Preferred Savings Program
Disclosure Statement
MARCH 2023

Introduction.  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 2

Eligibility .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 4

Conditions to Establish a Deposit Account .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 2

Margin .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 4

Your Relationship With Morgan Stanley and the Bank.  .  .  .  .  .  .  . 2

Taxes. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 4

Program and Depository Institutions Changes.  .  .  .  .  .  .  .  .  .  .  . 3

Nontransferable Deposits .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 4

Accounts.  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 3

Insolvency of the Bank.  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 4

Interest. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 3

Other Investments. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 5

Deposit and Withdrawal Procedures. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 3

FDIC Insurance.  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 5

Cash Management Capabilities.  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 4

General Information .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 5

Fees and Compensation.  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 4

Uninsured Amounts. .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 5

Conflicts of Interest and Other Benefits toPayments Under Adverse Circumstances.  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 5

Morgan Stanley, the Bank and Their Affiliates.  .  .  .  .  .  .  .  .  .  . 4

Questions About FDIC Deposit Insurance Coverage .  .  .  .  .  . 6

Investment Considerations Generally.  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 4

SIPC Insurance .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . 6

PREFERRED SAVINGS PROGRAM DISCLOSURE STATEMENT

Introduction
In the following disclosure, the words “we,” “us,” “our,”“Morgan Stanley” and “Morgan Stanley Wealth Management”
refer to Morgan Stanley Smith Barney LLC. The words “you,”“your,” “yours” and “client” refer to the account owner(s) and/or
authorized person(s).
Under the Preferred Savings Programs (“Program”),
Morgan Stanley Smith Barney LLC (“Morgan Stanley”), permits
customers to access US dollar deposit positions in deposit
accounts (“Deposit Accounts”), from their Morgan Stanley
brokerage accounts (“Brokerage Account”), at their discretion,
at either Morgan Stanley Private Bank, National Association
or Morgan Stanley Bank, N.A., (“Bank” or collectively “Banks”)
each a national bank, Member FDIC, and an affiliate ofMorgan Stanley Smith Barney LLC.
Each Deposit Account is a demand deposit account at therespective Bank, but the Program is not intended for clients
who need to have frequent access to the funds in their
Deposit Account.
As described in the “Fees and Compensation” section below,
fees apply if you withdraw funds from a Deposit Account morethan ten (10) times in a calendar month.
Each Deposit Account constitutes a direct obligation of
the Bank and is neither directly nor indirectly an obligationof Morgan Stanley. The Deposit Accounts are not certificatedand are nonnegotiable, and may not be transferred from us toanother broker or financial intermediary.
As discussed below under “FDIC Insurance,” the Deposit
Accounts are eligible for deposit insurance by the FDIC up to
the Maximum Applicable Insurance Limit (principal and accrued
interest) per depositor in each insurable capacity (e.g., individual
or joint).
For purposes of the Maximum Applicable Insurance Limit,
you must aggregate all Accounts that you maintain with the
Bank in the same insurable capacity, including deposits at the
Bank held through the Bank Deposit Program, Savings Program,
this program, GlobalCurrency, certificates of deposit (CDs) andother Accounts at the Bank you hold directly or through us orother intermediaries.
The Maximum Applicable Insurance Limit for all insurable
capacities is currently $250,000. Any deposits (including
certificates of deposit) that you maintain in the same capacity
directly with a Bank, or through an intermediary (such as
Morgan Stanley or another broker-dealer), will be aggregatedwith deposits in your deposit accounts at that Bank for purposesof the Maximum Applicable Insurance Limit. You are responsible
for monitoring the total amount of deposits that you have witheach Bank in order to determine the extent of FDIC deposit
insurance coverage available to you. You should review carefully
the section of this document, titled “FDIC Insurance,” which
describes the amount of coverage available to you.
Please see the section of this document titled “FDIC
Insurance” for the definition of the term “Maximum Applicable
Insurance Limit.”

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You are responsible for monitoring the total amount ofdeposits that you have with the Bank in order to determine
the extent of FDIC deposit insurance coverage available toyou. We are not responsible for any insured or uninsured
portion of a deposit at the Bank. You should carefully review
the section of this document titled “FDIC Insurance,” which
describes the extent of, and limitations on, FDIC insurance.
You may deposit funds in excess of the Maximum Applicable
Insurance Limit. However, in doing so, you acknowledge thatyour funds in excess of the Maximum Applicable Insurance
Limit are not FDIC insured and are subject to the investment
risk based on the financial condition of the Bank. In making an
investment decision, you must rely on your own examination of
the Bank and the terms of the offering, including the merits andrisks involved. Upon request, you will be provided with publicly
available information about the Bank. We are not responsible
for, and have not verified, the accuracy of that information.
The Securities Investor Protection Corporation (SIPC) takes
the position that deposits are not covered by SIPC insurance.
Therefore, you should not rely on the availability of SIPC
insurance coverage or excess SIPC insurance coverage obtainedby Morgan Stanley in making your investment decision.
CONDITIONS TO ESTABLISH A DEPOSIT ACCOUNTThe Preferred Savings Program is only available to eligible
entities with eligible Accounts at Morgan Stanley. Each accountis either a managed account or brokerage account. “Managed
Accounts” are accounts which are enrolled in a Morgan Stanleysponsored wrap fee investment advisory program. Managed
Accounts are ineligible for the Program. All other accounts are“Brokerage Accounts”, which are eligible for the Program. We
may require that, in order to establish a Deposit Account, youfund the Deposit Account with qualifying funds, which would be
described in the offering material.
The following business types will be ineligible for thePreferred Savings Program. Registered Investment Advisers,
Investment Companies, Asset Managers, Pension Funds, NonRegulated Funds, Banks and Financial companies including
Foreign Banks, Credit Unions, Loan Companies, National Banksand State Banks, Insurance Companies, Broker-Dealers andSecurities Holding Companies.

Your Relationship with Morgan Stanley
and the Banks
You will not receive a passbook, certificate or other evidenceof ownership of the Deposit Account from the Banks. The
Deposit Accounts are recorded at the Bank in the name ofMorgan Stanley as your agent and custodian and are reflected
in records maintained by Morgan Stanley.
We will provide you with a written acknowledgement of yourdeposits to and withdrawals from a Deposit Account and yourDeposit Account will be reflected on your Brokerage Accountstatement. You should retain the written acknowledgement(s)PREFERRED SAVINGS PROGRAM DISCLOSURE STATEMENT

and the Brokerage Account statement(s) for your records. You
may contact your Financial Advisor or Private Wealth Advisor at
any time for information about your Deposit Account balancesat the Bank.
Your Brokerage Account statement will provide theoutstanding principal amount of each Deposit Account as ofthe date stated on your Brokerage Account statement. The
Brokerage Account statement will also show interest earnedin the Deposit Account for the period beginning on the firstcalendar day of the current month up to, but not including, thelast calendar day of the month.
No Preferred Savings Program deposit relationship shall bedeemed to exist prior to the receipt and acceptance of funds by
the Bank. You can obtain publicly available financial information
concerning the Bank at https://www.ffiec.gov/nicpubweb/
nicweb/nichome.aspx or by contacting the FDIC PublicInformation Center by mail at 3501 North Fairfax Drive, Room
E-1005, Arlington, VA 22226 or by phone at 1-877-275-3342. We
do not guarantee in any way the financial condition of the Bankor the accuracy of any publicly available financial information
concerning the Bank.
We may, in our sole discretion, terminate your participation in
the Program at any time upon written notice to you.
Notwithstanding the foregoing, we may terminate and/or impose aggregate order limits on certain promotional
campaigns at any time without notice to you. You also may
terminate your participation in the Program at any time(without closing your Brokerage Account) by notifying yourFinancial Advisor or Private Wealth Advisor and instructing
them to withdraw all funds from your Deposit Account.
Similarly, you may close your Brokerage Account or choose
to remove Morgan Stanley as your agent and custodian withrespect to your Deposit Account.
Under these circumstances, you may not transfer your Deposit
Account to another financial intermediary. (Please refer to theNontransferable Deposits section below for more information.)
You may, however, request that your ownership of the Deposit
Account be evidenced directly on the books of the Bank, subject
to the Bank’s rules and requirements for establishing andmaintaining accounts. If you establish your Deposit Account on
the books of the Bank, you will have the ability to enforce yourrights in the Deposit Account directly against the Bank and wewill have no further responsibility with respect to your Deposit
Account. The direct Deposit Account you establish on the booksof the Bank may pay interest at a rate that is different than what
you would have otherwise earned in the Program, including azero percent rate (no interest).
PROGRAM AND DEPOSITORY INSTITUTIONS CHANGES

Morgan Stanley, at its discretion, may modify the terms,
conditions and procedures of the Program or the depository
institutions that participate in the Program. Morgan Stanley
will notify you of any such changes that adversely affect youor any change to the participating depository institutions. Allsuch notices may be made by means of a letter, an entry on
your Brokerage Account statement or by other means. In theevent a Bank is replaced with a new depository institution, you
authorize Morgan Stanley to withdraw funds from your Deposit
Accounts at the Bank and deposit the funds in the Deposit
Accounts that are established at the new depository institution.
In the event that a Bank is removed from the Program, you
authorize Morgan Stanley to withdraw funds from your Deposit
Accounts at the Bank and deposit the funds in the Deposit
Accounts that are established at the other Bank.

Accounts
INTEREST

Each Deposit Account will bear interest at a variable rate that
may change as frequently as daily.
Interest will accrue beginning on the date of deposit at
the Bank, will compound daily and will be credited to yourDeposit Account monthly. As explained below, the date ofdeposit at the Bank may be after the date you provide funds
to Morgan Stanley. The Bank uses the daily balance method to
calculate interest on your Deposit Account. This method applies
a daily periodic rate to the principal in your Deposit Accounteach day. No interest will accrue on the date of withdrawal.
Interest will be set at a rate competitive with prevailingmarket conditions. The Bank reserves the right to change its
interest rates at any time.
A Minimum Deposit may be required in order to open a
Deposit Account as described in the deposit confirmation letter.
You may obtain information with respect to current interest
rates for the Preferred Savings Program by contacting yourFinancial Advisor or Private Wealth Advisor, or on your monthly
Brokerage Account statement.
DEPOSIT AND WITHDRAWAL PROCEDURES

You may direct your Financial Advisor or Private Wealth Advisor
to have Morgan Stanley, as your agent and custodian, transfer
funds from your Brokerage Account with Morgan Stanley into
your Deposit Account. No other mechanism to deposit funds toyour Deposit Account will be provided.
You may direct your Financial Advisor or Private Wealth
Advisor to have Morgan Stanley, as your agent and custodian,
withdraw funds from your Deposit Account and deposit suchfunds into your Brokerage Account. Withdrawal requests
given to a Morgan Stanley Financial Advisor or Private Wealthadvisor by 4:00 p.m. Eastern Time on a business day1 generally
will be processed on such business day. If we are unable toprocess the request on such business day, it will be processedon the next business day. No other withdrawals from yourDeposit Account will be permitted, including any instructions
to wire or otherwise transfer funds from your Deposit Accountto any account other than your Brokerage Account with
Morgan Stanley. If there are insufficient funds in your Deposit
Account to cover your withdrawal request, Morgan Stanley will
reject the withdrawal request.

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PREFERRED SAVINGS PROGRAM DISCLOSURE STATEMENT

Transfers between your Brokerage Account and your Deposit
Account can only be made on business days.
CASH MANAGEMENT CAPABILITIESYou may not use the check-writing, direct deposit, debit card,
online payments or other cash management capabilities ofyour Brokerage Account to withdraw funds from the Program.
Withdrawals from your Deposit Account can be made only bycontacting your Financial Advisor or Private Wealth Advisor totransfer funds to or from your Deposit Account.

Fees and Compensation
The Program is not intended for clients who need to havefrequent access to the funds in the Program. We will charge youa fee of $25 for each withdrawal that you make from a Deposit
Account in excess of ten (10) withdrawals in a calendar month.
For these purposes, a withdrawal will be considered to occur
on the day on which the funds are actually withdrawn fromthe Program, which may not be the same day on which you
place an order for the withdrawal with your Financial Advisor
or Private Wealth Advisor. If you exceed ten (10) withdrawals
in more than one Deposit Account, you will be charged for theexcess withdrawals from each Deposit Account. These fees
will be posted to your Brokerage Account, and may reduce
your earnings.
The Bank pays Morgan Stanley a fee equal to a percentageof the average daily deposit balances in your Deposit Accountat the Bank. The fee received by Morgan Stanley may affectthe interest rate paid by the Bank. No other charges, fees orcommissions will be imposed on your Brokerage Account as aresult of, or otherwise in connection with, the Program. Your
Financial Advisor or Private Wealth Advisory may receive acredit of up to 0.15% of the average daily deposit balance inyour Deposit Accounts if you meet certain criteria.
As discussed below in the “Conflicts of Interest and Other
Benefits to Morgan Stanley, the Bank and Their Affiliates”
section, Morgan Stanley, its affiliates, the Bank and theiraffiliates may also receive other financial benefits in connection
with the Deposit Accounts.
CONFLICTS OF INTEREST AND OTHER BENEFITS TO
MORGAN STANLEY, THE BANK AND THEIR AFFILIATES

Morgan Stanley, the Banks and their affiliates may receive otherfinancial benefits in connection with the Program.
Through the Program, each Bank will receive a stable, costeffective source of funding. Each Bank intends to use deposits
in the Deposit Accounts at the Bank to fund current andnew businesses, including lending activities and investments.
The profitability on such loans and investments is generally
measured by the difference, or “spread,” between the interest
rate paid on the Deposit Accounts at the Bank and othercosts of maintaining the Deposit Accounts, and the interest
rate and other income earned by the Bank on those loans and

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investments made with the funds in the Deposit Accounts. The
income that a Bank will have the opportunity to earn throughits lending and investing activities is expected to be greaterthan the fee earned by Morgan Stanley and its affiliates frommanaging the Program. Affiliates of Morgan Stanley may also
receive a financial benefit in the form of credit allocations madefor financial reporting purposes.

Investment Considerations Generally
ELIGIBILITY

Morgan Stanley Brokerage Accounts are not available for all
account types or for accounts held by certain nonresident
aliens, depending on their jurisdiction. Please ask yourFinancial Advisor or Private Wealth Advisor for more details
regarding eligibility.
MARGIN

Funds in the Deposit Accounts cannot be used for margin
purposes. If you wish to utilize your full cash balance for
margin purposes, you must select an alternative investment,
if available, or use your free credit balance to purchase aninvestment that can be used for margin purposes.
TAXES

You should consult with your own tax advisor to determine
the federal, state, local and other income and estate tax
consequences of your Deposit Account.
U.S. Treasury Circular 230 Notice: Morgan Stanley does notrender advice on tax and tax accounting matters to clients.
This communication was not intended or written to be used,
and it cannot be used by any taxpayer, for the purpose of
avoiding penalties that may be imposed on the taxpayer under
U.S. federal tax laws.
NONTRANSFERABLE DEPOSITSYou cannot transfer the Deposit Accounts to another broker
if you close your Brokerage Account. Instead, if you close yourBrokerage Account, you must first direct your Financial Advisor
or Private Wealth Advisor to withdraw all funds from yourDeposit Account by transferring such funds to your Brokerage
Account, and then close your Brokerage Account in accordancewith the terms of your Brokerage Account. You will also be
permitted to establish the Deposit Account directly with theapplicable Bank, subject to the Bank’s then-current accountopening requirements.
INSOLVENCY OF THE BANKIn the event that the Bank approaches insolvency or
becomes insolvent, the Bank may be placed in a regulatory
conservatorship or receivership with the FDIC typicallyappointed as the conservator or receiver. The FDIC may,thereafter, pay off the FDIC-insured portion of the Deposit
Accounts or transfer the Deposit Accounts, in whole or in part,PREFERRED SAVINGS PROGRAM DISCLOSURE STATEMENT

to another depository institution. If the Deposit Accounts
are transferred to another institution, you may be offered achoice of maintaining the Deposit Accounts at an interest rate
determined by that financial institution or withdrawing yourfunds. Please refer to the “FDIC Insurance” section below for
more information.
OTHER INVESTMENTS

You should compare the rates of return and other features of
the Deposit Accounts to other available investments before
electing to participate in the Program. The rates paid withrespect to the Deposit Accounts may be higher or lower than
the rates on deposits or other investments available directlyfrom the Bank or through Morgan Stanley.

FDIC Insurance
GENERAL INFORMATION

Funds in the Deposit Accounts at each Bank are insured by the
FDIC, an independent agency of the U.S. government, up to theMaximum Applicable Insurance Limit (including principal andaccrued interest) per depositor when aggregated with all otherdeposits held by you in the same insurable capacity at the Bank.
The Maximum Applicable Insurance Limit is generally$250,000. Generally, any accounts or deposits that you
may maintain directly with the Bank, or through any otherintermediary in the same FDIC account ownership category
in which the Deposit Accounts are maintained, would be
aggregated with the Deposit Accounts for purposes of theMaximum Applicable Insurance Limit. Your funds become
eligible for FDIC insurance immediately upon deposit in a
Deposit Account at a bank.
Any deposits (including CDs) that you maintain in thesame insurable capacity directly with the Bank, or through anintermediary (such as Morgan Stanley or another broker), will
be aggregated with your Accounts at the Bank for purposes ofthe Maximum Applicable Insurance Limit. You are responsible
for monitoring the total amount of deposits that you holdwith the Bank, directly or through an intermediary, including
deposits held at the Bank through the Bank Deposit Program,
Savings Program, Preferred Savings, Global Currency andcertificates of deposit, in order for you to determine theextent of deposit insurance coverage available to you on yourAccounts. Morgan Stanley is not responsible for any insured
Account balances or any other deposits.
In the event a Bank fails, the Deposit Accounts are insured
in USD, up to the Maximum Applicable Insurance Limit, forprincipal and interest accrued to the date of closure. Undercertain circumstances, if you become the owner of deposits at
a depository institution because another depositor dies, thenbeginning six months after the death of the depositor the FDIC
will aggregate those deposits for purposes of the Maximum
Applicable Insurance Limit with any other deposits that you
own in the same insurable capacity at the depository institution.

Additional information about the various FDIC ownershipcategories can be found on FDIC’s website: https://www.fdic.
gov/resources/deposit-insurance/financial-products-insured/index.html. The FDIC provides a six-month “grace period” topermit you to restructure your deposits to obtain the maximum
amount of deposit insurance for which you are eligible. If
the Deposit Accounts at the Bank are assumed by anotherdepository institution pursuant to a merger or consolidation,
the Deposit Accounts will continue to be separately insured
from the deposits that you might have established with theacquiring institution until the expiration of the six-month
grace period from the date of such acquisition. Thereafter, any
acquired Deposit Accounts will be aggregated with your existing
deposits at the acquiring institution held in the same FDIC
account ownership category for purposes of FDIC insurance.
UNINSURED AMOUNTS

If the principal amount of a Deposit Account at a Bank,
plus accrued interest, together with all other deposits thatyou maintain directly or indirectly at the Bank, in the sameownership capacity, is in excess of the Maximum Applicable
Deposit Insurance Amount, the amount in excess will not be
insured by the FDIC. In determining the total amount of yourfunds at the Bank for FDIC insurance purposes, you must
aggregate all deposits at the Bank held in the same FDIC
account ownership category, regardless of whether you holdthe deposits directly with the Bank or through Morgan Stanley
or another financial intermediary. In the event of the failureof the Bank, you will have a claim for the uninsured portionof your deposits that ranks equally with the claims of otheruninsured depositors (including the FDIC as subrogee of
insured depositors) and senior to claims of general unsecured
creditors of the Bank, and you will receive payments, if any,
based upon the amount of assets the Bank has available for
distribution. You should review the “Payments Under Adverse
Circumstances” section below for more information.
PAYMENTS UNDER ADVERSE CIRCUMSTANCESIn the event that a Bank fails and federal deposit insurance
payments become necessary, payments of principal plus
accrued, but unpaid, interest will be made to you. There isno specific time period during which the FDIC must makeinsurance payments available and you should be prepared forthe possibility of an indeterminate delay in obtaining thosepayments. As explained above, the Maximum Applicable
Insurance Limit applies to the value of the principal and accrued
interest on all Deposit Accounts maintained by you at the Bankin the same FDIC account ownership category capacity. The
records maintained by the Bank and Morgan Stanley regarding
ownership of the Deposit Accounts would be used to establish
your eligibility for FDIC insurance payments. Furthermore, you
may be required to provide certain documentation to the FDICor to Morgan Stanley before insurance payments are made.

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PREFERRED SAVINGS PROGRAM DISCLOSURE STATEMENT

For example, if you hold the Deposit Accounts as trustee forthe benefit of trust participants, you may also be required
to furnish an affidavit to that effect; you may be required tofurnish other affidavits and provide indemnities regarding
insurance payment. No interest is earned on deposits from thetime a Bank is closed until insurance payments are received. In
addition, Morgan Stanley is not obligated to credit your Deposit
Account with funds in advance of insurance payments received
from the FDIC.
If your Deposit Accounts at a Bank or other deposits
at a Bank (e.g., CDs) are assumed by another depository
institution pursuant to a merger or consolidation, suchdeposits will continue to be insured separately, up to theMaximum Applicable Insurance Limit, from the deposits thatyou might have established with the acquiring institution
until (i) the maturity date of the CDs or other time deposits
that were assumed, or (ii) with respect to deposits that are
not time deposits, including Deposit Accounts, the expirationof a six-month grace period from the date of the merger
or consolidation. Thereafter, any assumed deposits will beaggregated with your existing deposits with the acquiring
institution held in the same capacity for purposes of FDIC
insurance coverage. Any deposit opened at the acquiring
institution after the merger or consolidation, will be aggregatedwith deposits established with the acquiring institution for
purposes of FDIC insurance.
Please note that if your Deposit Accounts at a Bank areassumed by another depository institution, or FDIC insurance
payments become necessary, you may not have access to someor all of the funds in your Deposit Accounts at the Bank fora period of time. As a result, you may need to deposit more
funds in your Account to facilitate continued trading and cash
management activities (e.g., debit card transactions, checks,
wires, etc.).
Morgan Stanley will have no obligation to you forany amounts not covered by FDIC insurance nor willMorgan Stanley have any obligation to make any payments
to you in satisfaction of a loss you might incur as a result ofa delay in FDIC insurance payouts applicable to the Deposit
Accounts. Also, Morgan Stanley will have no obligation to credit
your Account with funds in advance of payments received fromthe FDIC.

QUESTIONS ABOUT FDIC DEPOSIT INSURANCE COVERAGE

If you have questions about basic FDIC insurance coverage,
please contact us. You may wish to consult your attorneyconcerning FDIC insurance coverage of deposits held in
more than one capacity. You may also obtain information bycontacting the FDIC, Division of Supervision and Consumer
Protection, by letter (Attn: Deposit Insurance Outreach, 550
17th Street, N.W., Washington, DC 20429), by phone (1-877-2753342, 1-800-925-4618 (TDD)) or by accessing the FDIC website
at www.fdic.gov.
SIPC INSURANCE

Balances maintained in the Deposit Accounts at each Bank are
not protected by Securities Investor Protection Corporation(‘SIPC’) or any excess of SIPC coverage purchased by
Morgan Stanley.
Money market mutual funds and uninvested cash are coveredby the SIPC. SIPC is a federally mandated U.S. nonprofit
corporation that protects customer assets from financial loss inthe event a broker-dealer becomes insolvent.
SIPC covers securities that Morgan Stanley holds in custody(stocks, bonds, notes) up to $500,000 per client capacity(e.g., individual, joint) of which $250,000 may be free credit
balances. Money market mutual funds receive SIPC coverageas securities, not as cash. Funds in the BDP are covered by
FDIC insurance, not SIPC. Additional information about SIPC isavailable at www.sipc.org.
In addition to this SIPC protection, Morgan Stanley haspurchased, at no cost to clients, a supplemental insurance
policy through certain underwriters at Lloyd’s of London andvarious insurance companies. In the unlikely event that client
assets are not fully recovered and SIPC protection limits
have been paid, this additional coverage would be available
to provide protection above the SIPC limits. This coverage issubject to an aggregate firmwide cap of $1 billion, with no perclient limit for securities and a $1.9 million per client limit forthe cash portion of any remaining shortfall. SIPC and excessof SIPC protection do not insure against losses due to market
fluctuations or other losses that are not related to claims dueto the insolvency of Morgan Stanley. SIPC and excess of SIPC
protection are applied per customer for all Accounts designatedin the same capacity.

1
A business day is any day other than a Saturday or Sunday, legal holiday or day on which banks are required or authorized by law or regulation to close.
Unless specifically disclosed to you in writing, investments and services are offered through Morgan Stanley Smith Barney LLC, member SIPC, and suchinvestments and services are not insured by the FDIC, are not deposits or other obligations of, or guaranteed by, Morgan Stanley Private Bank, National
Association or Morgan Stanley Bank, N.A. and involve investment risks, including possible loss of principal amount invested. Morgan Stanley Smith Barney
LLC is a registered broker-dealer, not a bank.
The Morgan Stanley Debit Card is issued by Morgan Stanley Private Bank, National Association pursuant to a license from Mastercard International
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CS 608915-3140877 03/22