1. Morgan Stanley Wealth Management Alternative Investments Group. As of January 3, 2022.

Disclosures

Alternative investments are often speculative and involve a high degree of risk. Investors could lose all or a substantial part of their investment. Alternative investments are only suitable for eligible long-term investors who are willing to forgo liquidity and put their capital at risk for an indefinite period. They may be highly illiquid and may employ leverage and other speculative practices which may increase volatility and risk of loss. Alternative investments generally have higher fees than traditional investments. Investors should carefully consider and consider potential risks before investing. Some of these risks may include, but are not limited to:

• Loss of all or a substantial part of the investment due to leverage, short selling or other speculative practices;

• Lack of liquidity in the sense that there may be no secondary market for a fund;

• Volatility of returns

• Restrictions on the transfer of interests in a fund;

• Potential lack of diversification and resulting higher risk due to concentration of trading authority when a single adviser is used;

• Lack of information on valuations and prices;

• Complex tax structures and delays in filing taxes;

• Less regulation and higher fees than mutual funds;

• Risks associated with the manager’s operations, personnel and processes; and

Cybersecurity risks.

As a diversified global financial services company, Morgan Stanley Wealth Management engages in a wide range of businesses, including financial advisory services, investment management activities, sponsorship and management of private equity funds, carrying out transactions of brokers and principal securities, commodities and foreign exchange transactions. , research publication and other activities. In the normal course of business, Morgan Stanley Wealth Management therefore engages in activities where the interests of Morgan Stanley Wealth Management may conflict with the interests of its clients, including the private equity funds it manages. . Morgan Stanley Wealth Management cannot guarantee that conflicts of interest will be resolved in favor of its clients or such fund.

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

Alternative investments involve complex tax structures, tax-inefficient investments, and delays in the disclosure of material tax information. Individual funds have specific risks associated with their investment programs which vary from fund to fund. Clients should consult their own tax and legal advisors as Morgan Stanley Wealth Management does not provide tax or legal advice.

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

The returns of a portfolio composed primarily of environmentally, social and governance (“ESG”) conscious investments may be lower or higher than those of a portfolio that is more diversified or whose decisions are based solely on investment considerations. Because ESG criteria exclude certain investments, investors may not be able to take advantage of the same opportunities or market trends as investors who do not use these criteria.

© 2022 Morgan Stanley Smith Barney LLC. SIPC member.

CRC#4020591 (01/2022)