American Funds (Model Portfolio Provider) - Morgan Stanley

Amer Fds Grwth & Inc Mod MAPS (AFV-5)

Style: Global Multi Asset GIMA Status: Approved Program Inception: 10/25/2018 Strategy Minimum: $5,000

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 June 30, 2024, unless otherwise noted and is subject to change.

Amer Fds Grwth & Inc Mod MAPS? (AFV-5)

Style: Global Multi Asset GIMA Status: Approved Program Inception: 10/25/2018 Strategy Minimum: $5,000

Strategy Overview

Morgan Stanley Smith Barney LLC ("Morgan Stanley") is the Manager of this strategy. For more information on Morgan Stanley's implementation of models provided by the Model Portfolio Provider, please see the disclosures section. Since 1931, Capital Group has been striving to deliver superior, consistent results for long-term investors using high-conviction portfolios, rigorous research and individual accountability. The "American Funds Moderate Growth and Income Model Portfolio" seeks current income and long-term growth through a global mix of stocks and bonds that can help temper volatility. This model provides a strategy designed to fit the needs of investors with long-term investment horizons. It can be used individually or in combination, based on the investor's needs and risk tolerance. The model is based on a mix of funds created by the American Funds Portfolio Oversight Committee, a group of senior investment professionals with decades of industry experience. To design the mix of funds, the committee followed an objective based process, which included rigorous analysis of the underlying funds.

Target Portfolio Characteristics

Portfolio Manager Details 1

Description Number of security holdings: P/E ratio: Cash level over market cycle: Risk (standard deviation): Average turnover rate: Average maturity: Use ADRs: Capitalization: Eligible Investments:

Value 3481 to 3663 Similar to/Below the S&P 500

4 to 6% Below the S&P 500

1 to 15% 7.5 to 7.8 years

2 to 3% --

Mutual Funds, ETFs

Manager Name Alan N. Berro Wesley K. Phoa Andrew B. Suzman John R. Queen William L. Robbins Samir Mathur Michelle J. Black

Term December 2012 - Present December 2012 - Present December 2012 - Present December 2019 - Present December 2019 - Present December 2019 - Present December 2019 - Present

Manager's Investment Process

? The following Investment Process is that of the Model Portfolio Provider (rather than of the Money Manager (Morgan Stanley)).

? Our investment process, The Capital System, is designed to enable individual investment professionals to act on their highest convictions, while limiting the risk associated with isolated decision-making. A diverse group of portfolio managers and analysts brings complementary investment approaches, experience levels, backgrounds and areas of focus to each investment offering. ? Our investment approach is a fundamental one guided by thorough, detailed internal research and analysis based on extensive fieldwork and direct company contact. Our investment professionals travel the world in an effort to find the best investment opportunities and gain a comprehensive understanding of companies and markets. ? Analysts and managers also work closely with our fixed-income and macroeconomic analysts when examining potential investments. The process includes a thorough review of a company's financial strength, as well as an assessment of appropriate valuation for its securities. By coordinating our research effort among equity, fixed-income, and macroeconomic analysts, we seek to maximize the impact of our research for the benefit of all our investors. ? Our model portfolios are 100% actively-managed. All underlying funds--both equities and fixed income--are actively managed. We believe, and our experience has proven, that long-term, active investing done well can provide significant advantages for investors. The goal of our process is strong results in up markets and capital preservation in declining markets.

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

2

Please see the 'Additional Disclosures' section for information on the 'Model Portfolio Provider'

The subsequent pages contain important disclosures and a glossary of terms. Information as of June 30, 2024, unless otherwise noted and is subject to change.

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Amer Fds Grwth & Inc Mod MAPS (AFV-5)

Style: Global Multi Asset GIMA Status: Approved Program Inception: 10/25/2018 Strategy Minimum: $5,000

Portfolio Statistics

Number of security holdings Dividend Yield Distribution Rate Wtd avg P/E ratio ? Wtd avg portfolio beta Mega capitalization Large capitalization Medium capitalization Small capitalization Micro capitalization Avg maturity

06/24 Cap Grp Index***

3,452

--

2.0%

--

--

--

20.83x

--

--

--

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

7.62 yrs.

--

Portfolio's Equity Sector Weightings +

12/23 Cap Grp

-- -- -- -- -- 0.0% 0.0%

Sector breakdown by style (%)

0.0%

0.0%

0.0%

7.4 yrs.

Portfolio's Allocation History (%) +

06/24 03/24 12/23 09/23

Portfolio's Top Five Security Holding's

Product Name Broadcom Inc Microsoft Corp Philip Morris International Inc Eli Lilly And Co Meta Platforms Inc Cl A

% Weight (%)

3.5 3.3 1.3 1.2 1.2

?High Grade Corporates ?The P/E used here is calculated by the harmonic mean. Total may not equal 100% due to rounding. ***Index : 40SP5/25MSAC/35BBGAGG

Sector Breakdown Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Communication Services Utilities Real Estate/REITs Cash/Cash Equivalents

06/24

Cap Grp Index***

5.33

0.00

4.30

0.00

12.43

0.00

8.35

0.00

7.93

0.00

14.00

0.00

13.68

0.00

21.38

0.00

7.45

0.00

3.27

0.00

1.88

0.00

3.88

0.00

12/23 Cap Grp

5.66 4.77 12.88 8.55 8.16 15.07 13.36 20.27 6.38 3.05 1.85 4.43

Fixed Income Sector Distribution (%) +

06/24 03/24 12/23

Mortgage-Backed Securities 29.62 29.28 28.55

Industrials

21.71 21.60 21.37

U.S. Treasury

14.81 14.93 16.91

Financials

12.06 12.78 12.67

Emerging Debt

6.42 6.05 5.62

Asset-Backed Securities

5.72 5.38 5.37

Foreign Bonds

4.48 4.66 4.32

Utilities

3.15 3.43 3.28

Municipals

0.78 0.70 0.70

Convertibles

0.73 0.73 0.75

Other

0.26 0.31 0.29

Collateralized Mortgage Obligations U.S. Agencies

0.10 0.16

0.09 0.06

0.10 0.07

09/23 27.21 21.43 17.72 12.35

5.96 5.81 4.57 3.22 0.70 0.70 0.17 0.09

0.07

The subsequent pages contain important disclosures and a glossary of terms. Information as of June 30, 2024, unless otherwise noted and is subject to change.

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Amer Fds Grwth & Inc Mod MAPS (AFV-5)

Style: Global Multi Asset GIMA Status: Approved Program Inception: 10/25/2018 Strategy Minimum: $5,000 Strategy Inception Date: 06/2012 ? Morgan Stanley Composite Date: 01/2019 ?

Average Annual Total Return (%) - Periods Ending 06/30/24

20.00

16.00

Rate of Return (%)

12.00

8.00

4.00

0.00

Cap Grp (Gross) Cap Grp (Net) Primary Benchmark

1Yr

1yr 13.32 11.05 13.40

3Yr

3yr 3.40 1.36 3.14

5Yr

5yr 7.87 5.75 7.46

10Yr

10yr 7.18 5.08 6.73

Since Inception

Inception 8.82 6.68 8.16

Calendar-Year Performance (%) 1

Portfolio Quarterly Returns (%)

Cap Grp (Gross) Cap Grp (Net) Primary Benchmark

2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 13.85 -13.28 14.13 13.80 19.84 -4.36 17.00 6.29 0.95 6.99 11.62 -15.00 11.90 11.59 17.51 -6.26 14.72 4.18 -1.02 4.86 16.16 -15.51 12.34 13.35 20.93 -5.17 16.41 6.96 -0.44 6.48

Manager

Transition

Select UMA

1. 40% SP 500/25% MSCI ACWI x US/35%Bbgbarc US Agg Index was used as the Primary Benchmark,

the 90-Day T-Bills Index as the Risk-free Benchmark

2. For more information on these dates please see the Glossary of Terms section

2024

Quarter 1

Gross

5.23

Net

4.70

Quarter 2

Gross

1.25

Net

0.73

Quarter 3 Gross

Net

Quarter 4 Gross

Net

2023 2022

3.46 -4.86 2.96 -5.35

3.47 -10.80 2.96 -11.28

-3.25 -6.00 -3.72 -6.45

9.93 8.71 9.37 8.19

2021 2020

3.37 -12.68 2.85 -13.12

5.07 13.18 4.56 12.66

-0.50 5.07 -1.00 4.57

5.61 9.59 5.10 9.03

2019

8.80 8.29

3.05 2.54

0.41 -0.09

6.44 5.92

2018

-0.32 -0.80

0.95 0.45

2.13 1.63

-6.95 -7.44

2017

5.07 4.55

3.57 3.06

3.69 3.19

3.68 3.17

2016

1.40 0.87

2.32 1.81

2.84 2.34

-0.37 -0.88

2015 2014

1.93 1.61 1.41 1.09

-0.35 3.46 -0.84 2.94

-4.24 -0.30 -4.71 -0.80

3.79 2.08 3.30 1.58

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 June 30, 2024, unless otherwise noted and is subject to change.

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Amer Fds Grwth & Inc Mod MAPS (AFV-5)

Style: Global Multi Asset GIMA Status: Approved Program Inception: 10/25/2018 Strategy Minimum: $5,000

Risk Considerations

Portfolio's Risk Statistics - Periods Ending 06/30/24 1 2

Investing in securities entails risks, including: Equity portfolios are subject to the basic stock market risk that a particular security, or securities in 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. Investing in foreign markets entails greater risks than those normally associated with domestic markets such as foreign political, currency, economic and market risks. These risks are magnified in countries with emerging markets, since these countries may have relatively unstable governments and less established markets and economics. Companies paying dividends can reduce or cut payouts at any 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 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 stocks are able to turn their business around or successfully employ corrective strategies which would result in stock prices that do not rise as initially expected. Fixed Income securities may be sensitive to changes in prevailing interest rates. When rates rise the value generally declines. Bonds may also be subject to call risk, which is the risk that the issuer will redeem the debt at its option, fully or partially, before the scheduled maturity date. Bonds rated below investment grade may have speculative characteristics and present significant risks beyond those of other securities, including greater credit risk and price volatility in the secondary market. 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 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.

Standard Deviation Standard Deviation of Primary Benchmark Sharpe Ratio Sharpe Ratio of Primary Benchmark Alpha Beta Downside Risk R-Squared Tracking Error Information Ratio

3 Year

12.55% 12.69%

0.02 0.00 0.24% 0.98 1.47% 0.98 1.85% 0.14

5 Year

13.66% 13.74%

0.41 0.38 0.43% 0.99 1.17% 0.99 1.58% 0.26

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

Rate of Return (%) 2

20

10

0

-10

-20 2019*

2020

2021

2022

2023

2024**

*07/01/19-12/31/19

**01/01/24-06/30/24

1. Statistics are calculated using gross of fee performance only. 2. 40% SP 500/25% MSCI ACWI x US/35%Bbgbarc US Agg Index was used as the Primary Benchmark, the 90-Day T-Bills Index as the Risk-free Benchmark

Risk/Return Analysis 2 - 5 Years Ending 06/30/24

10

8

6

4

2

0

0

2

4

6

8

10

12

Standard Deviation (%)

STD

Cap Grp (Gross) Cap Grp (Net) Primary Benchmark Risk-free Benchmark

13.66 13.60 13.74

1.13

14

ROR 7.87 5.75 7.46 2.22

The subsequent pages contain important disclosures and a glossary of terms. Information as of June 30, 2024, unless otherwise noted and is subject to change.

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