Global Risk Balanced Mod. Allocation Select UMA

Richard Bernstein Glb Risk (RBS-1)

Style: Global Multi Asset, GIMA Status: Focus, Program Inception: 01/30/2015, Strategy Minimum: $25,000

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 December 31, 2023, unless otherwise noted and is subject to change.

Richard Bernstein Glb Risk (RBS-1)

Style: Global Multi Asset, GIMA Status: Focus, Program Inception: 01/30/2015, Strategy Minimum: $25,000

Strategy Overview

RBA (Richard Bernstein Advisors LLC, the Style Manager or RBA) employs a macro-driven, top-down style to construct a global tactical asset allocation portfolio. The investment team uses quantitative indicators and the firm's macro-economic analysis to invest in global equity and fixed income asset classes and several sub-asset classes and sectors using only US listed ETFs. Typical broad macro-economic factors and indicators include: global valuations; global yield curves; asset class, regional, and country correlations; profit cycle analyses, and style and sector rotation; earnings analysis; investor sentiment and other factors.

Target Portfolio Characteristics

Portfolio Manager Details 1

Description

Value Manager Name

Number of security holdings:

1 to 20

P/E ratio:

-

Cash level over market cycle:

0 to 30%

Risk (standard deviation):

-

Average turnover rate:

0 to 100%

Number of bond holdings:

1 to 20

Average maturity:

8.31

Use ADRs:

0 to 0%

Capitalization:

Mega, Large, Medium, Small and Micro companies

Eligible Investments:

ETFs

Rich Bernstein Lisa Kirschner Matthew Griswold Henry Timmons Dan Suzuki Michael Contopoulos

Term April 2009 - Present December 2009 - Present March 2010 - Present February 2011 - Present June 2018 - Present August 2020 - Present

Manager's Investment Process

? Top-down macro approach and assessment of proprietary and non-proprietary indicators drive asset allocation decisions. ? Indicators include global valuations, yield curves, profit cycles, earnings growth, sentiment and correlation. ? Desired asset allocations are determined, then risk balanced within a variance-covariance framework. ? The ETFs' underlying holdings are regularly analyzed to ensure accurate portfolio exposure. ? US Listed ETFs are used to create a well-diversified, risk balanced portfolio.

1 For more information on Portfolio Managers, please refer to this manager's Form ADV wealth-investmentsolutions/advbrochures. The subsequent pages contain important disclosures and a glossary of terms. Information as of December 31, 2023, unless otherwise noted and is subject to change.

Page 2 of 9

Richard Bernstein Glb Risk (RBS-1)

Style: Global Multi Asset, GIMA Status: Focus, Program Inception: 01/30/2015, Strategy Minimum: $25,000

Portfolio Statistics

Portfolio's Equity Sector Weightings +

12/23 RBA Index***

06/23 RBA

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 Number of bond holdings Avg maturity

19 2.6%

-- 17.42x

0.90 34.7% 48.1% 13.6%

3.6% 0.0%

5 8.31 yrs.

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

14 2.6%

-- 17.57x

0.78 35.2% 51.2% 12.8%

0.8% 0.0%

6 9.74 yrs.

Sector breakdown by style (%) 12/23

Portfolio's Top Five Security Holdings

Product Name Janus Henderson Mortgage-Backed Securities ETF iShares 10-20 Year Treasury Bond ETF Vanguard Value ETF WisdomTree Floating Rate Treasury Fund Janus Henderson AAA CLO ETF

% Weight (%)

14.8 12.5

8.0 7.2 5.0

?The P/E used here is calculated by the harmonic mean. Total may not equal 100% due to rounding. ***Index : 50% MSCI ACWI Nt/45% BC Agg/5% ML 3m TB Index

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

RBA 6.65 4.91 14.86 9.07 8.94 13.77 15.06 16.16 3.37 2.79 0.00 2.17 2.26

Index*** 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Portfolio's Allocation History (%) +

12/23 09/23

U.S. Stocks Non-U.S. Stocks U.S. Treasury Gold Non-US Sovereign Investment Grade Corporates High Yield Corporates Agency Mortgages/Securitized Municipals Steepener Cash/Cash Equivalents

32

25

21

21

20

29

2

2

0

0

0

0

0

0

0

0

20

17

0

0

3

3

2

3

06/23

22 20 38

2 0 0 0 0 13 0 0 3

03/23

25 20 39

3 0 0 0 0 11 0 0 2

06/23

RBA 2.28 3.70 12.01 7.58 17.12 19.06 9.53 13.58 3.66 6.57 0.00 1.65 3.27

Fixed Income Sector Distribution (%) +

U.S. Treasury

12/23 09/23 06/23 45.50 58.27 72.38

Steepener

6.36 33.30 24.35

Cash/Cash Equivalents

2.26 2.59 3.27

Investment Grade Corporates High Yield Corporates

0.00 0.00

0.00 0.00

0.00 0.00

Non-US Sovereign

0.00 0.00 0.00

Mortgage-Backed Securities 45.88 0.00 0.00

Municipals

0.00 0.00 0.00

High Yield Corporates

0.00 0.00 0.00

U.S. Agencies

0.00 0.00 0.00

Steepener

0.00 5.84 0.00

03/23 75.66 21.90

2.44 0.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00

The subsequent pages contain important disclosures and a glossary of terms. Information as of December 31, 2023, unless otherwise noted and is subject to change.

Page 3 of 9

Richard Bernstein Glb Risk (RBS-1)

Style: Global Multi Asset, GIMA Status: Focus, Program Inception: 01/30/2015, Strategy Minimum: $25,000 Morgan Stanley Composite Date: 04/2016 ?, Strategy Inception Date: 09/2011 ?

Average Annual total Return (%) - Periods Ending 12/31/23

16.00 12.00

13.69

Rate of Return(%)

8.00 4.00

6.92

4.50

0.00

-4.00

RBA (Gross) RBA (Net) Primary Benchmark

1Yr

1yr 6.92 4.50 13.69

0.95

1.60

-1.34

3Yr

3yr 0.95 -1.34 1.60

6.30

6.67

3.90

5Yr

5yr 6.30 3.90 6.67

5.46

3.07

5.05

10Yr

7/10yr 5.46 3.07 5.05

6.95

6.76

4.53

Inception

Inception 6.95 4.53 6.76

Calendar-Year Performance (%) 2

Portfolio Quarterly Returns (%)

RBA (Gross) RBA (Net) Primary Benchmark

2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 6.92 -11.93 9.25 13.12 16.64 -7.97 17.51 9.72 -0.48 6.13 4.50 -13.95 6.78 10.58 14.03 -10.07 14.88 7.22 -2.71 3.70 13.69 -14.80 8.27 12.28 17.26 -4.48 13.20 5.28 -0.69 4.84

0. Manager

Transition

Select UMA

1. Statistics are calculated using gross of fee performance only.

2. 50% MSCI ACWI Nt/45% BC Agg/5% ML 3m TB Index was used as the Primary Benchmark, the 90-Day

T-Bills Index as the Risk-free Benchmark

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

2023

Quarter 1 Gross 3.80

Net

3.23

Quarter 2 Gross 0.12

Net

-0.45

Quarter 3 Gross -4.75

Net

-5.29

Quarter 4 Gross 8.01

Net

7.37

2022

-3.61 -4.18

-9.03 -9.58

-6.27 -6.79

7.16 6.56

2021

3.09 2.50

4.24 3.65

-1.74 -2.30

3.46 2.88

2020

-7.35 -7.88

8.60 8.01

4.48 3.90

7.60 6.97

2019 2018

7.92 0.70 7.33 0.15

2.19 -0.06 1.61 -0.63

0.96 3.51 0.38 2.93

4.76 -11.66 4.17 -12.21

2017

4.65 4.06

2.01 1.42

4.72 4.13

5.12 4.53

2016 2015

-0.84 3.36 -1.43 2.76

2.05 -0.93 1.47 -1.50

5.03 -6.77 4.45 -7.30

3.23 4.25 2.63 3.69

2014

1.64 1.04

3.47 2.88

-0.86 -1.44

1.80 1.22

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 December 31, 2023, unless otherwise noted and is subject to change.

Page 4 of 9

Richard Bernstein Glb Risk (RBS-1)

Style: Global Multi Asset, GIMA Status: Focus, Program Inception: 01/30/2015, Strategy Minimum: $25,000

Risk Considerations

Risk/Return Analysis 2 - 5 Years Ending 12/31/23

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

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.

Risk Volatility (%) 2

10

8

6

4

2

0

0

2

RBA (Gross) RBA (Net) Primary Benchmark Risk-free Benchmark

4

6

8

10

Standard Deviation(%)

STD 10.95

10.90

11.71

0.98

Portfolio's Risk Statistics - Periods Ending 12/31/23 1 2

20

3 Year

Standard Deviation

10.91%

10

Standard Deviation of Primary Benchmark

11.10%

Sharpe Ratio

-0.12

0

Sharpe Ratio of Primary Benchmark

-0.06

Alpha

-0.67%

-10

Beta

0.96

Downside Risk

-20 2019

2020

2021

2022

2023

R-Squared

Tracking Error

1. Statistics are calculated using gross of fee performance only.

Information Ratio

2. 50% MSCI ACWI Nt/45% BC Agg/5% ML 3m TB Index was used as the Primary Benchmark, the 90-Day T-Bills

Index as the Risk-free Benchmark

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

2.26% 0.92

3.02% -0.22

12

ROR 6.30 3.90 6.67 1.91

5 Year 10.95% 11.71%

0.40 0.41 0.01% 0.92 2.05% 0.94 2.79% -0.13

The subsequent pages contain important disclosures and a glossary of terms. Information as of December 31, 2023, unless otherwise noted and is subject to change.

Page 5 of 9

 ................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download