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    Morgan Stanley GIFT Annual Report 2018 Year in Review Photo courtesy of Platon

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    MORGAN STANLEY GIFT 2018 The Morgan Stanley Global Impact Funding Trust (Morgan Stanley GIFT) aims to promote effective and efficient philanthropy 2 MORGAN STANLEY GIF T

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    2018 YEAR IN REVIEW 2018 in Review Environmental 4 14 Melanie Schnoll Begun Photo courtesy of Platon 10 Philanthropy MS GIFT Makes Investing with 6 Giving Simple 16 Impact MS GIFT Mission Align 360 7 2018 Highlights 18 Geographic Tucker Wilson and 8 Dispersion of Grants 19 the Michael J. Fox Foundation Causes Supported Thought Leadership 9 20 The People’s Portfolio 12 MS GIFT Board 10 21 King Philanthropies Final Thoughts 12 22 19 MORGAN STANLEY GIF T 3

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    MORGAN STANLEY GIF T ANNUAL REPORT 2018 in Review BY MELANIE SCHNOLL BEGUN As the President of Morgan Stanley Global Impact Funding Trust (MS GIFT), I am pleased to present 2018 in Review. The charitable giving landscape experienced many changes in 2018. An expanding economy coupled with fluctuating market conditions weighed in favor of clients making charitable gifts, as 2018 marked an outstanding year. Thanks to the generosity of our donors, in 2018 MS GIFT opened 2,085 new accounts with contributions totaling $679 million, and awarded $360 million in grants across the U.S. as well as five other countries. Since inception, MS GIFT has awarded more than $1.77 billion in grants.1 In a year that saw a staggering number of natural disasters, donors really displayed their generosity when it comes to helping others no matter how near or far. Over the course of the year, the MS GIFT Board of Directors worked with various business partners to drive initiatives and incorporate feedback from the perspectives of Financial Advisors and their clients. We are thrilled to work with nonprofit organizations that are both geographically and mission diverse. To further nurture clients’ increasing commitment to strategic giving, we hosted various events that explored novel gift giving strategies. In looking ahead to 2019, we plan to dig deeper in these relationships, advocating and delivering on issues that are important to you, and providing thought leadership to further develop clients’ philanthropic commitment. A key component of our business is to help clients advance a more sustainable world. In 2018, we sought to make sustainable investing more accessible as the impact investing sector has become a staple in the modern wealth management landscape. The MS GIFT Investing with Impact Pools allow donors an opportunity to broaden their impact by generating positive environmental and social impact in the public markets. MS GIFT strives to engage donors across the entire spectrum of wealth, ensuring their philanthropic aspirations and objectives will be achieved. In 2019, we look forward to nurturing the interests of donors, helping clients realize their philanthropic vision, and ultimately advance and enable diligent and prudent financial giving. We thank our donors for their philanthropic commitment and generosity. In gratitude and service, MELANIE SCHNOLL BEGUN Managing Director President of Morgan Stanley GIFT Head of Morgan Stanley Philanthropy Management 4 MORGAN STANLEY GIF T

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    MORGAN STANLEY GIF T ANNUAL REPORT MS GIFT Makes Giving Simple The Power of a Donor Advised Fund Account • Establish a long-term charitable giving • Conduct research on areas of strategy that reflects your passions, charitable interest and specific charities vision and values • Receive professional investment advice • Contribute using a wide variety of on growing your charitable gifts cash and marketable securities, and • Achieve positive environmental and with prior approval, illiquid assets social impact in the public markets such as real estate, artwork or private through the MS GIFT Impact Pools’ Key Facts About MS GIFT company stock investment holdings • Help coordinate charitable giving with • Potentially reduce your estate succession planning • Mitigate capital gains tax on gifts of tax liabilities • Make anonymous grants 18+ years appreciated securities and other • Create a philanthropic legacy More than 18 years of appreciated assets with your family operation and experience; established in August 2000 MS GIFT Platform Features 7,200+ accounts, collectively valued Investment managers at over $1.8 billion1 and products analyzed by Asset allocation strategies Morgan Stanley Wealth developed by the Management’s Global Total grants to charities of Morgan Stanley Wealth Investment Manager Analysis Management Global Investment Committee (GIMA) team for possible inclusion in the Select $1.77 billion UMA program since inception1 Investment platform professionally managed by Morgan Stanley Professionally managed Disciplined portfolio investment strategies construction provided featuring broad Led by a board of directors that by the Custom diversification and includes seasoned professionals Solutions Team from both within and outside of automatic rebalancing Morgan Stanley 6 MORGAN STANLEY GIF T

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    2018 Highlights $1.80 2,085 7,274 Billion New Accounts Opened in 2018 1 Active Accounts1 MS GIFT Assets Under Management1 $360 17,074 38,320 Million Grantees1 Number of Grants Made1 Total Grant Value1 $679 9,624 30 Million Contributions Received1 Complex Asset Gifts Since 20151 Total Contribution Value1 “I opened a donor advised fund account to deepen my philanthropic footprint. MS GIFT allows me to align my financial and philanthropic capital and allocate it towards creating positive impact in the issues my family and I care about.” MANDELL CRAWLEY Managing Director, Head of Morgan Stanley’s Private Wealth Management

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    MORGAN STANLEY GIF T ANNUAL REPORT Geographic Dispersion of Grants 52% 5 50 Of Donors Countries States Give Locally1 Represented1 Represented1 High concentration of grantees2 in California, New York, Florida and Pennsylvania <$1M $1-$4.9M $5M-$9.9M $10M-24.9M >$25M 8 MORGAN STANLEY GIF T

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    2018 YEAR IN REVIEW Through 38,000+ Grants in 2018, Our Donors Supported a Wide Variety of Causes 36% 21% In 2018, our donors recommended Of Total Grants Went to Education1 Of Total Grants Went to Public/Society Benefit1 $360 Million in grants to support 17,000+ charitable organizations across the U.S. and the globe.1 11% 8% Of Total Grants Of Total Grants TOP AREAS OF GIVING Went to Faith-Based Causes1 Went to Health1 Education Public/Society Benefit Faith-Based Causes Health Arts, Culture and Our donors gave generously to a wide variety of organizations Humanities Donors made Donors contributed a total International, 38,000+ grants to of $678.7 million to MS GIFT, Foreign Affairs 17,074 organizations1 and a total of $360 million Environment and Animals was granted out1 MORGAN STANLEY GIF T 9

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    Photo courtesy of Platon Platon and The People’s Portfolio The Intersection of Art, Media, Civil and Human Rights 10 MORGAN STANLEY GIF T

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    2018 YEAR IN REVIEW Led by artist and photographer Platon does more than Currently TPP is working on a film Platon, The People’s Portfolio (TPP) about poverty in the U.S. to shed light uses visual storytelling to document just share news; he tells on the issue from every angle, including humanitarian efforts around the globe. stories in the context of structural racism, unequal access to Platon spent many years working with education, and the broken justice system. world-renowned advertising teams, someone else’s narrative Rather than just another documenter, mastering his craft before dedicating who does not have a Platon aims to be an educator, collaborator his career and legacy to civil and human and facilitator for his subjects. His rights. According to TPP Executive voice or platform. photos are a living testament to TPP’s Director Elizabeth Blackney, “TPP is —Elizabeth Blackney, commitment to the human rights the manifestation of his vision of Executive Director of TPP defenders, as he leverages the TPP how to be at the intersection of art, platform to both ensure a safer community media, and civil and human rights.” for these people and to encourage the A Supporting Organization was general public to take action. created under MS GIFT to advance TPP’s fundraising efforts. “It’s not that we’re given this vision of who we are and what we can do, but sometimes we have to rise to the challenge because there’s no one else around to do it.” —Platon In using visual storytelling to celebrate human rights defenders and to advocate responsible global citizenship, Platon and TPP have ensured ethics and protocols are embedded into every interaction they have. Whether it is a community organizer, a former U.S. President or a patient in a clinic, everyone is valued and given four-star recognition of their humanity. The uniqueness of the foundation is its sensitivity to the communities, emphasizing empathy and compassion rather than shame and stigma. It aims to leverage its platform to create a safe environment to empower people. Building a portfolio for Nobel Prize Laureate Dr. Mukwege has been one of the most gratifying experiences for Platon and TPP. At the 2015 World Economic Forum in Davos, Platon had the honor of moderating a session with Dr. Mukwege, who has worked with 52,000+ sexual violence survivors. TPP’s work has Photo courtesy of Platon contributed to the ongoing awareness of his efforts for these women. Dr. Mukwege MORGAN STANLEY GIF T 11

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    King Philanthropies’ Search for “How to Do the Most Good” “Our neighbors now include the estimated 700 million people who are living in extreme poverty.” —Bob and Dottie King 12 MORGAN STANLEY GIF T

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    2018 YEAR IN REVIEW “The scale of the need is immense, and we know we cannot achieve our goals for impact entirely on our own. As we expand our work, we hope others in the social sector will join us.” —Bob and Dottie King Bob and Dottie King are dedicating Trust and Donor Advised Fund. In Africa and Asia, and the Global Scholars their philanthropic efforts and legacy working with their Private Wealth Program develops future leaders to changing lives: creating opportunity Advisor, Jim Greenfield, Bob and Dottie by engaging the next generation of for those that need it most. In asking are able to use the same investment students who grew up in extreme themselves, “How to do the most managers across the three vehicles, poverty circumstances. good?” the Kings have identified high- helping to streamline their investment Working in the spirit of focus, impact opportunities for philanthropic activities as well as their annual giving collaboration and results, King investment in Africa and parts of in a tax-efficient manner. Philanthropies has made incredible Asia, where most of those in extreme “Bob and Dottie established progress in the area of global poverty; poverty reside. King Philanthropies in 2016 with a yet in their words, “the scale of the need In their professional, personal and very intentional mission: to make a is immense, and we know we cannot philanthropic experiences, Bob and meaningful difference in the lives of achieve our goals for impact entirely Dottie do their best to follow the the world’s poorest by multiplying the on our own. As we expand our work, commandment to “love your neighbor impact of high-performing leaders we hope others in the social sector as yourself.” As they watch our world and organizations,” explains Kim will join us.” shrink, the Kings have come to Starkey Jonker, President and CEO of understand that their “neighbors” go King Philanthropies. far beyond those who live near them in Bob, Dottie and the team at King Menlo Park; in their own words, “our Philanthropies achieve this mission neighbors now include the estimated through three pillars: the King Essentials 700 million people who are living in initiative addresses fundamental human extreme poverty.” needs of those in extreme poverty, the The Kings have deployed their Stanford Institute for Innovation in charitable giving using a Private Developing Economies (Stanford Seed) Foundation, Charitable Remainder scales businesses and creates jobs in MORGAN STANLEY GIF T 13

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    Environmental Philanthropy Tremendous Responsive Giving During Unparalleled Year of Natural Disasters From hurricanes to wildfires to earthquakes and more, the number of natural disasters in 2018 was uncanny. Though the aftermath of these natural disasters was catastrophic, the tremendous response from our donors helped support those affected by providing both immediate funding as well as ongoing support needed to rebuild the affected communities. 14

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    The California Wildfires was the 2018 top donor cause with $500K+ 3 The top 6 disaster relief causes3 received a total of $1.14 million from our donors1 MS GIFT and Morgan Stanley’s Commitment to Sustainability MS GIFT AND OUR DONORS ARE COMMITTED MORGAN STANLEY’S TO THE ENVIRONMENT PLASTIC WASTE RESOLUTION Morgan Stanley is committed to tackling the growing global $9.6 challenge of plastic waste in the environment. Through the capital million markets and partnering with our clients and employees, we will MS GIFT has pledged Our donors granted prevent, reduce and remove 50 to further reduce its $9.6 million to causes million metric tons of plastic paper footprint related to the waste from entering rivers, oceans, environment1 landscapes and landfills by 2030 15

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    MORGAN STANLEY GIF T ANNUAL REPORT MS GIFT Investing with Impact Pools Since its inception in 2012, Morgan Stanley’s Investing with Impact Platform has provided Financial Advisors with tools and products to help clients advance a more sustainable world through their investments. The Future is Bright for Investing with Impact 71% 2050 75% Of individual investors Year that business Companies are improving Of investors are interested believe companies with opportunities for their competitive position in sustainable investing4 and leading sustainability sustainability-focused by adjusting their business 80% of U.S. money managers5 practices may be better companies are expected strategies to address say their decision to offer long-term investments 4 to be between $4 trillion long-term global themes/ ESG7 strategies is in response and $10 trillion annually, or mega-trends6 to client demand up to 4.5% of global GDP5 MS GIFT Impact Pools Holistic Investment Process We utilize a four-part process to create impact pools that amplify your charitable giving T Establish financial and EN Asset allocation based M impact guidelines in on market analysis GE line with charitable and guidance from the NA giving goals Define Asset Morgan Stanley Wealth MA Objectives Allocation Management Global RI S K Investment Committee MS GIFT Ongoing risk IMPACT Evaluate managers based management through POOLS on Morgan Stanley’s in-depth analysis Investing with Impact of variations in Framework, and optimize risk, managers and manager weights through Monitoring Portfolio their strategies, multifactor analysis & Review Construction including a review of and emphasis on high- impact outcomes conviction, complementary managers with established track records 16 MORGAN STANLEY GIF T

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    2018 YEAR IN REVIEW The Investing with Impact Pools Within MS GIFT Percentage Growth of Impact Pools Utilize highly regarded third-party investment managers with demonstrated experience in generating positive environmental and social impact 2015-20161 +132% alongside potential market-rate returns Are well-diversified and risk-aware 2016-2017 1 +79% Include separately managed accounts, mutual funds and 2017-2018 1 +57% exchange-traded funds Past performance is not indicative of future results. The Impact Pools Incorporate the Following Investing with Impact Approaches No Direct Mission RESTRICTION SCREENING: This approach excludes Alignment companies or sectors that are in opposition to an investor’s values, for example, tobacco, alcohol and weapons. ESG INTEGRATION: Examples of Environmental, Social and Thematic Values Governance (ESG) criteria include the corporate carbon Exposure Alignment footprint, employee health and safety, workforce diversity policies and business ethics. THEMATIC EXPOSURE: Investment by themes and sectors ESG allows for solutions to targeted ESG issues, for example, Integration resource scarcity, and community development including affordable housing. MORGAN STANLEY GIF T 17

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    MORGAN STANLEY GIF T ANNUAL REPORT MS GIFT Aligns Philanthropy, Impact Investing and Social Change through Mission Align 360 SM Investing with Impact Mission Align 360SM Thematic Exposure Organizations, families and individuals We help clarify the range of responsible for overseeing capital approaches and the investment intended for charitable purposes are solutions based on theme increasingly investing in opportunities that positively impact our global Climate Change and society, environment and economy. Fossil Fuel-Aware Investing What is unique about Morgan Stanley is that we offer a vast array of capabilities and deliver the experience Faith-Based Investing required to be a trusted advisor in helping organizations examine all Gender Diversity Investing 360 degrees of the organization to align total portfolios with purpose across all dimensions. The goal of Mission Align 360SM Investing: Mission Align 360 is to make it easy evaluate, align and activate all pools for organizations to align all of their of capital toward the theme of your resources and capital with mission choice to accomplish your organization’s and generate positive impact. unique mission FINANCIAL CAPITAL PHILANTHROPIC CAPITAL HUMAN CAPITAL Investments that seek to A broad term which describes The collective skills, talents, achieve specific social and/ capital that has no, or low, knowledge or other intangible or environmental goals expectation of financial return, assets of individuals that can while targeting market-rate such as grant-making and be used to create economic financial returns program-related investments value for the individuals, their organization or their community 18 MORGAN STANLEY GIF T

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    2018 YEAR IN REVIEW Tucker Wilson’s Generous Gift to the Michael J. Fox Foundation for Parkinson’s Research Tucker is able to focus on the causes he feels are most important to him personally through his DAF account. After witnessing his mother’s pain of living with a Parkinsonian Disease, and a few years after her death being diagnosed himself, Tucker decided to make a substantial gift from his DAF account to the Michael J. Fox Foundation for Parkinson’s Research on Giving Tuesday. Through his generosity, Tucker hopes to further research in Parkinson’s Disease. While he recognizes he may not reap the benefits of these advances, he hopes that his gift can help make the path to a cure that much shorter. Tucker Wilson grew up in Greenwich, doing everything right, but “disease does Tucker believes it truly does not matter Connecticut, with his parents and three not discriminate, anyone can be a victim, where you come from, or how much siblings. His parents always looked at and one’s place in life certainly does not money you have, but rather it’s the values philanthropy very strategically, instilling exempt a person from a bad diagnosis.” you have that make you who you are and strong values in their children and Tucker and his three siblings now run that help to create your legacy. Through encouraging them to act with a sense the Bridgemill Foundation, a foundation Tucker’s DAF account, he was able to of humility and generosity. In Tucker’s created by his parents in 1992. In give to a cause he cares deeply about, words, he “won the lottery when it came addition, each sibling has an MS GIFT allowing him to leave a lasting legacy to parents.” DAF account used for their individual of generosity. In 2006, his mother was diagnosed giving. While the family is able to make with a Parkinsonian Disease, which philanthropic grants together through progressed quickly. As luck may have their Foundation, Tucker is able to it, in addition to sharing his mother’s focus on the causes he feels are most wit, Tucker also shared a diagnosis of important to him personally through his Parkinson’s Disease. As an active man, DAF account. who leads a healthy life, Tucker was “Disease does not discriminate, anyone can be a victim, and one’s place in life certainly does not exempt them from a bad diagnosis.” —Tucker Wilson MORGAN STANLEY GIF T 19

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    MORGAN STANLEY GIF T ANNUAL REPORT Thought Leadership Content Throughout 2018, MS GIFT collaborated with various business partners to drive initiatives while offering feedback from the perspectives of Financial Advisors and our clients. Thought Leadership Through our events and publications, we are able to both highlight the tremendous generosity of our donors as well as provide the opportunity for philanthropic leaders to come together and further their large-scale impact. EVENTS PUBLICATIONS The Exchange Perspectives in Philanthropy Morgan Stanley in collaboration with The Social Impact In 2018, we focused on expanding our thought capital Exchange hosted the annual two-day conference focused library with the next issue of Perspectives in Philanthropy, on How Philanthropy Can Help Lead an Era of Cross- a periodic journal featuring valued clients and thought Sector Collaboration. leaders engaged in transformational philanthropy. Jewish Value Consortium NYC Jewish Values Consortium White Paper Across three events continuing into 2019 in New York The publication of NYC Jewish Values Consortium City, Los Angeles and Delray Beach, Morgan Stanley white paper and video aimed at advancing Jewish brought together 100+ leaders in the Jewish philanthropy Values philanthropy and investing initiative. and investment communities to discuss what it means to give and invest money in alignment with Jewish values. Digital Content We amplified reach of thought capital through release Art, Legacy and Philanthropy of digital content including MS.com articles and Gifts for Across two events in Washington, D.C. and St. Good Catalogue on Reserved | Living & Giving. In addition, Petersburg, Florida, Morgan Stanley brought together in order to provide high level information on popular 150+ active individuals’ families with a passion for the areas of giving, we published Subject Briefs on Financial arts to learn about the issues that affect philanthropists Inclusion and Veterans. funding the arts as well as issues regarding legacy and succession of their collections. Insights & Outcomes In the biannual magazine by the Family Office Resources division, we produced a piece on the Business of Philanthropy and recent trends in the philanthropic sector. 20 MORGAN STANLEY GIF T

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    2018 YEAR IN REVIEW MS GIFT Board of Directors Melanie Schnoll Begun,* President Katharine Leonberger Managing Director, Head of Philanthropy President and CEO, Management for Morgan Stanley Community Resource Exchange Carol Argento, Board Chair Jane O’Connell Vice President, Board Chair, Altman Foundation Charles Hayden Foundation Robert Seaberg, Vice President Roger Paradiso President, Intersect Consulting, LLC Head of Alternative Distribution Strategies, Legg Mason Global Asset Management Allyson McDonald, Secretary Ross Richards* Founder, Work Capital Executive Director, Practice Management Group, Morgan Stanley Wealth Management Michael Swartz, Treasurer James Tracy* Private Investor, Retired, Managing Director, former Vice President and Treasurer, Director of Consulting Group for Brandeis University Morgan Stanley Wealth Management Patricia Biggers Sundeep Vira Senior Vice President, Chief Operating Officer, Portfolio Manager/Analyst, The Academy Group Lazard Asset Management Shelley Goode Vice President, Resource Development, Oxfam *Affiliated with Morgan Stanley Smith Barney LLC MORGAN STANLEY GIF T 21

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    MORGAN STANLEY GIF T ANNUAL REPORT Thank You For Your Generosity We thank you for your philanthropic commitment and the privilege of helping you realize your philanthropic goals. Morgan Stanley’s four core values are putting clients first, doing the right thing, leading with excellent ideas and giving back. We value your business and look forward to partnering with you for years to come on your philanthropy and wealth management needs. Contact your Morgan Stanley Financial Advisor or Private Wealth Advisor to get started. 22 MORGAN STANLEY GIF T

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    1 Information provided as of 02/2019 2 State identified from the state where the grant check was sent 3 Top donor cause in terms of dollars granted 4 Morgan Stanley Institute for Sustainable Investing, Sustainable Signals: New Data from the Individual Investor, 2017 5 Vision 2050: The New Agenda for Business, World Business Council for Sustainable Development, 2010 6 Morgan Stanley & Co. Sustainability Research 7 ESG = Environmental, social and governance The Morgan Stanley Global Impact Funding Trust, Inc. (“MS GIFT, Inc.”) is an organization described in Section 501(c) (3) of the Internal Revenue Code of 1986, as amended. MS Global Impact Funding Trust (“MS GIFT”) is a donor-advised fund. Morgan Stanley Smith Barney LLC provides investment management services to MS GIFT. Back office administration is provided by RenPSG, an unaffiliated charitable gift administrator. While we believe that MS GIFT provides a valuable philanthropic opportunity, contributions to MS GIFT are not appropriate for everyone. Other forms of charitable giving may be more appropriate depending on a donor’s specific situation. Of critical importance to any person considering making a donation to MS GIFT is the fact that any such donation is an irrevocable contribution. Although donors will have certain rights to make recommendations to MS GIFT as described in the Donor Circular & Disclosure Statement, contributions become the legal property of MS GIFT when donated. The Donor Circular & Disclosure Statement describes the risks, fees and expenses associated with establishing and maintaining an MS GIFT account. Read it carefully before contributing. Morgan Stanley Smith Barney LLC, its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice. Clients 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. The returns on a portfolio consisting primarily of Environmental, Social and Governance (“ESG”) aware investments may be lower or higher than a portfolio that is more diversified or where decisions are based solely on investment considerations. Because ESG 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. Asset Allocation and diversification do not assure a profit or protect against loss in declining financial markets. © 2019 Morgan Stanley Smith Barney LLC. Member SIPC. CRC 2573875 06/19 WM9573030 CS 9573030 09/19

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