About Risk There is no assurance that a Portfolio will achieve its ESG Strategies that incorporate impact investing and/or investment objective. Portfolios are subject to market risk, Environmental, Social and Governance (ESG) factors could which is the possibility that the market values of securities result in relative investment performance deviating from owned by the Portfolio will decline and that the value of other strategies or broad market benchmarks, depending on Portfolio shares may therefore be less than what you paid whether such sectors or investments are in or out of favor in for them. Market values can change daily due to economic the market. As a result, there is no assurance ESG strategies and other events (e.g. natural disasters, health crises, could result in more favorable investment performance. terrorism, conflicts and social unrest) that affect markets, countries, companies or governments. It is difficult to predict the timing, duration, and potential adverse effects (e.g. portfolio liquidity) of events. Investments in foreign markets entail special risks such as currency, political, economic, and market risks. IMPORTANT INFORMATION There is no guarantee that any investment strategy will work under all market This material is not a product of Morgan Stanley’s Research Department and conditions, and each investor should evaluate their ability to invest for the long- should not be regarded as a research material or a recommendation. term, especially during periods of downturn in the market. The Firm has not authorised financial intermediaries to use and to distribute this A separately managed account may not be appropriate for all investors. material, unless such use and distribution is made in accordance with applicable Separate accounts managed according to the Strategy include a number of law and regulation. 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To that end, investors should seek independent legal MSIM’s affiliates are: Eaton Vance Management (International) Limited, Eaton and financial advice, including advice as to tax consequences, before making any Vance Advisers International Ltd, Calvert Research and Management, Eaton investment decision. Vance Management, Parametric Portfolio Associates LLC, and Atlanta Capital Charts and graphs provided herein are for illustrative purposes only. Past Management LLC. performance is no guarantee of future results. This material has been issued by any one or more of the following entities: 13