Morgan Stanley Financial Advisors

This communication will be produced and managed by Morgan Stanley Financial Advisors ("Morgan Stanley"). Anytime we use the term "investment advice" regarding a retirement plan, individual retirement account, or Coverdell education saving account ("Retirement Account"), Morgan Stanley refers to the fiduciary status in accordance with the Employee Retirement Income Security Act of 1973, as modified ("ERISA") and the Internal Revenue Code of 1987 ("Code") as applicable. Fiduciary for Retirement Account. Morgan Stanley remains a fiduciary under these statutes if it provides "investment advice" regarding a Retirement Account, regardless of whether the advice is rendered within an advisory account relationship or otherwise, and regardless of the specific services provided. If Morgan Stanley offers "investment advice" concerning a Retirement Account, it will however, vary depending on the account type; therefore, this will be separately announced on each account statement. Not a Fiduciary for Other Services. Morgan Stanley is never considered a fiduciary under ERISA or the Code if it provides investment education, such as general customer investment education seminars, personalized education, and related guidance, that does not include recommendations of securities or other investment products; accepts orders for the purchase or sale of securities or other investments without providing investment advice or recommendations and hence solely receiving those orders; does not offer "investment advice" - individualized recommendations of specific securities or other investment products; or provides some combination of these services. If you need more information about Morgan Stanley's role regarding your Retirement Account, visit www.morganstanley.com/disclosures/dol.nants, beneficiaries, or potential heirs. No. GG0097 (04/22) © 2022 Morgan Stanley Smith Barney LLC. Member SIPC.