Morgan Stanley Financial Advisors

Morgan Stanley Smith Barney LLC and its affiliates provide investment advice in connection with a retirement account, individual retirement account, or Coverdell education saving account (collectively, “Retirement Account”) and Morgan Stanley is a named fiduciary as defined by the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) and/or the Internal Revenue Code of 1986 (“Code”) where applicable. Morgan Stanley will not be a fiduciary under ERISA or the Code once it provides investment education, accepts orders without a recommendation, or when it otherwise does not provide “investment advice”. For information about Morgan Stanley’s role as fiduciary for Retirement Accounts, go to www.morganstanley.com/disclosures/dol. Tax laws are complicated and are subject to change. Morgan Stanley does not provide legal or tax advice. Individuals should consult with their legal and tax advisors before establishing a retirement account. If you have a question regarding tax or tax preparation, you should consult a tax professional. Trust and estate planning, charitable gift planning, and other legal concerns should be discussed with your attorney.