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        <ExplanationTxt>THE FUND RECOGNIZES THE EFFECT OF INCOME TAX POSITIONS ONLY IF THOSE POSITIONS ARE MORE LIKELY THAN NOT OF BEING SUSTAINED. MANAGEMENT HAS DETERMINED THAT THE FUND HAS NO UNCERTAIN TAX POSITIONS THAT WOULD REQUIRE FINANCIAL STATEMENT RECOGNITION OR DISCLOSURE. THE FUND IS NO LONGER SUBJECT TO EXAMINATION BY THE APPLICABLE TAXING JURISDICTIONS FOR THE YEARS PRIOR TO 2021.</ExplanationTxt>
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        <ExplanationTxt>MS. ACTION FUND, INC., RETAINS AN EXTERNAL ACCOUNTING FIRM TO PREPARE AND FILE ITS FORM 990. PRIOR TO FILING, AN INITIAL REVIEW OF THE FORM 990 IS CONDUCTED BY MANAGEMENT AND THE AUDIT COMMITTEE. AN ELECTRONIC COPY OF THE FORM 990 IS THEN SENT TO THE FULL BOARD OF DIRECTORS FOR THEIR REVIEW.</ExplanationTxt>
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