Moderate Growth & Income (MAPS) Select UMA

American Funds (Model Portfolio Provider)

333 S Hope Street, 52nd Floor Los Angeles, California 90068

Moderate Growth & Income (MAPS) (AFV-5) Select UMA

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 may 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.

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 gold 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 September 30, 2023, unless otherwise noted and is subject to change.

American Funds (Model Portfolio Provider)?

333 S Hope Street, 52nd Floor Los Angeles, California 90068

Style: Sub-Style: Firm AUM: Firm Strategy AUM:

Global Multi Asset Global Multi Asset Income $2,284.4 billion $0.0 million^

Moderate Growth & Income (MAPS) (AFV-5) Select UMA

Year Founded: GIMA Status: Program Inception Date: Strategy Minimum:

1931 Approved 10/25/2018 $10,000

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 Number of security holdings:

550 to 631

P/E ratio:

Similar to/Below the S&P 500

Cash level over market cycle:

4 to 6%

Risk (standard deviation):

Below the S&P 500

Average turnover rate:

1 to 15%

Number of bond holdings:

2931 to 3032

Average maturity:

7.5 to 7.8 years

Use ADRs:

2 to 3%

Capitalization:

--

Eligible Investments:

--

MANAGER'S INVESTMENT STRATEGY Top-down / portfolio structures based on economic trends Bottom-up / portfolio structure based on individual securities

PORTFOLIO'S EQUITY SECTOR WEIGHTINGS

Sector Energy

---------------09/23--------- 03/23

Cap Grp-----I-n- dex*** Cap Grp

6.85

0.00

6.13

Materials

4.61

0.00

5.14

Industrials

12.57

0.00

12.37

Consumer Discretionary

8.63

0.00

8.85

Consumer Staples

8.63

0.00

9.29

Health Care

15.88

0.00

16.36

Financials

12.71

0.00

13.07

Information Technology

18.45

0.00

16.83

Communication Services

Utilities

6.22

0.00

5.84

3.14

0.00

3.43

Real Estate/REITs

2.31

0.00

2.69

Cash/Cash Equivalents

4.43

0.00

5.72

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 Number of bond holdings Avg maturity

---------------09/23------ 03/23 Cap Gr-p-----I-n-d--ex*** Cap Grp

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

10

--

9

7.8 yrs.

-- 7.37 yrs.

PORTFOLIO'S TOP FIVE SECURITY HOLDINGS

%

MICROSOFT CORP

3.3

BROADCOM INC

3.2

PHILIP MORRIS INTERNATIONAL INC

1.5

UNITEDHEALTH GROUP INC

1.4

ELI LILLY AND CO

1.0

PORTFOLIO MANAGER DETAILS

?High Grade Corporates ?The P/E used here is calculated by the harmonic mean.

Total may not equal 100% due to rounding. ? Please see the 'Additional Disclosures' section for information on the 'Model Portfolio Provider'

***Index : 40SP5/25MSAC/35BBGAGG

The subsequent pages contain important disclosures and a glossary of terms. Information as of September 30, 2023, unless otherwise noted and is subject to change.

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Moderate Growth & Income (MAPS) (AFV-5) Select UMA

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.

% PROCESS BASED ON 0 Asset allocation 0 Industry or sector weighting 0 Stock Selection 0 Duration Management 0 Yield Curve Management 0 Sector Selection 0 Bond Selection

RISK CONSIDERATIONS

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. Fixed Income securities may be sensitive to changes in prevailing interest rates. When rates rise the value generally declines. There is no assurance that the private guarantors or insurers will meet their obligations. International investing should be considered one component of a complete and diversified investment program. Investing in foreign markets entails greater risks than those normally associated with domestic markets such as foreign political, currency, economic and market risks. Equity securities' prices may fluctuate in response to specific situations for each company, industry, market conditions and general economic environment. 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 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. 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. Investors should be careful to consider these risks alongside their individual circumstances, objectives and risk tolerance before investing in high-yield bonds. 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.The returns on a portfolio consisting primarily of sustainable investments may be lower or higher than a portfolio that is more diversified or where decisions are based solely on investment considerations. Because sustainability criteria exclude some investments, investors may not be able to take advantage of the same opportunities or market trends as investors that do not use such criteria.

PORTFOLIO'S ALLOCATION HISTORY (%) 09/23 06/23

03/23 12/22

FIXED INCOME SECTOR DISTRIBUTION (%)

09/23 06/23

U.S. Treasury

17.72 19.81

Mortgage-Backed Securities Industrials

27.21 21.43

26.22 21.17

Financials

12.35 11.61

Foreign Bonds

4.57

4.36

Asset-Backed Securities

5.81

5.50

Emerging Debt

5.96

6.41

Utilities

3.22

3.28

Municipals

0.70

0.74

Collateralized Mortgage Obligations

0.09

0.10

03/23 29.99 22.97

12/22 29.84 23.59

17.29 10.63

5.10 4.86 4.09 3.44 1.41 0.10

17.47 10.16

4.93 4.59 3.83 3.55 1.41 0.46

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 September 30, 2023, unless otherwise noted and is subject to change.

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Moderate Growth & Income (MAPS) (AFV-5) Select UMA

Other U.S. Agencies Convertibles

0.17

0.07

0.05 0.11

0.07

0.08

0.07 0.06

0.70

0.65

0.00 0.00

The subsequent pages contain important disclosures and a glossary of terms. Information as of September 30, 2023, unless otherwise noted and is subject to change.

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Morgan Stanley Composite Start Date: 01/2019 ?

Strategy Inception Date:

03/2016 ?

RISK/RETURN ANALYSIS ? - 5 YEARS ENDING 09/30/23

R a t e

o f

R

e

t

u r

Standard Deviation (%)

n

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

STD 13.88 13.83 14.32

0.88

Moderate Growth & Income (MAPS) (AFV-5) Select UMA

AVERAGE ANNUAL TOTAL RETURN (%) - PERIODS ENDING 09/30/23

R a t e

o f

R e t u r n

ROR 5.33 3.26 4.94 1.74

INVESTMENT RESULTS ?

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

Annual Rates of Return (%)

10 Year - Ending 09/30/23

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Snc. Incpt. Annual

18.60 6.99 0.95 6.29 17.00 -4.40 19.48 13.49 14.39 -13.27

7.87

6.62

Std. 10D.e2v3

16.31 4.86 -1.02 4.18 14.72 -6.29 17.16 11.28 12.16 -14.99

5.67

4.53 10.19

15.31 6.48 -0.44 6.96 16.41 -5.17 20.93 13.35 12.34 -15.51

7.75

6.16 10.58

RISK VOLATILITY (%) ?

R a t e

o f

R e t u r n

*10/01/18-12/31/18

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

PORTFOLIO'S QUARTERLY RETURNS (%)

Quarter1 Quarter2 Quarter3

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Gross Net Gross Net 5.37 4.86 1.14 0.65 1.61 1.09 3.46 2.94 1.93 1.41 -0.35 -0.84 1.40 0.87 2.32 1.81 5.07 4.55 3.57 3.06 -0.32 -0.80 0.95 0.45 8.85 8.34 3.04 2.53 -12.45 -12.89 13.13 12.60 3.79 3.27 5.02 4.51 -4.87 -5.37 -10.76 -11.24 3.48 2.99 3.44 2.93

Gross 4.85 -0.30 -4.24 2.84 3.69 2.13 0.42 5.11 -0.49 -5.94 -3.23

Net 4.35 -0.80 -4.71 2.34 3.19 1.63 -0.09 4.60 -0.98 -6.39 -3.70

Quarter4

Gross Net 6.13 5.62 2.08 1.58 3.79 3.30 -0.37 -0.88 3.68 3.17 -6.98 -7.47 6.09 5.57 9.02 8.47 5.46 4.95 8.63 8.11

**01/01/23-09/30/23 Number Of Up Qtrs. 13 12 13

Down Qtrs. 7 8 7

PORTFOLIO DIVERSIFICATION ? - R?(10 YEARS ENDING 09/23)+

R?

Cap Grp vs. Primary Benchmark

0.98

+Statistics are calculated using gross of fee performance only.

PORTFOLIO'S RISK STATISTICS - PERIODS ENDING 09/30/23

? ?

3 Year 5 Year

Standard Deviation

Standard Deviation of Primary Benchmark Sharpe Ratio Sharpe Ratio of Primary Benchmark Alpha

Beta

12.35% 13.88% 12.69% 14.32%

0.17

0.26

0.12

0.22

0.64% 0.97

0.45% 0.97

Downside Risk R-Squared Tracking Error

1.42% 0.98

2.00%

1.16% 0.99

1.66%

Information Ratio

0.31

0.23

0. Manager Transition

Select UMA

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 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 September 30, 2023, unless otherwise noted and is subject to change.

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