Managed Munis Long Maturity (MA) Select UMA

PPA TABS Mngd Muni Long (ETV-M)

Style: Long Term Municipals, GIMA Status: Approved, Program Inception: 11/01/1999, Strategy Minimum: $175,000

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:

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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:

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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.

PPA TABS Mngd Muni Long (ETV-M)

Style: Long Term Municipals, GIMA Status: Approved, Program Inception: 11/01/1999, Strategy Minimum: $175,000

Strategy Overview

+

Parametric Portfolio Associates's long term

municipal fixed income investment strategy is

actively managed to enhance long-term total

return and state tax-exempt income through

custom portfolio structuring and security

selection. Parametric generally avoids positioning

portfolios in anticipation of interest rate

movements. Portfolios are managed to

approximately +/- 10% of the duration of the

chosen benchmark. Each individual bond in the

portfolio is evaluated taking into consideration

many factors including structure, industry sector

and after-tax return potential. Parametric employs

the following guidelines: 25% maximum weighting

in one industry/sector for national portfolios, 10%

maximum position in any one issuer. Bonds with

long call protection are emphasized. Portfolios can

be customized according to state income tax

exemption, Federal Alternative Minimum Tax and

credit quality. Where state-specific only portfolios

are not available, federally tax-exempt bonds will

be purchased.

1

Portfolio Manager Details

Target Portfolio Characteristics

Description

Number of security holdings:

Values

18 to 25

January 2009 - Present

Nisha Patel

January 2009 - Present

Jonathan Rocafort

January 2009 - Present

4.8 to 5.3%

Evan Rourke

January 2009 - Present

0 to 20%

James Evans

January 2009 - Present

13.0 to 18.0 years

Average duration:

6.0 to 7.0 years

Average turnover rate:

Eligible Investments:

Term

Brian Barney

Average maturity:

Average coupon:

Manager Name

1

Individual Bonds

Lauren Kashmanian

July 2013 - Present

Manager's Investment Process

? Relative Value investing identifies undervalued bonds taking into account coupon, maturity, call features, credit rating, sector and state

? Parametric's Investment Team analyzes an issuer's ability to repay debt and how the bond fits into the portfolio based on the client's mandate and

prudent diversification

? Parametric's portfolio managers and traders closely monitor market developments as they may affect individual holdings or overall portfolio

strategy

? The manager buys and sells bonds for two primary purposes: better opportunity identified or to maintain benchmark duration

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.

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PPA TABS Mngd Muni Long (ETV-M)

Style: Long Term Municipals, GIMA Status: Approved, Program Inception: 11/01/1999, Strategy Minimum: $175,000

Fixed Income Sector Distribution (%) +

Portfolio Statistics

12/23

06/23

Parametric Index***

Parametric

13

¡ª

20

4.3%

¡ª

4.3%

¡ª

¡ª

¡ª

Avg maturity

17.52 yrs.

¡ª

16.94 yrs.

Avg duration

6.36 yrs.

¡ª

7.08 yrs.

4.7%

¡ª

4.6%

Number of security holdings

Yield

Distribution Rate

Avg coupon

Portfolio's Maturity Structure (%)

12/23

Portfolio's Credit Quality Structure (%) +

+

06/23

03/23

Investment Grade

12/23

09/23

06/23

03/23

AAA

18.68

19.25

16.11

16.69

AA

75.89

74.30

77.23

74.79

A

5.42

6.45

6.65

8.52

BBB

0.01

0.00

0.01

0.00

Sector breakdown by style (%)

12/23

09/23

06/23

03/23

Below Investment Grade

General Obligation Bonds

62.57

61.79

63.47

58.56

BB

0.00

0.00

0.00

0.00

34.01

34.34

33.44

37.82

B

0.00

0.00

0.00

0.00

0.00

0.00

0.00

Sector Breakdown

09/23

*

0 to 2 Years

3.53

3.88

3.16

2.65

Municipals

2 to 4 Years

0.20

0.03

0.05

0.08

Cash/Cash Equivalents

2.11

3.07

2.92

3.46

Below B

0.00

0.03

0.01

0.02

0.13

Not Rated

0.00

0.00

0.00

0.00

1.28

0.79

0.15

0.03

Cash/Cash Equivalents

0.00

0.00

0.00

0.00

4 to 6 Years

0.28

0.04

0.06

0.23

Pre-Refunded Bonds

6 to 8 Years

0.31

0.06

0.05

0.19

U.S. Treasury

8 to 12 Years

7.14

7.54

8.01

11.64

12 to 17 Years

30.70

36.75

36.58

43.23

Over 17 Years

57.84

51.70

52.09

41.98

0.00

0.00

0.00

0.00

Cash/Cash Equivalents

?Total may not equal 100% due to rounding.

***Index : BBgBarc Muni Managed Money TR

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

PPA TABS Mngd Muni Long (ETV-M)

Style: Long Term Municipals, GIMA Status: Approved, Program Inception: 11/01/1999, Strategy Minimum: $175,000

Strategy Inception Date: 04/1998 ?, Morgan Stanley Composite Date: 07/2000 ?

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

Parametric (Gross)

1yr

7.08

3yr

-0.65

5yr

2.69

7/10yr

3.99

Parametric (Net)

4.78

-2.79

0.49

1.75

Primary Benchmark

6.88

-1.05

2.18

3.03

Calendar-Year Performance (%)

2023

2022

4.62

Portfolio Quarterly Returns (%)

2

2021

Inception

2020

2019

2018

2017

2016

2015

2023

2022

2021

2020

2019

2018

2017

2016

2015

2014

Quarter 1

Gross

3.11

-7.05

-1.10

0.55

3.59

-1.57

1.55

2.48

0.96

3.89

Net

2.57

-7.57

-1.63

0.02

3.03

-2.11

1.00

1.93

0.43

3.33

Quarter 2

Gross

-0.14

-4.43

1.93

2.24

2.87

0.90

2.72

4.01

-1.29

3.35

Net

-0.68

-4.97

1.38

1.68

2.32

0.35

2.17

3.45

-1.83

2.79

Quarter 3

Gross

-5.11

-3.61

-0.55

1.24

2.42

-0.22

1.27

-0.41

2.49

2.41

Net

-5.63

-4.12

-1.08

0.70

1.87

-0.76

0.73

-0.96

1.94

1.86

Quarter 4

Gross

9.59

5.32

1.29

2.17

0.35

2.37

1.51

-4.66

2.42

2.22

Net

8.99

4.75

0.74

1.61

-0.19

1.81

0.96

-5.19

1.87

1.67

2014

Parametric (Gross)

7.08

-9.82

1.55

6.34

9.53

1.44

7.23

1.19

4.62

12.39

Parametric (Net)

4.78

-11.78

-0.62

4.06

7.18

-0.75

4.94

-0.98

2.39

10.00

Primary Benchmark

6.88

-10.23

0.98

6.24

8.19

0.88

5.87

0.01

3.69

9.22

0.

Manager

Transition

Select UMA

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

2. Bloomberg Muni Managed Mny TR 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

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

PPA TABS Mngd Muni Long (ETV-M)

Style: Long Term Municipals, GIMA Status: Approved, Program Inception: 11/01/1999, Strategy Minimum: $175,000

Risk Consideration

Investing in securities entails risks, including: Municipals may realize gains, and shareholders will incur a tax

liability from time to time. Income from the portfolios that invest in them are subject to state and local taxes

and may at times be subject to the alternative minimum tax. It's important to note that a portfolio

concentrating in a single state is subject to greater risk of adverse economic conditions and regulatory

changes than a portfolio with broader geographical diversification. 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. The market value of debt instruments may fluctuate, and proceeds from sales

prior to maturity may be more or less than the amount originally invested or the maturity value due to

changes in market conditions or changes in the credit quality of the issuer. Bonds are subject to the credit

risk of the issuer. This is the risk that the issuer might be unable to make interest and/or principal payments

on a timely basis. 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

Risk/Return Analysis

2

- 5 Years Ending 12/31/23

STD

ROR

Parametric (Gross)

7.58

2.69

Parametric (Net)

7.55

0.49

Primary Benchmark

7.60

2.18

Risk-free Benchmark

0.98

1.91

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

1 2

3 Year

5 Year

Standard Deviation

9.45%

7.58%

Standard Deviation of Primary Benchmark

9.51%

7.60%

Sharpe Ratio

-0.31

0.10

Sharpe Ratio of Primary Benchmark

-0.35

0.03

0.37%

0.51%

Alpha

Beta

Downside Risk

R-Squared

Tracking Error

Information Ratio

0.99

0.99

0.46%

0.54%

0.99

0.99

0.68%

0.81%

0.59

0.64

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

2. Bloomberg Muni Managed Mny TR 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

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.

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