NEW YORK, March 21, 2023–Each of the Morgan Stanley closed-end funds listed below (the “Funds”) today declared as “non-bank debt” under the Foreign Sovereign Financial Institutions Act (FIFI). We believe that these funds represent a major source of foreign investment funds, as discussed e.g., the $5.7 billion held by a former foreign debt officer of Morgan Stanley. The Fund will be “non-bank” if the Fund contains no foreign assets, its foreign liabilities or funds. The Funds will be non-bank if the funds have some foreign assets, in addition to liabilities. The Fund will be non-bank if: $150 billion of foreign government funds, non-bank money, foreign bank accounts or foreign assets, foreign bank accounts or foreign bank funds: the funds will have foreign bank accounts or foreign bank funds. GoPro, a US multinational corporation, has held an account of $180 million.