NYLI Epoch Glb Eq Yld ADR (MNY-1)

Style: Global Equities GIMA Status: Approved Program Inception: 08/27/2012 Strategy Minimum: $25,000

EXECUTIVE SUMMARY
To help you better understand the performance results of third-party investment manager strategies within our Select UMA Program, we are including additional information
within manager profiles that may inform your decision to invest in this strategy:

• The performance results displayed in this profile may include a composite of Morgan Stanley accounts enrolled in the strategy . These are unshaded in the
Investment Results and Portfolio Quarterly Returns sections of the profile with the Select UMA label.
• The results also display the performance of the manager’s own composite of accounts invested in its version of the investment strategy , prior to the strategy’s
inception in the Select UMA program. These are shaded in grey and labeled Manager. While this performance is relevant, it does not reflect the role that Morgan
Stanley plays in delivering this strategy, which is reflected in the unshaded portion of the Investment Results and Portfolio Quarterly Returns sections of the
profile. Morgan Stanley works in tandem, with the manager, to deliver this strategy to its clients. For this reason, Morgan Stanley does not display the manager’s
own composite of accounts invested in its version of the investment strategy beyond the transition month . As a result, the manager’s results and the strategy’s
results may differ, as discussed in further detail below.
• If the transition month between the manager’s results and the strategy’s results occurs in the middle of a quarter , that quarter or year will be shaded blue in the
Investment Results and Portfolio Quarterly Returns sections of the profile and labeled Transition.

The manager exercises discretion in selecting securities for your account, but differences between the manager’s prior gross results and the strategy’s ongoing gross results
may arise from variations in who executes the strategy or how it is implemented:

• Some managers may deliver a model portfolio to Morgan Stanley, which may ultimately be responsible for executing those investment decisions.
• In some cases, the manager may act as an "executing manager," which means it implements its investment decisions and transactions directly instead of
delivering instructions to Morgan Stanley.
• The manager’s prior performance results are based on accounts that do not participate in the Select UMA program, with investment and operational differences
such as account size and/or level of customization.
• There may be other reasons why the performance results differ from those of individual Select UMA accounts managed in the same or a substantially similar
investment strategy. For example, Morgan Stanley may deviate from strategy models when applying client-requested restrictions.

If you have any questions about any of the information included in this profile, please contact your Morgan Stanley team.

Past performance is not a guarantee of future results. Actual individual account results may differ from the performance shown in this profile. There is no guarantee that any
investment strategy will achieve its intended results under all market conditions. Do not rely upon this profile as the sole basis for your investment decisions.

For MAPS Third Party Model Portfolios, ‘Manager’ illustrated performance is that of the Model Portfolio Provider.

The subsequent pages contain important disclosures and a glossary of terms. Information as of December 31, 2024, unless otherwise noted and is subject to change.
NYLI Epoch Glb Eq Yld ADR (MNY-1)
Style: Global Equities GIMA Status: Approved Program Inception: 08/27/2012 Strategy Minimum: $25,000

1
Strategy Overview Target Portfolio Characteristics Portfolio Manager Details
The Epoch Global Equity Yield (ADR) portfolio Description Value Manager Name Term
pursues attractive total returns with an
Number of security holdings: 90 to 120 Kera Van Valen, CFA July 2008 - Present
above-average level of income by investing in a
diversified portfolio of global companies with Average dividend yield: Belowthe S&P 500 Michael Jin July 2024 - Present
strong and growing free cash flow. Companies in Lin Lin July 2024 - Present
the portfolio possess managements that focus on Cash level over market cycle: —
creating value for shareholders through consistent Risk (standard deviation): Below the S&P 500
and rational capital allocation policies with an
emphasis on cash dividends, share repurchases Average turnover rate: 20 to 40%
and debt reduction - the key components of what
we call "shareholder yield." Capitalization: —
Emerging markets exposure: —
Eligible Investments: Individual Stocks

Manager's Investment Process

• Strategy uses proprietary quantitative research to identify potential investments. Factors include high current dividend yield, growth in cash flow,
cash from operations that exceeds dividends and no dividend cancellations.
• Stocks are then subject to rigorous fundamental research. Develop an investment thesis as assessing the sources of the company's long-term
value creation and management's ability to nurture it.

1
For more information on Portfolio Managers, please refer to this manager’s Form ADV www.morganstanley.com/wealth-investmentsolutions/advbrochures.

The subsequent pages contain important disclosures and a glossary of terms. Information as of December 31, 2024, unless otherwise noted and is subject to change.
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NYLI Epoch Glb Eq Yld ADR (MNY-1)
Style: Global Equities GIMA Status: Approved Program Inception: 08/27/2012 Strategy Minimum: $25,000

+ +
Portfolio Statistics Portfolio's Equity Sector Weightings Portfolio's Allocation History (%)
12/24 06/24 12/24 09/24 06/24 03/24
U.S. Stocks 78 76 75 75
MainStay Index*** MainStay
110 ADRs 21 22 22 22
Number of security holdings 107 —
Cash/Cash Equivalents 2 2 3 3
Dividend Yield 3.0% — 3.0%

Wtd avg portfolio beta — — —

Mega capitalization ⁺ 53.0% 0.0% 55.5%

Sector breakdown by style (%)
Large capitalization ⁺ 41.2% 0.0% 39.4%

Medium capitalization ⁺ 5.8% 0.0% 5.2%

Small capitalization ⁺ 0.0% 0.0% 0.0%

Micro capitalization ⁺ 0.0% 0.0% 0.0%

12/24 06/24

Portfolio's Top Five Security Holdings Sector Breakdown MainStay Index*** MainStay

Product Name Weight (%) Energy 6.58 0.00 6.28

BROADCOM INC COM 2.5 Materials 3.23 0.00 2.92
INTERNATIONAL BUSINESS MACHS 2.4 Industrials 8.03 0.00 7.71
MICROSOFT CORP COM 2.4 Consumer Discretionary 5.75 0.00 6.25
TAIWAN SEMICONDUCTOR MFG 2.0 Consumer Staples 9.57 0.00 9.30
CISCO SYSTEMS INC 1.9 Health Care 10.71 0.00 13.01
Financials 15.09 0.00 12.88
Information Technology 18.47 0.00 18.30
Communication Services 8.10 0.00 8.31
Utilities 7.57 0.00 7.45
Real Estate/REITs 2.64 0.00 3.43
Cash/Cash Equivalents 4.27 0.00 4.16
⁺Total may not equal 100% due to rounding.
***Index : MSCI AC Wld Nt

The subsequent pages contain important disclosures and a glossary of terms. Information as of December 31, 2024, unless otherwise noted and is subject to change.
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NYLI Epoch Glb Eq Yld ADR (MNY-1)
Style: Global Equities GIMA Status: Approved Program Inception: 08/27/2012 Strategy Minimum: $25,000
Strategy Inception Date: 11/2010 ² Morgan Stanley Composite Date: 12/2013 ²

Average Annual Total Return (%) - Periods Ending 12/31/24

20.00

16.00
Rate of Return (%)

12.00

8.00

4.00

0.00

1Yr 3Yr 5Yr 10Yr Since Inception

1yr 3yr 5yr 10yr Inception

MainStay (Gross) 17.09 8.80 8.89 7.63 9.33
MainStay (Net) 14.42 6.35 6.44 5.20 6.87
Primary Benchmark 17.49 5.43 10.06 9.23 8.97

1
Calendar-Year Performance (%) Portfolio's Quarterly Returns (%)
2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
MainStay (Gross) 17.09 12.96 -2.62 19.28 -0.35 21.31 -7.79 17.31 7.38 -3.33 Quarter 1
Gross 7.23 2.78 1.12 7.47 -23.90 10.31 -4.21 6.29 6.05 0.11
MainStay (Net) 14.42 10.42 -4.80 16.59 -2.59 18.59 -9.88 14.66 4.91 -5.47
Net 6.62 2.21 0.54 6.84 -24.34 9.71 -4.74 5.69 5.43 -0.46
Primary Benchmark 17.49 22.20 -18.36 18.54 16.26 26.60 -9.41 23.97 7.87 -2.35
Quarter 2
Gross 2.60 4.00 -8.71 4.84 12.39 1.48 0.33 3.17 2.74 -1.37
Net 2.00 3.41 -9.26 4.25 11.79 0.91 -0.24 2.58 2.16 -1.92
Quarter 3
Gross 10.49 -3.38 -8.45 -1.61 5.04 1.91 3.64 3.60 -0.15 -4.19
Net 9.89 -3.93 -8.96 -2.18 4.45 1.32 3.07 3.01 -0.71 -4.73

Manager Transition Select UMA Quarter 4

1. MSCI AC Wld Nt was used as the Primary Benchmark, the 90-Day T-Bills Index as the Risk-free Gross -3.68 9.38 15.23 7.61 10.93 6.34 -7.43 3.26 -1.30 2.18
Benchmark Net -4.25 8.73 14.62 7.01 10.26 5.74 -7.99 2.67 -1.89 1.62
2. For more information on these dates please see the Glossary of Terms section

See important notes and disclosures pages for a discussion of the sources of the performance data used to calculate the performance results and related analyses shown above.

The subsequent pages contain important disclosures and a glossary of terms. Information as of December 31, 2024, unless otherwise noted and is subject to change.
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NYLI Epoch Glb Eq Yld ADR (MNY-1)
Style: Global Equities GIMA Status: Approved Program Inception: 08/27/2012 Strategy Minimum: $25,000
Risk Considerations 12
Portfolio's Risk Statistics - Periods Ending 12/31/24
Equity portfolios are subject to the basic stock market risk that a particular security, or securities in 3 Year 5 Year
general, may decrease in value. Equity securities' prices may fluctuate in response to specific situations
for each company, industry, market conditions and general economic environment. International Standard Deviation 14.99% 18.14%
investing entails greater risk, as well as greater potential rewards compared to U.S. investing. These risks Standard Deviation of Primary Benchmark 16.27% 19.58%
include political and economic uncertainties of foreign countries as well as the risk of currency
fluctuations. Investing in the securities of emerging market companies and countries involves certain Sharpe Ratio 0.32 0.35
consideration not usually associated with investing in developed countries, including political and
economic situations and instability, adverse diplomatic developments, price volatility, lack of liquidity Sharpe Ratio of Primary Benchmark 0.08 0.38
and fluctuations in the currency exchange. Companies paying dividends can reduce or cut payouts at any 3.49% -0.03%
Alpha
time. Growth investing does not guarantee a profit or eliminate risk. The stocks of these companies can
have relatively high valuations. Because of these high valuations, an investment in a growth stock can be Beta 0.81 0.86
more risky than an investment in a company with more modest growth expectations. Value investing
does not guarantee a profit or eliminate risk. Not all companies whose stocks are considered to be value Downside Risk 3.76% 5.08%
stocks are able to turn their business around or successfully employ corrective strategies which would
R-Squared 0.75 0.85
result in stock prices that do not rise as initially expected. Strategies that invest a large percentage of
assets in only one industry sector (or in only a few sectors) are more vulnerable to price fluctuation than Tracking Error 7.80% 7.47%
portfolios that diversify among a broad range of sectors. If a strategy expects to hold a concentrated
portfolio of a limited number of securities, it should be noted that a decline in the value of these Information Ratio 0.43 -0.16
investments would cause the portfolio's overall value to decline to a greater degree than that of a less
concentrated portfolio. To the extent that this manager employs ESG practices, ESG investments in a
portfolio may experience performance that is lower or higher than a portfolio not employing such
practices. Please refer to the Disclosure section for additional ESG considerations.

2
2 Risk/Return Analysis - 5 Years Ending 12/31/24
Rate of Return (%)
20
40

16
20

Rate of Return(%)
Rate of Return (%)

12

0
8

4
-20

0
0 4 8 12 16 20
-40
2020 2021 2022 2023 2024 Standard Deviation(%)
STD ROR
MainStay (Gross) 18.14 8.89
1. Statistics are calculated using gross of fee performance only. MainStay (Net) 18.06 6.44
2. MSCI AC Wld Nt was used as the Primary Benchmark, the 90-Day T-Bills Index as the Risk-free Primary Benchmark 19.58 10.06
Benchmark
Risk-free Benchmark 1.22 2.54

The subsequent pages contain important disclosures and a glossary of terms. Information as of December 31, 2024, unless otherwise noted and is subject to change.
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Important Notes and Disclosures
Composite Disclosures The performance composite calculated by Epoch Investment Partners includes all accounts on
wrap or managed account platforms that are managed by Epoch using Epoch's Global Equity (ADR)
The disclosures provided below apply to performance information in this profile, if any. Past
Strategy included after one full month of management. Total Return Methodology and Fee Structure
performance is not a guarantee of future results. Actual individual account results may differ
—Composite returns are presented on a pure gross basis and on a net of management fee basis and
from the performance shown in this profile. There is no guarantee that this investment strategy
include the reinvestment of all income. Composite performance is presented net of foreign
will achieve its intended results under all market conditions. Do not rely upon this profile as the
withholding taxes on dividends, interest income, and capital gains. Withholding taxes may vary
sole basis for your investment decisions.
according to the investor’s domicile. All information is calculated in USD. Returns include the effect
of foreign currency exchange rates. Periods over one year are annualized. Net of fee returns reflect
Performance results in this profile are calculated assuming reinvestment of dividends and income. the deduction of the highest annual management fee for wrap and managed accounts of 3%
Returns for more than one calendar year are annualized and based on quarterly data. Returns for annually, linked monthly. Net-of-fee performance reflects the compounding effect of such fees. Pure
periods of less than a calendar year show the total return for the period and are not annualized. No gross returns do not reflect the deduction of management fees or transaction costs except for the
representation is being made that any portfolio will or is likely to achieve profits or losses similar to supplemental return information shown where pure gross returns include transaction costs.
those shown. Returns will fluctuate and an investment upon redemption may be worth more or less Different methods can be applied to the calculation of performance data. Past performance is not
than its original value. All returns, even those for tax efficient strategies, are shown pre-tax. indicative of future results. An account could incur losses as well as gains. Epoch's Global Equity
Shareholder Yield Composite is a diversified portfolio of global equity securities with a history of
attractive dividend yields and positive growth in free cash flow. The primary objective of this
Sources of Performance Results and Other Data: The performance data and certain other product is to seek a high level of income, with capital appreciation as a secondary investment
information for this strategy (including the data on page 1 of this profile) may include one or more objective. The creation date and inception date for this composite was January 2006. Epoch’s Global
of the following: (i) the performance results of a composite of Morgan Stanley accounts managed Equity Yield (ADR) - SMA Composite is a diversified portfolio of global equity securities with a
by the third party investment manager, (ii) the performance results for accounts and investment history of attractive dividend yields and positive growth in free cash flow. The primary objective of
products managed by the third party investment manager, in the same or a substantially similar this product is to seek a high level of income, with capital appreciation as a secondary investment
investment strategy outside of the applicable Morgan Stanley program, and/or (iii) in the case of objective. The portfolio invests in both US and non-US domiciled companies. Exposure to non-US
Model Portfolio Strategies, the Model Portfolio Provider's results in managing accounts outside of companies is achieved through the use of ADRs. The Epoch Global Equity Yield (ADR) – SMA
the Morgan Stanley Select UMA program prior to Model Portfolio Strategy's inception in the Morgan Composite includes all accounts on wrap or managed account platforms that are managed by
Stanley Select UMA program . For periods through June 2012, the Fiduciary Services program Epoch using Epoch's Global Equity (ADR) Strategy. The creation date for this composite was
operated through two channels the Morgan Stanley channel and the Smith Barney channel and any November 2010. Performance is expressed in U.S. dollars. No leverage or derivatives have been used
performance and other data relating to Fiduciary Services accounts shown here for these periods is in this composite. A complete list and description of composites, additional information regarding
calculated using accounts in only one of these channels.) Please note that the Fiduciary Services policies for calculating and reporting returns and the performance results are available upon
program was closed on January 2, 2018. Although the Fiduciary Services and Select UMA programs request.
are both Morgan Stanley managed account programs, the performance results and other features
of similar investment strategies in the two programs may differ due to investment and operational
differences. Performance in one program is not indicative of potential performance in the other. For Morgan Stanley Performance:
example, the individual investment strategies in Select UMA program accounts may contain fewer The composite consists of 329 account(s) with a market value of $72.1 million as of 12/31/2024.
securities, which would lead to a more concentrated portfolio. The automatic rebalancing, wash
In this profile, the performance from December 1, 2013 through December 31, 2015, consists of
sale loss and tax harvesting features of the Select UMA program, which are not available in
Fiduciary Services (FS) accounts managed by the investment manager in this strategy, subject to
Fiduciary Services, also could cause differences in performance. In addition, any performance
any other limitations stated in this profile. From January 1, 2016 through July 31, 2023, performance
results included in this profile that are based on a third party investment manager's accounts that
consists of all FS accounts (as described in the previous sentence) as well as the performance of all
are not part of the Morgan Stanley program accounts or institutional accounts that are part of the
single strategy Select UMA accounts managed by the investment manager in this strategy, subject
Model Portfolio strategy may differ due to investment and operational differences as well. As such,
to any other limitations stated in this profile. Beginning August 1, 2023, performance composite
performance results of the third party investment manager's composites and the third party Model
returns consist of single strategy accounts and/or Investment Products managed by the
Portfolio Strategies may differ from those of Select UMA accounts managed in the same or a
investment manager in this strategy in multi-style Select UMA accounts, subject to any other
substantially similar investment strategy. For example, in the case of Model Portfolio Strategies,
limitations stated in this profile. All fee-paying portfolios, except those accounts with investment
Morgan Stanley, as the investment manager, may deviate from the Third Party Model Portfolios.
restrictions, accounts that participate in tax management services, or single style Select UMA
accounts enrolled in dollar cost averaging, are included in Morgan Stanley's calculation of the
Manager Performance: performance composite. New accounts within select Managed Advisory Portfolio Solutions (MAPS)
strategies are included in a composite, beginning with the second full calendar month of
performance. New accounts in the remaining Select UMA strategies are included in a composite,
beginning with the third full calendar month of performance. Terminated accounts are removed
from a composite in the month in which they terminate (but prior performance of terminated
accounts is retained). Performance is calculated on a total return basis and by asset weighting the
individual portfolio returns using the beginning of period values.

The subsequent pages contain important disclosures and a glossary of terms. Information as of December 31, 2024, unless otherwise noted and is subject to change.
Page 6 of 10
Gross Performance: MainStay’s gross results do not reflect a deduction of any investment advisory
fees or program fees, charged by MainStay or Morgan Stanley, but are net of commissions charged If this strategy includes eligible mutual funds or exchange traded funds in addition to individual
on securities transactions. stocks or bonds, the portfolio characteristics within this profile reflect the funds' underlying
holdings.
Net Performance for all Periods: Net performance results reflect a deduction from gross
performance of two components: 0.50% maximum quarterly (2.0% maximum annual) MS Advisory The Top Five Portfolio Holdings listed herein are provided for informational purposes only and
Fee plus the quarterly SMA Manager Fee currently charged by this investment manager to clients should not be deemed to be a recommendation to purchase or sell the securities mentioned.
for managing their assets in this strategy in the Select UMA program. The SMA Manager Fees range Portfolio characteristics in this profile are based on an allocation weight in the strategy model.
from 0% to 0.1875% per Quarter (0% to 0.75% per year) and may differ from manager to manager, and There are no guarantees that any of the securities mentioned will be held in a client's account. It
from investment returns details in this report. Historical net fees reflect the maximum Advisory Fee should not be assumed that the securities transactions or holdings discussed were or will prove to
as of October 1, 2018. The Morgan Stanley program fee, which differs among programs and clients, is be profitable.
described in the applicable Morgan Stanley ADV brochure, which is available at
www.morganstanley.com/ADV or on request from your Financial Advisor. Morgan Stanley program
fees are typically calculated and deducted on a monthly basis and have a compounding effect on The Model Portfolio Provider or Investment Manager may use the same or substantially similar
performance. investment strategies, and may hold similar portfolios of investments, in other portfolios or
products it manages (including mutual funds). These may be available at Morgan Stanley or
elsewhere, and may cost an investor more or less than this strategy in Morgan Stanley's Select UMA
program.
Focus List, Approved List, and Watch Status:
Generally, investment advisory accounts are subject to an annual asset-based fee (the "Fee") which
Global Investment Manager Analysis ("GIMA") uses two methods to evaluate investment products in is payable monthly in advance (some account types may be billed differently). In general, the Fee
applicable advisory programs. In general, strategies that have passed a more thorough evaluation covers Morgan Stanley investment advisory services, custody of securities with Morgan Stanley,
may be placed on the "Focus List", while strategies that have passed through a different and less trade execution with or through Morgan Stanley or its affiliates, as well as compensation to any
comprehensive evaluation process may be placed on the "Approved List". Sometimes an investment Morgan Stanley Financial Advisor. In addition, each account that is invested in a program that is
product may be evaluated using the Focus List process but then placed on the Approved List eligible to purchase certain investment products, such as mutual funds, will also pay a Platform
instead of the Focus List. Fee (which is subject to a Platform Fee offset) as described in the applicable ADV brochure.
Accounts invested in the Select UMA program may also pay a separate Sub-Manager fee, if
applicable. If your account is invested in mutual funds or exchange traded funds (collectively
Investment products may move from the Focus List to the Approved List, or vice versa. GIMA may "funds"), you will pay the fees and expenses of any funds in which your account is invested. Fees
also determine that an investment product no longer meets the criteria under either evaluation and expenses are charged directly to the pool of assets the fund invests in and are reflected in each
process and will no longer be recommended in investment advisory programs (in which case the fund's share price. These fees and expenses are an additional cost to you and would not be included
investment product is given a "Not Approved" status). in the Fee amount in your account statements. The advisory program you choose is described in the
applicable Morgan Stanley Smith Barney LLC ADV Brochure, available at
GIMA has a "Watch" policy and may describe a Focus List or Approved List investment product as www.morganstanley.com/ADV.
being on "Watch" if GIMA identifies specific areas that (a) merit further evaluation by GIMA and (b)
may, but are not certain to, result in the investment product becoming "Not Approved". The Watch Morgan Stanley or Executing Sub-Managers, as applicable, in some of Morgan Stanley's Separately
period depends on the length of time needed for GIMA to conduct its evaluation and for the Managed Account ("SMA") programs may affect transactions through broker-dealers other than
investment manager to address any concerns. GIMA may, but is not obligated to, note the Watch Morgan Stanley or our affiliates. In such instance, you may be assessed additional costs by the
status in this report with a "W" or "Watch" on the cover page. other firm in addition to the Morgan Stanley and Sub-Manager fees. Those costs will be included in
the net price of the security, not separately reported on trade confirmations or account statements.
For more information on the Focus List, Approved List, and Watch processes, please see the Certain sub-managers have historically directed most, if not all, of their trades to outside firms.
applicable Morgan Stanley ADV brochure (www.ms.com/adv). Your Financial Advisor or Private Information provided by sub-managers concerning trade execution away from Morgan Stanley is
Wealth Advisor can provide on request a copy of a paper entitled "GIMA: At A Glance ". summarized at: www.morganstanley.com/wealth/investmentsolutions/pdfs/adv/sotresponse.pdf.
For more information on trading and costs, please refer to the ADV Brochure for your program(s),
available at www.morganstanley.com/ADV, or contact your Financial Advisor/Private Wealth Advisor.

Additional Disclosures
Morgan Stanley investment advisory programs may require a minimum asset level and, depending
Actual account holdings, performance and other data will vary depending on the size of an account, on your specific investment objectives and financial position, may not be suitable for you.
cash flows within an account, and restrictions on an account. Holdings are subject to change daily. Investment advisory program accounts are opened pursuant to a written client agreement.
The information in this profile is not a recommendation to buy, hold or sell securities.

Consulting Group's unified managed account program, Select UMA, allows Financial Advisors to
Actual portfolio statistics may vary from target portfolio characteristics. combine separately managed accounts (SMAs), mutual funds and exchange-traded funds (ETFs)
within a single investment advisory account for clients.

The subsequent pages contain important disclosures and a glossary of terms. Information as of December 31, 2024, unless otherwise noted and is subject to change.
Page 7 of 10
 There is no assurance that an ESG investing strategy or techniques employed will be successful.
Past performance is not a guarantee or a dependable measure of future results.
Certain SMA strategies, ETFs and Mutual Funds that are sponsored, managed or sub advised by, or
receive other services from, MSSB or our affiliates, including but not limited to Morgan Stanley
Investment Management ("MSIM") and Eaton Vance Management ("EVM"), Boston Management and An investment in an exchange-traded fund involves risks similar to those of investing in a portfolio
Research, Calvert Research and Management, Atlanta Capital Management Company and of equity securities traded on exchange in the relevant securities market, such as market
Parametric Portfolio Associates, may be included in a client's account. Morgan Stanley Global fluctuations caused by such factors as economic and political developments, changes in interest
Investment Manager Analysis ("GIMA") evaluates certain investment products for the purposes of rates and perceived trends in stock prices. The investment return and principal value of ETF
some but not all of Morgan Stanley Smith Barney LLC's investment advisory programs. Please see investments will fluctuate, so that an investor's ETF shares, if or when sold, may be worth more or
the applicable Form ADV, which can be accessed at www.morganstanley.com/adv, for information less than the original cost.
about affiliated investment products that are not reviewed or evaluated by GIMA, as well as
additional disclosures and conflicts of interest applicable to affiliated products, that could be
included in a strategy.
Index Descriptions

No obligation to notify 90-Day T-Bills

Morgan Stanley has no obligation to notify you when information in this profile changes. The 90-Day Treasury Bill is a short-term obligation issued by the United States government. T-bills
are purchased at a discount to the full face value, and the investor receives the full value when they
Sources of information mature. The difference of discount is the interested earned. T-bills are issued in denominations of
$10,000 auction and $1,000 increments thereafter.
Material in this profile 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
MSCI AC Wld Nt
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.
"The MSCI ACWI captures large and mid cap representation across 23 Developed Markets (DM) and
24 Emerging Markets (EM) countries*. With 2,687 constituents, the index covers approximately 85%
No tax advice of the global investable equity opportunity set.* DM countries include: Australia, Austria, Belgium,
Morgan Stanley and its affiliates do not render advice on legal, tax and/or tax accounting matters Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands,
to clients. Each client should consult his/her personal tax and/or legal advisor to learn about any New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the UK and the US. EM
potential tax or other implications that may result from acting on a particular recommendation. countries include: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India,
Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South
Africa, Taiwan, Thailand, Turkiye and United Arab Emirates.The MSCI ACWI Index was launched on
Not an ERISA fiduciary May 31, 1990. Data prior to the launch date is back-tested test (i.e. calculations of how the index
Morgan Stanley is not acting as a fiduciary under either the Employee Retirement Income Security might have performed over that time period had the index existed). There are frequently material
Act of 1974, as amended, or under section 4975 of the Internal Revenue Code of 1986, as amended, in differences between back-tested performance and actual results. Past performance -- whether
providing the information in this profile. actual or back-tested-- is no indication or guarantee of future performance."

S&P 500
©2024 Morgan Stanley Smith Barney LLC Member SIPC.
The S&P 500® is widely regarded as the best single gauge of large-cap U.S. equities. The index
Environmental, Social and Governance ("ESG") investments in a portfolio may experience includes 500 leading companies and covers approximately 80% of available market capitalization.
performance that is lower or higher than a portfolio not employing such practices. Portfolios
with ESG restrictions and strategies as well as ESG investments may not be able to take Indices are unmanaged and have no expenses. You cannot invest directly in an index.
advantage of the same opportunities or market trends as portfolios where ESG criteria is not Depending on your account holdings and investment objectives, indices included may not be an
applied. There are inconsistent ESG definitions and criteria within the industry, as well as appropriate measure for comparison purposes and are presented for illustration only. The
multiple ESG ratings providers that provide ESG ratings of the same subject companies and/or strategy shown does not necessarily seek to track the index, may not be restricted to securities
securities that vary among the providers. Certain issuers of investments may have differing and in the index and may be more volatile than the index. The benchmark presented may differ from
inconsistent views concerning ESG criteria where the ESG claims made in offering documents the benchmark assigned by the manager.
or other literature may overstate ESG impact. ESG designations are as of the date of this
material, and no assurance is provided that the underlying assets have maintained or will Glossary Of Terms
maintain and such designation or any stated ESG compliance. As a result, it is difficult to
compare ESG investment products or to evaluate an ESG investment product in comparison to Alpha is a mathematical estimate of risk-adjusted return expected from a portfolio above and
one that does not focus on ESG. Investors should also independently consider whether the ESG beyond the benchmark return at any point in time.
investment product meets their own ESG objectives or criteria.
American Depositary Receipts (ADRs) are receipts for shares of a foreign-based corporation held
in the vault of a U.S. bank.

The subsequent pages contain important disclosures and a glossary of terms. Information as of December 31, 2024, unless otherwise noted and is subject to change.
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 Information Ratio is a measure of the investment manager's skill to add active value against a
given benchmark relative to how stable that active return has been. Essentially, the information
Average Portfolio Beta is a measure of the sensitivity of a benchmark or portfolio's rates of return
ratio explains how significant a manager's alpha is. Therefore, the higher the information ratio, the
to changes against a market return. The market return is the S&P 500 Index. It is the coefficient
more significant the alpha.
measuring a stock or a portfolio's relative volatility.

Investment Grade Bonds are those rated by Standard & Poor's AAA (highest rated), AA, A or BBB (or
Beta is a measure of the sensitivity of a portfolio's rates of return to changes in the market return. It
equivalent rating by other rating agencies or, in the case of securities not rated, by the investment
is the coefficient measuring a stock or a portfolio's relative volatility.
manager).

Bond Discount is the amount by which the market price of a bond is lower than its principal
Morgan Stanley Composite Start Date is the date when Morgan Stanley began to calculate the
amount due at maturity.
composite performance of the strategy using qualifying advisory accounts.

Bottom-Up Stock Selection Emphasis primarily on individual stock selection. Considerations of

Preferred/Hybrid Securities are stocks that evidence ownership in a corporation and pay a fixed or
economic and industry factors are of secondary importance in the investment decision-making
variable stream of dividends. Preferred stocks have a preference over common stocks in the event
process.
of the liquidation of an issuer and usually do not carry voting rights. Preferred stocks have many of
the characteristics of both equity securities and fixed-income securities.
Call Protection is a feature of some bonds that prohibits the issuer from buying it back for a
specified period of time. The period during which the bond is protected is known as the deferment
Premium Bond is a bond trading higher than the face value of the bond.
period. Bonds with call protection are sometimes referred to as deferred callable bonds.

Program Inception Date is the date that the strategy was launched in the Select UMA program.
Capitalization is defined as the following: Mega (Above $100 billion), Large ($12 to $100 billion),
Medium ($2.5 - $12 billion), Small ($.50 - $2.5 billion) and Micro (below $.50 billion).
Price/Book Ratio (P/B) weighted average of the stocks' price divided by book value per share. Book
Coupon-Interest Payment is received by a bondholder from the date of issuance until the date of value per share is defined as common equity, including intangibles, divided by shares outstanding
maturity of a bond. times the adjustment factor.

Distribution Rate is defined as the most recent distribution paid, annualized, and then divided by Price/Cash Flow Ratio a ratio used to compare a company's market value to its cash flow. It is
the current market price. Distribution rate may consist of investment income, short-term capital calculated by dividing the company's market cap by the company' operating cash flow in the most
gains, long-term capital gains, and /or returns of capital. recent fiscal year (or the most recent four fiscal quarters); or, equivalently, divide the per-share
stock price by the per-share operating cash flow.

Dividend a portion of a company's profit paid to common and preferred shareholders.

Price/Earnings Ratio (P/E Ratio) shows the multiple of earnings at which a stock sells. Determined
by dividing current stock price by current earnings per share (adjusted for stock splits). Earnings
Dividend Yield annual dividend per share divided by price per share. Dividend Yield for the portfolio per share for the P/E ratio are determined by dividing earnings for past 12 months by the number of
is a weighted average of the results for the individual stocks in the portfolio. common shares outstanding. The P/E ratio shown here is calculated by the harmonic mean.

Downside Risk is a measure of the risk associated with achieving a specific target return. This Price/Sales Ratio determined by dividing current stock price by revenue per share (adjusted for
statistic separates portfolio volatility into downside risk and upside uncertainty. The downside stock splits). Revenue per share for the P/S ratio is determined by dividing revenue for past 12
considers all returns below the target return, while the upside considers all returns equal to or months by number of shares outstanding.
above the target return.
R2 (R-Squared)/Portfolio Diversification indicates the proportion of a security's total variance
Duration is a measure of price sensitivity expressed in years. that is benchmark-related or is explained by variations in the benchmark.

Exchange-Traded Funds (ETFs) are a form of a security seeking to maintain continued full Sharpe Ratio measures the efficiency, or excess return per unit of volatility, of a manager's returns.
exposure to broad markets or segments of markets. It evaluates managers' performance on a volatility-adjusted basis.

High Grade Corporate Bonds corporate bonds from issuers with credit ratings of AA or AAA. Standard Deviation is a statistical measure of historical variability or spread of returns around a
mathematical average return that was produced by the investment manager over a given
measurement period. The higher the standard deviation, the greater the variability in the
investment manager's returns relative to its average return.

The subsequent pages contain important disclosures and a glossary of terms. Information as of December 31, 2024, unless otherwise noted and is subject to change.
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Strategy Inception Date is the date that the Manager started to calculate the performance of the
strategy.

Top-Down/Economic Analysis Emphasis primarily on macroeconomic trends as opposed to

bottom-up stock selection.

Tracking Error represents the standard deviation of the difference between the performance of the
investment strategy and the benchmark. This provides a historical measure of the variability of the
investment strategy's returns relative to its benchmark.

U.S. Treasury Bonds a marketable, fixed interest U.S. government debt security with a maturity of
more than 10 years. Treasury bonds make interest payments semi-annually and the income that
holders receive is only taxed at the federal level.

Volatility a measure of risk based on the standard deviation of the asset return. Volatility is a
variable that appears in option pricing formulas, where it denotes the volatility of the underlying
asset return from now to the expiration of the option. There are volatility indexes. Such as a scale of
1-9; a higher rating means higher risk.

CRC #: 3880628
Approval Date: 10/2024

The subsequent pages contain important disclosures and a glossary of terms. Information as of December 31, 2024, unless otherwise noted and is subject to change.
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