Disclosures

All materials, information and opinions in this report and data on this website were prepared by Morgan Stanley & Co. LLC, Morgan Stanley Smith Barney LLC and their affiliates (collectively hereafter, “Morgan Stanley”).

This website does not provide individually tailored investment advice. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it. Any securities mentioned are provided for informational purposes only and should not be deemed as a recommendation to buy or sell any security or other financial instrument or to participate in any trading strategy. Securities discussed in this website may not be appropriate for all investors. It should not be assumed that the securities transactions or holdings discussed were or will be profitable. Morgan Stanley recommends that investors independently evaluate particular investments and strategies, and encourages investors to seek the advice of a Morgan Stanley Financial Advisor. The appropriateness of a particular investment or strategy will depend on an investor’s individual circumstances and objectives.

Historical data shown represents past performance and does not guarantee comparable future results. Furthermore, this website may contain forward-looking statements and there can be no guarantee that they will come to pass. Indexes are unmanaged and not available for direct investment.

Morgan Stanley makes every effort to use reliable, comprehensive information, but we make no guarantee that it is accurate or complete. We have no obligation to tell you when opinions or information in this website change.

The trademarks and service marks contained herein are the property of their respective owners.

This material is not a product of Morgan Stanley’s Research Department or a research report, but it may refer to material from a research analyst or a research report. For copies of reports from Morgan Stanley’s Research Department please go to

https://www.morganstanley.com/institutional/research/Morgan Stanley.

Morgan Stanley, its affiliates, Financial Advisors and Private Wealth Advisors do not provide tax or legal advice. Individuals should consult their tax advisor for matters involving taxation and tax planning, and their attorney for matters involving trust and estate planning, charitable giving, philanthropic planning and other legal matters.

Securities, investments, strategies or products mentioned or discussed on the third-party website(s), or online publication(s) or article(s) are neither an endorsement nor solicitation by Morgan Stanley. The information and data provided by the third-party website(s), online publication(s) or article(s) is as of the date when it was written and is subject to change without notice. Past performance is not a guarantee of future results.

Investing in the market entails risk of market volatility. The value of all types of investments may increase or decrease over varying time periods.

Equity securities’ prices may fluctuate in response to specific situations for each company, industry, market condition and general economic environment. Companies paying dividends can reduce or cut payouts at any time.

Bonds are subject to interest rate risk. When interest rates rise, bond prices fall; generally, the longer a bond’s maturity, the more sensitive it is to this risk. Bonds may also be subject to call risk, which is the risk that the issuer will redeem the debt at its option, fully or partially, before the scheduled maturity date. The market value of debt instruments may fluctuate, and proceeds from sales prior to maturity may be more or less than the amount originally invested or the maturity value due to changes in market conditions or changes in the credit quality of the issuer.

Please note that there is currently no standard definition of “green bond or blue bond.” Without limiting any of the statements contained herein, Morgan Stanley makes no representation or warranty as to whether this bond constitutes a green or blue bond or conforms to investor expectations or objectives for investing in green or blue bonds. For information on characteristics of the bond, use of proceeds, a description of applicable project(s), and/or any other relevant information about the bond, please reference the offering documents for the bond.

International investing entails greater risk, as well as greater potential rewards compared to U.S. investing. These risks include political and economic uncertainties of foreign countries as well as the risk of currency fluctuations. These risks are magnified in countries with emerging markets, since these countries may have relatively unstable governments and less established markets and economics.

REITs’ investing risks are similar to those associated with direct investments in real estate; lack of liquidity, limited diversification and sensitivity to economic factors such as interest rate changes and market recessions.

Alternative investments often are speculative and include a high degree of risk. Investors could lose all or a substantial amount of their investment.

Alternative investments are appropriate only for eligible, long-term investors who are willing to forgo liquidity and put capital at risk for an indefinite period of time. They may be highly illiquid and can engage in leverage and other speculative practices that may increase the volatility and risk of loss. Alternative investments typically have higher fees than traditional investments. Investors should carefully review and consider potential risks before investing.

Private Funds (which include hedge funds are private equity funds) often engage in speculative investment techniques and are only appropriate for long-term, qualified investors. Investors could lose all or a substantial amount of their investment. They are generally illiquid, not tax efficient and have higher fees than many traditional investments.

The investor should note that funds that invest exclusively in one sector or industry involve additional risks. The lack of industry diversification subjects the investor to increased industry-specific risks.

Investment returns will fluctuate so that an investor’s shares when redeemed may be worth more or less than original cost. Investors should carefully consider the investment objectives and risks as well as charges and expenses of a mutual fund or exchange traded fund (ETF) before investing. To obtain a prospectus, contact your Financial Advisor or visit the fund company’s website. The prospectus contains this and other information about the mutual fund or ETF. Read the prospectus carefully before investing.

The returns on a portfolio consisting primarily of Environmental, Social and Governance (“ESG”) aware investments or sustainable investments may be lower or higher than a portfolio that is more diversified or where decisions are based solely on investment considerations. Because ESG or sustainability criteria exclude some investments, investors may not be able to take advantage of the same opportunities or market trends as investors that do not use such criteria.

By providing a link to a third-party website(s), online publication(s) or article(s), Morgan Stanley is not implying an affiliation, sponsorship, endorsement, etc. with the third party or that any monitoring is being done by Morgan Stanley of any information contained within the article(s), online publication(s) or website(s). Morgan Stanley is not responsible for the information contained on the third-party website(s) or your use of or inability to use such site(s). Nor do we guarantee their accuracy and completeness. The terms, conditions and privacy policy of any third-party website may be different from those applicable to your use of any Morgan Stanley website. The opinions expressed by the author(s) are solely their own and do not necessarily reflect those of Morgan Stanley.

Investment, insurance and annuity products offered through Morgan Stanley are: NOT FDIC INSURED | MAY LOSE VALUE | NOT BANK GUARANTEED | NOT A BANK DEPOSIT | NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY

Morgan Stanley Institutional Securities and Morgan Stanley Research are businesses of Morgan Stanley & Co. LLC.

Morgan Stanley Investment Management is the asset management division of Morgan Stanley.

Morgan Stanley Wealth Management is a business of Morgan Stanley Smith Barney LLC.

©2020 Morgan Stanley & Co. LLC and Morgan Stanley Smith Barney LLC. Members SIPC. CRC 3028384 4/2020