impactuma

Investing With Impact Platform and Select UMA Balanced Portfolio / Equity Portfolio

INVESTING WITH IMPACT Please refer to Important Information, disclosures and qualifications at the end of this material.

Overview – Investing With Impact Portfolios

Part I – What is Investing with Impact?

• Timeline of Investing with Impact

• Investing with Impact Approaches Differ

Part II – How Morgan Stanley is Positioned to Help Deliver Impact

• Investing with Impact Resources

Part III – Select UMA Investing with Impact Portfolios

• Consulting Group Investment Process

• Manager Selection and Portfolio Construction

• Balanced and Equity Portfolio Descriptions


Part I – What Is Investing With Impact?


What Is Investing With Impact?

We define Investing with Impact as an approach that aims to generate market-rate returns while demonstrating positive environmental and/or social impact.


The Tradition of Investing With Impact

2000’s Norway Government Pension and U.S.’s largest pension, CalPERS, commit to 100% integration of sustainability over 15 years

1935 Morgan Stanley founded

1977 • Congress passes CRA Act

to reduce discriminatory credit practices against low-income neighborhoods

• Pax World launched first socially responsible investing mutual fund

• Sullivan Principles of Action and Divestment announced due to apartheid in South Africa

1984 U.S. SIF, the sustainable investing industry association, founded

1993 $625 billion screened to exclude investment in South Africa as a result of apartheid

1990 Domini Social Index created (now MSCI KLD 400 Social Index)

1898 Quakers Friends Fiduciary corporation founded and adopts no weapons, alcohol or tobacco investment policy

1968 Ford Foundation creates Program-Related Investments to place endowment funds directly into income-generating projects with a social purpose

1973 Interfaith Center on Corporate Responsibility founded and files first shareholder resolution

2010 Harvard launches Initiative for Responsible Investment (IRI) – previously at Boston College

2006 • Rockefeller Foundation

launches major Impact Investing approach and the term emerges globally

• UN Principles for Responsible Investment launched – assets under management by signatories is $4 trillion

2009 Bloomberg adds significant sustainability news and ESG data coverage

2012 • 350.org catalyzes fossil-fuel

divesting campaigns across college campuses

• U.S. SIF Trends Report: $3.74 trillion in U.S. sustainably managed assets

2011 • White house convenes

investors, policymakers, entrepreneurs focused on impact investing

• Sustainable Accounting Standards Board launched; Michael Bloomberg named Chair in 2014

2012 Morgan Stanley Launches Investing With Impact Platform

2014 UN Principles for Responsible Investment assets under management by signatories reaches $45 trillion


Investing With Impact Approaches Differ

Morgan Stanley’s Investing with Impact Framework emphasizes the different approaches to aligning investment decisions with impact priorities.

• Restrict exposure to investments in companies, industries or geographies that a client finds objectionable

• Not proactively seeking environmental and social impact

• Public Fixed Income, Public Equities, Alternatives

• Differentiated by restriction criteria and degree of shareholder advocacy

• Mutual fund that excludes companies from buy universe (e.g. tobacco, firearms, coal mining companies)

VALUES ALIGNMENT

• Invest in companies that are positioned to respond to ESG issues such as natural resource depletion, higher corporate governance standards and workplace innovation and diversity

• Fixed Income, Public Equities, and Private Equities

• Differentiated by sustainability research, ESG integration process and degree of shareholder advocacy

• Mutual fund or separately managed account integrating ESG analysis into investment process

ENVIRONMENT, SOCIAL AND GOVERNANCE (ESG) INTEGRATION

• Invest in key sustainability macro-themes and corresponding investment sectors such as climate change, population growth and access to food and water

• Fixed Income, Public Equities, Private Debt and Equities

• Differentiated by macro-analysis, sustainability research and sector focus

• Exchange-traded fund (ETF) trading renewable energy companies

SECTOR EXPOSURE

• Invest in managed funds allocating capital to private enterprises designed to create positive environmental and/or social impact

• Public Fixed Income, Private Debt and Equities

• Differentiated by impact approach, regional focus, liquidity and impact reporting

• May have investor restrictions

• Venture fund investing in early stage agriculture & food technology companies in India.

IMPACT INVESTING

Minimize Objectionable Impact Targeted Impact

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Part II – How Morgan Stanley Is Positioned to Help Deliver Impact


Morgan Stanley Is Well Positioned to Help Deliver

“Delivering innovative

solutions for our clients that

align their personal values

with their financial goals is an

important focus for Morgan

Stanley, and I believe we are

uniquely suited to do this.”

James Gorman

Morgan Stanley Chairman and CEO

CLIENT DRIVEN APPROACH Customized solutions based on clients’ financial and impact goals INDUSTRY LEADERSHIP Investing with Impact Platform launched in 2012: – A suite of 115+ products that seek to deliver some of our most

attractive opportunities across asset classes – Multi-asset class portfolio solutions

INTEGRATED PROCESS The Investing with Impact Select UMA® portfolios leverage the resources of the firm DEPTH OF RESOURCES Morgan Stanley’s Institute for Sustainable Investing provides thought leadership for the Investing with Impact Platform DEPTH OF RELATIONSHIPS Collaboration with partners in business, academia and non-governmental organizations to develop market-based solutions to global challenges


Leveraging the Firm's Key Resources

KEY BENEFITS OF MORGAN STANLEY

• Dedicated team of 40 professionals focused on investment manager selection for the firm’s investment advisory platform

• Process-driven approach that seeks quality managers and strategies designed to optimize portfolio return potential

• Quantitative and qualitative tools used for all manager assessments

• Extensive third-party manager due diligence

• Industry leader in product innovation tailored to clients needs

• Exclusive product offerings

• Access to Firm thought leadership

Assets under management

$783 Bn

7,700+ Investment products in

database

1,300+ Investment

products

250+ Onsite manager

visits/year

Morgan Stanley provides investment consulting to more than $783 billion 1 in client assets in advisory programs. Our clients can benefit from the scope and scale of resources in evaluating and selecting investments that only an industry leader can provide:

+115 Investing with

Impact Platform products

#1 Managed Accounts

Program by Assets

1. Cerulli Associates. 4Q2014 Summary, Managed Account Research.


Investing With Impact Resources

A suite of thought leadership on Investing with Impact


Part III – Select UMA® Investing With Impact Portfolios


Investment Process Is Systematic and Risk-aware

The Investing with Impact Portfolios on the Select UMA® platform are constructed with the same risk-aware process leveraged for all firm-discretionary portfolios.

Risk Management

• Market analysis and model portfolio allocation guidance based on the Morgan Stanley Wealth Management Global Investment Committee

• Establish strategic framework

• Opportunistically over- and underweight asset classes

• Due diligence conducted across separately managed accounts, mutual funds, ETFs and alternative strategies

• Dedicated third-party manager assessments with opinion-based analysis

• Evaluate managers’ approach using the Investing with Impact Framework

• Identify active risks in the portfolio

• Seek to allocate risk efficiently

• Analyze variations in risk, managers and their strategies

• Utilize multi-factor analysis to determine optimal weightings

• Emphasize high-conviction, complementary independent, third- party managers

• Dedicated portfolio construction team of 20 professionals

Asset Allocation

Manager Analysis

Portfolio Construction


Managers Undergo Extensive Analysis Prior to Inclusion

Morgan Stanley leverages multiple professional teams to determine the third-party asset managers and investment products appropriate for inclusion. ‘BEST FIT’ MANAGERS DETERMINED BY

PORTFOLIO ADVISORY SERVICES1 MANAGER UNIVERSE Global Investment Manager Analysis leverages quantitative, qualitative and operational due diligence conducted by 40 dedicated analysts on more than 1,100 products, including separately managed accounts, mutual funds and ETFs that are available on our advisory platform.

QUANTITATIVE FILTER • Peer analysis • Rolling period returns-

based style analysis • Modern Portfolio Theory

statistics • Holdings-based

attribution • Risk-based analysis

QUALITATIVE TEST • Firm/People • Organizational structure • Competitive advantage • Investment philosophy • Process and strategy • Performance expectations

Expresses thematic

view

Complements other

holdings

Exhibits consistent

process and contribution

to overall portfolio risk

Presents tactical

opportunity Working List

Filter for Asset Class and

Investment Style

Identify managers with a clear approach to Investing with Impact

1. Portfolio Advisory Services (PAS) is the Investing with Impact strategies’ portfolio manager


Select UMA Portfolio Construction

We seek to deliver Investing with Impact strategies across approaches.

No Direct Mission

Alignment

Values Alignment

ESG-Integration

Sector Exposure

ESG-INTEGRATED Examples of Environmental, Social and Governance criteria include the corporate carbon footprint, employee health and safety, workforce diversity policies, business ethics.

SECTOR EXPOSURE Invest in themes and sectors creating solutions to targeted ESG issues. For example: resource scarcity, community development including affordable housing.

VALUES-ALIGNMENT Exclude companies and/or sectors that are in opposition to values. For example: tobacco, alcohol, weapons.


Select UMA Investing With Impact Balanced Portfolio Equity Portfolio


Select UMA® Investing With Impact Portfolios

SELECT UMA PLATFORM The Select UMA program offered by Morgan Stanley’s Consulting Group combines personalized investment planning, in-depth manager analysis, professional asset management services, a variety of investment products and a diversified portfolio- all within a single investment account. Select UMA Advantages: • One account • One integrated asset allocation plan • One contract • One monthly statement • One comprehensive performance report • One consolidated year-end tax summary

PORTFOLIO MANAGER - PORTFOLIO ADVISOR SERVICES (PAS) Consulting Group’s Portfolio Advisory Services team is made up of experienced portfolio managers, investment advisor analysts and other investment professionals drawn from the firm’s significant resources. PAS provides tailored strategies and a wholly integrated investment approach. Portfolio Advisory Services leverages the firm’s strategic and tactical asset allocation advice, manager analysis services and portfolio construction capabilities to support a suite of discretionary investment solutions. The team uses a disciplined investment process and sophisticated risk management framework to develop portfolios for clients who invest through certain Consulting Group investment advisory programs including the Select UMA Investing with Impact Portfolios.


UMA Portfolio: Investing With Impact Balanced

Objective: Deliver a Balanced portfolio targeting 60% equity and 40% fixed income that achieves 1) positive environmental and social impact, and 2) competitive risk-adjusted returns over the long-term. OVERVIEW Building on key strengths of Morgan Stanley, including general asset allocation advice, manager analysis and the Investing with Impact Platform, this Balanced portfolio targeting 60% equity and 40% fixed income combines highly regarded third-party managers across a range of Investing with Impact approaches into a well-diversified portfolio.

PROCESS • Asset allocation: Utilizing the thoughtful analysis driven by the firm’s Global

Investment Committee • Manager Selection: In-depth due diligence conducted by the Global

Investment Manager Analysis team • Portfolio Construction: Utilize complementary manager strategies and risk

management (portfolio does not include alternative investments); if conditions warrant, the portfolio manager may include strategies that are not impact focused

• Investing with Impact: Approaches can include Values Alignment, ESG-Integrated and Sector Exposure

DIFFERENTIATORS • Portfolio solution for clients with a range of Investing with Impact objectives • Eligible investments can include separately managed accounts, mutual funds

and exchange-traded funds (ETFs) in one account. • Independent managers with experience demonstrating positive

environmental/social impact • Automatic account rebalancing and monitoring

ASSET ALLOCATION 1

1. Information as of April 17, 2015. Subject to change.

U.S. Multi Cap Core Equity 6%

U.S. Small / Mid Value Equity 5%

U.S. Multi Cap Growth Equity 9%

U.S. Large Cap Core 8%

U.S. Large Cap Value Equity 10%

Developed International Equity 19%

U.S. Core Fixed Income

21%

U.S. Short-Term Fixed Income

22%


Manager Name Strategy Asset Class Allocation (%) Investing with Impact Focus

ClearBridge Investments ClearBridge Multi-Cap Growth ESG SMA

US Multi Cap Growth Equity 9.0 ESG-Integrated, Shareholder Engagement

Trillium Asset Management

Trillium Large Cap Core SMA US Large Cap Core 8.0 ESG-Integrated, Shareholder Engagement

Neuberger Berman NB Socially Responsible Investing Mutual Fund (NBSLX)

US Multi Cap Core Equity 6.0 ESG-Integrated, Shareholder Engagement

ClearBridge Investments ClearBridge Large Cap Value ESG SMA

US Large Cap Value Equity 10.0 ESG-Integrated, Shareholder Engagement

Ariel Investments Ariel Appreciation Mutual Fund (CAAPX)

US Small / Mid Value Equity 5.0 Values Alignment

Calvert Investments Calvert International Equity Mutual Fund (CWVGX)

Developed International Equity

19.0 Values Alignment, Shareholder Engagement

Vanguard Vanguard Short Term Bond ETF (BSV)

US Short-Term Fixed Income 22.0 - -

Community Capital CRA Qualified Investment Mutual Fund (CRANX)

US Core Fixed Income 21.0 ESG-Integrated, Sector Exposure

TOTAL GLOBAL EQUITIES 57.0

TOTAL GLOBAL FIXED INCOME 43.0

TOTAL PORTFOLIO 100.0


Notes: As of April 17, 2015. SMA = Separately Managed Account | ETF = Exchange-Traded Fund The sample portfolio is provided for informational purposes only and should not be deemed to be a recommendation to purchase or sell the securities mentioned. There is no guarantee that any securities mentioned will be held in a client account. It should not be assumed that the securities transactions or holdings discussed were or will be profitable. Information and funds subject to change at any time without notice.



KEY STATISTICS Account Minimum: $750,000 Portfolio Manager: Morgan Stanley Smith Barney LLC Target Asset Class: 60% Global Equities + 40% Global Fixed Income Market Cap: Multi Platform: Select UMA®

Eligible Investments: Separately managed accounts, mutual funds and exchange-traded funds (ETFs) Custom Benchmark: 40% Russell 3000 Index/ 17% MSCI EAFE Index/23% Barclays US Aggregate Bond Index/ 20% Barclays Short Treasury Index Inception Date: September 15, 2014

EQUITY SECTOR DISTRIBUTION 1 ,2 (%)

1. Information as of April 17, 2015. Subject to change. 2. All characteristics based on Custom Benchmark.

17.46

7.08 6.99

19.01 15.17

13.30 13.03

3.92 2.21 1.82

12.71 8.90

7.14

20.52

13.00 11.21

15.69

4.76 2.93 3.15

0

5

10

15

20

25

ConsumerDiscretionary

ConsumerStaples

Energy Financials Healthcare Industrials InformationTechnology

Materials TelecomServices

Utilities

Portfolio

Benchmark


UMA Portfolio: Investing With Impact Equity

OVERVIEW Building on key strengths of Morgan Stanley, including asset allocation advice, manager analysis and the Investing with Impact Platform, this portfolio targets 100% equity and combines highly regarded third-party managers across a range of Investing with Impact approaches into a well-diversified portfolio. PROCESS • Asset allocation: Utilizing the thoughtful analysis driven by the firm’s Global

Investment Committee • Manager Selection: Tapping into the in-depth due diligence conducted by the

Global Investment Manager Analysis team • Portfolio Construction: Utilize complementary manager strategies and risk

management (portfolio does not include alternative investments); if conditions warrant, the portfolio manager may include strategies that are not impact focused

• Investing with Impact: Approaches can include Values Alignment, ESG-Integrated and Sector Exposure

DIFFERENTIATORS • Portfolio solution for clients with a range of Investing with Impact objectives • Eligible investments can include separately managed accounts, mutual funds

and exchange-traded funds (ETFs) in one account. • Independent managers with experience demonstrating positive

environmental/social impact • Automatic account rebalancing and monitoring

ASSET ALLOCATION1

Objective: Deliver an equity portfolio that achieves 1) positive environmental and social impact and 2) competitive risk-adjusted returns over the long-term.

1. Information as of April 17, 2015. Subject to change.

U.S. Multi Cap Growth Equity 14%

U.S. Large Cap Core 13%

U.S. Multi Cap Core Equity 11%

U.S. Large Cap Value Equity 17%

U.S. Small / Mid Value Equity

9%


36%



Manager Name Strategy Asset Class Allocation (%) Impact Area

ClearBridge Investments ClearBridge Multi-Cap Growth ESG SMA

US Multi Cap Growth Equity

14.0 ESG-Integrated, Shareholder Engagement

Trillium Asset Management

Trillium Large Cap Core SMA US Large Cap Core 13.0 ESG-Integrated, Shareholder Engagement

Neuberger Berman NB Socially Responsible Investing Mutual Fund (NBSLX)

US Multi Cap Core Equity 11.0 ESG-Integrated, Shareholder Engagement

ClearBridge Investments ClearBridge Large Cap Value ESG SMA

US Large Cap Value Equity 17.0 ESG-Integrated, Shareholder Engagement

Ariel Investments Ariel Appreciation Mutual Fund (CAAPX)

US Small / Mid Value Equity

9.0 Values Alignment

Calvert Investments Calvert International Equity Mutual Fund (CWVGX)


36.0 Values Alignment, Shareholder Engagement

TOTAL GLOBAL EQUITIES 100.0

TOTAL PORTFOLIO 100.0

Notes: As of April 17, 2015. SMA=Separately Managed Account The sample portfolio is provided for informational purposes only and should not be deemed to be a recommendation to purchase or sell the securities mentioned. There is no guarantee that any securities mentioned will be held in a client account. It should not be assumed that the securities transactions or holdings discussed were or will be profitable. Information and funds subject to change at any time without notice.



KEY STATISTICS Account Minimum: $400,000 Portfolio Manager: Morgan Stanley Smith Barney LLC Target Asset Class: 100% Global Equities Market Cap: Multi Platform: Select UMA®

Eligible Investments: Separately managed accounts, mutual funds and exchange-traded funds (ETFs) Custom Benchmark: 70% Russell 3000 Index/ 30% MSCI EAFE Index Inception Date: September 15, 2014

EQUITY SECTOR DISTRIBUTION 1 ,2 (%)

1. Information as of April 17, 2015. Subject to change. 2. All characteristics based on Custom Benchmark.

17.47

7.15 6.83

19.45

14.80 13.53 12.77

3.87 2.24 1.88

13.05 9.22

6.61

20.17

13.67 11.65

14.83

4.75 2.82 3.22

0

5

10

15

20

25

ConsumerDiscretionary

ConsumerStaples

Energy Financials Healthcare Industrials InformationTechnology

Materials TelecomServices

Utilities

Portfolio

Benchmark


Index Glossary

INDEX DEFINITIONS

BARCLAYS CAPITAL SHORT TREASURY INDEX: The index measures the performance of U.S. Treasury securities that have a remaining maturity between one and twelve months.

BARCLAYS CAPITAL US AGGREGATE BOND INDEX: The US Aggregate Index covers the dollar-denominated investment-grade fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, MBS pass through securities, asset-backed securities, and commercial mortgage-based securities. These major sectors are subdivided into more specific sub-indexes that are calculated and published on an ongoing basis.

MSCI EAFE INDEX (NET): The MSCI EAFE Index (Europe, Australasia, Far East) (net) is a free float-adjusted market capitalization index that is designed to measure developed market equity performance, excluding the US & Canada. As of December 2003 the MSCI EAFE Index consisted of the following 21 developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom. This series approximates the minimum possible dividend reinvestment. The dividend is reinvested after deduction of withholding tax, applying the rate to non-resident individuals who do not benefit from double taxation treaties. MSCI uses withholding tax rates applicable to Luxembourg holding companies, as Luxembourg applies the highest rates.

MSCI KLD 400 SOCIAL INDEX: The MSCI KLD 400 Social Index is a market capitalization-weighted Common Stock Index, consisting of 400 corporations that have passed multiple, broad-based social screens. The index is maintained by Kinder, Lydenberg, Domini & Co., Inc. and is intended to serve as a proxy and benchmark for the universe of stocks from which social investors might choose. The index was set at a value of 100 as of May 1, 1990. Since its inception, fewer than one change per month has been made in the index, primarily due to takeovers and acquisitions.

RUSSELL 3000 INDEX: Russell 3000 Index measures the performance of the 3,000 largest US companies based on total market capitalization, which represents approximately 98% of the investable US equity market. As of the latest reconstitution, the average market capitalization was approximately $86.4 billion; the median market capitalization was approximately $923 million. The index had a total market capitalization range of approximately $540 billion to $101 million.


The strategies described in this material are currently offered as Firm Discretionary UMA Model Portfolios in Morgan Stanley Smith Barney LLC’s Select UMA® Investment Advisory Program. Please see the Morgan Stanley Smith Barney LLC Select UMA Form ADV Wrap Fee Brochure (the “Morgan Stanley ADV”) for more information on this Investment Advisory program. The Morgan Stanley ADV is available from your Financial Advisor or online at www.morganstanley.com/ADV.

All investment advisory services of Select UMA are delivered to clients in the United States only by Morgan Stanley Smith Barney LLC. These materials are intended only for clients and prospective clients in the United States.

Consider Your Own Investment Needs This material is not intended to be a client-specific suitability analysis or recommendation, an offer to participate in any investment, or a recommendation to buy, hold or sell securities (includes securities of Morgan Stanley and/or its affiliates if shown in this material). Do not use this material as the sole basis for investment decisions. Do not select an investment strategy based on performance alone. Consider all relevant information, including your existing portfolio, investment objectives, risk tolerance, liquidity needs and investment time horizon.

Performance and Other Portfolio Information Past performance does not guarantee future results. There is no guarantee that these investment strategies will work under all market conditions. As a result of recent market activity, current information may vary from the information shown in this material.

Benchmark index Depending on the composition of your account and your investment objectives, any indices shown in this material may not be an appropriate measure for comparison purposes and are therefore presented for illustration only. Indices are unmanaged. You cannot invest directly in an index. Performance of indices may be more or less volatile than any investment strategy. The risk of loss in value of a specific investment strategy is not the same as the risk of loss in a broad market index. Therefore, the historical returns of an index will not be the same as the historical returns of a particular investment strategy.

Securities holdings Holdings are subject to change daily, so any securities discussed in this material may or may not be included in your account if you invest in this investment strategy. Your account may also include other securities in addition to or instead of any securities discussed in this material. There is no assurance that any securities discussed herein will remain in an account at the time you receive this material, or that securities sold have not been repurchased. The securities discussed do not represent all the securities that will be purchased, sold or recommended for advisory clients. Do not assume that any holdings mentioned were, or will be, profitable or that the investment recommendations or decisions made in the future will be profitable or will equal the investment performance of the securities discussed in this material.

Actual account data may differ from that shown in this material The, holdings, sector weightings, portfolio traits and other data for an actual account may differ from that in this report due to various factors including the size of an account, cash flows within an account, and restrictions on an account.

Key Asset Class Considerations Investing in the market entails the risk of market volatility and principal loss. The value of all types of investments may increase or decrease over varying time periods. Investors should be willing and able to assume the risks of equity investing. The value of a client’s portfolio changes daily and can be affected by changes in interest rates, general market conditions and other political, social and economic developments, as well as specific matters relating to the companies in which the client is invested. Companies paying dividends can reduce or cut payouts at any time.

Diversification does not assure a profit or protect against loss.

To the extent the investments depicted herein represent international securities, you should be aware that there may be additional risks associated with international investing, including foreign economic, political, monetary and/or legal factors, changing currency exchange rates, foreign taxes, and differences in financial and accounting standards. International investing may not be for everyone. These risks may be magnified in emerging markets, since these countries may have relatively unstable governments and less established markets and economics. Small- and mid-capitalization companies may lack the financial resources, product diversification and competitive strengths of larger companies. In addition, the securities of small- and mid-capitalization companies may not trade as readily as, and be subject to higher volatility than, those of larger, more established companies. 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 allows the issuer to retain the right to redeem the debt, fully or partially, before the scheduled maturity date. Proceeds from sales prior to maturity may be more or less than originally invested due to changes in market conditions or changes in the credit quality of the issuer.

Disclosures


Disclosures (cont'd)

In Consulting Group’s advisory programs, alternative investments are limited to US-registered mutual funds, separate account strategies and exchange-traded funds (ETFs) that seek to pursue alternative investment strategies or returns utilizing publicly traded securities. Investment products in this category may employ various investment strategies and techniques for both hedging and more speculative purposes such as short-selling, leverage, derivatives and options, which can increase volatility and the risk of investment loss. Alternative investments are not suitable for all investors.

There may be tax implications with a rebalancing strategy.

No obligation to notify Morgan Stanley Smith Barney LLC has no obligation to notify you when information in this material changes. Sources of information Material in this material has been obtained from sources that we believe to be reliable, but we do not guarantee its accuracy, completeness or timeliness. Third party data providers make no warranties or representations relating to the accuracy, completeness or timeliness of the data they provide and are not liable for any damages relating to this data.

No tax advice Morgan Stanley Smith Barney LLC and its affiliates do not render advice on tax and tax accounting matters to clients. Each client should consult his/her personal tax advisor to learn about any potential tax or other implications that may result from acting on a particular recommendation.

No redistribution Morgan Stanley Smith Barney LLC material, or any portion of it, may not be reprinted, sold or redistributed without Morgan Stanley Smith Barney LLC’s written consent.

Cerulli Associates, 4q 2014 Summary Report. Cerulli Associates’ data are based on data submitted by firms participating in Cerulli’s survey. Morgan Stanley Wealth Management was ranked No. 1 in terms of assets under management out of the firms listed in the industry for the quarter with respect to Top Managed Account Program Sponsors Across All Industry Segments. This category includes separate account consultant programs, mutual fund advisory programs, ETF advisory programs, rep as portfolio manager programs, rep as advisor programs and unified managed account programs. Separate account consultant programs are programs in which asset managers manage investors’ assets in discretionary separate accounts. Mutual fund advisory programs and ETF advisory programs are discretionary and nondiscretionary programs designed to systematically allocate investors’ assets across a wide range of mutual funds or ETFs. Rep as portfolio manager programs are discretionary programs in which advice is an essential element; planning is undertaken or advice is treated as a separate service from brokerage. Rep as advisor programs are nondiscretionary programs where the advisor has not been given discretion by the client and must obtain approval each time a change is made to the account or its investments. Unified managed accounts are vehicle-neutral platforms that simplify the delivery of multiple investment vehicles, such as separate accounts, mutual funds, exchange-traded funds and individual securities through their integration within a single environment. Rankings are subject to change. Some historical figures may be revised due to newly identified programs, firm restatements, etc.

Investors should carefully consider the investment objectives, risks and charges and expenses of a mutual fund or exchange-traded fund before investing. The prospectus contains this and other information about the mutual fund or exchange-traded fund. To obtain a prospectus, contact your Financial Advisor or Private Wealth Advisor. Please read the prospectus carefully before investing. The information herein has been obtained from sources that we believe to be reliable, but we do not guarantee its accuracy or completeness. All opinions included in this material constitute the Firm’s judgment as of the date of this material and are subject to change without notice. This material is provided for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security.

Morgan Stanley Smith Barney LLC offers investment program services through a variety of investment programs, which are opened pursuant to written client agreements. Each program offers investment managers, funds and features that are not available in other programs; conversely, some investment managers, funds or investment strategies may be available in more than one program.

Morgan Stanley’s investment advisory programs may require a minimum asset level and, depending on your specific investment objectives and financial position, may not be suitable for you.

© 2014 Morgan Stanley Smith Barney LLC. Member SIPC. Consulting Group is a business of Morgan Stanley Smith Barney LLC. CRC1011960 (10/2014)

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