultra-Short Investment Grade ETF</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: 0pt">Eaton Vance Floating-Rate
ETF</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: 0pt">Eaton Vance High Income
Municipal ETF</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">Eaton Vance High Yield ETF</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">Eaton Vance Intermediate Municipal Income ETF</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">Eaton Vance Income Opportunities ETF</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">Eaton Vance Mortgage Opportunities ETF</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">Eaton Vance Short Duration Income ETF</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">Eaton Vance Short Duration Municipal Income ETF</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">Eaton Vance Total Return Bond ETF</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">Eaton Vance Ultra-Short Income ETF</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">Eaton Vance CLO Investment Grade ETF</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">Parametric Equity Plus ETF</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">Parametric Equity Premium Income ETF</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">Parametric Hedged Equity ETF</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">E*Trade No Fee Municipal Bond Index Fund</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">E*Trade No Fee U.S. Bond Index Fund</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">E*Trade No Fee Large Cap Index Fund</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">E*Trade No Fee International Index Fund</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">E*Trade No Fee Total Market Index Fund</P>

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

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

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt"></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: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Morgan Stanley India Investment Fund, Inc.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Morgan Stanley Insight Fund</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Morgan Stanley Long Duration Government Opportunities Fund</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Morgan Stanley U.S. Government Money Market Trust</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Morgan Stanley Institutional Fund, Inc., a series fund consisting of:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt">&nbsp;</TD>
    <TD STYLE="width: 36pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">o</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Advantage Portfolio</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">o</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">American Resilience Portfolio</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">o</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Asia Opportunity Portfolio</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">o</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Developing Opportunity Portfolio</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">o</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Emerging Markets ex China Portfolio</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">o</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Emerging Markets Leaders Portfolio</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">o</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Emerging Markets Portfolio</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">o</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Global Concentrated Portfolio</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">o</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Global Core Portfolio</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">o</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Global Endurance Portfolio</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">o</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Global Franchise Portfolio</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">o</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Global Insight Portfolio</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">o</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Global Opportunity Portfolio</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">o</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Global Permanence Portfolio</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">o</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Global Stars Portfolio</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">o</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Growth Portfolio</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">o</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Inception Portfolio</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">o</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">International Advantage Portfolio</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">o</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">International Equity Portfolio</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">o</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">International Opportunity Portfolio</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">o</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">International Resilience Portfolio</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">o</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Passport Overseas Equity Portfolio</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">o</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Permanence Portfolio</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">o</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">U.S. Core Portfolio</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">o</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Vitality Portfolio</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Morgan Stanley Institutional Fund Trust, a series fund consisting of:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">o</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Corporate Bond Portfolio</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">o</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Discovery Portfolio</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">o</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Global Strategist Portfolio</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">o</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">High Yield Portfolio</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">o</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ultra-Short Income Portfolio</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Morgan Stanley Institutional Liquidity Funds, a series fund consisting of:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">o</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Money Market Portfolio</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">o</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Government Portfolio</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">o</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Government Securities Portfolio</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">o</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Prime Portfolio</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">o</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Tax-Exempt Portfolio</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">o</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Treasury Portfolio</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">o</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Treasury Securities Portfolio</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Morgan Stanley Variable Insurance Fund, Inc., a series fund consisting of:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">o</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Discovery Portfolio</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">o</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Emerging Markets Debt Portfolio</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">o</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Emerging Markets Equity Portfolio</FONT></TD></TR>
  </TABLE>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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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"></TD><TD STYLE="text-align: center; width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Global Strategist Portfolio</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"></TD><TD STYLE="text-align: center; width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Growth Portfolio</FONT></TD></TR></TABLE>

<P STYLE="font: 4pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in; text-align: justify">Alternative Investment Partners
Absolute Return Fund</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in; text-align: justify">Alternative Investment Partners
Absolute Return Fund STS</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in; text-align: justify">AIP Alternative Lending Fund A</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in; text-align: justify">AIP Alternative Lending Fund P</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in; text-align: justify">AIP Multi Strategy Fund A</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in; text-align: justify">AIP Multi Strategy Fund P</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Except as above stated, nothing herein shall
be held to alter, waive or extend any of the terms of this Bond.</FONT></P>


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

<P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">RN0001.0-00 (01/02)</FONT></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: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1px solid; padding: 2pt 0pt; width: 35%; text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>INSURED</B></FONT></TD>
    <TD STYLE="border-top: Black 1px solid; padding: 2pt 0pt; width: 30%; text-align: justify; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1px solid; padding: 2pt 0pt; width: 35%; text-align: right; text-indent: 0pt"><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="padding: 0pt; text-align: left; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; text-align: justify; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; text-align: right; text-indent: 0pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt 0pt; text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Morgan Stanley Institutional Fund, Inc.</B></FONT></TD>
    <TD STYLE="padding: 2pt 0pt; text-align: justify; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 0pt; text-align: right; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>88190125B</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1px solid; padding: 2pt 0pt; text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>EFFECTIVE DATE</B></FONT></TD>
    <TD STYLE="border-top: Black 1px solid; padding: 2pt 0pt; text-align: center; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>BOND PERIOD</B></FONT></TD>
    <TD STYLE="border-top: Black 1px solid; padding: 2pt 0pt; text-align: center; text-indent: 0pt"><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="padding: 0pt; text-align: left; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; text-align: center; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; text-align: center; text-indent: 0pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 2px solid; padding: 2pt 0pt; text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>October 5, 2025</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; padding: 2pt 0pt; text-align: center; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>October 5, 2025 to October 5, 2026</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; padding: 2pt 0pt; text-align: center; text-indent: 0pt"><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">&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 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.BB 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>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
<P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">RN0013.0-01 (05/23) </FONT></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: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1px solid; padding: 2pt 0pt; width: 35%; text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>INSURED</B></FONT></TD>
    <TD STYLE="border-top: Black 1px solid; padding: 2pt 0pt; width: 30%; text-align: justify; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1px solid; padding: 2pt 0pt; width: 35%; text-align: right; text-indent: 0pt"><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="padding: 0pt; text-align: left; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; text-align: justify; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; text-align: right; text-indent: 0pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt 0pt; text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Morgan Stanley Institutional Fund, Inc.</B></FONT></TD>
    <TD STYLE="padding: 2pt 0pt; text-align: justify; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 0pt; text-align: right; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>88190125B</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1px solid; padding: 2pt 0pt; text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>EFFECTIVE DATE</B></FONT></TD>
    <TD STYLE="border-top: Black 1px solid; padding: 2pt 0pt; text-align: center; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>BOND PERIOD</B></FONT></TD>
    <TD STYLE="border-top: Black 1px solid; padding: 2pt 0pt; text-align: center; text-indent: 0pt"><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="padding: 0pt; text-align: left; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; text-align: center; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; text-align: center; text-indent: 0pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 2px solid; padding: 2pt 0pt; text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>October 5, 2025</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; padding: 2pt 0pt; text-align: center; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>October 5, 2025 to October 5, 2026</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; padding: 2pt 0pt; text-align: center; text-indent: 0pt"><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">&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;&nbsp;&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-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-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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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</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: 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.GG 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">Except
as above stated, nothing herein shall be held to alter, waive or extend any of the terms of this Bond.</P>

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

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

<P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">RN0019.1-00 (05/23)  </FONT></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: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1px solid; padding: 2pt 0pt; width: 35%; text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>INSURED</B></FONT></TD>
    <TD STYLE="border-top: Black 1px solid; padding: 2pt 0pt; width: 30%; text-align: justify; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1px solid; padding: 2pt 0pt; width: 35%; text-align: right; text-indent: 0pt"><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="padding: 0pt; text-align: left; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; text-align: justify; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; text-align: right; text-indent: 0pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt 0pt; text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Morgan Stanley Institutional Fund, Inc.</B></FONT></TD>
    <TD STYLE="padding: 2pt 0pt; text-align: justify; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 0pt; text-align: right; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>88190125B</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1px solid; padding: 2pt 0pt; text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>EFFECTIVE DATE</B></FONT></TD>
    <TD STYLE="border-top: Black 1px solid; padding: 2pt 0pt; text-align: center; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>BOND PERIOD</B></FONT></TD>
    <TD STYLE="border-top: Black 1px solid; padding: 2pt 0pt; text-align: center; text-indent: 0pt"><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="padding: 0pt; text-align: left; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; text-align: center; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; text-align: center; text-indent: 0pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 2px solid; padding: 2pt 0pt; text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>October 5, 2025</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; padding: 2pt 0pt; text-align: center; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>October 5, 2025 to October 5, 2026</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; padding: 2pt 0pt; text-align: center; text-indent: 0pt"><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">&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="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif">Except as above stated, nothing herein shall be held to alter, waive or
extend any of the terms of this Bond.</P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif">
  <TR>
    <TD><P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">RNV0024.0-01-190
        (12/98)</FONT></P></TD></TR>
  </TABLE>






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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: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1px solid; padding: 2pt 0pt; width: 35%; text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>INSURED</B></FONT></TD>
    <TD STYLE="border-top: Black 1px solid; padding: 2pt 0pt; width: 30%; text-align: justify; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1px solid; padding: 2pt 0pt; width: 35%; text-align: right; text-indent: 0pt"><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="padding: 0pt; text-align: left; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; text-align: justify; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; text-align: justify; text-indent: 0pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt 0pt; text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Morgan Stanley Institutional Fund, Inc.</B></FONT></TD>
    <TD STYLE="padding: 2pt 0pt; text-align: justify; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 0pt; text-align: right; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>88190125B</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1px solid; padding: 2pt 0pt; text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>EFFECTIVE DATE</B></FONT></TD>
    <TD STYLE="border-top: Black 1px solid; padding: 2pt 0pt; text-align: center; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>BOND PERIOD</B></FONT></TD>
    <TD STYLE="border-top: Black 1px solid; padding: 2pt 0pt; text-align: center; text-indent: 0pt"><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="padding: 0pt; text-align: left; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; text-align: justify; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; text-align: justify; text-indent: 0pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 2px solid; padding: 2pt 0pt; text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>October 5, 2025</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; padding: 2pt 0pt; text-align: center; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>October 5, 2025 to October 5, 2026</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; padding: 2pt 0pt; text-align: center; text-indent: 0pt"><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">&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>

<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"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif">
  <TR>
    <TD><P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">RN0027.0-02
        (07/18)</FONT></P>
<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P></TD></TR>
  </TABLE>



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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: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1px solid; padding: 2pt 0pt; width: 35%; text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>INSURED</B></FONT></TD>
    <TD STYLE="border-top: Black 1px solid; padding: 2pt 0pt; width: 30%; text-align: justify; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1px solid; padding: 2pt 0pt; width: 35%; text-align: right; text-indent: 0pt"><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="padding: 0pt; text-align: left; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; text-align: justify; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; text-align: justify; text-indent: 0pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt 0pt; text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Morgan Stanley Institutional Fund, Inc.</B></FONT></TD>
    <TD STYLE="padding: 2pt 0pt; text-align: justify; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 0pt; text-align: right; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>88190125B</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1px solid; padding: 2pt 0pt; text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>EFFECTIVE DATE</B></FONT></TD>
    <TD STYLE="border-top: Black 1px solid; padding: 2pt 0pt; text-align: center; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>BOND PERIOD</B></FONT></TD>
    <TD STYLE="border-top: Black 1px solid; padding: 2pt 0pt; text-align: center; text-indent: 0pt"><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="padding: 0pt; text-align: left; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; text-align: justify; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; text-align: justify; text-indent: 0pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 2px solid; padding: 2pt 0pt; text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>October 5, 2025</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; padding: 2pt 0pt; text-align: center; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>October 5, 2025 to October 5, 2026</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; padding: 2pt 0pt; text-align: center; text-indent: 0pt"><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">&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>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">RN0030.0-01 (01/02)</FONT></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: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1px solid; padding: 2pt 0pt; width: 35%; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>INSURED</B></FONT></TD>
    <TD STYLE="border-top: Black 1px solid; padding: 2pt 0pt; width: 30%; text-align: justify; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1px solid; padding: 2pt 0pt; width: 35%; text-align: right; text-indent: 0pt"><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="padding: 0pt; text-align: justify; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; text-align: justify; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; text-align: justify; text-indent: 0pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Morgan Stanley Institutional Fund, Inc.</B></FONT></TD>
    <TD STYLE="padding: 2pt 0pt; text-align: justify; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 0pt; text-align: right; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>88190125B</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1px solid; padding: 2pt 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>EFFECTIVE DATE</B></FONT></TD>
    <TD STYLE="border-top: Black 1px solid; padding: 2pt 0pt; text-align: center; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>BOND PERIOD</B></FONT></TD>
    <TD STYLE="border-top: Black 1px solid; padding: 2pt 0pt; text-align: center; text-indent: 0pt"><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="padding: 0pt; text-align: justify; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; text-align: justify; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; text-align: justify; text-indent: 0pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 2px solid; padding: 2pt 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>October 5, 2025</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; padding: 2pt 0pt; text-align: center; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>October 5, 2025 to October 5, 2026</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; padding: 2pt 0pt; text-align: center; text-indent: 0pt"><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">&nbsp;</P>

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

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">RN0033.1-01 (07/21)</FONT></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. 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: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1px solid; padding: 2pt 0pt; width: 35%; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>INSURED</B></FONT></TD>
    <TD STYLE="border-top: Black 1px solid; padding: 2pt 0pt; width: 30%; text-align: justify; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1px solid; padding: 2pt 0pt; width: 35%; text-align: right; text-indent: 0pt"><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="padding: 0pt; text-align: justify; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; text-align: justify; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; text-align: right; text-indent: 0pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt 0pt; text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Morgan Stanley Institutional Fund, Inc.</B></FONT></TD>
    <TD STYLE="padding: 2pt 0pt; text-align: justify; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 0pt; text-align: right; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>88190125B</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1px solid; padding: 2pt 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>EFFECTIVE DATE</B></FONT></TD>
    <TD STYLE="border-top: Black 1px solid; padding: 2pt 0pt; text-align: center; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>BOND PERIOD</B></FONT></TD>
    <TD STYLE="border-top: Black 1px solid; padding: 2pt 0pt; text-align: center; text-indent: 0pt"><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="padding: 0pt; text-align: justify; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; text-align: center; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; text-align: center; text-indent: 0pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 2px solid; padding: 2pt 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>October 5, 2025</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; padding: 2pt 0pt; text-align: center; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>October 5, 2025 to October 5, 2026</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; padding: 2pt 0pt; text-align: center; text-indent: 0pt"><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">&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: justify; 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: justify; 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>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">RN0039.0-02 (06/18) </FONT></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: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1px solid; padding: 2pt 0pt; width: 35%; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>INSURED</B></FONT></TD>
    <TD STYLE="border-top: Black 1px solid; padding: 2pt 0pt; width: 30%; text-align: justify; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1px solid; padding: 2pt 0pt; width: 35%; text-align: right; text-indent: 0pt"><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="padding: 0pt; text-align: justify; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; text-align: justify; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; text-align: right; text-indent: 0pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt 0pt; text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Morgan Stanley Institutional Fund, Inc.</B></FONT></TD>
    <TD STYLE="padding: 2pt 0pt; text-align: justify; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 0pt; text-align: right; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>88190125B</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1px solid; padding: 2pt 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>EFFECTIVE DATE</B></FONT></TD>
    <TD STYLE="border-top: Black 1px solid; padding: 2pt 0pt; text-align: center; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>BOND PERIOD</B></FONT></TD>
    <TD STYLE="border-top: Black 1px solid; padding: 2pt 0pt; text-align: center; text-indent: 0pt"><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="padding: 0pt; text-align: justify; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; text-align: center; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; text-align: center; text-indent: 0pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 2px solid; padding: 2pt 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>October 5, 2025</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; padding: 2pt 0pt; text-align: center; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>October 5, 2025 to October 5, 2026</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; padding: 2pt 0pt; text-align: center; text-indent: 0pt"><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">&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: justify; 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: justify; 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: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">RN0048.0-03 (01/13) </FONT></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"><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: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1px solid; padding: 2pt 0pt; width: 35%; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>INSURED</B></FONT></TD>
    <TD STYLE="border-top: Black 1px solid; padding: 2pt 0pt; width: 30%; text-align: justify; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1px solid; padding: 2pt 0pt; width: 35%; text-align: right; text-indent: 0pt"><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="padding: 0pt; text-align: justify; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; text-align: justify; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; text-align: right; text-indent: 0pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt 0pt; text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Morgan Stanley Institutional Fund, Inc.</B></FONT></TD>
    <TD STYLE="padding: 2pt 0pt; text-align: justify; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 0pt; text-align: right; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>88190125B</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1px solid; padding: 2pt 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>EFFECTIVE DATE</B></FONT></TD>
    <TD STYLE="border-top: Black 1px solid; padding: 2pt 0pt; text-align: center; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>BOND PERIOD</B></FONT></TD>
    <TD STYLE="border-top: Black 1px solid; padding: 2pt 0pt; text-align: center; text-indent: 0pt"><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="padding: 0pt; text-align: justify; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; text-align: center; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; text-align: center; text-indent: 0pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 2px solid; padding: 2pt 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>October 5, 2025</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; padding: 2pt 0pt; text-align: center; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>October 5, 2025 to October 5, 2026</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; padding: 2pt 0pt; text-align: center; text-indent: 0pt"><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">&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; padding-right: 18pt">becomes aware of facts, 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">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>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">RNM0027.0-03-190 (09/18) </FONT></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: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1px solid; padding: 2pt 0pt; width: 35%; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>INSURED</B></FONT></TD>
    <TD STYLE="border-top: Black 1px solid; padding: 2pt 0pt; width: 30%; text-align: justify; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1px solid; padding: 2pt 0pt; width: 35%; text-align: right; text-indent: 0pt"><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="padding: 0pt; text-align: justify; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; text-align: justify; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; text-align: right; text-indent: 0pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt 0pt; text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Morgan Stanley Institutional Fund, Inc.</B></FONT></TD>
    <TD STYLE="padding: 2pt 0pt; text-align: justify; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 0pt; text-align: right; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>88190125B</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1px solid; padding: 2pt 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>EFFECTIVE DATE</B></FONT></TD>
    <TD STYLE="border-top: Black 1px solid; padding: 2pt 0pt; text-align: center; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>BOND PERIOD</B></FONT></TD>
    <TD STYLE="border-top: Black 1px solid; padding: 2pt 0pt; text-align: center; text-indent: 0pt"><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="padding: 0pt; text-align: justify; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; text-align: center; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; text-align: center; text-indent: 0pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 2px solid; padding: 2pt 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>October 5, 2025</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; padding: 2pt 0pt; text-align: center; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>October 5, 2025 to October 5, 2026</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; padding: 2pt 0pt; text-align: center; text-indent: 0pt"><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">&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="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif">Except as above stated, nothing herein shall be held to alter, waive or
extend any of the terms of this Bond.</P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif">
  <TR>
    <TD><P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">RN0053.1-01
        (05/21)</FONT></P></TD></TR>
  </TABLE>






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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: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1px solid; padding: 2pt 0pt; width: 35%; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>INSURED</B></FONT></TD>
    <TD STYLE="border-top: Black 1px solid; padding: 2pt 0pt; width: 30%; text-align: justify; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1px solid; padding: 2pt 0pt; width: 35%; text-align: right; text-indent: 0pt"><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="padding: 0pt; text-align: justify; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; text-align: justify; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; text-align: right; text-indent: 0pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt 0pt; text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Morgan Stanley Institutional Fund, Inc.</B></FONT></TD>
    <TD STYLE="padding: 2pt 0pt; text-align: justify; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 0pt; text-align: right; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>88190125B</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1px solid; padding: 2pt 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>EFFECTIVE DATE</B></FONT></TD>
    <TD STYLE="border-top: Black 1px solid; padding: 2pt 0pt; text-align: center; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>BOND PERIOD</B></FONT></TD>
    <TD STYLE="border-top: Black 1px solid; padding: 2pt 0pt; text-align: center; text-indent: 0pt"><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="padding: 0pt; text-align: justify; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; text-align: center; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; text-align: center; text-indent: 0pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 2px solid; padding: 2pt 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>October 5, 2025</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; padding: 2pt 0pt; text-align: center; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>October 5, 2025 to October 5, 2026</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; padding: 2pt 0pt; text-align: center; text-indent: 0pt"><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">&nbsp;</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">RNM0005.0-00-190 (09/18) </FONT></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: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1px solid; padding: 2pt 0pt; width: 35%; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>INSURED</B></FONT></TD>
    <TD STYLE="border-top: Black 1px solid; padding: 2pt 0pt; width: 30%; text-align: justify; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1px solid; padding: 2pt 0pt; width: 35%; text-align: right; text-indent: 0pt"><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="padding: 0pt; text-align: justify; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; text-align: justify; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; text-align: right; text-indent: 0pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Morgan Stanley Institutional Fund, Inc.</B></FONT></TD>
    <TD STYLE="padding: 2pt 0pt; text-align: justify; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 0pt; text-align: right; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>88190125B</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1px solid; padding: 2pt 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>EFFECTIVE DATE</B></FONT></TD>
    <TD STYLE="border-top: Black 1px solid; padding: 2pt 0pt; text-align: center; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>BOND PERIOD</B></FONT></TD>
    <TD STYLE="border-top: Black 1px solid; padding: 2pt 0pt; text-align: center; text-indent: 0pt"><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="padding: 0pt; text-align: justify; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; text-align: center; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; text-align: center; text-indent: 0pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 2px solid; padding: 2pt 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>October 5, 2025</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; padding: 2pt 0pt; text-align: center; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>October 5, 2025 to October 5, 2026</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; padding: 2pt 0pt; text-align: center; text-indent: 0pt"><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">&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;&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">&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">&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">&nbsp;</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">RN0054.0-00 (07/18) </FONT></P>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 18pt">Fidelity Bond Resolutions from the September 18, 2025 Board Meeting
on behalf of the Morgan Stanley Funds</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 108pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 108pt; text-align: justify">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
value of the aggregate assets 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 Committee hereby recommends that the Board hereby approve the type and form of the joint
fidelity bond, as discussed and presented at this 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 approve the amount of said Bond so determined; and further</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 108pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 108pt; text-align: justify">RESOLVED, that the Committee hereby recommends
that the Board approve the binding of the Bond, as discussed and presented at this meeting; and further</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 108pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 108pt; text-align: justify">RESOLVED, that the Committee hereby recommends
that the Board, having taken all relevant factors into consideration, including those set forth in Rule 17g-1 under the Investment Company
Act, approve a premium allocation for the Bond, as discussed and presented at this meeting; and further</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 108pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 108pt; text-align: justify">RESOLVED, that the Committee hereby recommends
that the Board approve 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</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 108pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 108pt; text-align: justify">RESOLVED, that the Committee hereby recommends
that the Board authorize 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</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 108pt; text-align: justify">RESOLVED, that the Committee hereby recommends
that the Board designate the Secretary of the Fund or any Vice President or Assistant Secretary as the officer who shall make all filings
with the Securities and Exchange Commission (&ldquo;<I>SEC</I>&rdquo;) and give all notices to the members of the Board of the Fund which
shall at any time be required by Rule 17g-1(g) under the Investment Company Act; and further</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 108pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 108pt; text-align: justify">RESOLVED, that the Committee hereby recommends
that the Board authorize the Fund to participate in said Bond only so long as the Board, upon consideration of the matter as often as
its fiduciary duties require but 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</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 108pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 108pt; text-align: justify">RESOLVED, that the Committee hereby recommends
that the Board approve and determine that it is in the best interests of the Fund to participate in the Corporate Cyber Policy, as presented
and discussed at this meeting.</P>

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<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>JOINT FIDELITY BOND AGREEMENT</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: justify"><B></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><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;);</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"><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;</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"><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.</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">Dated: November 10, 2025</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0pt; width: 5%; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; padding: 0pt; width: 35%; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">/s/ Deidre Walsh</FONT></TD>
    <TD STYLE="padding: 0pt; width: 40%; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; width: 20%; text-indent: 0pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Deidre Walsh</FONT></TD>
    <TD STYLE="padding: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; text-indent: 0pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Secretary of each Fund</FONT></TD>
    <TD STYLE="padding: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; text-indent: 0pt">&nbsp;</TD></TR>
  </TABLE>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: right; text-indent: -0.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Appendix
A</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0pt; text-indent: -0.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>SEPTEMBER 17-18, 2025</B></FONT></P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;</B></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 0 0 36pt; text-indent: -36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></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: 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. (&#8220;<I>Europe Opportunity</I>&#8221;)</FONT></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: 0"></TD><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 (&#8220;<I>Insight Fund</I>&#8221;)</FONT></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: 0"></TD><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. (&#8220;<I>Institutional Fund Inc.</I>&#8221;)</FONT></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt">&nbsp;</TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Advantage Portfolio</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">American Resilience Portfolio</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Asia Opportunity Portfolio</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Developing Opportunity Portfolio</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Emerging Markets ex China Portfolio</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Emerging Markets Leaders Portfolio</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Emerging Markets Portfolio</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Global Insight Portfolio</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Global Concentrated Portfolio</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Global Core Portfolio</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Global Endurance Portfolio</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Global Franchise Portfolio</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Global Opportunity Portfolio</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Global Permanence Portfolio</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Global Stars Portfolio</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Growth Portfolio</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Inception Portfolio</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">International Advantage Portfolio</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">International Equity Portfolio</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">International Opportunity Portfolio</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">International Resilience Portfolio</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Passport Overseas Equity Portfolio</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Permanence Portfolio</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">US Core Portfolio</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Vitality Portfolio</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&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: 0"></TD><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 Fund Trust (&#8220;<I>Institutional Fund Trust</I>&#8221;)</FONT></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: 36pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Discovery
                                            Portfolio</FONT></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: 36pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Global
                                            Strategist Portfolio</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 54pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></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: 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. (&#8220;<I>Variable Insurance Fund</I>&#8221;)</FONT></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: 36pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Discovery
                                            Portfolio</FONT></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: 36pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Emerging
                                            Markets Equity Portfolio</FONT></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: 36pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Global
                                            Strategist Portfolio</FONT></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: 36pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Growth
                                            Portfolio</FONT></TD></TR></TABLE>

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    <!-- Field: /Page -->


<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: 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">E*TRADE Trust (&ldquo;<I>E*TRADE Trust</I>&rdquo;)</FONT></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: 36pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">E*TRADE No Fee Large Cap Index Fund</FONT></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: 36pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">E*TRADE No Fee International Index Fund</FONT></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: 36pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">E*TRADE No Fee Total Market Index Fund</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"><B>&nbsp;</B></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"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan
Stanley China A Share Fund, Inc. (&#8220;<I>China A Fund</I>&#8221;)</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan
Stanley India Investment Fund, Inc. (&#8220;<I>India Investment Fund</I>&#8221;)</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>Equity
ETFs</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"><B>&nbsp;</B></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: 0%"></TD><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 ETF Trust (&#8220;<I>ETF Trust</I>&#8221;)</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"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Calvert
                                            International Responsible Index ETF</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"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Calvert
                                            US Large-Cap Core Responsible Index ETF</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"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Calvert
                                            US Large-Cap Diversity, Equity and Inclusion Index ETF</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"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Calvert
                                            US Mid-Cap Core Responsible Index ETF</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"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Calvert
                                            US Select Equity ETF</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Parametric Equity Plus ETF</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"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Parametric Equity Premium Income ETF</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"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Parametric Hedged Equity ETF</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"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-indent: -36pt"><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 0 0 36pt; text-indent: -36pt"><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: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Morgan Stanley Income Opportunities Fund (&ldquo;<I>Income Opportunities</I>&rdquo;)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Morgan Stanley Long Duration Government Opportunities Fund (<I>&ldquo;Long Duration Government Opportunities&rdquo;</I>)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.</FONT></TD>
    <TD COLSPAN="2"><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>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt">&nbsp;</TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Corporate Bond Portfolio</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">High Yield Portfolio</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.</FONT></TD>
    <TD COLSPAN="2"><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>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Emerging Markets Debt Portfolio</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">E*TRADE Trust (&ldquo;<I>E*TRADE Trust</I>&rdquo;)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">E*TRADE No Fee Municipal Bond Index Fund</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">E*TRADE No Fee U.S. Bond Index Fund</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<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"><B>&nbsp;</B></FONT></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><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">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. (&#8220;<I>Emerging Markets Debt</I>&#8221;)</FONT></TD></TR>
                                                                                                                                     <TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><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>(&#8220;<I>Emerging Markets Domestic
                                            Debt</I>&#8221;)</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><U>Fixed
Income ETFs</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"><B>&nbsp;</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Morgan Stanley ETF Trust (&ldquo;<I>ETF Trust</I>&rdquo;)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt">&nbsp;</TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Calvert Ultra-Short Investment Grade ETF</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Eaton Vance CLO Investment Grade ETF</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Eaton Vance Floating-Rate ETF</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Eaton Vance High Yield ETF</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Eaton Vance High Income Municipal ETF</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Eaton Vance Intermediate Municipal Income ETF</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Eaton Vance Mortgage Opportunities ETF</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Eaton Vance Short Duration Income ETF</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Eaton Vance Short Duration Municipal Income ETF</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Eaton Vance Income Opportunities ETF</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Eaton Vance Total Return Bond ETF</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Eaton Vance Ultra-Short Income ETF</FONT></TD></TR>
  </TABLE>

<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="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"><B>&nbsp;</B></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"><B>&nbsp;</B></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 U.S. Government Money Market Trust (&#8220;<I>Government Money</I>&#8221;)</FONT></TD></TR><TR STYLE="vertical-align: top">
<TD><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 Institutional Liquidity Funds (&#8220;<I>Institutional Liquidity Funds</I>&#8221;)</FONT></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: 36pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Government
                                            Portfolio</FONT></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: 36pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Government
                                            Securities Portfolio</FONT></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: 36pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Money
                                            Market Portfolio</FONT></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: 36pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Prime
                                            Portfolio</FONT></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: 36pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Tax-Exempt
                                            Portfolio</FONT></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: 36pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Treasury
                                            Portfolio</FONT></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: 36pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Treasury
                                            Securities Portfolio</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>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"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan
Stanley Institutional Fund Trust (&#8220;<I>Institutional Fund Trust</I>&#8221;)</FONT></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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ultra-Short
                                            Income Portfolio</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>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"><B>&nbsp;</B></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><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">AIP
                                            Alternative Lending Fund A (&ldquo;<I>Alternative Lending Fund A</I>&#8221;)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD>2.</TD><TD>AIP Alternative Lending Fund P (&ldquo;<I>Alternative Lending Fund P</I>&#8221;)</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
</TABLE>


<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">&nbsp;</P>



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<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Alternative
                                            Investment Partners Absolute Return Fund (&#8220;<I>Absolute Return Fund</I>&#8221;)</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Alternative
                                            Investment Partners Absolute Return Fund STS (&#8220;<I>Absolute Return STS</I>&#8221;)</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">AIP
                                            Multi-Strategy Fund A (&#8220;<I>Multi-Strategy A</I>&#8221;)</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">AIP
                                            Multi-Strategy Fund P (&#8220;<I>Multi-Strategy P</I>&#8221;)</FONT></TD></TR></TABLE>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1.55pt; background-color: white">REVIEW OF FIDELITY BOND COVERAGE</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">September 30, 2025</P>

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

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  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 4pt; width: 52%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: center; padding: 4pt; width: 17%; border-bottom: Black 1pt solid; vertical-align: bottom">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; background-color: white">GROSS ASSETS<BR>
    PORTFOLIO</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; background-color: white">(in mils)</P></TD>
    <TD STYLE="text-align: center; padding: 4pt; width: 17%; border-bottom: Black 1pt solid; vertical-align: bottom">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; background-color: white">GROSS ASSETS</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; background-color: white">Registrant</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; background-color: white">(in mils)</P></TD>
    <TD STYLE="text-align: center; padding: 4pt; width: 14%; border-bottom: Black 1pt solid; vertical-align: bottom">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; background-color: white">MINIMUM</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; background-color: white">COVERAGE</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; background-color: white">REQUIRED</P></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(210,247,250)">
    <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">&nbsp;</TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">INSIGHT FUND</FONT></TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,658</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,500,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(210,247,250)">
    <TD STYLE="padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">EUROPE OPPORTUNITY FUND</FONT></TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">115</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">525,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">MS INCOME OPPORTUNITIES FUND</FONT></TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">840</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,000,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(210,247,250)">
    <TD STYLE="padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">LONG DURATION GOVERNMENT OPPORTUNITIES FUND</FONT></TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">264</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">750,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">U.S. GOVERNMENT MONEY MARKET</FONT></TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,211</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,250,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(210,247,250)">
    <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">&nbsp;</TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">MSCE CHINA A SHARE</FONT></TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">330</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">750,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(210,247,250)">
    <TD STYLE="padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">MSCE EMERGING MARKETS DEBT</FONT></TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">184</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">600,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">MSCE EMERGING MARKETS DOMESTIC DEBT</FONT></TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,148</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,250,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(210,247,250)">
    <TD STYLE="padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">MSCE INDIA INVESTMENT FUND</FONT></TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">298</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">750,000</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">&nbsp;</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">Information Classification: Limited Access</P>


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  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 4pt 4pt 4pt 18pt; width: 52%">&nbsp;</TD>
    <TD STYLE="padding: 4pt; border-bottom: Black 1pt solid; width: 17%">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; background-color: white">GROSS ASSETS<BR>
    PORTFOLIO</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; background-color: white">(in mils)</P></TD>
    <TD STYLE="padding: 4pt; border-bottom: Black 1pt solid; width: 17%">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; background-color: white">GROSS ASSETS</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; background-color: white">Registrant</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; background-color: white">(in mils)</P></TD>
    <TD STYLE="padding: 4pt; border-bottom: Black 1pt solid; width: 14%">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; background-color: white">MINIMUM</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; background-color: white">COVERAGE</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; background-color: white">REQUIRED</P></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(210,247,250)">
    <TD STYLE="padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><U>MORGAN STANLEY INSTITUTIONAL FUND, INC.</U></B></FONT></TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>17,340</B></FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,500,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 4pt 4pt 4pt 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">GLOBAL STARS</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">48</FONT></TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(210,247,250)">
    <TD STYLE="padding: 4pt 4pt 4pt 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">PASSPORT OVERSEAS EQUITY</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">175</FONT></TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 4pt 4pt 4pt 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ADVANTAGE</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">221</FONT></TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(210,247,250)">
    <TD STYLE="padding: 4pt 4pt 4pt 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">GROWTH</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,925</FONT></TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 4pt 4pt 4pt 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">EMERGING MARKETS</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">192</FONT></TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(210,247,250)">
    <TD STYLE="padding: 4pt 4pt 4pt 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">GLOBAL INSIGHT</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">76</FONT></TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 4pt 4pt 4pt 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">GLOBAL FRANCHISE</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,455</FONT></TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(210,247,250)">
    <TD STYLE="padding: 4pt 4pt 4pt 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">GLOBAL OPPORTUNITY</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,513</FONT></TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 4pt 4pt 4pt 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">INTERNATIONAL ADVANTAGE</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,797</FONT></TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(210,247,250)">
    <TD STYLE="padding: 4pt 4pt 4pt 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">INTERNATIONAL EQUITY</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">478</FONT></TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 4pt 4pt 4pt 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">INTERNATIONAL OPPORTUNITY</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">813</FONT></TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(210,247,250)">
    <TD STYLE="padding: 4pt 4pt 4pt 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">INCEPTION</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">438</FONT></TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 4pt 4pt 4pt 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">EMERGING MARKETS LEADERS</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">132</FONT></TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(210,247,250)">
    <TD STYLE="padding: 4pt 4pt 4pt 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ASIA OPPORTUNITY</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">132</FONT></TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 4pt 4pt 4pt 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">GLOBAL CONCENTRATED</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">356</FONT></TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(210,247,250)">
    <TD STYLE="padding: 4pt 4pt 4pt 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">GLOBAL CORE</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">52</FONT></TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 4pt 4pt 4pt 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">US CORE</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">433</FONT></TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(210,247,250)">
    <TD STYLE="padding: 4pt 4pt 4pt 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">GLOBAL ENDURANCE</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">32</FONT></TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 4pt 4pt 4pt 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">GLOBAL PERMANENCE</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5</FONT></TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(210,247,250)">
    <TD STYLE="padding: 4pt 4pt 4pt 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">DEVELOPING OPPORTUNITY</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">47</FONT></TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 4pt 4pt 4pt 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">PERMANENCE</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6</FONT></TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(210,247,250)">
    <TD STYLE="padding: 4pt 4pt 4pt 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">VITALITY PORTFOLIO</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2</FONT></TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 4pt 4pt 4pt 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">AMERICAN RESILIENCE</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1</FONT></TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(210,247,250)">
    <TD STYLE="padding: 4pt 4pt 4pt 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">INTERNATIONAL RESILIENCE</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2</FONT></TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 4pt 4pt 4pt 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">EMERGING MARKETS EX-CHINA</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9</FONT></TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(210,247,250)">
    <TD STYLE="padding: 4pt"><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">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>17,499</B></FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,500,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 4pt 4pt 4pt 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">GLOBAL STRATEGIST</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">770</FONT></TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(210,247,250)">
    <TD STYLE="padding: 4pt 4pt 4pt 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">CORPORATE BOND</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">132</FONT></TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 4pt 4pt 4pt 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">DISCOVERY</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,254</FONT></TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(210,247,250)">
    <TD STYLE="padding: 4pt 4pt 4pt 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">HIGH YIELD</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">60</FONT></TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 4pt 4pt 4pt 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ULTRA SHORT INCOME</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15,283</FONT></TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">&nbsp;</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">Information Classification: Limited Access</P>


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 4pt 4pt 4pt 18pt; width: 52%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding: 4pt; text-align: center; width: 17%; border-bottom: Black 1pt solid; background-color: white; vertical-align: bottom">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; text-align: center; background-color: white">GROSS ASSETS<BR>
    PORTFOLIO</P>
    <P STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; background-color: white">(in mils)</P></TD>
    <TD STYLE="padding: 4pt; vertical-align: bottom; text-align: center; width: 17%; border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; text-align: center; background-color: white">GROSS ASSETS</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; text-align: center; background-color: white">Registrant</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; text-align: center; background-color: white">(in mils)</P></TD>
    <TD STYLE="padding: 4pt; vertical-align: bottom; text-align: center; width: 14%; border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; text-align: center; background-color: white">MINIMUM</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; text-align: center; background-color: white">COVERAGE</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; text-align: center; background-color: white">REQUIRED</P></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(210,247,250)">
    <TD STYLE="padding: 4pt"><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">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>287,530</B></FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,500,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 4pt 4pt 4pt 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">GOVERNMENT PORTFOLIO</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">171,989</FONT></TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(210,247,250)">
    <TD STYLE="padding: 4pt 4pt 4pt 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">GOVERNMENT SECURITIES</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,906</FONT></TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 4pt 4pt 4pt 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">MONEY MARKET</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,441</FONT></TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(210,247,250)">
    <TD STYLE="padding: 4pt 4pt 4pt 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">PRIME PORTFOLIO</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12,950</FONT></TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 4pt 4pt 4pt 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">TAX-EXEMPT</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">532</FONT></TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(210,247,250)">
    <TD STYLE="padding: 4pt 4pt 4pt 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">TREASURY</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">33,098</FONT></TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 4pt 4pt 4pt 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">TREASURY SECURITIES</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">59,615</FONT></TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(210,247,250)">
    <TD STYLE="padding: 4pt"><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">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,494</B></FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,250,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 4pt 4pt 4pt 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">GROWTH</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">844</FONT></TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(210,247,250)">
    <TD STYLE="padding: 4pt 4pt 4pt 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">EMERGING MARKETS EQUITY</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">179</FONT></TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 4pt 4pt 4pt 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">EMERGING MARKETS DEBT</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">127</FONT></TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(210,247,250)">
    <TD STYLE="padding: 4pt 4pt 4pt 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">GLOBAL STRATEGIST</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">115</FONT></TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 4pt 4pt 4pt 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">DISCOVERY</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">230</FONT></TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(210,247,250)">
    <TD STYLE="padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><U>E* TRADE TRUST</U></B></FONT></TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>167</B></FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">600,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 4pt 4pt 4pt 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">E TRADE NO FEE LGE CAP INDX FD</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">54</FONT></TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(210,247,250)">
    <TD STYLE="padding: 4pt 4pt 4pt 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">E TRADE NO FEE TOT MKT INDX FD</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">43</FONT></TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 4pt 4pt 4pt 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">E TRADE NO FEE INTL INDX FD</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">32</FONT></TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(210,247,250)">
    <TD STYLE="padding: 4pt 4pt 4pt 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">E TRADE NO FEE MUNI BD INDX FD</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">19</FONT></TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 4pt 4pt 4pt 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">E TRADE NO FEE U.S. BD INDX FD</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">19</FONT></TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(210,247,250)">
    <TD STYLE="padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><U>FUNDS OF HEDGE FUNDS</U></B></FONT></TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 4pt 4pt 4pt 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">AIP Alternative Lending Fund A</FONT></TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>996</B></FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,000,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(210,247,250)">
    <TD STYLE="padding: 4pt 4pt 4pt 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">AIP Alternative Lending Fund P</FONT></TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>464</B></FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">750,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 4pt 4pt 4pt 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Alternative Investment Partners Absolute Return Fund</FONT></TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>200</B></FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">600,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(210,247,250)">
    <TD STYLE="padding: 4pt 4pt 4pt 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Alternative Investment Partners Absolute Return Fund STS</FONT></TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>173</B></FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">600,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><U>MORGAN STANLEY ETF TRUST</U></B></FONT></TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>9,555</B></FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,500,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(210,247,250)">
    <TD STYLE="padding: 4pt 4pt 4pt 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Calvert US Large-Cap Core Responsible Index ETF</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>606</B></FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: right">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">&nbsp;</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">Information Classification: Limited Access</P>


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 4pt; width: 52%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 4pt; width: 17%; border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; background-color: white">GROSS ASSETS<BR>
    PORTFOLIO</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; background-color: white">(in mils)</P></TD>
    <TD STYLE="padding: 4pt; width: 17%; border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; background-color: white">GROSS ASSETS</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; background-color: white">Registrant</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; background-color: white">(in mils)</P></TD>
    <TD STYLE="padding: 4pt; width: 14%; border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; background-color: white">MINIMUM</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; background-color: white">COVERAGE</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 1.7pt 0 0; text-align: center; background-color: white">REQUIRED</P></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(210,247,250)">
    <TD STYLE="padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Calvert US Large-Cap Diversity, Equity and Inclusion Index ETF</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>20</B></FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Calvert US Mid-Cap Core Responsible Index ETF</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>79</B></FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(210,247,250)">
    <TD STYLE="padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Calvert US Select Equity ETF</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>14</B></FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Calvert International Responsible Index ETF</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>231</B></FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(210,247,250)">
    <TD STYLE="padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Calvert Ultra-Short Investment Grade ETF</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>190</B></FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Parametric Equity Premium Income ETF</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>253</B></FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(210,247,250)">
    <TD STYLE="padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Parametric Hedged Equity ETF</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>117</B></FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Eaton Vance Ultra-Short Income ETF</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>243</B></FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(210,247,250)">
    <TD STYLE="padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Eaton Vance High Yield ETF</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>22</B></FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Eaton Vance Intermediate Municipal Income ETF</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>113</B></FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(210,247,250)">
    <TD STYLE="padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Eaton Vance Floating-Rate ETF</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,564</B></FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Eaton Vance Total Return Bond ETF</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>4,043</B></FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(210,247,250)">
    <TD STYLE="padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Eaton Vance Short Duration Municipal Income ETF</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>494</B></FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Eaton Vance Short Duration Income ETF</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>704</B></FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(210,247,250)">
    <TD STYLE="padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Parametric Equity Plus ETF</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>24</B></FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Eaton Vance High Income Municipal ETF</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>41</B></FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(210,247,250)">
    <TD STYLE="padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Eaton Vance Mortgage Opportunities ETF</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>798</B></FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>COMBINED TOTAL</B></FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">341,469</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">23,175,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(210,247,250)">
    <TD STYLE="padding: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(CURRENT AMOUNT OF FIDELITY BOND IN EFFECT IS $30 MILLION)</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 4pt">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Bond Coverage</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">30,000,000</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(210,247,250)">
    <TD STYLE="padding: 4pt">&nbsp;</TD>
    <TD STYLE="padding: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Excess Reserve</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,825,000</FONT></TD>
    <TD STYLE="padding: 4pt; text-align: right">&nbsp;</TD></TR>
  </TABLE>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">Information Classification: Limited Access</P>

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