August 30 Executive & Finance Committee Mtg. Reports - The Able Trust Performance July 2022 by abletrust

Please review the disclosures and definitions throughout this Document. Custom Report Prepared on August 29, 2022 for: FLORIDA ENDOWMENT FND VOC REHAB INC Stephen Harrod Private Wealth Advisor Executive Director Tel: +1 850 470 8001 Stephen.Harrod@morganstanley.com Your Branch: 850 S PALAFOX ST , STE 200 PENSACOLA, FL 32502 Page 1 of 41

• Hotter but shorter cycle is playing out even faster. Now the labor market holds the key. This entire COVID recession and V-shaped recovery has been one of the fastest on record. In fact, based on the data it now looks like we are already late cycle. This late cycle has been confirmed by the very defensive leadership exhibited within equity markets. But mix shifts between goods and services consumption against a backdrop of still strong corporate capex suggests growth is unlikely to collapse, suggesting we avoid “Boom/Bust”. Furthermore, consumption likely will not go negative if people still have jobs.

WEALTH MANAGEMENT GLOBAL INVESTMENT OFFICE | CHARTBOOK | MONTHLY PERSPECTIVES Past performance is no guarantee of future results. Estimates of future performance are based on assumptions that may not be realized. This material is not a solicitation of any offer to buy or sell any security or other financial instrument or to participate in any trading strategy. Please refer to important information, disclosures and qualifications at the end of this material. Source: Morgan Stanley & Co. Research, Morgan Stanley Wealth Management.

• The year of the stock picker. With tightening financial conditions and slowing growth making this a much more difficult year for stocks, investors are going to have to be better stock pickers to generate strong returns The high dispersion between stocks suggests that opportunity is available, if difficult to find in the current environment. We are focused on companies with high operational efficiency and earnings stability in a world of higher inflation and cost of capital. This means low capex, low inventory/sales growth and low labor costs. We remain overweight health care, energy, financials, materials, defense and some consumer names.

• Markets have begun to price in a recession: The inverted 2s/10s curve (the deepest since 2000), wider credit spreads, the growth/value rotations, falling rates, and an aggressive Fed all indicate an incoming recession. Post pandemic crosscurrents are complex and are sending mixed signals; rather than recession--we think the most likely scenario is stagflation, where stocks face another 10%-15% downside and bonds have a more attractive risk/reward Recessions don’t occur when unemployment is 3 5% the lowest level since 1969 At this point, we recommend adding duration as a hedge against slowing growth but are not abandoning cyclicals and “growth at a reasonable price”.

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The first half of 2022 was extremely weak for returns leaving markets vulnerable to a bear market rally: Investors had one of their worstperforming half years in decades, which has been followed by a textbook double digit retracement bounce Most of the market action in 1H came from changes in real rates and valuation multiples, whereas recent moves seem to be premised on falling inflation expectations and technical oversold conditions and weak positioning. Unfortunately, we have not seen earnings expectations reset, with analysts reluctant to lower their earnings targets. We see 2H22 and 2023 corporate earnings as vulnerable due to the rising costs of inputs and labor, falling ISMs, fading pricing power and building inventories. It is too early to chase the bear market rally.

• The Fed is far from done and policy operates with a lag: Since the June low, investors have been wagering that falling commodity prices will immediately deliver relief from inflation and cause the Fed to pause. The GIC disagrees. Powell is fighting to regain credibility and his only path is to move beyond the current neutral setting of 2.25% in line with historic inflation campaigns. Usually, the Fed tightening cycle doesn’t end until the Fed Funds rate is greater than core inflation. With core inflation unlikely to fall below 4% over the next six months, the Fed has “a ways to go” and the ongoing tightness in the labor market is not helping matters. Fed Funds Futures are now pushing the first rate cuts out to July 2023. But with QT kicking up in September and forward guidance now gone, higher market volatility likely will only be exacerbated by tighter financial conditions and worsening liquidity. Rich valuations are highly vulnerable to the real rate reset.

Stagflation Is the Most Likely Scenario

WEALTH MANAGEMENT GLOBAL INVESTMENT OFFICE | CHARTBOOK | MONTHLY PERSPECTIVES Labor Market Is Structurally Strong Source: Bloomberg, Morgan Stanley & Co. Research as of June 30, 2022. Past performance is no guarantee of future results. Estimates of future performance are based on assumptions that may not be realized. This material is not a solicitation of any offer to buy or sell any security or other financial instrument or to participate in any trading strategy. Please refer to important information, disclosures and qualifications at the end of this material. 11%9%5%3%7%13%15%1976 1981 1986 1991 1996 2001 2006 2011 2016 2021 US Unemployment Rate 108642357911122001 2004 2007 2010 2013 2016 2019 2022 Millions JOLTS Job Openings 6%4%3%5%7%Jan '19 Jun '19 Nov '19 Apr '20 Sep '20 Feb '21 Jul '21 Dec '21 May '22 Atlanta Fed Wage Growth Tracker 140130135145150155Jan '20 Jul '20 Jan '21 Jul '21 Jan '22 Jul '22 Millions US Employees on Nonfarm Payrolls Total Page 4 of 41

WEALTH MANAGEMENT GLOBAL INVESTMENT OFFICE | CHARTBOOK | MONTHLY PERSPECTIVES Bond Market Moves Ahead of the Fed and Does the Tightening on Economy Source: Bloomberg, Morgan Stanley & Co. Research as of August 4, 2022. Past performance is no guarantee of future results. Estimates of future performance are based on assumptions that may not be realized. This material is not a solicitation of any offer to buy or sell any security or other financial instrument or to participate in any trading strategy. Please refer to important information, disclosures and qualifications at the end of this material. 4.0%0.0%0.5%1.0%1.5%2.0%2.5%3.0%3.5%2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Fed Funds Rate 10-Year US Treasury Yield Page 5 of 41

WEALTH MANAGEMENT GLOBAL INVESTMENT OFFICE | CHARTBOOK | MONTHLY MARKETS LIBRARY: MONTHLY DATA Past performance is no guarantee of future results. Estimates of future performance are based on assumptions that may not be realized. This material is not a solicitation of any offer to buy or sell any security or other financial instrument or to participate in any trading strategy. Please refer to important information, disclosures and qualifications at the end of this material. Global PMI Map Source: JP Morgan Asset Management, Markit, FactSet, Bloomberg, Haver Analytics, Bloomberg, Morgan Stanley Wealth Management GIC. Colors are based on PMI relative to index level of 50. A PMI over 50 indicates that the sector is expanding, while a PMI under 50 indicates that the sector is contracting. Global Purchasing Managers’ Index (PMI) Severe Contraction Strong Expansion Aug'20 Sep'20 Oct'20 Nov'20 Dec'20 Jan'21 Feb'21 Mar'21 Apr'21 May'21 Jun'21 Jul'21 Aug'21 Sep'21 Oct'21 Nov'21 Dec'21 Jan'22 Feb'22 Mar'22 Apr'22 May'22 Jun'22 Jul'22 Global 51.8 52.4 53.1 53.8 53.8 53.6 54.0 55.0 55.8 56.0 55.5 55.4 54.1 54.1 54.2 54.2 54.3 53.2 53.7 52.9 52.3 52.3 52.2 51.1 U.S. 53.1 53.2 53.4 56.7 57.1 59.2 58.6 59.1 60.5 62.1 62.1 63.4 61.1 60.7 58.4 58.3 57.7 55.5 57.3 58.8 59.2 57.0 52.7 52.2 Canada 55.1 56.0 55.5 55.8 57.9 54.4 54.8 58.5 57.2 57.0 56.5 56.2 57.2 57.0 57.7 57.2 56.5 56.2 56.6 58.9 56.2 56.8 54.6 52.5 U.K. 55.2 54.1 53.7 55.6 57.5 54.1 55.1 58.9 60.9 65.6 63.9 60.4 60.3 57.1 57.8 58.1 57.9 57.3 58.0 55.2 55.8 54.6 52.8 52.1 Euro Area 51.7 53.7 54.8 53.8 55.2 54.8 57.9 62.5 62.9 63.1 63.4 62.8 61.4 58.6 58.3 58.4 58.0 58.7 58.2 56.5 55.5 54.6 52.1 49.8 Germany 52.2 56.4 58.2 57.8 58.3 57.1 60.7 66.6 66.2 64.4 65.1 65.9 62.6 58.4 57.8 57.4 57.4 59.8 58.4 56.9 54.6 54.8 52.0 49.3 France 49.8 51.2 51.3 49.6 51.1 51.6 56.1 59.3 58.9 59.4 59.0 58.0 57.5 55.0 53.6 55.9 55.6 55.5 57.2 54.7 55.7 54.6 51.4 49.5 Italy 53.1 53.2 53.8 51.5 52.8 55.1 56.9 59.8 60.7 62.3 62.2 60.3 60.9 59.7 61.1 62.8 62.0 58.3 58.3 55.8 54.5 51.9 50.9 48.5 Spain 49.9 50.8 52.5 49.8 51.0 49.3 52.9 56.9 57.7 59.4 60.4 59.0 59.5 58.1 57.4 57.1 56.2 56.2 56.9 54.2 53.3 53.8 52.6 48.7 Greece 49.4 50.0 48.7 42.3 46.9 50.0 49.4 51.8 54.4 58.0 58.6 57.4 59.3 58.4 58.9 58.8 59.0 57.9 57.8 54.6 54.8 53.8 51.1 49.1 Ireland 52.3 50.0 50.3 52.2 57.2 51.8 52.0 57.1 60.8 64.1 64.0 63.3 62.8 60.3 62.1 59.9 58.3 59.4 57.8 59.4 59.1 56.4 53.1 51.8 Australia 49.3 46.7 56.3 52.1 55.3 55.3 58.8 59.9 61.7 61.8 63.2 60.8 51.6 51.2 50.4 54.8 48.4 48.4 53.2 55.7 58.5 52.4 54.0 52.5 Japan 47.2 47.7 48.7 49.0 50.0 49.8 51.4 52.7 53.6 53.0 52.4 53.0 52.7 51.5 53.2 54.5 54.3 55.4 52.7 54.1 53.5 53.3 52.7 52.1 China 53.1 53.0 53.6 54.9 53.0 51.5 50.9 50.6 51.9 52.0 51.3 50.3 49.2 50.0 50.6 49.9 50.9 49.1 50.4 48.1 46.0 48.1 51.7 50.4 Indonesia 50.8 47.2 47.8 50.6 51.3 52.2 50.9 53.2 54.6 55.3 53.5 40.1 43.7 52.2 57.2 53.9 53.5 53.7 51.2 51.3 51.9 50.8 50.2 51.3 Korea 48.5 49.8 51.2 52.9 52.9 53.2 55.3 55.3 54.6 53.7 53.9 53.0 51.2 52.4 50.2 50.9 51.9 52.8 53.8 51.2 52.1 51.8 51.3 49.8 Taiwan 52.2 55.2 55.1 56.9 59.4 60.2 60.4 60.8 62.4 62.0 57.6 59.7 58.5 54.7 55.2 54.9 55.5 55.1 54.3 54.1 51.7 50.0 49.8 44.6 India 52.0 56.8 58.9 56.3 56.4 57.7 57.5 55.4 55.5 50.8 48.1 55.3 52.3 53.7 55.9 57.6 55.5 54.0 54.9 54.0 54.7 54.6 53.9 56.4 Brazil 64.7 64.9 66.7 64.0 61.5 56.5 58.4 52.8 52.3 53.7 56.4 56.7 53.6 54.4 51.7 49.8 49.8 47.8 49.6 52.3 51.8 54.2 54.1 54.0 Mexico 41.3 42.1 43.6 43.7 42.4 43.0 44.2 45.6 48.4 47.6 48.8 49.6 47.1 48.6 49.3 49.4 49.4 46.1 48.0 49.2 49.3 50.6 52.2 48.5 Russia 51.1 48.9 46.9 46.3 49.7 50.9 51.5 51.1 50.4 51.9 49.2 47.5 46.5 49.8 51.6 51.7 51.6 51.8 48.6 44.1 48.2 50.8 50.9 50.3 As of July 31, 2022 Page 6 of 41

WEALTH MANAGEMENT GLOBAL INVESTMENT OFFICE | CHARTBOOK | MONTHLY MARKETS LIBRARY: DAILY DATA Past performance is no guarantee of future results. Estimates of future performance are based on assumptions that may not be realized. This material is not a solicitation of any offer to buy or sell any security or other financial instrument or to participate in any trading strategy. Please refer to important information, disclosures and qualifications at the end of this material. - 8 bps - 14 bps 6 bps285185-1585385 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2-Yr / 5-Yr Spread 2-Yr / 10-Yr Spread 2-Yr / 30-Yr Spread US Yields 83% Historical US Treasury Yields by Maturity US Treasury Yield Curves US Treasury Yield Spreads Source: FactSet, Bloomberg, US Department of the Treasury, Morgan Stanley Wealth Management GIC. 4%0%1%2%3% Market Low on March 9, 2009 Rates Bottom on June 30, 2020 1 Year Ago Current UST As of August 01, 2022 As of July 29, 2022 As of July 31, 2022 2.872.642.921816141086402121980 1985 1989 1993 1997 2001 2005 2009 2013 2017 2021 30-Yr10-Yr5-Yr2-Yr 2.58 Page 7 of 41

WEALTH MANAGEMENT GLOBAL INVESTMENT OFFICE | CHARTBOOK | MONTHLY PERSPECTIVES US Earnings Snapshot Source: Bloomberg, Morgan Stanley & Co. Research as of August 8, 2022 Past performance is no guarantee of future results. Estimates of future performance are based on assumptions that may not be realized. This material is not a solicitation of any offer to buy or sell any security or other financial instrument or to participate in any trading strategy. Please refer to important information, disclosures and qualifications at the end of this material. Page 8 of 41

WEALTH MANAGEMENT GLOBAL INVESTMENT OFFICE | CHARTBOOK | MONTHLY MARKETS LIBRARY: DAILY DATA Past performance is no guarantee of future results. Estimates of future performance are based on assumptions that may not be realized. This material is not a solicitation of any offer to buy or sell any security or other financial instrument or to participate in any trading strategy. Please refer to important information, disclosures and qualifications at the end of this material. 2502001501000503002,9002,1001,7001,3009001005002,5003,3003,7004,1004,5001993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 Earnings500SS&PPriceIndex500S&P S&P 500 Index Price S&P 500 Bottom-up Forward EPS Jan 7, 1994 Fwd. P/E = 14.9x 470 Mar 24, 2000 Fwd. P/E = 25.1x 1,527 Oct 5, 2007 Fwd. P/E = 15.3x May 22, 2020 Fwd. P/E = 21.1x Jul 29, 2022 Fwd. P/E = 17.5x 4,130 Dec 31, 2021 Fwd. P/E = 4,76621.4x Mar 6, 2009 Fwd. P/E = 10.6x Feb 14, 2020 Fwd. P/E = 19.1x S&P 500 Index Level Vs. Bottom Up Forward S&P 500 Operating Earnings US Equity Performance vs. Earnings Performance Source: Bloomberg. Stocks Overvalued = equity performance outpaces earnings performance. Stocks Undervalued = earnings performance outpaces equity performance. Fairly Valued = stock performance and earnings performance are in line with one another. Weekly S&P 500 Price and Operating Earnings as of July 29 2022 Page 9 of 41

WEALTH MANAGEMENT GLOBAL INVESTMENT OFFICE | CHARTBOOK | MONTHLY MARKETS LIBRARY Past performance is no guarantee of future results. Estimates of future performance are based on assumptions that may not be realized. This material is not a solicitation of any offer to buy or sell any security or other financial instrument or to participate in any trading strategy. Please refer to important information, disclosures and qualifications at the end of this material. Bull,Base4450,3900Bear,33504000200025003000350045005000Jan-18 Jan-19 Jan-20 Jan-21 Jan-22 Jan-23 August 18 2022 4284 Morgan Stanley & Co. S&P 500 Forward 12-Month Price Targets Source: Bloomberg, Morgan Stanley & Co. Research As of the market close on August 18, 2022 Page 10 of 41

WEALTH MANAGEMENT GLOBAL INVESTMENT OFFICE | CHARTBOOK | INTRO TO INVESTING Past performance is no guarantee of future results. Estimates of future performance are based on assumptions that may not be realized. This material is not a solicitation of any offer to buy or sell any security or other financial instrument or to participate in any trading strategy. Please refer to important information, disclosures and qualifications at the end of this material. …“Lost Decade” (2000-2009) Demonstrates the Importance of Global Diversification and Asset Allocation Source: FactSet, Bloomberg, Morgan Stanley Wealth Management GIC. Note: Diversified portfolio is comprised of 40% MSCI ACWI, 40% Bloomberg US Aggregate, 5% FTSE US 3 mo. T Bills, 9% HFRX Global Hedge Funds, 3% Bloomberg Commodity Index, and 3% FTSE NAREIT All Equity REITS Total Return Index. Total JanuaryReturns1,2000 December 31, 2009 9.1% 9.3% 17.0% 27.7% 41.3% 55.2% 84.7% 99.1% 102.2% 109.9% 121.4% 128.4% 162.0%180%130%-20%30%80% S&P500 ACWIMSCI EAFEMSCI Russell1000 Russell2000 DiversifiedPortfolio BarclaysUSAgg CommodityBloombergIndex USBloombergTreasury5+Y BarclaysTIPS 2000RussellValue GlobalYieldHigh EmergingMSCIMarkets Page 11 of 41

Past performance is no guarantee of future results. Estimates of future performance are based on assumptions that may not be realized. This material is not a solicitation of any offer to buy or sell any security or other financial instrument or to participate in any trading strategy. Please refer to important information, disclosures and qualifications at the end of this material. WEALTH MANAGEMENT GLOBAL INVESTMENT OFFICE | CHARTBOOK | QUARTERLY MARKETS LIBRARY 8% 13% 15% 22% 22% 21% 27% 31% 16% 27% 19% 31% 7% 7% 11% 9% 8% 6%100%80%60%40%20%0% Stanford Yale Harvard Real Estate Hedge Funds Private Equity Equities Fixed Income & Cash Natural Resources 53 58 45 35 24 17 10 47 42 55 65 76 83 90100%80%60%40%20%10%0%30%50%70%90% Alternative Strategies Traditional Strategies Institutions & College Endowments Are Heavily Invested in Alternatives v Institutional Portfolio Allocations December 31, 2021 Strategic Endowment Asset Allocations Latest data available as of October 1, 2019 Source: Morgan Stanley Wealth Management GIC. Left Chart:National Association of College and University Business Officers (NACUBO) study of approximately 800 institutions published January of each year. Note: The larger the endowment, the better the ability to diversify. Traditional Strategies include equity, fixed income and cash. Alternatives Strategies include real estate, hedge funds, private equity, venture capital, natural resources and other. Right Chart: Stanford University 2018 Annual Financial Report, Yale Endowment 2018 Annual Report, Harvard Management Company Annual Endowment Report 2018. Note: The allocations represented here are for illustrative purposes only. Alternatives investments are not suitable for all investors Alts57% Alts66% Alts52% Page 13 of 41

Target Allocation as determined by you and your Financial Advisor for this account only Total Value and % of Portfolio are based on US Dollar values. ALLOCATION ASSET ALLOCATION: ACTUAL VS. TARGET FLORIDA ENDOWMENT FND VOC REHAB INC As of July 31, 2022 | Reporting Currency: USD ACTUAL VS. TARGET Actual Actual Cash 1 1% Equities 55 F1% ixed Income & Preferreds 28 0% Alternatives 15 8% Target Target Equities 60.0% Fixed Income & Preferreds 30 0% Alternatives 10 0% ASSET ALLOCATION: ACTUAL VS. TARGET WITH MIN MAX RANGE Actual 07/31/2022 Target Difference Actual Min Max Range Asset Class ($) (%) ($) (%) ($) (%) Min Max Range (%) Cash 106,732.83 1.13 0.00 0.00 106,732.83 1.13Equities 5,231,385.06 55.13 5,693,100.49 60.00 461,715.44 4.87 50 70 Fixed Income & Preferreds 2,653,409.35 27.96 2,846,550.25 30.00 -193,140.89 -2.04 20 - 40 Alternatives 1,496,973.58 15.78 948,850.08 10.00 548,123.50 5.78 0 20 Total Assets 9,488,500 82 100 00 9,488,500 82 100 00 0 10 20 30 40 50 60 70 80 90 100% Page 14 of 41

Inception dates for advisory account(s) reflect the most recent advisory program or discretion change The investment returns shown on this page are time weighted measurements which exclude the effect of the timing and amount of your contributions and withdrawals. PERFORMANCE CUMULATIVE TIME WEIGHTED PERFORMANCE - ADVISORY ASSETS ONLY FLORIDA ENDOWMENT FND VOC REHAB INC As of July 31, 2022 | Reporting Currency: USD RETURN % (NET OF FEES) Return % (Net of Fees) The Able Trust Target Allocation Cumulative Return % (Net of Fees) Cumulative The Able Trust Target Allocation 04/30/20 07/31/20 07/31/20 07/31/21 07/31/21 07/31/22 20% 10% 0% 10% 20% 30% 40% CHANGE IN VALUE AND RETURN % (NET OF FEES) For The Period (%) Cumulative (%) Period Beginning Total Value ($) Net Contributions / Withdrawals ($) Investment Earnings ($) Ending Total Value ($) Return % (Net Of Fees) The Able Trust Target Allocation Return % (Net Of Fees) The Able Trust Target Allocation Performance Inception Month End (04/30/20 07/31/22) 9,398,681.10 -1,812,678.80 1,913,629.82 9,499,632.11 8.11 8.18 19.16 19.33 07/31/21 07/31/22 11,397,680 60 902,431 86 995,616 63 9,499,632 11 9 35 8 46 19 16 19 33 07/31/20 07/31/21 10,174,478 34 857,701 12 2,080,903 38 11,397,680 60 20 79 20 43 31 45 30 36 04/30/20 07/31/20 9,398,681 10 52,545 82 828,343 06 10,174,478 34 8 83 8 25 8 83 8 25 Page 16 of 41

Inception dates for advisory account(s) reflect the most recent advisory program or discretion change The investment returns shown on this page are time weighted measurements which exclude the effect of the timing and amount of your contributions and withdrawals. Year to Date(YTD), Quarter to Date(QTD) and Month to Date(MTD): Returns are for the period in which position or account was open. PERFORMANCE TIME WEIGHTED PERFORMANCE DETAIL - ADVISORY ASSETS FLORIDA ENDOWMENT FND VOC REHAB INC As of July 31, 2022 | Reporting Currency: USD RETURN % (GROSS OF FEES) BY ASSET CLASS VS. BENCHMARKS Asset Class/ Benchmark Performance Inception Date Total Value ($) 07/31/22 % Of Portfolio 07/31/22 Quarter to Date (%) 06/30/22 07/31/22 Year to Date (%) 12/31/21 07/31/22 Last 12 Months (%) 07/31/21 07/31/22 Performance Inception Month End (%) to 07/31/22 Equities MSCI AC World IMI Net 04/20/20 5,043,230.04 53.09 7.21 7.14 -15.98 -14.75 -11.47 -11.01 14.41 14.69 US Equities Russell 3000 04/20/20 3,162,300.95 33.29 8 40 9 38 14 01 13 70 8 40 7 35 16 50 18 48 International Equities MSCI AC World ex US Net 04/20/20 1,450,865.77 15.27 6.14 3.42 17.39 15.63 13.94 15.26 11.39 9.29 Emerging & Frontier Mkt MSCI EM Net 04/21/20 430,063.31 4.53 2 26 0 25 25 04 17 83 36 15 20 09 0 29 5 84 Fixed Income & Preferreds Barclays Aggregate 04/20/20 2,653,038.05 27.93 1.62 2.44 -5.45 8.16 -6.32 9.12 -0.58 3.36 Alternatives HFRI Fund Weighted Comp 04/20/20 1,593,202.12 16.77 1.53 1.52 4.66 -4.20 6.70 -3.28 10.17 11.48 Cash 04/20/20 210,161.91 2.21 - - -Page 18 of 41

Inception dates for advisory account(s) reflect the most recent advisory program or discretion change The investment returns shown on this page are time weighted measurements which exclude the effect of the timing and amount of your contributions and withdrawals. PERFORMANCE TIME WEIGHTED PERFORMANCE BY PERIOD - ADVISORY ASSETS ONLY FLORIDA ENDOWMENT FND VOC REHAB INC As of July 31, 2022 | Reporting Currency: USD RETURN % (NET OF FEES) VS. BENCHMARKS Period Returns% Period Beginning Total Value ($) Net Contributions/ Withdrawals ($) Investment Earnings ($) Ending Total Value ($) Portfolio (Net Of Fees) The Able Trust Target Allocation Barclays Aggregate MSCI AC World ex US Net Russell 3000 2022 (YTD) 11,477,524.41 702,429.52 1,275,462.78 9,499,632.11 11.71 11.33 8.16 15.63 13.70 3QTR (QTD) 9,298,582 51 200,281 72 401,331 32 9,499,632 11 4 40 5 23 2 44 3 42 9 38 2QTR 10,477,298.08 200,040.46 978,675.11 9,298,582.51 9.45 11.21 4.69 13.73 16.70 1QTR 11,477,524.41 302,107.34 698,118.99 10,477,298.08 6.60 5.10 5.93 5.44 5.28 2021 11,348,506.29 1,033,158.46 1,162,176.58 11,477,524.41 10.93 11.91 1.54 7.82 25.66 4QTR 11,263,807.11 200,002.25 413,719.55 11,477,524.41 3.89 4.57 0.01 1.82 9.28 3QTR 11,529,863.18 200,000.09 66,055.98 11,263,807.11 0.59 0.35 0.05 2.99 0.10 2QTR 11,257,262 99 220,000 00 492,600 20 11,529,863 18 4 41 4 89 1 83 5 48 8 24 1QTR 11,348,506 29 413,156 12 321,912 82 11,257,262 99 2 87 2 38 3 37 3 49 6 35 2020 Performance Inception: 04/20/2020 0.00 9,233,401.63 2,115,104.65 11,348,506.29 22.83 22.22 2.64 37.59 37.58 4QTR 10,365,477 32 24,545 00 1,007,573 97 11,348,506 29 9 74 9 70 0 67 17 01 14 68 3QTR 9,891,906.27 31,082.90 504,653.95 10,365,477.32 5.11 4.52 0.62 6.25 9.21 2QTR Performance Inception: 04/20/2020 0.00 9,289,029.53 602,876.74 9,891,906.27 6.49 6.60 1.33 10.67 9.86 Page 19 of 41

Inception dates for advisory account(s) reflect the most recent advisory program or discretion change The investment returns shown on this page are time weighted measurements which exclude the effect of the timing and amount of your contributions and withdrawals. PERFORMANCE ASSET CLASS TIME WEIGHTED PERFORMANCE - ADVISORY ASSETS ONLY FLORIDA ENDOWMENT FND VOC REHAB INC As of July 31, 2022 | Reporting Currency: USD RETURN % BY SEGMENT From 04/20/2020 07/31/2022 Return % (Gross of Fees) Period Return % Period Equities Fixed Income & Preferreds Alternatives Portfolio (Net of Fees) The Able Trust Target Allocation Barclays Aggregate MSCI AC World ex US Net Russell 3000 2022 (YTD) 15.98 5.45 4.66 11.71 11.33 8.16 15.63 13.70 3QTR (QTD) 7 21 1 62 1 53 4 40 5 23 2 44 3 42 9 38 2QTR 14.63 2.69 3.99 9.45 11.21 4.69 13.73 16.70 1QTR 8.20 4.38 2.20 6.60 5.10 5.93 5.44 5.28 2021 20.53 0.94 16.80 10.93 11.91 1.54 7.82 25.66 4QTR 7.09 0.20 11.91 3.89 4.57 0.01 1.82 9.28 3QTR 0.92 0.05 0.31 0.59 0.35 0.05 2.99 0.10 2QTR 7 06 1 57 1 75 4 41 4 89 1 83 5 48 8 24 1QTR 6 10 2 33 2 26 2 87 2 38 3 37 3 49 6 35 2020 Performance Inception: 04/20/2020 35.26 - 13.27 22.83 22.22 2.64 37.59 37.58 4QTR 15 56 1 26 4 46 9 74 9 70 0 67 17 01 14 68 3QTR 7.73 1.32 2.61 5.11 4.52 0.62 6.25 9.21 2QTR Performance Inception: 04/20/2020 8.65 5.68 6.49 6.60 1.33 10.67 9.86 Page 20 of 41

Inception dates for advisory account(s) reflect the most recent advisory program or discretion change. The investment returns shown on this page are time weighted measurements which exclude the effect of the timing and amount of your contributions and withdrawals Year to Date(YTD), Quarter to Date(QTD) and Month to Date(MTD): Returns are for the period in which position or account was open PERFORMANCE TIME WEIGHTED PERFORMANCE DETAIL - ADVISORY ASSETS FLORIDA ENDOWMENT FND VOC REHAB INC As of July 31, 2022 | Reporting Currency: USD RETURN % (GROSS OF FEES) VS. BENCHMARKS Account Number Investment Description/ Benchmark Performance Inception Date Total Value ($) 07/31/22 % Of Portfolio 07/31/22 Quarter to Date (%) 06/30/22 07/31/22 Year to Date (%) 12/31/21 07/31/22 Last 12 Months (%) 07/31/21 07/31/22 Performance Inception Month End (%) to 07/31/22 Emerging & Frontier Mkt 170,314.83 1.79 FLORIDA ENDOWMENT FND VOC REHAB INC (Portfolio Management) 514 XXX105 Emerging & Frontier Mkt MSCI EM Net 12/29/20 170,314.83 1.79 1.12 0 25 23.85 17 83 30.37 20 09 22.87 13 15 US Large Cap Growth 1,215,723.33 12.80 FLORIDA ENDOWMENT FND VOC REHAB INC (Select UMA) 514 XXX261 ClearBridge Large Growth Russell 1000 Gr 04/21/20 1,215,723.33 12.80 11.06 12.00 23.84 19.44 17.74 11.93 11.92 17.76 US Large Cap Value 1,435,517.47 15.11 FLORIDA ENDOWMENT FND VOC REHAB INC (Select UMA) 514 XXX261 JP Morgan Equity Income Russell 1000 Value 12/17/21 1,435,517.47 15.11 5.44 6 63 3.87 7 08 3.87 7 08 US Mid Cap 511,364.62 5.38 FLORIDA ENDOWMENT FND VOC REHAB INC (Select UMA) 514 XXX261 Kayne Anderson SMid Core Russell 2500 12/17/21 511,364 62 5 38 10 33 10.35 20 47 13.72 20 47 13.72 US Small Cap 281,873.33 2.97 FLORIDA ENDOWMENT FND VOC REHAB INC (Select UMA) 514 XXX261 Ancora/Thelen SMID Core Russell 2500 04/21/20 281,873.33 2.97 8.57 10 35 14.97 13 72 12.85 11 27 19.06 20 48 International Equities 1,443,156.85 15.19 FLORIDA ENDOWMENT FND VOC REHAB INC (Select UMA) 514 XXX261 Capital Group Intl ADR MSCI EAFE Net 04/21/20 696,617 44 7 33 6 29 4.98 18 31 15.56 16 54 14.32 8 46 9.77 FLORIDA ENDOWMENT FND VOC REHAB INC (Select UMA) 514 XXX261 Delaware/Mondrian Intl ADR MSCI EAFE Net 04/21/20 377,852.02 3.98 1 66 4.98 9 28 15.56 8 49 14.32 10 98 9.77 FLORIDA ENDOWMENT FND VOC REHAB INC (Select UMA) 514 XXX261 ClearBridge Intl Growth ADR MSCI EAFE Net 12/17/21 368,687.39 3.88 7 97 4.98 18 85 15.56 18 85 15.56 Emerging Market Equities 173,436.36 1.83 FLORIDA ENDOWMENT FND VOC REHAB INC (Select UMA) 514 XXX261 Martin Currie Emerging Markets MSCI EM Net 12/17/21 173,436 36 1 83 1 52 0 25 23 63 17 83 23 63 17 83 Fixed Income & Preferreds 1,707,772.84 17.98 FLORIDA ENDOWMENT FND VOC REHAB INC (Portfolio Management) 514 XXX105 Fixed Income & Preferreds Barclays Aggregate 04/20/20 1,707,772.84 17.98 1 11 2.44 4 17 8.16 5 03 9.12 0 02 3.36 US Taxable Core 946,182.00 9.96 Page 21 of 41

The investment returns shown on this page are time weighted measurements which exclude the effect of the timing and amount of your contributions and withdrawals Position level performance detail is only available since 12/31/2014. PERFORMANCE POSITIONS TIME WEIGHTED PERFORMANCE DETAIL - ADVISORY ASSETS FLORIDA ENDOWMENT FND VOC REHAB INC 514 XXX530 Alternative Investments... As of July 31, 2022 | Reporting Currency: USD RETURN % (GROSS OF FEES) (ANNUALIZED) Product/ Security Description▲ Performance Inception Date Ending Total Value ($) Quarter to Date (%) 06/30/22 07/31/22 Year to Date (%) 12/31/21 07/31/22 Last 12 Months (%) 07/31/21 07/31/22 Since Inception (%) % of Portfolio Total Portfolio (Gross of Fees) S&P 500 Total Return 09/22/2021 1,515,238.89 1.18 9.22 4.01 12.58 100.00 Others BLACKSTONE BREIT(BBF37) 02/01/2022 577,088 84 0 52 7 30 7 30 38 09 HUDSON BAY LTD ADVISORY(BCQ55) 12/29/2021 553,094 34 0 47 0 56 0 56 36 50 ICAP MILLENNIUM LTD. HH 2C CPV(BCL11CPV) 06/21/2022 57,500.00 0.00 0.00 0.00 3.79 ICAP MILLENNIUM LTD HH 2C(BCL11) 09/22/2021 61,895 91 0 00 5 80 7 65 4 08 SEG PARTNERS OFFSH CLASS I(BBZ77) 12/28/2021 263,509 77 4 83 12 16 12 16 17 39 Cash, MMF and Bank Deposits Cash(0000MONEY) 06/30/2022 2,150 03 0 14 Page 23 of 41

Investment, insurance and annuity products offered through Morgan Stanley Smith Barney LLC are: NOT FDIC INSURED | MAY LOSE VALUE | NOT BANK GUARANTEED | NOT A BANK DEPOSIT | NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY All content within this Document applies to the accounts listed above or a subset thereof, unless otherwise indicated Closed Accounts listed above are included for historical performance The investment returns shown on this page are time weighted measurements which exclude the effect of the timing and amount of your contributions and withdrawals. ACCOUNT(S) INCLUDED IN THIS REPORT ACCOUNT(S) INCLUDED IN THIS REPORT FLORIDA ENDOWMENT FND VOC REHAB INC Reporting Currency: USD MORGAN STANLEY WEALTH MANAGEMENT Account Name Account Number Account Type/ Manager Name Date Opened/ Date Closed Performance (%) Inception - 07/31/22 Total Value ($) 07/31/22 % of Portfolio 07/31/22 FLORIDA ENDOWMENT FND VOC REHAB INC 514 XXX256 AAA 04/15/20 06/02/20 0 00 0 00 FLORIDA ENDOWMENT FND VOC REHAB INC 514 XXX261 Select UMA 04/17/20 15 05 6,006,706 74 63 31 FLORIDA ENDOWMENT FND VOC REHAB INC 514 XXX105 Portfolio Management 01/25/11 2.56 1,976,823.64 20.83 FLORIDA ENDOWMENT FND VOC REHAB INC 514 XXX530 Alternative Investments Advisory 08/30/21 1,504,970 44 15 86 Morgan Stanley Wealth Management Total 9,488,500.82 100.00 Total Portfolio 9,488,500.82 100.00 Page 24 of 41

FLORIDA ENDOWMENT FND VOC REHAB INC Prepared on August 29, 2022 | Reporting Currency: USD DISCLOSURES DISCLOSURES ExplanatoryNotesandDisclosures:ThisdocumentisdesignedtoassistyouandyourFinancialAdvisorinunderstandingportfoliopositions,compositionandsubsetsthereof Itisdesignedsolelyforyour individual use, is for informational purposes only andis not intendedas anoffer or solicitationwithrespect tothe purchase or sale of any security. Donot take actionrelyingonthis informationwithout confirmingitsaccuracyandcompleteness PleasereadcarefullyallaccompanyingnotesanddisclosuresprovidedinthisDocument Forconveniencepurposes,yourFinancialAdvisormayhaveassignedadesignatednameforthisDocument Thelistoftheaccountscoveredinthisdocumentisnotedhereinandmaynotincludeallofyour accountswithusorexternal custodians.Furthermore,theinformationincludedinthisdocumentmay notincludeall assetclasses/securities/liabilitiesheldby youatthefirmorexternalcustodians.Please review this document carefully anddiscuss any questions you may have withyour Financial Advisor If you donot understandanentry, suspect anerror, or want more details oncurrent values or other information,contactyourFinancialAdvisor.ThisdocumentisbaseduponyourMorganStanleyaccountholdingsandmayincludeotherholdings/informationthatyouorathirdpartyprovidedaboutassets custodiedelsewhere MorganStanley willnotverify any otherholdings/information Ifany informationreflectsassetsheldaway fromMorganStanley thatwillbeindicated Theinformationcontainedin thisdocumentissubjectto,anddoesnotsupersedetheconfirmationsandaccountstatementsyoureceivefromus Valuesshowninyourofficialaccountstatementmaydifferfromthevaluesshowninthis documentdueto,amongotherthings,differentreportingmethods,delays,marketconditionsandinterruptions.Iftherearediscrepanciesbetweenyourofficialaccountstatementandthisdocument,rely onyourofficialaccountstatement Theinformationinthisdocumentisapproximateandsubjecttoupdating,correctionandotherchanges.Wearenotobligatedtonotifyyouifinformationchanges.Althoughthestatementsoffactanddata inthis document have beenobtainedfrom, andare baseduponsources that we believe tobe reliable, we donot guarantee their accuracy, or timeliness, andany suchinformationmay be incomplete or condensed Percentagevaluesshowninthisdocumentaresubjecttorounding,whichmayimpacttotalvalues Thevaluesofsecuritiesandotherinvestmentsnotactivelytradedmaybeestimatedormay notbeavailable. This informationis providedforinformational purposes only andshouldnotbeusedfortaxpreparation TheinformationreportedonyourForm(s) 1099supersedes theinformationprovidedinthis report andshouldbeexclusively relieduponfortaxpreparation MorganStanley,its affiliates andits employees arenotinthebusiness of providingtaxorlegal advice Clients shouldseek advicebasedontheir particular circumstances from anindependenttaxandlegal advisor.MorganStanley SmithBarney LLC is a registeredBroker/Dealer,Member SIPC,andnota bank.Where appropriate,MorganStanley SmithBarney LLC has enteredintoarrangements withbanks andother thirdparties toassist inofferingcertainbankingrelatedproducts andservices SIPC insurance does not apply toprecious metals, othercommodities,ortraditionalalternativeinvestments. Investment,insuranceandannuityproductsofferedthroughMorganStanleySmithBarneyLLCare:NOTFDICINSURED|MAYLOSE VALUE |NOTBANKGUARANTEED|NOTA BANKDEPOSIT|NOT INSUREDBYANYFEDERALGOVERNMENTAGENCY MoneyMarketFund:Youcouldlosemoney inMoney MarketFunds(MMFs).AlthoughMMFsclassifiedasgovernmentfunds(i.e.,MMFsthatinvest99.5% of total assetsincashand/orsecuritiesbacked by the U S government) andretail funds (i e ,MMFs opentonatural personinvestors only) seek topreserve value at$100per share,they cannotguarantee they will doso The price of other MMFs will fluctuateandwhenyousell sharesthey may beworthmoreorlessthanoriginally paid.MMFsmay imposeafeeuponsaleortemporarily suspendsalesif liquidity fallsbelow requiredminimums.During suspensions,shareswouldnotbeavailableforpurchases,withdrawals,checkwritingorATMdebits A MMFinvestmentisnotinsuredorguaranteedbytheFederalDepositInsuranceCorporationorother governmentagency AAAAccounts:TheActiveAssetsAccountisabrokerageaccountofferedthroughMorganStanleySmithBarneyLLC. ConsultingGroupAdvisoryAccounts:ConsultingGroupisabusinessofMorganStanleySmithBarneyLLC ResidentialMortgageloaninformationisexcludedfromthisreport.PleasecontactyourMorganStanleyteamformoreinformation. AdditionalinformationaboutyourFloatingRateNotes:Forfloatingratesecurities,theestimatedaccruedinterestandestimatedannualincomearebasedonthecurrentfloatingcouponrateandmay notreflecthistoricrateswithintheaccrualperiod. Important Information About Auction RateSecurities:For certainAuctionRate Securities there is noor limitedliquidity Therefore, the price(s) for these AuctionRate Securities are indicatedas not availablebyadash" ".Therecanbenoassurancethatasuccessfulauctionwilloccurorthatasecondarymarketexistsorwilldevelopforaparticularsecurity. ImportantPricingInformation:Pricesofsecuritiesnotactivelytradedmaynotbeavailable,andareindicatedbyadash" " Accountvaluesarebasedonthemostrecentsecuritypricingavailableandmay bepriortothedateofthismaterial. Asset Classification:We classify assets based on general characteristics such as: income generation, underlying capital structure, or exposure to certain market sectors As many assets contain characteristicsof morethanoneassetclass,allocations may beunderoroverinclusive Theseclassifications donotconstitutearecommendationandmay differfromtheclassificationof instruments for regulatory or tax purposes. In addition, the Other asset class contains securities that are not included in the various asset class classifications. This can include, but is not limited to, non traditional Page 25 of 41

External Accounts:"External" generally refers to accounts, assets, and/or liabilities that you hold with other financial institutions and/or which may be custodied outside of Morgan Stanley (whose subsidiaries include MorganStanley SmithBarney LLC andMorganStanley & Co.) ("External Accounts").External Accounts are notunder administrationor managementatMorganStanley andare not reflectedinyour MorganStanley accountstatements InformationrelatedtoExternal Accounts is providedsolely as a service toyouandyour Financial Advisor/Private WealthAdvisor The information referenceisbaseduponinformationprovidedby external sourceswhichwebelievetobereliable However,wedonotindependently

Theinformationshownisapproximateandsubjecttoupdating,correctionand other changes. Information being reported by Morgan Stanley Wealth Management on assets held by other custodians, which are related to Income, Performance, Tax Lots, Total Cost, Target Asset Allocation, Asset Classification andGain/Loss may differ from that information providedby the custodian. In performance calculations, the inception date will align withthe first date on whichMorgan StanleyWealthManagementreceivedaccountinformationfromthecustodian IftherearediscrepanciesbetweenyourofficialMorganStanley &Co accountstatementandyourMorganStanley Wealth Managementsupplementalclientreport,relyontheofficialMorganStanley&Co.accountstatement.

verify thisinformation Assuch,wedonotwarrantorguaranteethat suchinformationisaccurateortimely,andanysuchinformationmaybeincompleteorcondensed. InformationrelatedtoIncome,Performance,TaxLots,Total Cost,TargetAssetAllocation,AssetClassification,Risk Analysis andGain/Loss may differfrom the informationprovidedby your custodian External information presented herein is subject to, and does not supersede, the confirmations and account statements provided by your custodian Values shown in an account statement from your custodianmay differfromthevaluesshownheredueto,amongotherthings,differentreportingmethods,delays,marketconditionsandinterruptions.Iftherearediscrepanciesbetweenyourcustodian's officialaccountstatementandthismaterial,relyonthecustodian'sofficialaccountstatement WearenotobligatedtonotifyyouoryourFinancialAdvisor/PrivateWealthAdvisorifinformationchanges In performancecalculations,theinceptiondatereferencedwillreflectthefirstdateonwhichMorganStanleyreceivedaccountinformationfromthecustodian.IfinformationonanExternalAccountcannotbe reported,itwillbenoted AssetsnotcustodiedwithMorganStanleyarenotcoveredbySIPCprotectionatMorganStanleyorbyadditionalprotectionunderMorganStanley'sexcessinsurancecoverageplans However,theseassets maybesubjecttoSIPCcoverageattheentityatwhichtheyarecustodied. TimingofFeeds:AccountandPositiondataforMorganStanley &Co andExternal Accountsisobtainedfromsourcesthatwebelievetobereliable However,MorganStanley Wealthmanagementdoes notguaranteeitsaccuracyortimelinessassuchinformationmaybeincomplete,condensed,orbasedondifferingpointsoftime.Pleaserefertothe"LastUpdateDate"forinformationregardingwhenthe datawaslastrefreshed Youshouldnottakeanyactionrelyinguponthisinformationwithoutconfirmingitsaccuracyandcompleteness Timing of Feeds - FX Market:The FX market rate used to convert non US Dollar values to US Dollars is as of the previous business day's close. For the current FX rates, please contact your Financial Advisor Manually Added assets:"Manually Added" generally refers to accounts, assets, and/or liabilities, as applicable, that you hold with other financial institutions and/or which may be custodied outside of MorganStanley (whosesubsidiaries includeMorganStanley SmithBarney LLCandMorganStanley &Co.) ("Manually AddedExternal Accounts").TheManually AddedExternal Accounts referencedare generallynotheldwithMorganStanleyandarenotunderadministrationormanagementatMorganStanley InformationaboutsuchManuallyAddedExternalAccountsismanuallyinputted,updatedand maintainedsolelybyyouand/oryourFinancialAdvisor/PrivateWealthAdvisor.MorganStanleymayincludeinformationabouttheseManuallyAddedExternalAccountssolelyasaservicetoyouandyour Financial Advisor/Private Wealth Advisor We do not independently verify any information related to your Manually Added External Accounts As such, we do not warrant or guarantee that such information is accurate or timely, and any such information may be incomplete or condensedValuations and other information about these assets may be provided by you and/or your Financial Advisor/Private WealthAdvisor andare generally baseduponestimates.The informationis usedfor position,assetallocation,andproductallocationreportingpurposes butis not,however,reflectedin your Morgan Stanley account statements Income values, including Estimated Annual Income and Projected Income, are not calculated for Manually Added External Accounts Risk Analysis is not Page 26 of 41

FLORIDA ENDOWMENT FND VOC REHAB INC Prepared on August 29, 2022 | Reporting Currency: USD DISCLOSURES investments suchas some Equity UnitTrusts,IndexOptions andStructuredInvestments issuedoutside of MorganStanley.Additionally, investments for whichwe are unable toprocure market data to properlyclassifythemwillappearintheOthercategory MorganStanleyWealthManagement:MorganStanleyWealthManagement(custodiantype"MorganStanleyWealthManagement")isaregisteredtradenameofMorganStanleySmithBarneyLLC Additional information about your Structured Products:Structured Investments are complex products and may be subject to special risks, which may include, but are not limited to: loss of initial investment; issuer credit risk and price volatility resulting from any actual or anticipated changes to issuer's and/or guarantor's credit ratings or credit spreads; limited or no appreciation and limits on participation in any appreciation of underlying asset(s); risks associated with the underlying reference asset(s); no periodic payments; call prior to maturity; early redemption fees for market linked deposits; lower interest rates and/or yieldcomparedtoconventional debt withcomparable maturity; unique taximplications; limited or no secondary market; and conflicts of interest due to affiliation, compensationorotherfactorswhichcouldadverselyaffectmarketvalueorpayouttoinvestors Investorsalsoshouldconsidertheconcentrationriskofowningtherelatedsecurityandtheirtotalexposure toanyunderlyingasset.

Morgan Stanley &Co.:Morgan Stanley & Co LLC ("Morgan Stanley & Co") is an affiliate of Morgan Stanley Smith Barney LLC ("Morgan Stanley Wealth Management") and both are subsidiaries of MorganStanley, the financial holdingcompany. MorganStanley & Co. values shownonyour MorganStanley WealthManagement statement may differ from the values showninyour official Morgan Stanley&Co statementdueto,amongotherthings,differentreportingmethods,delays,marketconditionsandinterruptions

FLORIDA ENDOWMENT FND VOC REHAB INC Prepared on August 29, 2022 | Reporting Currency: USD DISCLOSURES calculatedfor Manually AddedExternal Accounts. The information being reportedby Morgan Stanley on Manually AddedExternal Accounts relatedtoPerformance, TaxLots, Total Cost, Target Asset Allocation, Asset Classification and Gain/Loss may differ from the information provided to you by the custodian of those assets If there are discrepancies between your custodian's official account statement andthis material, rely on the custodian's official account statement The inception date referencedin this view will reflect the date on whichinformation about the Manually AddedExternal Accountswasinputbyyouand/oryourFinancialAdvisor/PrivateWealthAdvisor.IfinformationonaManuallyAddedassetcannotbereported,itwillbenoted. AssetsnotcustodiedwithMorganStanleyarenotcoveredbySIPCprotectionatMorganStanleyorbyadditionalprotectionunderMorganStanley'sexcessinsurancecoverageplans However,theseassets maybesubjecttoSIPCcoverageattheentityatwhichtheyarecustodied Performance:Performanceresults areannualizedfortimeperiods greaterthanoneyearandincludeall cashandcashequivalents,realizedandunrealizedcapital gains andlosses,dividends,interestand income Dependingontheopeningorclosingdateoftheaccountorposition,theperformancereferencedmaybeforaportionofthetimeperiodidentified Theinvestmentresultsdepictedhereinrepresent historical performance.As a result of recent market activity, current performance may vary from the figures shown. Please contact your Financial Advisor for up to date performance information. Past performance is nota guarantee of future results Quotations of performance appearinginthis reportmay include performance experiencedinlegacy accounts whichhave beenclosedandpurged,andas sucharenotincludedontheAccountsIncludedinThisReportpage MarketvaluesusedforperformancecalculationdonotincludePerformanceIneligibleAssetsandthusmaydifferfromassetallocationmarketvalues CommonexamplesofPerformanceIneligibleAssets includelifeinsuranceandannuitiesaswellasManuallyAddedandExternalaccounts,assetsandliabilities. Unlessotherwiseindicated,performanceisanaggregatedcompositecalculationoftheentireportfolioandmayincludebrokerageandinvestmentadvisoryaccountsaswellasassetsfordifferentaccounts includedinthisreport Theaccounts includedinthecompositemay have(orhavehad) differentinvestmentobjectives andstrategies,beensubjecttodifferentrestrictions,andincurreddifferenttypes of fees,markups,commissions andother charges.Accordingly,performance results may blendthe performance of assets andstrategies thatmay nothave beenavailable inall of the accounts atall times during the reporting period In addition, accounts in the composite may have changed from brokerage to advisory or vice versa Accounts may also have moved from one advisory program to another (includingfromadiscretionaryprogramtoanon discretionaryprogram). ForMorganStanleySmithBarneyLLCaccounts,performanceinformationmaycoverthefullhistoryoftheaccount(s)orjusttheperformanceofanaccount(s)sincetheinceptionofthecurrentprogram(s) Performance results on individual accounts will vary and may differ from the composite returns Your Financial Advisor can provide you with individual account portfolio composition and performance information.Forinvestmentadvisoryaccounts,pleaseseetheMorganStanleySmithBarneyLLCFormADVPart2orapplicabledisclosurebrochure.Forbrokerageaccounts,pleasespeaktoyourFinancial Advisorformoreinformationoncommissionsandotheraccountfeesandexpenses Performanceinceptiondatedoesnotnecessarilycorrespondtotheaccountopeningdate Where multiple accounts are includedinperformance calculations, the inceptiondate is the oldest performance inception Performance data may not be available for all periods as some accounts includedinperformance may have more recent performance inception dates. Consequently, the actual performance for a group of accounts may differ from reported performance. Please ask your Financial Advisor for the performance inceptiondateforeachaccount SubAccountandSecurityLevelPerformance:TheperformancereturnmethodologydescribedaboveandintheTWRandIRRdefinitionsappliestobothAccountLevelandSub Account(e.g.AssetClass orSecuritylevel)performancereturns Theinputsconsistofmarketvaluesandnetflows For example, TWR is calculatedby taking the Change in Market Value (Ending MV Beginning MV) less any net flows, dividedby the beginning MV TWR = (Ending MV Beginning MV Net Flows) / BeginningMV Thedifferencelies inwhatis oris notincludedintheMarketValues andFlows Foraccountlevel performance,thetotal accountmarketvalues andall flows withintheaccountaretakenintoaccount For sub-accountlevelperformance,onlythosemarketvaluesandflowsassociatedwiththespecificsecuritiesincludedaretakenintoaccount. Flowsthatarenotsecurityspecifictypicallyincludeaccountadvisoryfees,cashcontributionsorwithdrawals,andanyotherflowsthatarenotattributedtoaspecificsecurity Flows that are security specific including purchases, sales, dividends, interest, partnership distributions, return of capital, fund sales charges, security transaction fees, and ongoing fund expenses are typicallyreflectedinthesecuritylevelreturns. Gross of Fees:The impact of program fees can be material These program fees are deducted based on your billing cycle and may have a compounding effect on performance As fees are deducted periodicallythroughouttheyear,thecompoundingeffectmayincreasetheimpactofthefeesbyanamountdirectlyrelatedtothegrossaccountperformance. Indices:Benchmark indices and blends included in this material are for informational purposes only, are provided solely as a comparison tool and may not reflect the underlying composition and/or investmentobjective(s) associatedwiththe account(s).Insome circumstances,the benchmark indexmay notbe anappropriate benchmark for use withthe specificcomposite portfolio.For instance,an index may not take into consideration certain changes that may have occurred in the portfolio since the inception of the account(s), (e g , changes from a brokerage to an advisory account or from one advisory program to another, asset class changes, or index changes for individual managers) The volatility of the index used for comparison may be materially different from that of the performance shown. Indices are unmanaged and not available for direct investment. Index returns do not take into account fees or other charges. Such fees and charges would reduce performance. Please see the BenchmarkDefinitionssectionofthismaterialforadditionalinformationontheindicesusedforcomparison Page 27 of 41

FLORIDA ENDOWMENT FND VOC REHAB INC Prepared on August 29, 2022 | Reporting Currency: USD DISCLOSURES PerformanceInception Month End:Performance Inception MonthEndrefers toperformance calculatedfrom the endof the monthin whichthe accounts became eligible for performance. Calculating performancefromthePerformanceInceptionMonthEndallowsforacomparisontobemadetoappropriatebenchmarks PerformanceInceptionMonthEnddoesnotnecessarilycorrespondtotheaccount openingdate Additionalinformation about yourAlternativeInvestments:Yourinterests inAlternative Investments,whichmay have beenpurchasedthroughus,are generally notheldhere,andare generally not coveredby SIPC The informationprovidedtoyou: 1) is includedas a service toyou, andcertaintransactions may not be reported;2) is derivedfrom you or another external source for whichwe are not responsible,andmayhavebeenmodifiedtotakeintoconsiderationcapitalcallsordistributionstotheextentapplicable;3) maynotreflectactualshares,shareprices,orvalues;4) mayincludeinvestedor distributed amounts in addition to a fair value estimate; and 5) should not be relied upon for tax reporting purposes Notwithstanding the foregoing, 1) to the extent this report displays Alternative Investmentpositions withina MorganStanley Individual RetirementAccount("IRA"),suchpositions are heldby MorganStanley SmithBarney LLCas thecustodianof yourMorganStanley IRA;and2) if yourAlternativeInvestmentposition(s)isheldbyusandisregisteredpursuanttotheSecuritiesActof1933,asamended,yourAlternativeInvestmentposition(s)iscoveredbySIPC. Alternatives may be either traditional alternative investment vehicles or non-traditional alternative strategy vehicles. Traditional alternative investment vehicles may include, but are not limited to, Hedge Funds,Fundof Funds (bothregisteredandunregistered),Exchange Funds,Private Equity Funds,Private Credit Funds,Real Estate Funds,andManagedFutures Funds Non traditional alternative strategy vehicles may include,butare notlimitedto,Openor ClosedEndMutual Funds,Exchange TradedandClosed EndFunds,UnitInvestmentTrusts,exchange listedReal Estate InvestmentTrusts (REITs), and Master Limited Partnerships (MLPs). These non traditional alternative strategy vehicles also seek alternative like exposure but have significant differences from traditional alternative investmentvehicles Non traditionalalternativestrategyvehiclesmaybehavelike,havecharacteristicsof,oremployvariousinvestmentstrategiesandtechniquesforbothhedgingandmorespeculative purposes such as short selling, leverage, derivatives, and options, which can increase volatility and the risk of investment loss. Characteristics such as correlation to traditional markets, investment strategy,andmarketsectorexposurecanplayaroleintheclassificationofatraditionalsecuritybeingclassifiedasalternative. Traditionalalternativeinvestmentvehiclesareilliquidandusually arenotvalueddaily.Theestimatedvaluationprovidedwill beas of themostrecentdateavailableandwill beincludedinsummaries of yourassets Suchvaluationmaynotbethemostrecentprovidedbythefundinwhichyouareinvested Norepresentationismadethatthevaluationisamarketvalueorthattheinterestcouldbeliquidated atthisvalue Wearenotrequiredtotakeanyactionwithrespecttoyourinvestmentunlessvalidinstructionsarereceivedfromyouinatimelymanner Somepositions reflectedhereinmay notrepresent interestsinthefund,butratherredemptionproceedswithheldbytheissuerpendingfinalvaluationswhicharenotsubjecttotheinvestmentperformanceofthefundandmayormaynotaccrueinterestfor thelengthofthewithholding MorganStanleydoesnotengageinanindependentvaluationofyouralternativeinvestmentassets MorganStanleyprovidesperiodicinformationtoyouincludingthemarket valueofanalternativeinvestmentvehiclebasedoninformationreceivedfromthemanagemententityofthealternativeinvestmentvehicleoranotherserviceprovider. It is important to note in this report that Morgan Stanley makes a distinction between Alternative Investment products, and products classified as Alternatives by their asset class Morgan Stanley categorizestraditionalandnon traditionalalternativeinvestmentvehiclesunderthecategory"Alternatives"inassetclassificationbasedview.Forproductbasedviews,traditionalalternativeinvestments vehicles are classified under the category "Other"; this differs from your official Morgan Stanley account statement, which categorizes traditional alternative investment vehicles such as Hedge Funds underthecategory "AlternativeInvestments" Non traditional alternativestrategy vehicles are classifiedbasedontheirinvestmenttype,suchas Mutual FundorExchange TradedFunds withinboththis reportandyourMorganStanleyaccountstatement. Interestsinalternativeinvestmentproductsareofferedpursuanttothetermsoftheapplicableofferingmemorandum,aredistributedbyMorganStanleySmithBarneyLLCandcertainofitsaffiliates,and (1) are not FDIC insured, (2) are not deposits or other obligations of MorganStanley or any of its affiliates, (3) are not guaranteedby Morgan Stanley andits affiliates, and(4) involve investment risks, includingpossiblelossofprincipal MorganStanleySmithBarneyLLCisaregisteredbroker dealer,notabank BankDepositProgram:UndertheBankDepositProgram,generallycashbalancesheldinaccount(s) atMorganStanleySmithBarneyLLC("MSSB") areautomaticallydepositedbyMSSBintoaninterest bearingFDIC insureddepositaccount(s),atMorganStanley Bank,N A and/orMorganStanley PrivateBank,NationalAssociation,eachanationalbank,MemberFDIC,andanaffiliateofMSSB Detailed informationonfederal depositinsurance coverage is available onthe FDIC's website (https://www.fdic.gov/deposit/deposits/).Cashbalances generally include the uninvestedcashina client's account(s) minus certain items such as purchase transactions due to settle within a specified time period, other charges to a client's account(s), and cash balances that are designated as collateral for a client's obligations MorganStanleyWealthManagementisthetradenameofMorganStanleySmithBarneyLLC,aregisteredbroker dealerintheUnitedStates. The sole purpose of this material is to inform, and it in no way is intended to be an offer or solicitation to purchase or sell any security, other investment or service, or to attract any funds or deposits. Investments mentioned may not be appropriate for all clients Any product discussed herein may be purchased only after a client has carefully reviewed the offering memorandum and executed the Page 28 of 41

FLORIDA ENDOWMENT FND VOC REHAB INC Prepared on August 29, 2022 | Reporting Currency: USD DISCLOSURES subscriptiondocuments.MorganStanley WealthManagementhasnotconsideredtheactual ordesiredinvestmentobjectives,goals,strategies,guidelines,orfactual circumstancesofany investorinany fund(s) Beforemakingany investment,eachinvestorshouldcarefully considertherisks associatedwiththeinvestment,as discussedintheapplicableofferingmemorandum,andmakea determination basedupontheirownparticularcircumstances,thattheinvestmentisconsistentwiththeirinvestmentobjectivesandrisktolerance MorganStanleySmithBarneyLLCoffersinvestmentprogramservices throughavarietyofinvestmentprograms,whichareopenedpursuanttowrittenclientagreements.Eachprogramoffersinvestmentmanagers,fundsandfeaturesthatarenotavailableinotherprograms; conversely,someinvestmentmanagers,fundsorinvestmentstrategiesmaybeavailableinmorethanoneprogram MorganStanley’s investmentadvisory programs may requirea minimum assetlevel and,dependingonyourspecificinvestmentobjectives andfinancial position,may notbeappropriateforyou.Please see the Morgan Stanley Smith Barney LLC program disclosure brochure (the “Morgan Stanley ADV”) for more information in the investment advisory programs available The Morgan Stanley ADV is availableatwww.morganstanley.com/ADV.SourcesofData.Informationinthismaterialinthisreporthasbeenobtainedfromsourcesthatwebelievetobereliable,butwedonotguaranteeitsaccuracy, completeness or timeliness Third party data providers make no warranties or representations relating to the accuracy, completeness or timeliness of the data they provide and are not liable for any damagesrelatingtothisdata AllopinionsincludedinthismaterialconstitutetheFirm’sjudgmentasofthedateofthismaterialandaresubjecttochangewithoutnotice Thismaterialwasnotpreparedby theresearchdepartmentsofMorganStanley&Co.LLCorMorganStanleySmithBarneyLLC.Somehistoricalfiguresmayberevisedduetonewlyidentifiedprograms,firmrestatements,etc. Global Investment Manager Analysis (GIMA) Focus List, Approved List and Tactical Opportunities List; Watch Policy. GIMA uses two methods to evaluate investment products in applicable advisoryprograms:Focus(andinvestmentproductsmeetingthisstandardaredescribedasbeingontheFocusList) andApproved(andinvestmentproducts meetingthis standardare describedas being ontheApprovedList) Ingeneral,FocusentailsamorethoroughevaluationofaninvestmentproductthanApproved Sometimesaninvestmentproductmay beevaluatedusingtheFocusListprocessbut thenplacedontheApprovedListinsteadoftheFocusList.InvestmentproductsmaymovefromtheFocusListtotheApprovedList,orviceversa.GIMA mayalsodeterminethataninvestmentproductno longer meets the criteria under either process andwill nolonger be recommendedininvestmentadvisory programs (inwhichcase the investmentproductis givena “NotApproved” status) GIMA has a ‘Watch” policyandmaydescribeaFocusListorApprovedListinvestmentproductasbeingon“Watch” ifGIMA identifiesspecificareasthat(a) meritfurtherevaluationby GIMA and(b) may,butarenot certainto,resultintheinvestmentproductbecoming“NotApproved.”TheWatchperioddependsonthelengthoftimeneededforGIMAtoconductitsevaluationandfortheinvestmentmanagerorfundto addressanyconcerns CertaininvestmentproductsoneithertheFocusListorApprovedListmayalsoberecommendedfortheTacticalOpportunitiesListbasedinpartontacticalopportunitiesexistingat agiventime.TheinvestmentproductsontheTacticalOpportunitiesListchangeovertime.FormoreinformationontheFocusList,ApprovedList,TacticalOpportunitiesListandWatchprocesses,please seetheapplicableFormADVDisclosureDocumentforMorganStanleyWealthManagement YourFinancialAdvisororPrivateWealthAdvisorcanalsoprovideuponrequestacopyofapublicationentitled “ManagerSelectionProcess ” TheGlobalInvestment Committeeis a groupof seasonedinvestmentprofessionals whomeetregularly todiscuss the global economy andmarkets The committee determines the investmentoutlook thatguides ouradvice toclients They continually monitordevelopingeconomicandmarketconditions,review tactical outlooks andrecommendmodel portfolioweightings,as well as produce a suiteof strategy,analysis,commentary,portfoliopositioningsuggestionsandotherreportsandbroadcasts. TheGICAssetAllocationModelsarenotavailabletobedirectlyimplementedaspartofaninvestmentadvisoryserviceandshouldnotberegardedasarecommendationofanyMorganStanleyinvestment advisory service The GIC Asset AllocationModels donot represent actual tradingor any type of account or any type of investment strategies andnone of the fees or other expenses (e g commissions, mark ups,mark downs,advisory fees,fundexpenses) associatedwithactual tradingoraccounts arereflectedintheGICAssetAllocationModels which,whencompoundedovera periodof years,would decreasereturns. Adverse Active Alpha 2.0 is a patented screening and scoring process designed to help identify high quality equity and fixed income managers with characteristics that may lead to future outperformance relative toindexandpeers While highly rankedmanagers performedwell as a groupinourAdverse Active Alpha model back tests,notall of the managers will outperform Please note thatthisdatamaybederivedfromback testing,whichhasthebenefitofhindsight Inaddition,highlyrankedmanagerscanhavedifferingriskprofilesthatmightnotbeappropriateforallinvestors

Our view is that Adverse Active Alpha is a goodstartingpoint andshouldbe usedinconjunctionwithother information MorganStanley WealthManagement’s qualitative andquantitative investment manager due diligence process are equally important factors for investors when considering managers for use through an investment advisory program Factors including, but not limited to, manager turnover andchanges toinvestmentprocess canpartially or fully negate a positive Adverse Active Alpha ranking.Additionally,highly rankedmanagers canhave differingrisk profiles thatmightnotbe appropriateforallinvestors

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ConflictsofInterest:GIMA’sgoalistoprovideprofessional,objectiveevaluationsinsupportoftheMorganStanleyWealthManagementinvestmentadvisoryprograms.Wehavepoliciesandprocedures tohelpus meet this goal However, our business is subject tovarious conflicts of interest For example, ideas andsuggestions for whichinvestment products shouldbe evaluatedby GIMA come from a variety of sources,includingourMorganStanley WealthManagementFinancial Advisorsandtheirdirectorindirectmanagers,andotherbusinesspersonswithinMorganStanley WealthManagementor its affiliates. Suchpersons may have anongoingbusiness relationshipwithcertaininvestment managers or mutual fundcompanies whereby they, MorganStanley WealthManagement or its affiliates receive compensationfrom, or otherwise relatedto, those investment managers or mutual funds For example, a Financial Advisor may suggest that GIMA evaluates aninvestment manager or fundin whichaportionofhisorherclients’assetsarealreadyinvested.Whilesucharecommendationispermissible,GIMAisresponsiblefortheopinionsexpressedbyGIMA.Seetheconflictsofinterestsectionin the applicable Form ADVDisclosure Documentfor MorganStanley WealthManagementfor a discussionof other types of conflicts thatmay be relevanttoGIMA’s evaluationof managers andfunds In SM

FLORIDA ENDOWMENT FND VOC REHAB INC Prepared on August 29, 2022 | Reporting Currency: USD DISCLOSURES The proprietary Value Score methodology considers an active investment strategies’ value proposition relative to its costs. From a historical quantitative study of several quantitative markers, Value Scoremeasuresperceivedforward lookingbenefitandcomputes(1) “fairvalue”expenseratiosformosttraditionalinvestmentmanagersacross40categoriesand(2) managers’perceived“excessvalue” bycomparingthefairvalueexpenseratiostoactualexpenseratios ManagersarethenrankedwithineachcategorybytheirexcessvaluetoassignaValueScore Ouranalysissuggeststhatgreaterlevelsof excessvaluehavehistoricallycorrespondedtoattractivesubsequentperformance. Formoreinformationontherankingmodels,pleaseseeAdverseActiveAlpha 2 0:ScoringActiveManagers AccordingtoPotentialAlphaandValueScore:Scoring FeeEfficiency by Comparing Managers’ “Fair Value” andActual ExpenseRatios. The whitepapers are available from your Financial Advisor or Private WealthAdvisor. ADVERSE ACTIVE ALPHA is a registeredservice mark of MorganStanley and/oritsaffiliates U S Pat No 8,756,098appliestotheAdverseActiveAlphasystemand/ormethodology Additionally,highlyrankedmanagerscanhavedifferingriskprofilesthatmightnotbeappropriateforallinvestors FormoreinformationonAAA,pleaseseetheAdverseActiveAlphaRankingModeland SelectingManagerswithAdverseActiveAlphawhitepapers ThewhitepaperareavailablefromyourFinancial AdvisororPrivateWealthAdvisor ADVERSE ACTIVE ALPHA isaregisteredservicemark ofMorganStanleyand/oritsaffiliates.U.S.Pat.No.8,756,098appliestotheAdverseActiveAlphasystemand/ormethodology. TheGlobalInvestment ManagerAnalysis(GIMA)ServicesOnlyApplytoCertainInvestment AdvisoryProgramsGIMA evaluatescertaininvestmentproductsforthepurposesofsome butnotall ofMorganStanleySmithBarneyLLC’sinvestmentadvisoryprograms(asdescribedinmoredetailintheapplicableFormADVDisclosureDocumentforMorganStanleyWealthManagement).Ifyoudonot investthroughoneoftheseinvestmentadvisoryprograms,MorganStanleyWealthManagementisnotobligatedtoprovideyounoticeofanyGIMAStatuschangeseventhoughitmaygivenoticetoclients inotherprograms. StrategyMayBeAvailableasaSeparatelyManagedAccount orMutualFundStrategies are sometimes available inMorganStanley WealthManagementinvestmentadvisory programs bothinthe form of a separately managedaccount (“SMA”) anda mutual fund. These may have different expenses andinvestment minimums. Your Financial Advisor or Private WealthAdvisor canprovide more information on whether any particular strategy is available in more than one form in a particular investment advisory program Generally, investment advisory accounts are subject toan annual asset basedfee (the “Fee”) whichis payable monthly inadvance (some accounttypes may be billeddifferently).Ingeneral,the Fee covers MorganStanley investmentadvisory services,custody of securities withMorganStanley,tradeexecutionwithorthroughMorganStanleyoritsaffiliates,aswellascompensationtoanyMorganStanleyFinancialAdvisor Inaddition,eachaccountthatisinvestedinaprogramthatiseligibletopurchasecertaininvestmentproducts,suchasmutualfunds,willalsopayaPlatformFee(whichissubjecttoaPlatformFeeoffset)as describedintheapplicableADVbrochure AccountsinvestedintheSelectUMAprogrammayalsopayaseparateSub Managerfee,ifapplicable Ifyouraccountisinvestedinmutualfundsorexchangetradedfunds(collectively“funds”),youwillpaythefeesandexpensesofanyfundsinwhichyouraccountisinvested.Feesandexpensesarecharged directlytothepoolofassetsthefundinvestsinandarereflectedineachfund’sshareprice ThesefeesandexpensesareanadditionalcosttoyouandwouldnotbeincludedintheFeeamountinyouraccount statements. TheadvisoryprogramyouchooseisdescribedintheapplicableMorganStanleySmithBarneyLLCADVBrochure,availableatwww.morganstanley.com/ADV. Morgan Stanley or Executing Sub Managers, as applicable, in some of Morgan Stanley’s Separately Managed Account (“SMA”) programs may effect transactions through broker dealers other than MorganStanley orouraffiliates.Insuchinstance,youmay be assessedadditional costs by the otherfirm inadditiontothe MorganStanley andSub Managerfees.Those costs will be includedinthe net price of the security, not separately reportedontrade confirmations or account statements CertainSub Managers have historically directedmost, if not all, of their trades tooutside firms Information provided by Sub Managers concerning trade execution away from Morgan Stanley is summarized at: www.morganstanley.com/wealth/investmentsolutions/pdfs/adv/sotresponse.pdf. For more informationontradingandcosts,pleaserefertotheADVBrochureforyourprogram(s),availableatwww morganstanley com/ADV,orcontactyourFinancialAdvisor/PrivateWealthAdvisor

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The Morgan Stanley Digital Vault ("Digital Vault") is accessible to clients with dedicated Financial Advisors. Documents shared via the Digital Vault should be limited to those relevant to your Morgan Stanley account relationship Uploading a document to the Digital Vault does not obligate us to review or take any action on it, and we will not be liable for any failure to act upon the contents of such document Please contactyour Financial Advisor or BranchManagementtodiscuss the appropriate process for providingthe documenttous for review If youmaintaina Trustor entity accountwithus, onlyourcertificationformwillgovernourobligationsforsuchaccount.PleaserefertotheMorganStanleyDigitalVaulttermsandconditionsformoreinformation.

Examplesofthesetypesoffundsincludethosethatutilizeone or more of the below noted

ThetypeofmutualfundsandETFsdiscussedinthispresentationutilizesnontraditionalorcomplexinvestmentstrategiesand/orderivatives investment strategies or categories or which seek exposure to the following markets: (1) commodities (e.g., agricultural, energy and metals), currency, precious metals;(2) managedfutures;(3) leveraged,inverseorinverseleveraged;(4) bearmarket,hedging,long shortequity,marketneutral;(5) realestate;(6) volatility(seekingexposuretotheCBOE VIXIndex) Investors shouldkeepinmindthatwhile mutual funds andETFs may,attimes,utilize nontraditional investmentoptions andstrategies,they shouldnotbe equatedwithunregisteredprivately offeredalternative investments.Becauseofregulatorylimitations,mutualfundsandETFsthatseekalternative likeinvestmentexposuremustutilizeamorelimitedinvestmentuniverse.Asaresult,investmentreturnsand portfoliocharacteristics of alternativemutual funds andETFsmay vary fromtraditional hedgefunds pursuingsimilarinvestmentobjectives Moreover,traditional hedgefundshavelimitedliquidity with long “lock-up” periods allowing them to pursue investment strategies without having to factor in the need to meet client redemptions andETFs trade on an exchange. On the other hand, mutual funds typically must meet daily client redemptions This differing liquidity profile can have a material impact on the investment returns generated by a mutual fund or ETF pursuing an alternative investing strategycomparedwithatraditionalhedgefundpursuingthesamestrategy

Please consider the investment objectives, risks, fees, and charges and expenses of mutual funds, ETFs, closed end funds, unit investment trusts, and variable insurance products carefully beforeinvesting. Theprospectuscontainsthisand otherinformation about each fund. To obtain aprospectus, contact yourFinancialAdvisororPrivateWealth Advisororvisit theMorgan Stanleywebsiteatwww.morganstanley.com.Pleasereaditcarefullybeforeinvesting.

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FLORIDA ENDOWMENT FND VOC REHAB INC Prepared on August 29, 2022 | Reporting Currency: USD DISCLOSURES addition,MorganStanley WealthManagement,MS & Co.,managers andtheiraffiliates provide a variety of services (includingresearch,brokerage,assetmanagement,trading,lendingandinvestment bankingservices) for eachother andfor various clients,includingissuers of securities thatmay be recommendedfor purchase or sale by clients or are otherwise heldinclientaccounts ,andmanagers in various advisory programs Morgan Stanley Wealth Management, managers, MS & Co, and their affiliates receive compensation and fees in connection with these services Morgan Stanley Wealth Managementbelievesthatthenatureandrangeofclientstowhichsuchservicesarerenderedissuchthatitwouldbeinadvisabletoexcludecategoricallyallofthesecompaniesfromanaccount. MorganStanley charges eachfundfamily weofferamutual fundsupportfee,alsocalleda“revenue sharingpayment,” onclientaccountholdings infundfamilies accordingtoatieredratethatincreases alongwiththemanagementfeeofthefundsothatlowermanagementfeefundspaylowerratesthanthosewithhighermanagementfees. Consider Your Own Investment Needs: The model portfolios and strategies discussed in the material are formulatedbased on general client characteristics including risk tolerance. This material is not intendedtobeananalysis of whetherparticularinvestments orstrategies areappropriateforyouora recommendation,oranoffertoparticipateinany investment Therefore,clients shouldnotusethis material as the sole basis for investment decisions They shouldconsider all relevant information, includingtheir existingportfolio, investment objectives, risk tolerance, liquidity needs andinvestment timehorizon.Sucha determinationmay leadtoassetallocationresults thatarematerially differentfrom theassetallocationshowninthis profile.Talk toyourFinancial Advisoraboutwhatwouldbean appropriateassetallocationforyou,whetherCGCMisanappropriateprogramforyou Noobligationtonotify MorganStanleyWealthManagementhasnoobligationtonotifyyouwhenthemodelportfolios,strategies,oranyotherinformation,inthismaterialchanges.

AninvestmentinamoneymarketfundisnotinsuredorguaranteedbytheFederalDepositInsuranceCorporationoranyothergovernmentagency. Although theFundseekstopreservethevalueofyour investmentat$1.00pershare,itispossibletolosemoneybyinvestinginthefund.

Nontraditional investment options and strategies are often employed by a portfolio manager to further a fund’s investment objective and to help offset market risks However, these features may be complex, makingit more difficult tounderstandthe fund’s essential characteristics andrisks, andhow it will perform indifferent market environments andover various periods of time. They may also exposethefundtoincreasedvolatilityandunanticipatedrisksparticularlywhenusedincomplexcombinationsand/oraccompaniedbytheuseofborrowingor“leverage ”

NAV

BecauseESGcriteriaexcludesomeinvestments,investorsmaynotbeabletotakeadvantageofthesameopportunitiesormarkettrendsasinvestorsthatdonotusesuchcriteria.Thecompaniesidentified andinvestmentexamplesareforillustrativepurposesonly andshouldnotbedeemedarecommendationtopurchase,holdorsellany securitiesorinvestmentproducts They areintendedtodemonstrate the approaches taken by managers whofocus on ESG criteria in their investment strategy. There can be noguarantee that a client's account will be managedas describedherein. Options and margin tradinginvolvesubstantialriskandarenotappropriateforallinvestors

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Thischaracteristicisariskseparateanddistinctfromtheriskthataclosed endfund’snetassetvaluemaydecreaseasaresultofinvestmentactivities NAVis total assets less total liabilities dividedby thenumberof shares outstanding.Atthetimeaninvestorpurchases orsells shares of aclosed endfund,shares may haveamarketpricethatis aboveorbelow Portfolios that invest a large percentage of assets in only one industry sector (or in only a few sectors) are more vulnerable to price fluctuation than those that diversify among a broad range of sectors.

FLORIDA ENDOWMENT FND VOC REHAB INC Prepared on August 29, 2022 | Reporting Currency: USD DISCLOSURES Informationrelatedtoyour external accounts is providedfor informational purposes only.Itis providedby thirdparties,includingthe financial institutions where your external accounts are held.Morgan Stanley does not verify that the informationis accurate andmakes norepresentationor warranty as toits accuracy, timeliness, or completeness Additional informationabout the features andservices offeredthroughTotalWealthViewareavailableontheTotalWealthViewsiteonMorganStanleyOnlineandalsointheTotalWealthViewTermsandConditionsofUse Mobilecheckdepositsaresubjecttocertaintermsandconditions ChecksmustbedrawnonaU S Bank SendMoneywithZelle isavailableontheMorganStanleyMobileAppforiPhoneandAndroidandonMorganStanleyOnline.Enrollmentisrequiredanddollarandfrequencylimitsmayapply.Domestic fund transfers must be made from an eligible account at Morgan Stanley Smith Barney LLC (Morgan Stanley) to a US based account at another financial institution Morgan Stanley maintains arrangements with JP Morgan Chase Bank, N.A. and UMB Bank, N.A. as NACHA-participating depository financial institutions for the processing of transfers on Zelle . Data connection required, and message anddata rates may apply,includingthose from your communications service provider Musthave aneligible accountinthe U S touse Zelle Transactions typically occur inminutes whenthe recipient’semailaddressorU S mobilenumberisalreadyenrolledwithZelle SeetheMorganStanleySendMoneywithZelle termsfordetails ZelleandtheZellerelatedmarksarewhollyownedbyEarlyWarningServices,LLCandareusedhereinunderlicense.MorganStanleyisnotaffiliatedwithZelle . Electronicpaymentsarrivetothepayeewithin1 2businessdays,checkpaymentsarrivetothepayeewithin5 businessdays Same day andovernightpaymentsareavailableforanadditional feewithin theavailablepaymenttimeframes. KEYASSETCLASSCONSIDERATIONSANDOTHERRISKS Investinginthemarkets entails therisk of marketvolatility Thevalueof all types of investments,includingstocks,mutual funds,exchange tradedfunds (“ETFs”),closed endfunds,andunitinvestment trusts, may increase or decrease over varying time periods. To the extent the investments depicted herein represent international securities, you should be aware that there may be additional risks associatedwith international investing, including foreign economic, political, monetary and/or legal factors, changing currency exchange rates, foreign taxes, anddifferences in financial andaccounting standards Theserisksmaybemagnifiedinemergingmarketsandfrontiermarkets

Small-andmid-capitalizationcompaniesmaylackthefinancialresources,productdiversificationandcompetitive strengths of largercompanies.Inaddition,the securities of small andmid capitalizationcompanies may nottrade as readily as,andbe subjecttohighervolatility than,those of larger,more established companies The value of fixed income securities will fluctuate and, upon a sale, may be worth more or less than their original cost or maturity value Bonds are subject to interest rate risk, call risk, reinvestmentrisk,liquidityrisk,andcreditriskoftheissuer

Highyieldbondsaresubjecttoadditionalriskssuchasincreasedriskofdefaultandgreatervolatilitybecauseofthelowercreditqualityofthe issues.Inthe caseof municipalbonds,income is generally exemptfrom federal income taxes.Some income may be subjecttostate andlocal taxes andtothe federal alternative minimum tax.Capital gains, if any, are subject to tax Treasury Inflation Protection Securities’ (TIPS) coupon payments and underlying principal are automatically increased to compensate for inflation by tracking the consumer price index (CPI). While the real rate of return is guaranteed, TIPS tend to offer a low return. Because the return of TIPS is linked to inflation, TIPS may significantly underperform versus conventional U S Treasuries in times of low inflation There is no guarantee that investors will receive par if TIPS are sold prior to maturity The returns on a portfolio consisting primarily of environmental,social,and governance-awareinvestments(“ESG”) may be lower or higher thana portfoliothatis more diversifiedor where decisions are basedsolely oninvestmentconsiderations

Besidesthegeneralinvestmentriskofholdingsecuritiesthatmaydeclineinvalueandthepossiblelossofprincipalinvested,closedend fundsmay have additional risks relatedtodecliningmarketprices relative tonetassetvalues (NAVs),active managerunderperformance andpotential leverage Closed endfunds,unlike open end funds, are not continuously offered. There is a one time public offering and once issued, shares of closed end funds are sold in the open market through a stock exchange. Shares of closed end funds frequently tradeata discountfrom theirNAVwhichmay increaseinvestors’ risk of loss Therisk of loss duetothis discountmay begreaterforinvestors expectingtosell theirshares ina relatively short periodaftercompletionofthepublicoffering

FLORIDA ENDOWMENT FND VOC REHAB INC Prepared on August 29, 2022 | Reporting Currency: USD DISCLOSURES Alternative investments often are speculative and include a high degree of risk. Investors could lose all or a substantial amount of their investment. Alternative investments are appropriate only for eligible,long terminvestors whoarewillingtoforgoliquidity andputcapital atrisk foranindefiniteperiodof time They may behighly illiquidandcanengageinleverageandotherspeculativepractices that may increase the volatility and risk of loss Alternative Investments typically have higher fees than traditional investments Investors should carefully review and consider potential risks before investing.Certainoftheserisksmayincludebutarenotlimitedto:Lossofallorasubstantialportionoftheinvestmentduetoleveraging,short selling,orotherspeculativepractices;Lackofliquidityinthat there may be nosecondary marketfor a fund;Volatility of returns;Restrictions ontransferringinterests ina fund;Potential lack of diversificationandresultinghigher risk due toconcentrationof trading authority whena singleadvisoris utilized;Absenceof informationregardingvaluations andpricing;Complextaxstructures anddelays intaxreporting;Less regulationandhigherfees thanmutual funds; Risksassociatedwiththeoperations,personnel,andprocessesofthemanager;andRisksassociatedwithcybersecurity.Asadiversifiedglobalfinancialservicesfirm,MorganStanleyWealthManagement engages in a broad spectrum of activities including financial advisory services, investment management activities, sponsoring and managing private investment funds, engaging in broker dealer transactionsandprincipalsecurities,commoditiesandforeignexchangetransactions,researchpublication,andotheractivities.Intheordinarycourseofitsbusiness,MorganStanleyWealthManagement therefore engages in activities where Morgan Stanley Wealth Management’s interests may conflict with the interests of its clients, including the private investment funds it manages Morgan Stanley Wealth Management can give no assurance that conflicts of interest will be resolved in favor of its clients or any such fund

registeredmutualfunds,separateaccountstrategiesandexchange

All expressions of opinion are subject to change without notice and are not intendedtobeaforecastoffutureeventsorresults.Further,opinionsexpressedhereinmaydifferfromtheopinionsexpressedbyMorganStanleyWealthManagementand/orotherbusinesses/affiliatesof Morgan Stanley Wealth Management This is not a "research report" as defined by FINRA Rule 2241 or a "debt research report" as defined by FINRA Rule 2242 and was not prepared by the Research DepartmentsofMorganStanleySmithBarneyLLCorMorganStanley&Co.LLCoritsaffiliates.Certaininformationcontainedhereinmayconstituteforward lookingstatements.Duetovariousrisksand uncertainties, actual events, results or the performance of a fund may differ materially from those reflected or contemplated in such forward looking statements. Clients should carefully consider the investmentobjectives,risks,charges,andexpenses of a fundbefore investing

Asadiversified global financial services firm, Morgan Stanley Wealth Management engages in a broad spectrum of activities including financial advisory services, investment management activities, sponsoring and managing private investment funds, engaging in broker dealer transactions and principal securities, commodities and foreign exchange transactions, research publication, and other activities. In the ordinary course of its business,MorganStanley WealthManagementtherefore engages inactivities where MorganStanley WealthManagement’s interests may conflictwiththe interests of its clients, includingtheprivateinvestmentfundsitmanages.MorganStanleyWealthManagementcangivenoassurancethatconflictsofinterestwillberesolvedinfavorofitsclientsorany suchfund.Alternative

Alternativeinvestmentsarenotappropriateforallinvestors

investmentstrategies orreturnsutilizingpublicly tradedsecurities.Investmentproducts

investmentsinvolvecomplextaxstructures,taxinefficientinvesting,anddelaysindistributingimportanttaxinformation Individualfundshavespecificrisksrelatedtotheirinvestmentprogramsthatwill varyfromfundtofund ClientsshouldconsulttheirowntaxandlegaladvisorsasMorganStanleyWealthManagementdoesnotprovidetaxorlegaladvice AmajorityofAlternativeInvestmentmanagersreviewedandselectedbyGIMApayorcausetobepaidanongoingfeefordistributionfromtheirmanagementfeestoMorganStanleyWealthManagement inconnectionwithMorganStanleyWealthManagementclientsthatpurchaseaninterestinanAlternativeInvestmentandinsomeinstancespaythesefeesontheinvestmentsheldbyinvestmentsheldby brokerageclients.MorganStanleyWealthManagementhasaconflictofinterestinofferingalternativeinvestmentsbecauseMorganStanleyWealthManagementorouraffiliates,inmostinstances,earn moremoneyinyouraccountfromyourinvestmentsinalternativeinvestmentsthanfromotherinvestmentoptions Page 33 of 41

While the HFRI indices are frequently used,they have limitations (some of whichare typical of other widely usedindices) Theselimitationsincludesurvivorshipbias(thereturnsoftheindicesmaynotberepresentativeofallthehedgefundsintheuniversebecauseofthetendencyoflowerperformingfundstoleavetheindex); heterogeneity(notallhedgefundsarealikeorcomparabletooneanother,andtheindexmaynotaccuratelyreflecttheperformanceofadescribedstyle);andlimiteddata(manyhedgefundsdonotreport toindices,andthe indexmay omit funds,the inclusionof whichmight significantly affect the performance shown The HFRI indices are basedoninformationself reportedby hedge fundmanagers that decideontheirown,atanytime,whetherornottheywanttoprovide,orcontinuetoprovide,informationtoHFRAssetManagement,L.L.C.Resultsforfundsthatgooutofbusinessareincludedintheindex untilthedatethattheyceaseoperations Therefore,theseindicesmaynotbecompleteoraccuraterepresentationsofthehedgefunduniverse,andmaybebiasedinseveralways Compositeindexresults are shownforillustrative purposes anddonotrepresentthe performance of a specificinvestment.Individual funds have specifictaxrisks relatedtotheirinvestmentprograms thatwill vary from fundto fund ClientsshouldconsulttheirowntaxandlegaladvisorsasMorganStanleyWealthManagementdoesnotprovidetaxorlegaladvice Interestsinalternativeinvestmentproductsareofferedpursuant to the terms of the applicable offering memorandum , are distributed by Morgan Stanley Wealth Management and certain of its affiliates, and (1) are not FDIC insured, (2) are not deposits or other obligations of Morgan Stanley WealthManagement or any of its affiliates, (3) are not guaranteedby Morgan Stanley WealthManagement andits affiliates, and(4) involve investment risks, including possible loss of principal MorganStanley WealthManagementis a registeredbroker dealer,nota bank This material is nottobe reproducedordistributedtoany otherpersons (otherthanprofessional advisorsoftheinvestorsorprospectiveinvestors,asapplicable,receivingthismaterial)andisintendedsolelyfortheuseofthepersonstowhomithasbeendelivered Thismaterialisnotfordistributionto thegeneralpublic.Pastperformanceisnoguaranteeoffutureresults.Actualresultsmayvary.SIPCinsurancedoesnotapplytopreciousmetals,othercommodities,ortraditionalalternativeinvestments. InConsultingGroup’sadvisoryprograms,alternativeinvestmentsarelimitedtoUS tradedfunds(ETFs) thatseektopursuealternative inthis category may employ various investmentstrategiesandtechniques forbothhedgingandmorespeculative purposessuchasshort

selling,leverage,derivativesandoptions,whichcanincreasevolatilityandtheriskofinvestmentloss

Atargetdateportfolioisgearedtoinvestorswhowillretireand/orrequireincomeatanapproximateyear establishedyearor“targetdate futuresinvestments are speculative, involve a highdegree of risk, use significant leverage, are generally illiquid, investors andare appropriate only for the risk capital portion of an investor’s portfolio Managedfutures investments donot replace equities or Managed Futures are complex and not appropriate for all investors. Rebalancing does not protect against a loss in declining

Itshouldbenotedthatthemajorityofhedgefundindexesarecomprisedofhedgefundmanagerreturns Thisisincontrasttotraditionalindexes,whicharecomprisedofindividualsecuritiesinthevarious marketsegments they representandoffer complete transparency as tomembershipandconstructionmethodology As such,some believe thathedge fundindexreturns have certainbiases thatare not presentintraditionalindexes.Someofthesebiasesinflateindexperformance,whileothersmayskew performancenegatively.However,manystudiesindicatethatoverallhedgefundindexperformance has been biased to the upside Some studies suggest performance has been inflated by up to 260 basis points or more annually depending on the types of biases included and the time period studied

” A targetdateportfoliowill transitionitsinvestedassetsfromamoreaggressiveportfoliotoamoreconservativeportfolioasthetargetdatedrawscloser.Aninvestmentinthetargetdateportfolioisnot guaranteedatany time,including,before or after the targetdate is reached Managed

Aninvestmentinatargetdateportfolioissubjecttotherisksattendanttotheunderlyingfundsinwhichitinvests,intheseportfoliosthefundsaretheConsultingGroupCapitalMarketfunds

Survivorshipbias results whencertainconstituents are removedfrom anindex This oftenresults from the closure of funds due topoor performance, “blow ups,” or other suchevents As such, this bias typicallyresultsinperformancebeingskewedhigher.Asnoted,hedgefundindexperformancebiasescanresultinpositiveornegativeskew.However,itwouldappearthattheskewismoreoftenpositive. Whileitisdifficulttoquantifytheeffectsprecisely,investorsshouldbeawarethatidiosyncraticfactorsmaybegivinghedgefundindexreturnsanartificial“lift”orupwardsbias.

DISCLOSURES

FLORIDA ENDOWMENT FND VOC REHAB INC Prepared on August 29, 2022 | Reporting Currency: USD

financialmarkets Theremaybeapotentialtaximplicationwitharebalancingstrategy VirtualCurrencyProducts(Cryptocurrencies) Buying,selling,andtransactinginBitcoin,Ethereum orotherdigitalassets(“DigitalAssets”),andrelatedfundsandproducts,ishighlyspeculativeandmayresultinalossoftheentireinvestment. Risks andconsiderationsincludebutarenotlimitedto: DigitalAssetshaveonlybeeninexistenceforashortperiodoftimeandhistoricaltradingpricesforDigitalAssetshavebeenhighlyvolatile ThepriceofDigitalAssetscoulddeclinerapidly,andinvestors couldlosetheirentireinvestment. CertainDigitalAssetfundsandproducts,allow investorstoinvestonamorefrequentbasisthaninvestorsmaywithdraw fromthefundorproduct,andinterestsinsuchfundsorproductsaregenerallynot freelytransferrable Thismeansthat,particularlygiventhevolatilityofDigitalAssets,aninvestorwillhavetobearanylosseswithrespecttoitsinvestmentforanextendedperiodoftimeandwillnotbe abletoreacttochanges inthepriceof theDigital Assetonceinvested(forexample,by seekingtowithdraw) as quickly as whenmakingthedecisiontoinvest. SuchDigital Assetfunds andproducts,are intendedonlyforpersonswhoareabletobeartheeconomicriskofinvestmentandwhodonotneedliquiditywithrespecttotheirinvestments Page 34 of 41

Althoughtherearenumerouspotentialbiasesthatcouldaffecthedgefundreturns,weidentifysomeofthemorecommononesthroughoutthispaper Self selectionbiasresultswhencertainmanagerreturnsarenotincludedintheindexreturnsandmayresultinperformancebeingskewedupordown Becausehedgefundsareprivateplacements,hedge fundmanagers are able todecide whichfundreturns they wanttoreportandare able tooptoutof reportingtothe various databases.Certainhedge fundmanagers may choose only toreportreturns for funds withstrongreturns andoptoutof reportingreturns forweak performers Otherhedge funds thatclose may decide tostopreportinginorder toretainsecrecy,whichmay cause a downwardbias in returns

Theportfolioismanagedtomeettheinvestor’sgoalsbythepre

toconflicts of interest,

Aninvestmentinanexchange tradedfundinvolvesriskssimilartothoseofinvestinginabroadlybasedportfolioofequitysecuritiestraded onanexchange inthe relevant securities market,suchas market fluctuations causedby suchfactors as economicandpolitical developments, changes ininterest rates andperceivedtrends instock and bondprices

have substantial charges, subject

bonds but rather may act as a complement in a well diversified portfolio.

HedgeFundsofFundsandmany funds of funds are private investmentvehicles restrictedtocertainqualifiedprivate andinstitutional investors.They are oftenspeculative andinclude a highdegree of risk Investors canloseall ora substantial amountof theirinvestment They may behighly illiquid,canengageinleverageandotherspeculativepractices thatmay increasevolatility andtherisk of loss, and may be subject to large investment minimums and initial lockups They involve complextaxstructures, tax inefficient investing and delays in distributing important taxinformation Categorically, hedgefundsandfundsoffundshavehigherfeesandexpensesthantraditionalinvestments,andsuchfeesandexpensescanlowerthereturnsachievedbyinvestors.Fundsoffundshaveanadditionallayer offeesoverandabovehedgefundfeesthatwilloffsetreturns

FLORIDA ENDOWMENT FND VOC REHAB INC Prepared on August 29, 2022 | Reporting Currency: USD DISCLOSURES GiventhevolatilityinthepriceofDigitalAssets,thenetassetvalueofafundorproductthatinvestsinsuchassetsatthetimeaninvestor’ssubscriptionforinterestsinthefundorproductisacceptedmay besignificantlybeloworabovethenetassetvalueoftheproductorfundatthetimetheinvestorsubmittedsubscriptionmaterials CertainDigitalAssetsarenotintendedtofunctionascurrenciesbutareintendedtohaveotherusecases. TheseotherDigitalAssetsmaybesubjecttosomeoralloftherisksandconsiderationssetforth herein, as well as additional risks applicable to such Digital Assets Buyers, sellers and users of such Digital Assets should thoroughly familiarize themselves with such risks and considerations before transactinginsuchDigitalAssets ThevalueofDigitalAssetsmaybenegativelyimpactedbyfuturelegalandregulatorydevelopments,includingbutnotlimitedtoincreasedregulationofsuchDigitalAssets Anysuchdevelopmentsmay makesuchDigitalAssetslessvaluable,imposeadditionalburdensandexpensesonafundorproductinvestinginsuchassetsorimpacttheabilityofsuchafundorproducttocontinuetooperate,whichmay materiallydecreasethevalueofaninvestmenttherein Duetothenew andevolvingnatureofdigitalcurrenciesandtheabsenceofcomprehensiveguidance,manysignificantaspectsofthetaxtreatmentofDigitalAssetsareuncertain. Prospectiveinvestors shouldconsulttheirowntaxadvisorsconcerningthetaxconsequencestothemofthepurchase,ownershipanddispositionofDigitalAssets,directlyorindirectlythroughafundorproduct,underU S federal incometaxlaw,aswellasthetaxlawofanyrelevantstate,localorotherjurisdiction. Overthepastseveralyears,certainDigitalAssetexchangeshaveexperiencedfailuresorinterruptionsinserviceduetofraud,security breaches,operationalproblemsorbusinessfailure Sucheventsin thefuturecouldimpactanyfund’sorproduct’sabilitytotransactinDigitalAssetsifthefundorproductreliesonanimpactedexchangeandmayalsomateriallydecreasethepriceofDigitalAssets,thereby impactingthevalueofyourinvestment,regardlessofwhetherthefundorproductreliesonsuchanimpactedexchange AlthoughanyDigitalAssetproductanditsserviceprovidershaveinplacesignificantsafeguardsagainstloss,theft,destructionandinaccessibility,thereisnonethelessariskthatsomeorallofaproduct’s DigitalAssetcouldbepermanentlylost,stolen,destroyedorinaccessiblebyvirtueof,amongotherthings,thelossortheftofthe“privatekeys”necessarytoaccessaproduct’sDigitalAsset InvestorsinfundsorproductsinvestingortransactinginDigitalAssetsmaynotbenefittothesameextent(oratall)from“airdrops”withrespectto,or“forks”in,aDigitalAsset’sblockchain,comparedto investorswhoholdDigitalAssetsdirectlyinsteadofthroughafundorproduct Additionally,a“fork”intheDigitalAssetblockchaincouldmateriallydecreasethepriceofsuchDigitalAsset DigitalAssetsarenotlegaltender,andarenotbackedbyanygovernment,corporationorotheridentifiedbody,otherthanwithrespecttocertaindigitalcurrenciesthatcertaingovernmentsareormaybe developing now or in the future No law requires companies or individuals to accept digital currency as a form of payment (except, potentially, with respect to digital currencies developed by certain governmentswheresuchacceptancemay bemandated).Instead,otherthanas describedintheprecedingsentences,Digital Assetproducts’ useis limitedtobusinesses andindividuals thatarewillingto acceptthem Ifnooneweretoacceptdigitalcurrencies,virtualcurrencyproductswouldverylikelybecomeworthless PlatformsthatbuyandsellDigitalAssetscanbehacked,andsomehavefailed Inaddition,liketheplatformsthemselves,digitalwalletscanbehacked,andaresubjecttotheftandfraud Asaresult,like otherinvestorshave,youcanlosesomeorallofyourholdingsofDigitalAssets UnlikeUSbanksandcreditunionsthatprovidecertainguaranteesofsafetytodepositors,therearenosuchsafeguardsprovidedtoDigitalAssetsheldindigitalwalletsbytheirprovidersorbyregulators Due tothe anonymity Digital Assets offer, they have knownuse inillegal activity, includingdrugdealing, money laundering, humantrafficking, sanctionevasionandother forms of illegal commerce Abuses could impact legitimate consumers and speculators; for instance, law enforcement agencies could shut down or restrict the use of platforms and exchanges, limiting or shutting off entirely the abilitytouseortradeDigitalAssetproducts. DigitalAssetsmaynothaveanestablishedtrackrecordofcredibilityandtrust Further,anyperformancedatarelatingtoDigitalAssetproductsmaynotbeverifiableaspricingmodelsarenotuniform Investors shouldbe aware of the potentially increasedrisks of transactinginDigital Assets relatingtothe risks andconsiderations, includingfraud, theft, andlack of legitimacy, andother aspects and qualitiesofDigitalAssets,beforetransactinginsuchassets. Page 35 of 41

FLORIDA ENDOWMENT FND VOC REHAB INC Prepared on August 29, 2022 | Reporting Currency: USD DISCLOSURES Theexchangerateof virtual currency products versus theUSDhistorically has beenvery volatileandtheexchangeratecoulddrastically decline.Forexample,theexchangerateof certainDigital Assets versustheUSDhasinthepastdroppedmorethan50%inasingleday OtherDigitalAssetsmaybeaffectedbysuchvolatilityaswell DigitalAssetexchangeshavelimitedoperatingandperformancehistoriesandarenotregulatedwiththesamecontrolsorcustomerprotectionsavailabletomoretraditionalexchangestransactingequity, debt,andotherassetsandsecurities Thereisnoassurancethataperson/exchangewhocurrentlyacceptsaDigitalAssetaspaymentwillcontinuetodosointhefuture TheregulatoryframeworkofDigitalAssetsisevolving,andinsomecasesisuncertain,andDigitalAssetsthemselvesmaynotbegovernedandprotectedbyapplicablesecuritiesregulatorsandsecurities laws,including,butnotlimitedto,SecuritiesInvestorProtectionCorporationcoverage,orotherregulatoryregimes MorganStanleySmithBarneyLLCoritsaffiliates(collectively,“MorganStanley”)maycurrently,orinthefuture,offerorinvestinDigitalAssetproducts,servicesorplatforms Theproprietaryinterests ofMorganStanleymayconflictwithyourinterests The foregoinglistof considerations andrisks are notanddonotpurporttobe a complete enumerationor explanationof the risks involvedinaninvestmentinany productor fundinvestingor tradingin DigitalAssets. Assetallocationanddiversificationdonotassureaprofitorprotectagainstlossindecliningfinancialmarkets Pastperformanceisnoguaranteeoffutureresults Actualresultsmayvary Taxlaws arecomplexand subject to change. Morgan StanleySmith BarneyLLC (“Morgan Stanley”), its affiliates and Morgan StanleyFinancial Advisors and PrivateWealth Advisors do not provide tax or legal advice and are not “fiduciaries” (under ERISA, the Internal Revenue Code or otherwise) with respect to the services or activities described herein except as otherwise provided in writing by Morgan Stanley and/or as described at www.morganstanley.com/disclosures/dol. Individuals are encouraged to consult their tax and legal advisors (a) before establishingaretirementplanoraccount,and(b)regardinganypotentialtax,ERISAandrelatedconsequencesofanyinvestmentsmadeundersuchplanoraccount. AnnuitiesandinsuranceproductsareofferedinconjunctionwithMorganStanleySmithBarneyLLC’slicensedinsuranceagencyaffiliates Indicesareunmanagedandinvestorscannotdirectlyinvestinthem.Theyarenotsubjecttoexpensesorfeesandareoftencomprisedofsecuritiesandotherinvestmentinstrumentstheliquidityofwhichis notrestricted A particularinvestmentproductmay consistof securities significantly differentthanthose inany indexreferredtoherein Composite indexresults are shownforillustrative purposes only, generally donot represent the performance of a specific investment, may not, for a variety of reasons, be an appropriate comparison or benchmark for a particular investment andmay not necessarily reflecttheactualinvestmentstrategyorobjectiveofaparticularinvestment.Consequently,comparinganinvestmenttoaparticularindexmaybeoflimiteduse. ThismaterialisnotafinancialplananddoesnotcreateaninvestmentadvisoryrelationshipbetweenyouandyourMorganStanley FinancialAdvisor.Wearenotyourfiduciary eitherundertheEmployee RetirementIncomeSecurityActof1974(ERISA) ortheInternalRevenueCodeof1986,andanyinformationinthisreportisnotintendedtoformtheprimarybasisforanyinvestmentdecisionbyyou,oran investmentadvice or recommendationfor either ERISA or Internal Revenue Code purposes MorganStanley Private WealthManagementwill only prepare a financial planatyour specificrequestusing PrivateWealthManagementapprovedfinancialplanningsignature. Wemayactinthecapacityofabrokerorthatofanadvisor.Asyourbroker,wearenotyourfiduciaryandourinterestsmaynotalwaysbeidenticaltoyours.PleaseconsultwithyourPrivateWealthAdvisor todiscuss ourobligations todisclosetoyouany conflicts wemay fromtimetotimehaveandourduty toactinyourbestinterest Wemay bepaidbothby youandby others whocompensateus basedon whatyoubuy Ourcompensation,includingthatofyourPrivateWealthAdvisor,mayvarybyproductandovertime InvestmentandservicesofferedthroughMorganStanleyPrivateWealthManagement,adivisionofMorganStanleySmithBarneyLLC,MemberSIPC Forindex,indicatorandsurveydefinitionsreferencedinthisreportpleasevisitthefollowing:https://www.morganstanley.com/wealth-investmentsolutions/wmir-definitions GLOBALINVESTMENTCOMMITTEE(GIC)ASSETALLOCATIONMODELS:TheAssetAllocationModelsarecreatedbyMorganStanleyWealthManagement’sGIC HYPOTHETICALMODELPERFORMANCE (GROSS): Hypothetical model performance results donot reflect the investment or performance of anactual portfoliofollowinga GIC Strategy, but simply reflectactual historical performanceof selectedindices ona real timebasis overthespecifiedperiodof timerepresentingtheGIC’s strategicandtactical allocations as of thedateof this report Thepast Page 36 of 41

Taxable distributions (andcertaindeemeddistributions) are subjecttoordinary income taxand,if takenprior toage 59½,may be subjecttoa 10% federal income taxpenalty

Theyarethereforesubjecttotherisksassociatedwithdebtsecuritiessuchascreditandinterestraterisk operateintheenergy,natural resources orreal estatesectors.Investments inMLP interests includingcommodity pricingrisk, MLP consideredtobe a tax deferredreturnof capital andfor any netoperatinggains as well as capital appreciationof its investments;this deferredtaxliability is reflectedinthe taxperformancecoulddiffersignificantlyfromtheunderlyingassetsevenifthepre taxperformanceiscloselytracked

dailyNAV,and,asaresult,theMLPfund’safter

Earlywithdrawalswillreducethedeathbenefitandcashsurrendervalue

distributions

Ultrashort term fixed income asset class is comprised of fixed incomesecuritieswithhighquality,veryshortmaturities

FLORIDA ENDOWMENT FND VOC REHAB INC Prepared on August 29, 2022 | Reporting Currency: USD DISCLOSURES performanceshownhereissimulatedperformancebasedonbenchmarkindices,notinvestmentresultsfromanactualportfoliooractualtrading.Therecanbelargedifferencesbetweenhypotheticaland actual performance results achievedby a particular asset allocation or trading strategy Hypothetical performance results donot represent actual trading andare generally designedwiththe benefit of hindsight Actual performance results of accounts vary due to,for example,marketfactors (suchas liquidity) andclient specificfactors (suchas investmentvehicle selection,timingof contributions and withdrawals, restrictions and rebalancing schedules). Clients would not necessarily have obtained the performance results shown here if they hadinvested in accordance with any GIC Asset Allocation Model fortheperiodsindicated Despitethelimitationsof hypothetical performance,thesehypothetical performanceresultsallow clientsandFinancial Advisorstoobtainasenseof therisk/returntrade off of differentassetallocationconstructs Thehypothetical performanceresults inthis reportarecalculatedusingthereturns of benchmark indices fortheassetclasses,andnotthereturns of securities, fundor other investmentproducts.Models may containallocations toHedge Funds,Private Equity andPrivate Real Estate.The benchmark indices for these assetclasses are notissuedona daily basis. Whencalculatingmodelperformanceonadayforwhichnobenchmarkindexdataisissued,wehaveassumedstraightlinegrowthbetweentheindexlevelsissuedbeforeandafterthatdate FEES REDUCE THE PERFORMANCE OF ACTUAL ACCOUNTS: None of the fees or other expenses (e g commissions, mark ups, mark downs, fees) associated with actual trading or accounts are reflectedinthe GICAssetAllocationModels The GICAssetAllocationModels andany model performance includedinthis presentationare intendedas educational materials Were a clienttouse these modelsinconnectionwithinvesting,any investmentdecisionsmadewouldbesubjecttotransactionandothercostswhich,whencompoundedoveraperiodofyears,woulddecreasereturns.Information regardingMorganStanley’sstandardadvisoryfeesisavailableintheFormADVPart2,whichisavailableatwww morganstanley com/adv Thefollowinghypotheticalillustratesthecompoundeffectfees have oninvestment returns: For example, if a portfolio’s annual rate of returnis 15% for 5 years andthe account pays 50 basis points infees per annum, the gross cumulative five year returnwouldbe 101.1% andthefive yearreturnnetoffeeswouldbe96.8%.Feesand/orexpenseswouldapplytoclientswhoinvestininvestmentsinanaccountbasedontheseassetallocations,andwouldreduceclients’ returns Theimpactoffeesand/orexpensescanbematerial Variableannuitiesarelong terminvestmentsdesignedforretirementpurposesandmaybesubjecttomarketfluctuations,investmentrisk,andpossiblelossofprincipal Allguarantees,includingoptional benefits, are based on the financial strength and claims paying ability of the issuing insurance company and do not apply to the underlying investment options Optional riders may not be able to be purchased in combination and are available at an additional cost. Some optional riders must be elected at time of purchase. Optional riders may be subject to specific limitations, restrictions, holding periods,costs,andexpensesasspecifiedbytheinsurancecompanyintheannuitycontract Ifyouareinvestinginavariableannuitythrougha tax advantagedretirementplansuchas anIRA,youwill get noadditional taxadvantagefromthevariableannuity.Underthesecircumstances,youshouldonly considerbuyingavariableannuity becauseof its otherfeatures,suchas lifetimeincomepayments and deathbenefits protection

supply anddemandrisk, depletionrisk andexplorationrisk Individual MLPs are publicly tradedpartnershipsthathaveuniquerisksrelatedtotheirstructure Theseinclude,butarenotlimitedto,theirrelianceonthecapitalmarketstofundgrowth,adverserulingonthecurrenttaxtreatmentof distributions (typically mostly taxdeferred),andcommodity volume risk.The potential taxbenefits from investinginMLPs dependontheirbeingtreatedas partnerships forfederal income taxpurposes and,iftheMLPisdeemedtobeacorporation,thenitsincomewouldbesubjecttofederaltaxationattheentitylevel,reducingtheamountofcashavailablefordistributiontothefundwhichcouldresultina reductionofthefund’svalue.MLPscarryinterestrateriskandmayunderperforminarisinginterestrateenvironment.MLPfundsaccruedeferredincometaxesforfuturetaxliabilitiesassociatedwiththe portionof

Page 37 of 41

aresubjecttotherisks generally applicable tocompanies inthe energy andnatural resources sectors,

Equity securities may fluctuate in response to news on companies, industries, market conditions and general economic environment

Investing in commoditiesentails significantrisks Commodity prices may be affectedby a variety of factors atany time,includingbutnotlimitedto,(i) changes insupply anddemandrelationships,(ii) governmentalprogramsandpolicies,(iii)nationalandinternationalpoliticalandeconomicevents,warandterroristevents,(iv)changesininterestandexchangerates,(v)tradingactivitiesincommodities andrelatedcontracts, (vi) pestilence, technological change andweather, and(vii) the price volatility of a commodity. Inaddition, the commodities markets are subject totemporary distortions or other disruptions due to various factors, including lack of liquidity, participation of speculators and government intervention Physical precious metals are non regulated products Precious metals are

Thelongertheduration,themoresensitivethebondorportfoliowouldbeto changes in interest rates. The majority of $25 and $1000 par preferred securities are “callable” meaning that the issuer may retire the securities at specific prices and dates prior to maturity.

Some$25or$1000parpreferredsecuritiesareQDI(QualifiedDividendIncome) eligible InformationonQDIeligibilityisobtainedfrom thirdpartysources.ThedividendincomeonQDIeligiblepreferredsqualifiesforareducedtaxrate.Manytraditional‘dividendpaying’perpetualpreferredsecurities(traditionalpreferredswithnomaturity date) are QDI eligible Inorder toqualify for Becauseoftheirnarrowfocus,sectorinvestmentstendtobemorevolatilethaninvestmentsthatdiversifyacrossmanysectors doesnotguaranteeaprofitoreliminaterisk.Thestocksofthesecompaniescanhaverelativelyhighvaluations.Becauseofthesehighvaluations,aninvestmentinagrowthstockcanbe more risky thananinvestmentina company withmore modestgrowthexpectations Valueinvesting does notguarantee a profitor eliminate risk Notall companies whose stocks are consideredtobe type of or periodic investment plan does not assure a profit and does not protect against loss in declining markets. Since such a plan involves continuous investment in

The investorwouldstill have income taxliability eventhoughpayments wouldnothavebeenreceived.Pricequotedis per$25 or$1,000share,unless otherwisespecified.Currentyieldis calculatedby multiplyingthecouponby parvaluedividedby the marketprice.Theinitial interestrateona floating-ratesecuritymay be lowerthanthatof a fixed rate security of the same maturity because investors expecttoreceive additional income due tofuture increases in the floating security’s underlying reference rate The reference rate could be an index or an interest rate However, there can be no assurance that the reference rate will increase Some floating-ratesecurities may besubjecttocall risk.Themarketvalueof convertiblebonds andthe underlyingcommonstock(s) will fluctuate andafter purchase may be worthmore or less thanoriginal cost Ifsoldpriortomaturity,investorsmayreceivemoreorlessthantheiroriginalpurchasepriceormaturityvalue,dependingonmarketconditions

Interest/dividendpayments oncertainpreferredissues may be deferredby the issuerforperiods of upto5 to10years,dependingontheparticularissue

Risksofprivaterealestateinclude:illiquidity;along terminvestmenthorizonwithalimitedornonexistentsecondarymarket;lackoftransparency;volatility (riskofloss);andleverage.Principalisreturnedonamonthlybasisoverthelifeofamortgage-backedsecurity. Principalprepaymentcansignificantlyaffectthemonthlyincomestreamandthematurity of any type of MBS, includingstandardMBS, CMOs andLottery Bonds Asset backedsecurities generally decrease in value as a result of interest rate increases, but may benefit less than other fixed incomesecuritiesfromdeclininginterestrates,principallybecauseofprepayments. Yields are subjecttochange witheconomicconditions Yieldis only one factor thatshouldbe consideredwhenmakinganinvestmentdecision

FLORIDA ENDOWMENT FND VOC REHAB INC Prepared on August 29, 2022 | Reporting Currency: USD DISCLOSURES speculative investments, whichmay experience short term andlongterm price volatility. The value of precious metals investments may fluctuate andmay appreciate or decline, dependingon market conditions Unlike bonds andstocks, precious metals donot make interest or dividendpayments Therefore, precious metals may not be appropriate for investors whorequire current income Precious metalsarecommoditiesthatshouldbesafelystored,whichmayimposeadditionalcostsontheinvestor REITsinvestingrisks are similartothose associatedwithdirectinvestments inreal estate:property value fluctuations,lack of liquidity,limiteddiversificationandsensitivity toeconomicfactors suchas interestratechangesandmarketrecessions

Creditratings are subject tochange Duration, the most commonlyusedmeasureofbondrisk,quantifiestheeffectofchangesininterestratesonthepriceofabondorbondportfolio

valuestocksareabletoturntheirbusinessaroundorsuccessfullyemploycorrectivestrategieswhichwouldresultinstockpricesthatdonotriseasinitiallyexpected Any

Callablebondsmayberedeemedbytheissuerpriorto maturity

Additionalcallfeaturesmayexistthatcouldaffectyield

continuous

securities regardlessoffluctuatingpricelevelsofsuchsecurities,theinvestorshouldconsiderhisfinancialabilitytocontinuehispurchasesthroughperiodsoflowpricelevels

This

andcompanies. Growthinvesting

the preferential taxtreatment all qualifyingpreferredsecurities must be heldby investors for a minimum period 91days duringa 180 day window period, beginning90daysbeforetheex-dividenddate. Companiespayingdividendscanreduceorcutpayoutsatanytime Nondiversification: For a portfoliothat holds a concentratedor limitednumber of securities, a decline inthe value of these investments wouldcause the portfolio’s overall value todecline toa greater degree than a less concentratedportfolio The indices selected by Morgan Stanley Wealth Management to measure performance are representative of broad asset classes Morgan Stanley Wealth Managementretainstherighttochangerepresentativeindicesatanytime

material is disseminatedinthe UnitedStates of America by MorganStanley SmithBarney LLC MorganStanley WealthManagementis notactingas a municipal advisor toany municipal entity or obligatedpersonwithinthemeaningof Section15Bof theSecuritiesExchangeAct(the“Municipal AdvisorRule”) andtheopinionsorviewscontainedhereinarenotintendedtobe,anddonotconstitute, advicewithinthemeaningoftheMunicipalAdvisorRule.Thismaterial,oranyportionthereof,maynotbereprinted,soldorredistributedwithoutthewrittenconsentofMorganStanleySmithBarneyLLC. ©2022MorganStanleySmithBarneyLLC MemberSIPC SMA/WRAP Fee:Overlay Managers or Executing Sub-Managers ("managers") in some of Morgan Stanley's Separately Managed Account ("SMA") programs may affect transactions through brokerdealersotherthanMorganStanleyorouraffiliates Ifyourmanagertradeswithanotherfirm,youmaybeassessedcostsbytheotherfirminadditiontoMorganStanley'sfees Thosecosts will beincluded inthenetpriceofthesecurity,notseparatelyreportedontradeconfirmationsoraccountstatements Certainmanagershavehistoricallydirectedmost,ifnotall,oftheirtradestooutsidefirms Information providedbymanagersconcerningtradeexecutionawayfromMorganStanleyissummarizedat:www.morganstanley.com/wealth/investmentsolutions/pdfs/adv/sotresponse.pdf.Formoreinformationon tradingandcosts,pleaserefertotheADVBrochureforyourprogram(s),availableatwww morganstanley com/ADV,orcontactyourFinancialAdvisor/PrivateWealthAdvisor Page 38 of 41

FLORIDA ENDOWMENT FND VOC REHAB INC Prepared on August 29, 2022 | Reporting Currency: USD DISCLOSURES ©2022MorganStanleySmithBarneyLLC.MemberSIPC. RISKANALYSISDISCLOSURES Taxes,Fees,andExpenses:Thismaterialdoesnotincludetheeffectoftaxes,accountfees,advisoryfees,performancefees,andcommissionsthatcouldmateriallyaffecttheillustrationprovidedandthe decisionsthatyoumaymake.Theinclusionofthesefactorswillreduceanyvaluesreferencedherein.Generally,investmentadvisoryaccountsaresubjecttoanannualasset basedfee(the"Fee") whichis payable monthly in advance (some account types may be billed differently) In general, the Fee covers Morgan Stanley investment advisory services, custody of securities with Morgan Stanley, trade executionwithorthroughMorganStanleyoritsaffiliates,aswellascompensationtoanyMorganStanleyFinancialAdvisor Inaddition,eachaccountthatisinvestedinaprogramthatiseligibletopurchasecertaininvestmentproducts,suchasmutualfunds,willalsopayaPlatformFee(whichissubjecttoaPlatformFeeoffset)as describedintheapplicableADVbrochure AccountsinvestedintheSelectUMAprogrammayalsopayaseparateSub Managerfee,ifapplicable Ifyouraccountisinvestedinmutualfundsorexchangetradedfunds(collectively"funds"),youwillpaythefeesandexpensesofanyfundsinwhichyouraccountisinvested.Feesandexpensesarecharged directlytothepoolofassetsthefundinvestsinandarereflectedineachfund'sshareprice ThesefeesandexpensesareanadditionalcosttoyouandwouldnotbeincludedintheFeeamountinyouraccount statements TheadvisoryprogramyouchooseisdescribedintheapplicableMorganStanleySmithBarneyLLCADVBrochure,availableatwww morganstanley com/ADV MorganStanleyorExecutingSub Managers,asapplicable,insomeofMorganStanley'sSeparatelyManagedAccount("SMA")programsmayaffecttransactionsthroughbroker dealersotherthanMorgan Stanleyorouraffiliates Insuchinstance,youmaybeassessedadditionalcostsbytheotherfirminadditiontotheMorganStanleyandSub Managerfees Thosecostswillbeincludedinthenetpriceofthe security, not separately reportedontrade confirmations or account statements. CertainSub Managers have historically directedmost, if not all, of their trades tooutside firms. Informationprovidedby Sub ManagersconcerningtradeexecutionawayfromMorganStanleyissummarizedat:www.morganstanley.com/wealth/investmentsolutions/pdfs/adv/sotresponse.pdf.Formoreinformationontrading andcosts,pleaserefertotheADVBrochureforyourprogram(s),availableatwww morganstanley com/ADV,orcontactyourFinancialAdvisor/PrivateWealthAdvisor GENERALDEFINITIONS AnnualizedStandardDeviation:Astatisticalcalculationthatmeasuresthevolatilityofreturnsovertime;thelargerthestandarddeviation,thegreaterthevolatility CumulativeReturn:Methodofcomputingtotalreturnonaninvestmentinwhichreturnsareaddedonayearlybasis Theyear endresultshowsthereinvestmentofdividends,distributedcapitalgains(in caseofmutualfunds)andchangeinthevalueofinvestmentovertime. Dollar-WeightedReturn(InternalRateofReturn):A returncalculationthatmeasurestheactualperformanceofaportfoliooverthereportingperiod Sincedollarweightedreturnsincludetheimpactof clientcontributionsandwithdrawals,theyshouldnotbecomparedtomarketindicesorusedtoevaluatetheperformanceofamanager,butcanbeusedtoevaluateprogresstowardinvestmentgoals. GrossofFees:Performanceresultsdepictedas"gross"offeesdonotreflectthedeductionofanywrapfee,investmentmanagementfee,tradecommissions,and/orotheraccountfees Youractualreturns arelowerafterdeductingthese expenses.Please seethe MorganStanley SmithBarney LLCForm ADVPart2Brochure foradvisory accounts and/orany applicable brokerage accounttradeconfirmation statementsforafulldisclosureoftheapplicablecharges,feesandexpenses YourFinancialAdvisorwillprovidethosedocumentstoyouuponrequest InvestmentEarnings:Acombinationoftheincomereceivedandtotalportfoliovalueincreaseordecrease,excludingnetcontributionsandwithdrawals,overthereportingperiod. NetContributions/Withdrawals:Thenetvalueofcashandsecuritiescontributedtoorwithdrawnfromtheaccount(s)duringthereportingperiod Netcontributionsandwithdrawalsmayincludeadvisory feesforadvisoryaccounts NetofFees:Performanceresultsdepictedas"net"offeesshallmeanthatanywrapfee,investmentmanagementfees,tradecommissions,and/orotheraccountfeeshavebeendeducted Anyotherfeesor expensesassociatedwiththeaccount,suchas thirdparty custodianfees,may nothavebeendeducted PleaseseetheMorganStanley SmithBarney LLCFormADVPart2Brochureforadvisory accounts and/orany applicablebrokerageaccounttradeconfirmationstatements fora full disclosureof theapplicablecharges,fees andexpenses.YourFinancial Advisorwill providethosedocuments toyouupon request Time-WeightedReturn:Areturncalculationthatmeasurestheinvestmentperformanceofaportfoliooverthereportingperiod.Timeweightedreturnsdonotincludetheimpactofclientcontributionsand withdrawals andtherefore, may not reflect the actual rate of returnthe client received Time weightedreturns isolate investment actions andcanbe comparedtobenchmarks andusedtoevaluate the performanceofamanager TotalValue:"TotalValue"representstheMarketValueoftheportfolioorAssetClassreferencedandincludestheaccrualofinterestanddividends.TotalValueintheAssetAllocationviewpriortoJanuary Page 39 of 41

HFRIFOFDiversified:Fund Of Funds (FOF) classified as "Diversified" exhibit one or more of the following characteristics: invests in a variety of strategies among multiple managers; historical annual return and/or a standard deviation generally similar to the HFRI Fund of Fund Composite index; demonstrates generally close performance and returns distribution correlation to the HFRI Fund of Fund Composite Index. A fund in the HFRI FOF Diversified Index tends to show minimal loss in down markets while achieving superior returns in up markets. Returns for HFRI Indices are to be considered estimatedreturnsforthepreviousstatedquarterasHFRImayreviseIndexdatafromtimetotime,asnecessary GenerallyFinalIndexretrunsaremadeavailablebyHFRI4monthsafteraparticularmonth end.PleasecontactyourFinancialAdvisorformoreinformation.

MSCI EAFE Net:The MSCI EAFE Index Europe, Australasia, Far East is a free float adjusted market capitalization index that is designed to measure the equity market performance of developed TheMSCIEAFE Indexconsistsofthefollowing21developedmarketcountryindexes:Australia,Austria,Belgium,Denmark,Finland,France,Germany,HongKong, Ireland,Israel,Italy,Japan,theNetherlands,New Zealand,Norway,Portugal,Singapore,Spain,Sweden,Switzerland,andtheUnitedKingdom(asofJune2014).Nettotalreturnindicesreinvestdividends afterthedeductionofwithholdingtaxes,using(forinternationalindices)ataxrateapplicabletonon residentinstitutionalinvestorswhodonotbenefitfromdoubletaxationtreaties

S&P500TotalReturn:The S&P 500has beenwidely regardedas the bestsingle gauge of the large capU S equities marketsince the indexwas firstpublishedin1957 The indexhas over $5 58trillion benchmarked,withindexassets comprisingapproximately $1.31trillionof this total.The indexincludes 500 leadingcompanies inleadingindustries of the U.S.economy,capturing75% coverage of U.S. equities Thisindexincludesdividendreinvestment

MSCIEMNet:The MSCI EmergingMarkets Indexis a free float adjustedmarket capitalizationindexthat is designedtomeasure equity market performance of emergingmarkets.The MSCI Emerging Markets Index consists of the following 23 emerging market country indexes: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Peru, Philippines,Poland,Qatar,Russia,SouthAfrica,Taiwan,Thailand,Turkey,andUnitedArabEmirates(asofJune2014) Nettotalreturnindicesreinvestdividendsafterthedeductionofwithholdingtaxes, using(forinternationalindices)ataxrateapplicabletonon residentinstitutionalinvestorswhodonotbenefitfromdoubletaxationtreaties.

MSCIAC World exUS Net:The MSCI ACWI Indexis a free float adjustedmarket capitalization weightedindexthat is designedtomeasure the equity market performance of developedandemerging markets.TheMSCIACWIconsistsof46countryindexescomprising23developedand23emergingmarketcountryindexes.Thedevelopedmarketcountryindexesincludedare:Australia,Austria,Belgium, Canada,Denmark,Finland,France,Germany,HongKong,Ireland,Israel,Italy,Japan,Netherlands,New Zealand,Norway,Portugal,Singapore,Spain,Sweden,Switzerland,theUnitedKingdom andthe United States. The emerging market country indexes included are: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Peru, Philippines, Poland,Qatar,Russia,SouthAfrica,Taiwan,Thailand,Turkey,andUnitedArabEmirates(asofJune2014).ThisindexisexcludingtheUnitedStates.Performanceisshowingnetwithholdingtax.Nettotal returnindicesreinvestdividendsafterthedeductionofwithholdingtaxes,using(forinternationalindices)ataxrateapplicabletonon residentinstitutionalinvestorswhodonotbenefitfromdoubletaxation treaties.UsedinthePARISsystem.

FLORIDA ENDOWMENT FND VOC REHAB INC Prepared on August 29, 2022 | Reporting Currency: USD DISCLOSURES 2014doesnotreflecttheaccrualofinterestanddividends.TotalValueforMorganStanley&Co.andExternalaccountsalsodoesnotincludeaccruedinterestanddividends. BENCHMARKDEFINITIONS TheAbleTrust Target Allocation:The current allocation began as of 11/30/2021, andis comprisedof 30 00% Barclays Aggregate, 10 00% HFRI FOF Diversified, 40 00% Russell 3000, 20 00% MSCI AC WorldexUSNet.ThehistoricalconstituentsandallocationsforthisbenchmarkwillbeprovidedbyyourFinancialAdvisortoyouuponrequest. FTSETreasuryBill3Month:Equal dollar amounts of three monthTreasury bills are purchasedatthe beginningof eachof three consecutive months As eachbill matures,all proceeds are rolledover or reinvestedinanewthree monthbill Theincomeusedtocalculatethemonthlyreturnisderivedbysubtractingtheoriginalamountinvestedfromthematurityvalue Theyieldcurveaverageisthebasisfor calculating the return on the index. The index is rebalanced monthly by market capitalization. The 90 Day Treasury Bill is a short term obligation issued by the United States government. T bills are purchasedat a discount tothe full face value, andthe investor receives the full value whenthey mature The difference of discount is the interest earned T bills are issuedindenominations of $10,000 auctionand$1,000incrementsthereafter.

MLDomesticMasterBond:Consists of fixed rate,coupon bearingbonds withanoutstandingpar greater thanor equal to$25 million,a maturity range greater thanor equal toone year,anda ratingof BBB/Baa3andabove.ThisindexalsoincludesYankeeandCanadianbonds.

Page 40 of 41

markets,excludingtheUS andCanada

Russell2000:TheRussell2000Indexconsistsofthe2,000smallestcompaniesintheRussell3000Index,whichgenerallyhasrepresentedapproximately10%ofthetotalmarketcapitalizationoftheRussell 3000Index. Russell2500:The Russell 2500 Indexmeasures the performance of the 2,500 smallest companies inthe Russell 3000 Index, whichrepresents approximately 16% of the total market capitalizationof the Russell3000Index.

FLORIDA ENDOWMENT FND VOC REHAB INC Prepared on August 29, 2022 | Reporting Currency: USD DISCLOSURES MSCIACWorldIMINet:TheMSCIACWorldIMINTtracksthetotalreturnperformanceoftheInvestableMarketsintheMSAllCountryWorldIndex.Theindexismadeupof22developedand23emerging marketsasof1/1/2015 Thissubsetiscalculatedonanetdividendbasis Russell1000Gr:TheRussell1000GrowthIndexisrepresentativeoftheU S marketforlargecapitalizationstockscontainingthosecompaniesintheRussell1000Indexwithhigherprice to bookratiosand higherforecastedgrowth. Russell1000Value:TheRussell1000ValueIndexisrepresentativeoftheU S marketforlargecapitalizationstockscontainingthosecompaniesintheRussell1000Indexwithlowerprice to bookratiosand lowerforecastedgrowth. Russell3000:TheRussell3000Indexmeasurestheperformanceofthe3,000largestU S companiesbasedontotalmarketcapitalization,whichrepresentsapproximately98%oftheinvestableU S equity market. CPI(w/est)+3.5%:CPIw/estimatesPlus35 thisisthemonthlyCPIindexwithanestimateforpriormonth(basedoffoftheavgreturnfortheprior2months) untilthepublishedreturnisavailablearound the17thofthecurrentmonth ThePlus35representthemonthlybreakdownofa35%annualrate HFRIFund Weighted Comp:HFRI FundWeightedComposite Index: Hedge Fund Research (HFR) Fund Weighted Composite Index is an equally weighted composite index including both domestic and offshorefunds,withnoFundofFunds Theindexincludesover2000constituentfunds AllfundsreportassetsinUSDandallfundsreportNetofAllFeesreturnsonamonthlybasis Fundmusthavealeast $50Millionundermanagementorhavebeenactivelytradingforatleasttwelve(12)months. BarclaysAggregate:TheBarclaysUS AggregateBondIndexisabroad basedflagshipbenchmarkthatmeasurestheinvestmentgrade,US dollar denominated,fixed ratetaxablebondmarket Theindex includesTreasuries,government-relatedandcorporatesecurities,MBS(agencyfixed-rateandhybridARMpass-throughs),ABSandCMBS(agencyandnon-agency). Page 41 of 41

The Able Trust Morgan Stanley Steve Harrod As of 8/29/2022 850 S Palafox Street, Suite 200 Financial Advisor Pensacola, FL 32502 PH: 850-470-8001 Target MV NMLS #1268386 9,322,033$ Asset Class Manager/ Fund Description AccountTicker # 514-065105 514-066530 514-064261 Type PM AI UMA Cash Cash MORGAN STANLEY BANK N.A. BDPS $105,709 $10,147 $0 $115,856 1.2% 1.0% 1.0% -0.2% -$22,636 $93,220 $105,709 $10,147 $0 $115,856 1.2% 1.0% 1.0% -0.2% -$22,636 $93,220 Bonds Short Term Bonds Vanguard Short Term BSV $1,565,459 $1,565,459 16.8% 16.7% 9.0% -0.1% -$8,679 $1,556,780 Core Bond Voya Intermediate Bond IICIX $118,325 $118,325 1.3% 1.0% 0.0% -0.3% -$25,105 $93,220 Core Bond Federated Core Plus FED-6 $0 $936,036 $936,036 10.0% 10.0% 10.0% 0.0% -$3,833 $932,203 $1,683,784 $0 $936,036 $2,619,820 28.1% 27.7% 19.0% -0.4% -$37,617 $2,582,203 Equity Large Cap Value JP Morgan Equity Income FLM-9 $0 $1,412,950 $1,412,950 15.2% 14.5% 14.5% -0.7% -$61,255 $1,351,695 LC Core S&P 500 SPY $0 $0 $0 $0 0.0% 0.0% 4.0% 0.0% $0 $0 Large Cap Growth ClearBridge LC Growth CBE-D $0 $1,149,424 $1,149,424 12.3% 12.5% 13.0% 0.2% $15,830 $1,165,254 Smid Core Kayne Anderson SMID Core KAY-1 $0 $478,899 $478,899 5.1% 5.0% 5.5% -0.1% -$12,797 $466,102 Smid Core Ancora/Thelen SMID Core NOA-1 $0 $273,395 $273,395 2.9% 3.0% 3.0% 0.1% $6,266 $279,661 International Value Delaware International Value DCM-I $0 $356,493 $356,493 3.8% 4.0% 4.0% 0.2% $16,388 $372,881 International Core Capital Group International ADR CPG-2 $0 $699,749 $699,749 7.5% 7.0% 8.0% -0.5% -$47,207 $652,542 International Growth Clearbridge International Growth CBE-7 $0 $350,624 $350,624 3.8% 3.0% 4.0% -0.8% -$70,963 $279,661 Emerging Markets JP Morgan EM JEMSX $169,368 $0 $169,368 1.8% 2.0% 2.0% 0.2% $17,073 $186,441 Emerging Markets Martin Curry MRE-1 $0 $182,366 $182,366 2.0% 2.0% 2.0% 0.0% $4,075 $186,441 $169,368 $0 $4,903,900 $5,073,268 54.4% 53.0% 60.0% -1.4% -$132,591 $4,940,677 Total Alternative/Abs Return Private Real Estate Blackstone Real Estate Income Trust BREIT $0 $577,089 $577,089 6.2% 6.2% 5.0% 0.0% $877 $577,966 Multi Strategy Hedged Millennium $0 $119,396 $119,396 1.3% 1.5% 5.0% 0.2% $20,434 $139,830 Multi Strategy FoF Hudson Bay $0 $553,094 $553,094 5.9% 6.0% 5.0% 0.1% $6,228 $559,322 Equity Hedged SEG Partners Long / Short $0 $263,510 $263,510 2.8% 2.8% 2.5% 0.0% -$2,493 $261,017 Equity Hedged Private Credit TBD $0 $0 $0 0.0% 1.8% 2.5% 1.8% $167,797 $167,797 $0 $1,513,089 $0 $1,513,089 16.2% 18.3% 20.0% 2.1% $192,843 $1,705,932 Total $1,958,861 $1,523,236 $5,839,936 $9,322,033 100.0% 100.0% 100.0% 0.0% $0 $9,322,033 The Able Trust TotalTotalAlternativesPortfolio The information and data contained in this report are from sources considered reliable, but their accuracy and completeness is not guaranteed. This report has been prepared for illustrative purposes only and is not intended to be used as a substitute for monthly transaction statements you receive on a regular basis from Morgan Stanley Smith Barney LLC. Please compare the data on this document carefully with your monthly statements to verify its accuracy. The Company strongly encourages you to consult with your own accountants or other advisors with respect to any tax questions. Morgan Stanley Smith Barney LLC. Member SIPC Target MV Total Cash Total Bonds Total Stocks The Able Trust ConsolidatedBalance Percent of Total ProposedTarget Difference RebalanceDollarThe Able Trust LongTargetTerm

CLIFFWATER DIRECT LENDING INDEX

The Cliffwater Direct Lending Index (CDLI) seeks to measure the unlevered, gross of fee performance of U.S. middle market corporate loans, as represented by the asset-weighted performance of the underlying assets of Business Development Companies (BDCs), including both exchange-traded and unlisted BDCs, subject to certain eligibility requirements. can’t define an asset class without an index. developed the first published and widely accepted index that tracks performance of private middle market loans, the largest segment of the private credit market. debt is a popular asset class. were there first. asset-weighted index of over 8,000 directly originated middle market totaling $223 billion. Cliffwater. with $106B total assets.

loans

Private

Constructed by

An authority on private debt

($96B AUA and $10B AUM)1 Comparing Risk and Return Across Select Asset Classes (Q4 2004 through Q1 2022 Annualized) 0 106 14 204 12 188 16 10042681214 VOLATILITY (%) (%)RETURNS CDLIBloombergUSAggregate Index S&P/LSTA Leveraged Loan Index S&P 500 Index Bloomberg US Corporate High Yield Index 1As of April 30, 2022. 2 IndexStartSnapshotDate 2004 Yield 7.70% Assets $223B Number of Loans 8,000+ *Data as of 03/31/22

You

Asset Seniority Asset Seniority displays the composition by seniority of the underlying assets of the individual BDCs included in the CDLI. Information is updated quarterly based on company SEC filings. 202220212020201920182017201620152014201320122011201020092008200720062005 (Q1) Bloomberg US Aggregate Index -2.025.244.332.436.975.936.547.844.225.970.552.653.540.018.727.51-1.54-5.93 LeveragedS&P/LSTALoanIndex -29.105.066.735.4951.6210.131.529.665.291.60-0.6910.164.120.448.643.125.22-0.09 Bloomberg High Yield Bond Index -26.1511.852.741.87 58.21 15.124.98 15.81 -4.472.457.44 17.13 -2.087.50 14.32 -4.845.287.1112.6810.2313.7010.10-6.5013.1815.799.7514.039.575.5411.248.628.079.005.4212.781.76 CDLI Industry Composition Industry Composition displays the diversification among the constituents of the CDLI. Weights are determined by the aggregate fair value of the loans. Visit www.cliffwaterdirectlendingindex.com to learn more or contact us at cdli@cliffwater.com Annual Returns (%) Through March 31,2022 SENIOR DEBT 77% 19% 22% 15%10%2% 3% 14% 14% 3%6%2%1%3% 5% 11%8% SUBORDINATEDDEBT OTHER INFORMATIONTECHNOLOGY MATERIALS INDUSTRIALS DISCRETIONARYCONSUMER HEALTHCARE FINANCIALS TELECOMUTILITIESOTHER CONSUMERSTAPLES ENERGY BUSINESSESTATEREALSERVICES EQUITY *Blue boxes denote the best performing Index, relative to those shown in the table above, for each respective calendar year.

THE INDEX AND THE INFORMATION CONTAINED ON THE WEBSITE IS DERIVED FROM SOURCES THAT ARE CONSIDERED RELIABLE, BUT CLIFFWATER DOES NOT GUARANTEE THE VERACITY, CURRENCY, COMPLETENESS OR ACCURACY OF THE INDEX OR OTHER INFORMATION FURNISHED IN CONNECTION WITH THE INDEX OR OTHERWISE ON THE WEBSITE. NO REPRESENTATION, WARRANTY OR CONDITION, EXPRESS OR IMPLIED, STATUTORY OR OTHERWISE, AS TO CONDITION, SATISFACTORY QUALITY, PERFORMANCE, OR FITNESS FOR PURPOSE ARE GIVEN OR DUTY OR LIABILITY ASSUMED BY CLIFFWATER IN RESPECT OF THE INDEX OR ANY INFORMA TION CONTAINED ON THE WEBSITE, OMISSIONS THEREFROM OR THE USE OF THE INDEX IN CONNECTION WITH ANY PRODUCT, AND ALL THOSE REPRESENTATIONS, WARRANTIES AND CONDITIONS ARE EXCLUDED SAVE TO THE EXTENT SUCH EXCLUSION IS PROHIB ITED BY APPLICABLE LAW.

Any information presented prior to the Launch Date (September 30, 2015) of the Index is back-tested. Back-tested performance is not actual performance, but is hypothetical. Unless otherwise indicated, the back-tested calculations are based on the same methodology that was in effect when the Index was officially launched.

Inclusion in the Index of the assets held by a BDC does not in any way reflect an opinion of Cliffwater regarding the investment merits of such assets or the BDC, nor should it be interpreted as an offer to buy or sell such assets or the BDC. None of the assets included in the Index or their respective BDCs has given any real or implied endorsement or support to Cliffwater or to the Index. Cliffwater has no obligation to take the needs of a person investing in a Product or any other person into consideration in determining, composing or calculating the Index.

THE INDEX AND THE INFORMATION CONTAINED ON THE WEBSITE MAY INCLUDE INACCURACIES OR TYPOGRAPHICAL ERRORS.

Cliffwater may receive compensation in connection with licensing the Index to third parties. All information provided on the Website is impersonal and not tailored to the needs of any person or group of persons. Cliffwater reserves the right at any time, and without notice, to change, amend, or cease publication of the Index.

The eligibility criteria for the Index may be adjusted from time to time, including to address changes in industry trends. Any material adjustments will be publicly Itannounced.isexpressly forbidden to disseminate this content, or to use this content, or any portion thereof, for purposes of investment management, advice, benchmarking, or any other commercial or private purpose, except under terms granted under separate contract by Cliffwater.

To the fullest extent permitted by applicable law, Cliffwater shall have no liability or responsibility to any person for any loss, damages, costs, charges, expenses or other liabilities, including without limitation liability for any special, punitive, indirect or consequential damages (including, without limitation, lost profits, lost time and goodwill), even if notified of the possibility of such damages, whether arising in tort, contract, strict liability or otherwise, in connection with the use of the Index, any Product or any information contained on the Website.

The Cliffwater Direct Lending Index (the “Index”) is owned exclusively by Cliffwater LLC (“Cliffwater”), and is protected by law including, but not limited to, United States copyright, trade secret, and trademark law, as well as other state, national, and international laws and regulations. All information on the performance and Index characteristics is and shall remain the exclusive property of Cliffwater. All content is provided for informational purposes only. Cliffwater provides this informa tion on an “as is” and “as available” basis, without any warranty of any kind, whether express or implied. Past performance of the Index is not an indication of future results. It is not possible to invest directly in the Index. The Index returns shown are not based on actual advisory client returns and do not reflect the actual trading of investible assets. The performance of the Index has not been reviewed by an independent accounting firm and has been prepared for informational purposes only.

Exposure to the asset class represented by the Index is available through investing in a fund, account or other financial product (each, a “Product”) referencing the Index. Products that reference the Index may not be sponsored or endorsed by Cliffwater, and in such cases, Cliffwater does not make any representation regarding the advisability of investing in them. Cliffwater makes no assurance that any Product referencing the Index will accurately track Index performance or provide posi tive investment returns. No representation is being made that any person that invests in a Product will or is likely to achieve results similar to those presented herein. A decision to invest in a Product should not be made in reliance on any of the statements set forth on this website (the “Website”).

The data universe of the Index is comprised of all underlying assets held by business development companies (a “BDC”) that satisfy certain eligibility requirements.

Another limitation of back-tested hypothetical information is that generally the back-tested calculation is prepared with the benefit of hindsight. Back-tested data reflect the application of the Index methodology and selection of Index constituents in hindsight. No hypothetical record can completely account for the impact of financial risk in actual trading. For example, there are numerous factors related to the financial markets in general which cannot be, and have not been accounted for in the preparation of the Index information set forth, all of which can affect actual performance.

Index returns do not reflect payment of any sales charges or fees a person may pay to purchase the assets underlying the Index or a Product that is intended to track the performance of the Index. The imposition of these fees and charges would cause the actual and back-tested performance of these assets or Products to be lower than the Index performance shown.

CLIFFWATER and the CLIFFWATER LLC logo are trademarks of Cliffwater LLC.

When Cliffwater was unable to determine the nature of a BDC’s investments because of limited information included in historical SEC filings, Cliffwater did not apply the portfolio composition criteria (a substantial majority (approximately 75%) of reported total assets are represented by direct loans made to corporate bor rowers, as categorized by each BDC and subject to Cliffwater’s discretion) to the BDC. In addition, the criteria regarding the timing of SEC filings was not applied for periods prior to the Launch Date. All other eligibility criteria were applied to determine whether to include the BDC in the historical CDLI composition and return. Index returns generally are published 75 days after calendar quarter-end.

Important Disclosures

DUE TO VARIOUS FACTORS, INCLUDING THE INHERENT POSSIBILITY OF HUMAN OR MECHANICAL ERROR, THE ACCURACY, COM PLETENESS, TIMELINESS AND CORRECT SEQUENCING OF SUCH INFORMATION AND THE RESULTS OBTAINED FROM ITS USE ARE NOT GUARANTEED BY CLIFFWATER.

Please refer to the methodology paper for the Index (available at www.CliffwaterDirectLendingIndex.com) for more details about the Index, including the Base Date/Value (September 30, 2004 at 1,000) and the Launch Date of the Index and the manner in which the Index is reconstituted and the eligibility criteria for the Index. Prospective application of the methodology used to construct the Index may not result in performance commensurate with any back-tested returns shown. The back-test period does not necessarily correspond to the entire available history of the Index.

08-26-2022 Stephen Harrod The Able Trust Finance Committee 08-29-2022 Analysis as of: Portfolio Analysis Prepared for Prepared by Report Generated on:

2 of 31 Table of Contents Executive Summary 3 Account(s) Included in This Report 4 Summary 5 Asset Allocation (Multi-Asset Look Through) 6 Characteristics 7 Equity Allocation by Style 8 Equity Allocation by Sector 9 Equity Allocation by Region 10 Fixed Income Allocation by Credit Quality 11 Fixed Income Allocation by Maturity 12 Fixed Income Allocation by Sector 13 Tail Risk 14 Securities Proxied 15 Disclosure 16-27 Glossary 28-31

2022-08-26Analysis as of:Executive Summary 3

Commonly, the higher the volatility, the riskier is the security or portfolio. Stress testing is available to illustrate how your portfolio might react under a certain market scenario or set of events.

This report helps you better understand the risks within your portfolios held at Morgan Stanley and at other financial institutions which you may have shared with us. This report presents portfolio characteristics, as well as estimates of portfolio volatility and stress test results. The report estimates volatility by analyzing the positions in your portfolio.

Theperformance.Reportallows you to review and compare the results of the Risk Analysis of your Current Portfolio against a Risk Profile Benchmark, and hypothetical Alternate Portfolio, if depicted, of positions that you may or may not own, or may not own in the same quantities. The Alternate Portfolio, if depicted in this report, including the asset allocation and particular securities in the Alternate Portfolio, are hypothetical illustrations only.

The purpose of the Risk Profile Benchmark is to assist you in understanding the risk in your portfolio referenced in this report against your stated risk profile. The Risk Profile Benchmark may be different than the one used to compare your portfolio

The Hypothetical Results Illustrated in this Report for Your Current Portfolio and/or Alternate Portfolio are not and should NOT be construed as a guarantee of future performance. The factor models used to generate these results may contain errors or faulty assumptions.

Morgan Stanley is not recommending that you adopt the hypothetical Alternate Portfolio shown in this Report or any of its components. Rather, we are presenting it so that you have a basis for comparison when you consider the risk characteristics of your current holdings. After discussing with you the analyses in this Report, and your ability and willingness to take risk, your Financial Advisor can work with you to construct a portfolio designed to meet your needs.

Please refer to the Important Disclosures and Glossary at the end of this Report for additional information, including a description of the assumptions and methodologies used throughout and definitions of key terminology.

Each account included in the report is assigned a risk profile based the account’s risk tolerance, investment objectives, investment horizon, and liquidity needs. Risk profiles range from Wealth Conservation (more conservative) to Opportunistic Growth (more aggressive).

2022-08-26Analysis as of:Account(s) Included in This Report 4 of 31 Account MarketCurrentValue %CurrentWeight Current Risk (% of Total) 514-XXX261 5,860,012.47 62.76 92.76 514-XXX105 1,963,397.49 21.03 3.41 514-XXX530 1,513,088.85 16.21 3.83 Total 9,336,498.81 100.00 100.00

2022-08-26Analysis as of: Asset AllocationTopVolatility5Holdings 5 of 31 The volatility estimates provided above represent the hypothetical, projected volatility over a 12 month period beginning from the date of this Report. Volatility is an estimate of expected fluctuation in a portfolio's return. Commonly, the higher the volatility is, the riskier the security or portfolio. Volatility is calculated by mapping the holdings of your Current Portfolio, the Alt. Portfolio and the Risk Profile Benchmark to each of the risk factors referenced herein that represent the drivers of risk and return. No tool has the ability to accurately predict the future, eliminate risk or guarantee investment results. Please refer to the Important Disclosure at the end of this Report for additional information, including a description of the assumptions and methodologies used to calculate this projected volatility. May include manually added and/or external accounts, assets and/or liabilities, as applicable, not held at Morgan Stanley Wealth Management. Please see important Disclosures for more information. 0 10 20 8.23 Current 9.24 Benchmark Current Benchmark Current (%) Benchmark (%) Difference (%) CASH 2.36 0.00 2.36 EQUITIES 52.50 60.00 -7.50 FIXED INCOME & PREFERREDS 28.11 30.00 -1.89 ALTERNATIVES 17.03 10.00 7.03 Sec ID Description Asset Class Weight (%) BSV Vanguard Short-Term Bond Index Fund ETF Shares FIXED INCOME & PREFERREDS 16.82 BBF37 BLACKSTONE REIT ALTERNATIVES 6.18 BMW77TFX2 HUDSON BAY LTD - ADVISORY ALTERNATIVES 5.92 BBZ77 SEG PARTNERS OFFSH CLASS I ALTERNATIVES 2.82 CASH-BDPS BANK DEPOSIT PROGRAM CASH 2.30

2022-08-26Analysis as of:Asset Allocation May include manually added and/or external accounts, assets and/or liabilities, as applicable, not held at Morgan Stanley Wealth Management. Please see important Disclosures for more information. Multi-Asset class products are broken out into their respective asset classes for a weighted average calculation of allocation exposures and characteristics. 6 of 31 (%) 2.72 52.49 27.76 17.03 -0.00 0.00 0.17 57.12 29.83 1.80 1.09 Current Benchmark EQUITIESCASH FIXED INCOME & STRUCTUREDANNUITIESALTERNATIVESPREFERREDS&INSURANCEINVESTMENTSOTHERUnknown 0 10 20 30 40 50 60-10

2022-08-26Analysis as of:Characteristics Equity Sleeve Characteristics Portfolio Characteristics Fixed Income Sleeve Characteristics 7 of 31Please refer to the Glossary at the back of this Report for more information about each of the portfolio characteristics referenced above. Multi-Asset class products are broken out into their respective asset classes for a weighted average calculation of allocation exposures and characteristics.Current Benchmark Avg. Duration 1.08 2.01 Avg. 12M Trailing Yield (%) 1.38 1.88 Beta to S&P 500 0.53 0.59 Current Benchmark P/B Ratio 2.98 2.67 P/E Ratio 19.52 16.01 Return On Assets (%) 9.39 4.23 Current Benchmark Avg. Duration 3.85 6.69 Yield to Maturity 3.01 3.78

2022-08-26Analysis as of:Equity Allocation by Style Multi-Asset class products are broken out into their respective asset classes for a weighted average calculation of allocation exposures and characteristics.8 of 31 (%) 19.34 29.07 29.81 3.30 5.45 4.78 6.35 1.05 0.45 0.25 0.15 21.54 28.22 29.66 4.37 4.35 4.12 5.40 1.06 1.23 0.05 0.01 Current Benchmark Large Value Large Blend Large NonSmallSmallSmallMidMidMidGrowthValueBlendGrowthValueBlendGrowthOtherTransparent 0 2.5 5 7.5 10 12.5 15 17.5 20 22.5 25 27.5 30 32.5

2022-08-26Analysis as of:Equity Allocation by Sector Multi-Asset class products are broken out into their respective asset classes for a weighted average calculation of allocation exposures and characteristics.9 of 31 (%) 3.55 11.02 14.11 1.57 4.91 4.31 14.72 19.82 7.03 15.05 3.40 0.52 0.00 4.60 11.45 14.37 3.11 7.12 5.28 10.07 21.13 7.10 12.38 3.17 0.22 0.00 Current Benchmark Basic CommunicationConsumerMaterialsCyclicalFinancialServicesRealEstateServicesEnergyIndustrialsTechnologyConsumerDefensiveHealthcareUtilitiesOtherNonTransparent 0 2.5 5 7.5 10 12.5 15 17.5 20 22.5

2022-08-26Analysis as of:Equity Allocation by Region Multi-Asset class products are broken out into their respective asset classes for a weighted average calculation of allocation exposures and characteristics.10 of 31 (%) 62.76 1.45 4.79 16.55 0.03 0.32 4.98 0.96 4.16 4.00 67.38 1.13 3.64 11.46 0.11 1.40 4.74 1.80 3.54 4.80 0.00 Current Benchmark North America Latin America United Kingdom Europe Africa/MiddleEuropeDevelopedEmergingEastJapanAustralasiaAsiaDevelopedAsiaEmergingOtherNonTransparent 0 10 20 30 40 50 60 70 80

2022-08-26Analysis as of:Fixed Income Allocation by Credit Quality The above Fixed Income Allocation by Credit Quality only includes fixed income securities and mutual funds and ETFs. This Report leverages ratings from Moody's, S&P, and Fitch. In the case where a security is rated by all three agencies, the middle of those three ratings is used. In the case where the security is rated by two of the agencies, the lower of the two ratings is used. In the case where the security is rated by only one agency, that rating is used. Finally, if the security is not rated by any agencies, the security is noted as “Not Rated/Unknown”. For additional credit rating details please visit the following: https://www.morganstanley.com/creditratings. Multi-Asset class products are broken out into their respective asset classes for a weighted average calculation of allocation exposures and characteristics. 11 of 31 (%) 63.26 5.57 16.06 13.73 0.59 0.25 0.08 0.04 0.43 72.76 2.77 10.81 12.79 0.00 0.00 0.85 0.01 Current Benchmark NotBelowAAAAAABBBBBBBRatedOther Non Transparent 0 10 20 30 40 50 60 70 80

2022-08-26Analysis as of:Fixed Income Allocation by Maturity The above Fixed Income Allocation by Maturity only includes fixed income securities and mutual funds and ETFs. Multi-Asset class products are broken out into their respective asset classes for a weighted average calculation of allocation exposures and characteristics. 12 of 31 (%) 4.96 36.19 31.89 5.22 6.64 2.23 0.87 10.04 0.71 1.25 1.06 19.81 15.91 10.19 8.88 4.54 6.69 31.66 1.25 Current Benchmark < 1 Year 1 to 3 Years 3 to 5 Years 5 to 7 Years 7 to 10 Years 10 to 15 Years 15 to 20 Years 20 to 30 Years > 30 YearsOther Cash/Non Transparent 0 5 10 15 20 25 30 35 40

2022-08-26Analysis as of:Fixed Income Allocation by Sector The above Fixed Income Allocation by Sector only includes fixed income securities and mutual funds and ETFs. Multi-Asset class products are broken out into their respective asset classes for a weighted average calculation of allocation exposures and characteristics. 13 of 31 (%) 51.81 4.06 32.80 0.00 1.34 7.37 0.40 0.24 0.72 0.02 0.00 -0.00 -0.00 1.24 0.00 41.27 1.25 26.55 27.19 0.28 1.92 0.36 0.64 0.55 Current Benchmark CashNon-AgencyAgencyGovernmentGovRelatedCorporateBankLoanConvertiblePreferredMBSMBSCMBSAssetBackedCoveredBondTaxableMuniMunicipalFutureForwardOptionWarrantSwapandEquivalentsOtherNonTransparent -5 0 5 10 15 20 25 30 35 40 45 50 55

14 of 31 Tail Risk 2022-08-26Analysis as of: The tables above show the hypothetical Tail Risk of your Current portfolio, the Alternate portfolio, and the Risk Profile Benchmark. Tail Risk analysis uses a 95% Value at Risk (VaR) to measure the minimum worst expected monthly loss under normal market conditions over a period of 60 months at the 5% confidence level. Expected Shortfall at 95% confidence measures the average of the worst 5% monthly returns over a period of 60 months. Value at Risk and Expected Shortfall are expressed as a percentage of portfolio net asset value. The information provided is not an indication or a guarantee of future results. Please refer to the Important Disclosure at the end of this Report. % -4.47 -5.41-5.43 -6.44 Current Benchmark 1 Mth 95% Value at Risk Expected Shortfall -2.5-7.5-50 Current (USD) Current Benchmark VaR -417,395.47 -4.47 -5.41 Expected Shortfall -506,883.04 -5.43 -6.44

For certain investments, due to either a lack of price history or a lack of information about the characteristics of the investment, this Report has attempted to simulate risk statistics for the investment in question through the use of a proxy based on available information. Investments that have a Proxy Status labeled “Y” indicates that a proxy has been used to model the risk of that specific investment for these reasons. Certain hedge funds are proxied based on their historical returns, which may over- or under-estimate risk metrics. These proxies are referred to as “Regression”. Structured Investments that have a Proxy Status labeled “Not Modeled” are current or proposed holdings for which a proxy has been used to model the risk of the Structured Investment due to either a) the specific investment’s Terms and Conditions being unavailable to model or b) a risk model for the specific investment’s Terms and Conditions not yet having been developed. The Bitcoin risk exposure proxy is based on the volatility of the current front month bitcoin futures contract. While Morgan Stanley makes every effort to provide an appropriate proxy, it is possible that the proxy selected is not a representative of a specific investment’s risk factors. In cases where a proxy is used for an investment that is a large portion of a portfolio, the impact on risk statistics shown could be material. Investments that have a Proxy Status labeled “N” indicates that a proxy has not been used and that specific investment’s risk factors were used to model that investment’s risk.

2022-08-26Analysis as of:Securities Proxied

15 of 31 Account Number Sec ID Name Proxy Status Proxy Value MarketCurrentValue %CurrentWeight ALTERNATIVES 1,513,088.85 16.21 514-XXX530 BBF37 BLACKSTONE REIT Y Regression 577,088.83 6.18 514-XXX530 BMW77TFX2 HUDSON BAY LTD - ADVISORY Y HFRXRVA Factor 553,094.34 5.92 514-XXX530 BBZ77 SEG PARTNERS OFFSH CLASS I Y HFRXGL Factor 263,509.77 2.82 514-XXX530 BMW756V81 ICAP MILLENNIUM LTD. HH-2C Y Regression 61,895.91 0.66 514-XXX530 BMW7BQYE4 ICAP MILLENNIUM LTD. HH-2C CPV Y HFRXGL Factor 57,500.00 0.62

This Report is not a financial plan. A financial plan generally seeks to address a wide spectrum of your long-term financial needs, and can include recommendations about insurance, savings, tax and estate planning, and investments, taking into consideration your goals and situation, including anticipated retirement or other employee benefits. Morgan Stanley will only prepare a financial plan at your specific request using Morgan Stanley approved financial planning software. If you would like to have a financial plan prepared for you, please consult with a Morgan Stanley Financial Advisor.

2022-08-26Analysis as of:Disclosure 16

Morgan Stanley is a member of SIPC. Securities in your account are protected up to $500,000. Morgan Stanley is not a bank. For details, please see www.sipc.org. Where appropriate, Morgan Stanley has entered into arrangements with banks and other third parties to assist in offering certain banking related products and services.

Sources and Information

What is the differences between a brokerage and an investment advisory relationship

Accuracy

Although the statements of fact and data in this Report have been obtained from, and are based upon, sources that we believe to be reliable, we do not guarantee their accuracy, and any such information may be incomplete or condensed. All information included in this Report constitutes our judgment as of the date of this material and are subject to change without notice. This Report is provided for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security or to participate in any trading strategy.

This is not a financial plan

SIPC insurance does not apply to precious metals, other commodities, or traditional alternative investments.

This Report was prepared using a brokerage tool and not an advisory tool. While this Report may include analysis of securities held in an advisory account, Morgan Stanley is not acting as your investment adviser with respect to this presentation. Morgan Stanley will only act as your investment adviser pursuant to separately executed advisory agreements. When providing you brokerage services, our legal obligations to you are governed by the Securities Act of 1933, the Securities Exchange Act of 1934, the rules of self-regulatory organizations such as the Financial Industry Regulatory Authority (FINRA), regulations relating to retirement accounts and state securities laws, where applicable. When providing you advisory services, our legal obligations to you are governed by the Investment Advisers Act, Federal statutes and regulations relating to retirement accounts, and applicable state securities laws. Please reach out to your Financial Advisor if you have questions about your rights and our obligations to you, including the extent of our obligations to disclose conflicts of interest and to act in your best interest. For additional answers to questions about the differences between our advisory and brokerage services, please consult with your Financial Advisor or review our Understanding Your Brokerage and Investment Advisory Relationships brochure available at www.morganstanley.com/ourcommitment/. For more information regarding Morgan Stanley’s role with respect to retirement accounts, please visit www.morganstanley.com/disclosures/dol.

SIPC and FDIC

Under the Bank Deposit Program, generally cash balances held in account(s) at Morgan Stanley Smith Barney LLC (“MSSB”) are automatically deposited by MSSB into an interest bearing FDIC‐insured deposit account(s), at Morgan Stanley Bank, N.A. and/or Morgan Stanley Private Bank, National Association, each a national bank, Member FDIC, and an affiliate of MSSB. Detailed information on federal deposit insurance coverage is available on the FDIC’s website (https://www.fdic.gov/deposit/deposits/). Cash balances generally include the uninvested cash in a client’s account(s) minus certain items such as purchase transactions due to settle within a specified time period, other charges to a client’s account(s), and cash balances that are designated as collateral for a client’s obligations.

Investment, insurance and annuity products offered through Morgan Stanley are: NOT FDIC INSURED | MAY LOSE VALUE | NOT BANK GUARANTEED | NOT A BANK DEPOSIT | NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY

This Portfolio Analysis report (“Report”) and the information provided herein is generated by Morgan Stanley Smith Barney LLC (“Morgan Stanley”), a registered broker-dealer and investment adviser. The assumptions used in this Report incorporate portfolio risk and scenario analysis employed by BlackRock Solutions (“BRS”), a financial technology and risk analytics provider that is independent of Morgan Stanley. BRS’ role is limited to providing risk analytics to Morgan Stanley, and BRS is not acting as a broker dealer or investment adviser, nor does it provide investment advice with respect to this Report. Morgan Stanley has validated and adopted the analytical conclusions of these risk models. This Report is not intended to be a substitute for the official account statements that you receive from Morgan Stanley. The information in this Report is approximate and subject to adjustment, updating and correction. To the extent there are any discrepancies between your regular account statement and this Report, you should rely on the regular account statement. The information in this Report is based on Morgan Stanley account information, as well as external account information that you or your custodian may have provided by you to your Financial Advisor. External account information is not verified by Morgan Stanley. Please inform your Financial Advisor if any external accounts/holdings/securities information is not accurate. Any recommendations regarding external accounts/holdings are asset allocation only and do not include security recommendations.

Non 40 Act Exchange Traded Funds Prospectuses, Options Disclosure Document and Research Reports Legal

Certain products (e.g. mutual funds, unit investment trusts, exchange traded funds, hedge funds, options, alternative investments, commodities, managed futures and private equity) that may be referenced here, and are not currently held by you, are only sold either via disclosure document, prospectus or confidential offering memorandum. For stocks not currently held by you, a Morgan Stanley research report (if available) will be provided by your Financial Advisor before you purchase such stocks. Please consult your Financial Advisor or Private Wealth Advisor for more information. For more information regarding Morgan Stanley research disclosures, please visit our disclosure website at: https://www.morganstanleysmjthbarney.com/disclosures

What are the limitations of Hypothetical Projections?

Morgan

The advisory program you choose is described in the applicable Morgan Stanley Smith Barney LLC ADV Brochure, available at www.morganstanley.com/ADV. Overlay Managers or Executing Sub-Managers (“managers”) in some of Morgan Stanley’s Separately Managed Account (“SMA”) programs may affect transactions through broker-dealers other than Morgan Stanley or our affiliates. If your manager trades with another firm, you may be assessed costs by the other firm in addition to Morgan Stanley’s fees. Those costs will be included in the net price of the security, not separately reported on trade confirmations or account statements. Certain managers have historically directed most, if not all, of their trades to outside firms. Information provided by managers concerning trade execution away from Morgan Stanley is summarized at: www.morganstanley.com/wealth/investmentsolutions/pdfs/adv/sotresponse.pdf. For more information on trading and costs, please refer to the ADV Brochure for your program(s), available at www.morganstanley.com/ADV, or contact your Financial Advisor/Private Wealth Advisor.

Generally, investment advisory accounts are subject to an annual asset-based fee (the “Fee”) which is payable monthly in advance (some account types may be billed differently). In general, the Fee covers Morgan Stanley investment advisory services, custody of securities with Morgan Stanley, trade execution with or through Morgan Stanley or its affiliates, as well as compensation to any Morgan Stanley Financial Advisor. In addition, each account that is invested in a program that is eligible to purchase certain investment products, such as mutual funds, will also pay a Platform Fee (which is subject to a Platform Fee offset) as described in the applicable ADV brochure. Accounts invested in the Select UMA program will also pay a separate Morgan Stanley Overlay Manager Fee and any applicable SubManager fees. If your account is invested in mutual funds or exchange traded funds (collectively “funds”), you will pay the fees and expenses of any funds in which your account is invested. Fees and expenses are charged directly to the pool of assets the fund invests in and are reflected in each fund’s share price. These fees and expenses are an additional cost to you and would not be included in the Fee amount in your account statements.

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What are Stanley Expenses and tax information

Certain securities referred to in this Report may not have been registered under the US Securities Act of 1933, as amended, and, if not, may not be offered or sold absent an exemption there from . Recipients are required to comply with any legal or contractual restrictions on their purchase, holding, sale, exercise of rights or performance of obligations under any securities/instruments transaction.

This Report does not include the effect of taxes, account fees, advisory program fees, performance fees, and commissions that could materially affect the illustration provided and the decisions that you may make. The inclusion of these factors will reduce any hypothetical values referenced herein.

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Investment Advisory Programs? Taxes, Fees, and

IMPORTANT: The projections or other information provided in this Report regarding the likelihood of various investment outcomes (including any assumed rates of return and income) are hypothetical in nature, do not reflect actual investment results, and are not guarantees of future results. This Report does not purport to recommend or implement a specific investment strategy or securities transaction.

Please note: Options and non-1940 Investment Company Act registered funds included in Alternate Portfolio but not currently held by the recipient, must be preceded or accompanied by the applicable options disclosure document and/or prospectuses.

2022-08-26Analysis as of:Disclosure 17

• There are frequently large differences between hypothetical and actual results.

The risk of a specific investment may be more or less than the risk results generated in this Report and results may vary with each use and over time. They are subject to actual known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those shown. The information is as of the date of this report or as otherwise noted within this Report. Morgan Stanley expressly disclaims any obligation or undertaking to update or revise any statement or other information contained herein to reflect any change in past results, future expectations or circumstances upon which that statement or other information is based.

The model identifies observable technical or fundamental characteristics of the portfolio’s holdings (“risk factors”) that are demonstrated to explain the volatility of securities prices. The composition of the portfolio’s exposure to these risk factors, the volatility levels of the risk factors themselves and the correlation between them all come together to determine the risk estimate. This risk estimate may differ (sometimes significantly) from historical, realized volatility, depending on the time period and assumptions of the risk model. In order to estimate a portfolio’s ex-ante, or projected, risk, the model decomposes its holdings into exposures to their underlying risk factors. Historical volatility and correlations across the factors is taken into account in order to estimate the total risk of the overall portfolio.

The model uses 10 years of monthly history equally weighted in order to estimate the volatility and correlations between factors. Note that estimates of risk will change over time as the 10 years of monthly history changes; in particular, estimates of risk will change as the financial crisis, of late 2008 and early 2009, is no longer included in the 10 years of history.

Risk is a holdings based ex-ante volatility (annualized one standard deviation) of the portfolio, which provides an estimate of the range of outcomes that the portfolio may experience over a 1 year horizon. Commonly, the higher the volatility, the greater the range of potential outcomes experienced by the security or portfolio.

Financial forecasts, rates of return, risk, inflation, and other assumptions may be used as the basis for illustrations in this Report. . They should not be considered a guarantee of future performance or a guarantee of achieving overall financial objectives. All results use simplifying estimates and assumptions. . All results use simplifying estimates and assumptions that are based on historical market data and are not tailored to your specific investment returns and risk characteristics.

How is risk estimated?

2022-08-26Analysis as of:

• Hypothetical results do not represent actual results and are generally designed with the benefit of hindsight.

Hypothetical investment results have inherent limitations:

Disclosure

• They cannot account for all factors associated with risk, including the impact of financial risk in actual trading or the ability to withstand losses or to adhere to a particular trading strategy in the face of trading losses.

Morgan Stanley cannot give any assurances that any estimates, assumptions or other aspects of the risk analyses will prove correct. No tool has the ability to accurately predict the future, eliminate risk or guarantee investment results. As investment returns, inflation, taxes, and other economic conditions vary from the assumptions used for this Report, your actual results will vary (perhaps significantly) from those presented herein.

Structured Investments that are modeled are run through a full revaluation model utilizing the full terms and conditions of each structured product. This model utilizes the same risk factor components as the models used for other asset classes, such as equity and fixed income. Each product’s underlying security prices are projected forward using Monte Carlo simulations. Each simulation path is combined with the product’s features and payoff structure to generate discounted cash flows, which are in turn used to produce a valuation of risk within the model.

• There are numerous other factors related to the markets in general or to the implementation of any specific strategy that cannot be fully accounted for in the preparation of hypothetical risk results and all of which can adversely affect actual performance.

The estimated portfolio risk is calculated by analyzing individual risk assumptions for each security currently included in the analysis. Securities not included in the analyses may have characteristics similar, inferior or superior to those being analyzed. We make no representation or warranty as to the reasonableness of the assumptions made, or that all assumptions used to construct this projected performance have been stated or fully considered. To the extent that the assumptions made do not reflect actual conditions, the illustrative value of the hypothetical projections will decrease. The hypothetical projections shown may under or over compensate for the impact of actual market conditions and other factors, such as expenses. It cannot account for all factors associated with risk, including the impact of financial risk in actual trading or the ability to withstand losses or to adhere to a particular trading strategy in the face of trading losses. There are numerous other factors related to the markets in general or to the implementation of any specific trading strategy that cannot be fully accounted for in the preparation of hypothetical projections and all of which can adversely affect actual trading results. For example, the risk of loss in value of a specific security, such as a stock or bond, is not the same as, and does not match, the risk of loss in a broad-market index. As such, these projections may not be a meaningful tool in determining how a strategy will actually perform. Similarly, trading certain types of securities, such as international and emerging market, high yield and derivatives may have unique trading risks. As a result, the historical returns of an index will not be the same as a historical return of a specific security, including one that is contained in the index. This lack of “volatility correlation” will likely continue to apply in future returns of a specific security relative to an index.

Hypothetical Performance Exhibit Overview • Equity

The tables on the page entitled “Hypothetical Performance During Simulated Fixed Income Scenarios” show the hypothetical performance of your Current portfolio, the Alternate portfolio, and the Risk Profile Benchmark during the simulated market scenarios referenced. The results show a statistical estimate of a portfolio’s reaction to a hypothetical market event based on the portfolio’s estimated exposure to different risk factors. The performance is hypothetical, does not represent the actual performance of each portfolio, and is not an indication or a guarantee of future results. The factor models used to generate these results may contain errors or faulty assumptions. Such factors are described in more detail in this Important Disclosure section. Please review this Important Disclosure for (i) a description of the assumptions and methodologies used to calculate this hypothetical performance, including a definition of the simulated market scenarios referenced (ii) information about fees, expenses and costs that were excluded in the calculation of the hypothetical performance, and (iii) an explanation of the limitations of hypothetical performance results. PLEASE NOTE THAT RESULTS OF THE STRESS TEST SCENARIOS ARE NOT GUARANTEES OF WHAT WILL HAPPEN BASED ON THESE ASSUMPTIONS. Securities markets are affected by many factors, most of which cannot be anticipated.

• Equity

Disclosure 19

the

The model for this Report uses ten years of historical factor returns, derived using a statistical regression analysis, to measure the volatility of the factors. The portfolio’s exposure to each factor is measured through currently observable characteristics of the underlying securities, for example fundamental characteristics such as financial ratios, technical analysis attributes such as price behavior, and / or specific attributes of a given security such as sector, yield, duration, credit quality, geographic domicile and currency exposure. Historical covariance across the factors is taken into account to measure total estimated volatility of the overall portfolio. The model does not take into account the specific liquidity characteristics of individual holdings. As such, certain holdings may have greater volatility or losses than the model estimates. Note also that, for certain municipal bonds, the model’s sensitivities may differ from estimates of Morgan Stanley.

• Credit

Long and short option positions can be distinguished by the sign of the Market Value and Current Weight, where long positions have positive values and short positions have negative values.

The analysis provided is illustrative only. Morgan Stanley cannot predict a portfolio’s risk of loss due to, among other things, changing market conditions or other unanticipated circumstances. The analysis is based purely on assumptions made using available data and any of its forecasts are subject to change.

How do we model Options? What are the

• Many

A risk factor is a technical or fundamental characteristic of a security which, statistically, is able to help explain the risk / return behavior of that security.

1. Interpretable – easily understandable and have strong economic rationale 2. Explanatory – proven to explain volatility and correlation of returns 3. Consistent – significant though time across different market regimes 4. Effective – able to improve forecasts of portfolio risk and attribute portfolio performance

• Interest

The purpose of this exercise is to help you understand the hypothetical profit or loss resulting from hypothetical scenarios based on your alternate portfolio changes relative to your current portfolio and assigned benchmark.

Option risk is calculated in this report using the Black-Scholes model. There are several variables that may impact the risk of an option position including changes in the price of the underlying security, volatility, interest rates, time to expiration, and market conditions. The risk of an option position is measured relative to its value rather than the value of the underlying security. Option stress testing often presents asymmetric position and portfolio returns in various market scenarios.

What is a risk factor? Risk factor should be: Example of risk factors include: What assumptions are built into the risk model? limitations of analysis? market risk – the inherent risk of investing in the stock market, which cannot be diversified away with stocks alone Style risk – a collection of factors that describe the style of a stock, such as growth, value, momentum, or size rate risk – a fixed income risk attributed to changes in market interest rates, the dominant risk in high quality bonds like US Treasury securities spread risk – the risk of default present in any bond not issued by the US Treasury. The lower the quality of the bond the more credit spread risk dominates others are subsets of the categories above, as well as other categories like foreign exchange risk, inflation risk, alternative risk

that

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The hypothetical performance during certain simulated market scenarios measures the potential impact of discrete market events on a portfolio using a multifactor statistical risk model.

Investments that have a Proxy Status labeled “Y” indicates that a proxy has been used to model the risk of that specific investment for these reasons. Structured Investments that have a Proxy Status labeled “Not Modeled” are current or proposed holdings for which a proxy has been used to model the risk of the Structured Investment due to either a) the specific investment’s Terms and Conditions being unavailable to model or b) a risk model for the specific investment’s Terms and Conditions not yet having been developed. While Morgan Stanley makes every effort to provide an appropriate proxy, it is possible that the proxy selected is not a representative of a specific investment’s risk factors. In cases where a proxy is used for an investment that is a large portion of a portfolio, the impact on risk statistics shown could be material. Investments that have a Proxy Status labeled “N” indicates that a proxy has not been used and that specific investment’s risk factors were used to model that investment’s risk. Certain securities you hold may not be included in the Report due to the nature of the security and availability of data required to model risk. Unknown securities will also be excluded from this report. If unknown securities are excluded from the analysis, this can be identified by comparing the total assets under management in your regular account statements with the assets under management of securities analyzed in the Current Portfolio in this Report.

Stress testing is a measure of how sensitive a portfolio is to changes in one or more "risk factors" and is designed to illustrate how it might react under a certain market scenario or set of events. This Report uses various assumptions such as changes to world market indexes, interest rates, exchange rates, etc., as defined for the individual stress-test, and will then illustrate hypothetical values for investments in the Current Portfolio and/or the Alternate Portfolio based on the methodology described within the Methodology section above. Stress Tests show how much a portfolio could have lost/ gained under various hypothetical scenarios given certain assumptions on market performance at a certain point in time or over a given period combined with the correlation of the risk factors present in your portfolio and the risk factors that were observed during a past event or a hypothetical event. An example of a stress event would be a drop of 10% in the S&P 500 index. The time period listed in the Stress Test event may or may not be representative of the performance of those securities over a longer term.

Use of AllocationExcludedProxiesSecuritiesExhibits

The results show a statistical estimate of a portfolio’s reaction to a hypothetical market event based on the portfolio’s estimated exposure to different risk factors. For example, we may calculate that a portfolio could expect to lose 5% in the event that that S&P 500 was to fall 10%. It is important to understand that is just one potential outcome, as a statistical estimate is sensitive to assumptions built into the risk model. More detail on the assumptions and limitations of the risk model are below. The calculated return includes the underlying price movement in reaction to the scenario.

Allocation exhibits reflect category weightings of the portfolio, such as sector, region, etc. The “Other” category includes security types that are not neatly classified in the categories of the respective exhibit, such as convertible bonds and preferred stocks in the allocation by asset class, or cannot be classified as a result of missing data. The “Unknown” classification indicates the percentage of the portfolio that could not be classified at all, due to missing data. Bonds not rated by a Nationally Recognized Statistical Rating Organization (NRSRO) are included in the Other/Unknown category. Testing

Stress

This report provides a snapshot of your current financial position and can help you to focus on your financial resources and goals, and to create a strategy designed to get you closer toward meeting your goal. Because the hypothetical results are calculated over many years, small changes can create large differences in potential future results. You should use this Report to help you focus on the factors that are most important to you.

For certain investments, due to either a lack of price history or a lack of information about the characteristics of the investment, the Report has attempted to simulate risk statistics for the investment in question through the use of a proxy based on available information. Examples of such investments include alternative investments, annuities, investments with no pricing, and investments with limited information such as but not limited to some structured investments. Such proxies typically include broad market ETFs or daily published investment indices (e.g., the HFRX Global Hedge Fund Index), which may over- or under-estimate risk metrics.

PLEASE NOTE THAT RESULTS OF THE STRESS TEST SCENARIOS ARE NOT GUARANTEES OF WHAT WILL HAPPEN BASED ON THESE ASSUMPTIONS. Securities markets are affected by many factors, most of which cannot be anticipated. The purpose of this exercise is to help you understand the hypothetical profit or loss resulting from hypothetical scenarios based on your alternate portfolio changes relative to your current portfolio and assigned benchmark.

General Risk of Investing Asset Allocation and Rebalancing

Investing in financial instruments carries with it the possibility of losses and that a focus on above-market returns exposes the portfolio to above-average risk. Performance aspirations are not guaranteed and are subject to market conditions. High volatility investments may be subject to sudden and large falls in value, and there could be a large loss on realization which could be equal to the amount Assetinvested.allocation, diversification and rebalancing do not assure a profit or protect against loss. There may be a potential tax implication with a rebalancing strategy. Please consult your tax advisor before implementing such a strategy.

Non diversification is attributed to a portfolio that holds a concentrated or limited number of securities; a decline in the value of these investments would cause the portfolio’s overall value to decline to a greater degree than a less concentrated portfolio. Portfolios that invest a large percentage of assets in only one industry sector (or in only a few sectors) are more vulnerable to price fluctuation than those that diversify among a broad range of sectors.

Performance of an asset class within a portfolio is dependent upon the allocation of securities within the asset class and the weighting or the percentage of the asset class within that portfolio. Potential for a portfolio’s loss is exacerbated in a downward trending market. A well-diversified portfolio is less vulnerable in a falling market.

Asset allocation, diversification and rebalancing do not assure a profit or protect against loss. There may be a potential tax implication with a rebalancing strategy. Morgan Stanley does not provide tax or legal advice. Please consult your tax and legal advisors before implementing such a strategy.

The Hypothetical Results Illustrated in this Report for Your Current Portfolio and/or Alternate Portfolio are not and should NOT be construed as a guarantee of future performance.

Indices are unmanaged. An investor cannot invest directly in an index. They are shown for illustrative purposes only and do not represent the performance of any specific investment. Index returns include the reinvestment of all dividends, but do not reflect the payment of transaction costs, advisory fees or expenses that are associated with an investment. Performance of indices may be more or less volatile than any investment product. The risk of loss in value of a specific investment is not the same as the risk of loss in a broad market index. Therefore, the historical returns of an index will not be the same as the historical returns of a particular investment a client selects. Past performance does not guarantee future results.

The Report allows you to review and compare the results of the Risk Analysis of your Current Portfolio against a hypothetical Alternate Portfolio of positions that you may or may not own, or may not own in the same quantities. The Alternate Portfolio depicted in this report, including the asset allocation and particular securities in the Alternate Portfolio, are hypothetical illustrations only. The Alternative Portfolio may contain investment vehicles subject to additional disclosures and/or exemption requirements. Please consult your Financial Advisor or Private Wealth Advisor for more information.

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Asset Allocation refers to how your investments are diversified across different asset classes, such as equities, fixed income and preferreds, cash and alternative investments. Rebalancing describes the discipline of selling assets and buying others to match the target weightings of an asset allocation model. Because assets increase and decrease in value over time, the percentage amounts of assets invested in each class will tend to vary from their original target weightings.

CurrentBenchmarksandAlternative

Portfolios

Value and growth investing also carry risks. Value investing involves the risk that the market may not recognize that securities are undervalued and they may not appreciate as anticipated. 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.

Investing in stock securities involves volatility risk, market risk, business risk, and industry risk. The prices of stocks fluctuate. Volatility risk is the chance that the value of a stock will fall. Market risk is the chance that the prices of all stocks will fall due to conditions in the economic environment. Business risk is the chance that a specific company’s stock will fall because of issues affecting it such as the way the company is managed. Industry risk is the chance that a set of factors particular to an industry group will adversely affect stock prices within the industry. Companies paying dividends can reduce or stop payouts at any time.

The potential tax benefits from investing in MLPs depend on their being treated as partnerships for federal income tax purposes and, if the MLP is deemed to be a corporation, then its income would be subject to federal taxation at the entity level, reducing the amount of cash available for distribution to the fund which could result in a reduction of the fund's value.

KEY ASSET CLASS RISK CONSIDERATIONS Alternative Investments MLPs/EnergyCommoditiesREITs Infrastructure Equities

Traditional alternative investment vehicles often are speculative and include a high degree of risk. Investors should carefully review and consider potential risks before investing. The risks of traditional alternative investments may include but are not limited to: lack of illiquidity in that there may be no secondary market for a fund, loss of all or a substantial portion of the investment due to leveraging, short selling, or other speculative practices, volatility of returns, restrictions on transferring interests in a fund, potential lack of diversification and resulting higher risk due to concentration of trading authority when a single advisor is utilized, absence of information regarding valuations and pricing, complex tax structures and delays in tax reporting, less regulation and higher fees than open-end mutual funds, and risks associated with the operations, personnel and processes of the manager. Non-traditional alternative strategy vehicles may behave like, have characteristics of, or employ various investment strategies and techniques for both hedging and more speculative purposes such as shortselling, leverage, derivatives and options, which can increase volatility and the risk of investment loss.

MLPs carry interest rate risk and may underperform in a rising interest rate environment. MLP funds accrue deferred income taxes for future tax liabilities associated with the portion of MLP distributions considered to be a tax-deferred return of capital and for any net operating gains as well as capital appreciation of its investments; this deferred tax liability is reflected in the daily NAV; and, as a result, the MLP fund's after-tax performance could differ significantly from the underlying assets even if the pre-tax performance is closely tracked.

The asset allocation recommendations provided to you in this report may include allocations to alternative asset classes. It is important to note that Alternatives may be either traditional alternative investment vehicles or non-traditional alternative strategy vehicles. Traditional alternative investment vehicles may include, but are not limited to, Hedge Funds, Fund of Funds (both registered and unregistered), Exchange Funds, Private Equity Funds, Private Credit Funds, Real Estate Funds and Managed Futures Funds. Non-traditional alternative strategy vehicles may include, but are not limited to, Open or Closed End Mutual Funds, Exchange- Traded and Closed-End Funds, Unit Investment Trusts, exchanged listed Real Estate Investment Trusts (REIT) and Master Limited Partnerships (MLPs). These nontraditional vehicles also seek alternative-like exposure but have significant differences from traditional alternative investment vehicles. Based on how the Firm classifies certain investments, some stocks and other investments (e.g., Master Limited Partnerships) may also be considered an Alternative Investment.

Characteristics such as correlation to traditional markets, investment strategy, and market sector exposure can play a role in the classification of a traditional security being classified as alternative. Please also review the risk considerations for Stocks and MLP/Energy Infrastructure for more information

MLPs/Energy Infrastructure are publicly traded equity securities, including energy Master Limited Partnerships (MLPs) and regular C-corporations. These are businesses that are generally the owners/ operators of assets pertaining to the transportation, storage and processing of natural resources, or the generation and transmission of electricity. Please review the risk considerations for Stocks for any investment that is a regular C-corporation.

Individual MLPs are publicly traded partnerships that have unique risks related to their structure. These include, but are not limited to, their reliance on the capital markets to fund growth, adverse ruling on the current tax treatment of distributions (typically mostly tax deferred), and commodity volume risk.

Master Limited Partnerships (MLPs) are limited partnerships or limited liability companies that are taxed as partnerships and whose interests (limited partnership units or limited liability company units) are traded on securities exchanges like shares of common stock. Currently, most MLPs operate in the energy, natural resources or real estate sectors. Investments in MLP interests are subject to the risks generally applicable to companies in the energy and natural resources sectors, including commodity pricing risk, supply and demand risk, depletion risk and exploration risk.

In addition to the general risks associated with real estate investments, REIT investing entails other risks such as credit and interest rate risk. Real estate investment risks can include fluctuations in the value of underlying properties; defaults by borrowers or tenants; market saturation; changes in general and local economic conditions; decreases in market rates for rents; increases in competition, property taxes, capital expenditures, or operating expenses; and other economic, political or regulatory occurrences affecting the real estate industry.

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The commodities markets may fluctuate widely based on a variety of factors including changes in supply and demand relationships; governmental programs and policies; national and international political and economic events; war and terrorist events; changes in interest and exchange rates; trading activities in commodities and related contracts; pestilence; weather; technological change; and, the price volatility of a commodity. In addition, the commodities markets are subject to temporary distortions or other disruptions due to various factors, including lack of liquidity, participation of speculators and government intervention.

Small/Mid Cap International/EmergingEquity Markets Equities Fixed Ultra-ShortIncomeFixed Income Non-US Fixed FixedStructuredMunicipalHigh-YieldInflation-LinkedIncomeSecuritiesFixedIncomeInvestmentsandVariableAnnuities

These securities adjust periodically against a benchmark rate, such as the Consumer Price Index (CPI). They pay a coupon equal to the benchmark rate, plus a fixed 'spread' and reset on a periodic basis. The initial interest rate on an inflation linked or floating security may be lower than that of a fixed-rate security of the same maturity because investors expect to receive additional income due to future increases in CPI, or the linked reference interest rate. However, there can be no assurance that these increases will occur.

High yield fixed income securities, also known as “junk bonds”, are considered speculative, involve greater risk of default and tend to be more volatile than investment grade fixed income securities.

Ultra-short bond funds are mutual funds and exchange-traded funds that generally invest in fixed income securities with very short maturities, typically less than one year. They are not money market funds.

involves certain risks not typically associated with investments in domestic corporations and obligations issued by the U.S. government, such as currency fluctuations and controls, restrictions on foreign investments, less governmental supervision and regulation, less liquidity and the potential for market volatility and political instability. In addition, the securities markets of many of the emerging markets are substantially smaller, less developed, less liquid and more volatile than the securities of the U.S. and other more developed countries.

Foreign fixed income securities may involve greater risks than those issued by U.S. companies or the U.S. government. Economic, political and other events unique to a country or region will affect those markets and their issues, but may not affect the U.S. market or similar U.S. issuers.

While money market funds attempt to maintain a stable net asset value, an ultra-short bond fund's net asset value will fluctuate, which may result in the loss of the principal amount invested. They are therefore subject to the risks associated with debt securities such as credit and interest rate risk.

Income generated from an investment in a municipal bond is generally exempt from federal income taxes. Some income may be subject to state and local taxes and to the federal alternative minimum tax. Capital gains, if any, are subject to tax.

Annuity contracts contain exclusions, limitations, reductions of benefits, and terms for keeping them in force. Your Financial Advisor can provide you with complete details.

Optional riders may not be able to be purchased in combination and are available at an additional cost. Some optional riders must be elected at time of purchase. Optional riders may be subject to specific limitations, restrictions holding periods, costs, and expenses as specified by the insurance company in the annuity contract.

Please read the prospectus carefully before investing.

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Variable annuities are sold by prospectus only. The prospectus contains the investment objectives, risks, fees, charges and expenses, and other information regarding the variable annuity contract and the underlying investments, which should be considered carefully before investing. Prospectuses for both the variable annuity contract and the underlying investments are available from your Financial Advisor.

A variable annuity is a long-term investment designed for retirement purposes and may be subject to market fluctuations, investment risk and possible loss of principal.

All guarantees, including optional benefits, are based on the financial strength and claims paying ability of the issuing insurance company and do not apply to the underlying investment options.

Investing in fixed income securities involves interest rate risk, credit risk, and inflation risk. Interest rate risk is the possibility that bond prices will decrease because of an interest rate increase. When interest rates rise, bond prices, and the values of fixed income securities generally fall. Credit risk is the risk that a company will not be able to pay its debts, including the interest on its bonds. Inflation risk is the possibility that the interest paid on an investment in bonds will be lower than the inflation rate, decreasing purchasing power.

An investment in structured investments involves risks. These risks can include but are not limited to: fluctuations in the price, level or yield of underlying asset(s), interest rates, currency values and credit quality, substantial loss of principal, limits on participation in appreciation of underlying asset(s), limited liquidity, credit risk, and/or conflicts of interest. Many structured investments do not pay interest or guarantee a return above principal at maturity. Investors should read the security's offering documentation prior to making an investment decision.

Stocks of small and medium-sized companies entail special risks, such as limited product lines, markets, and financial resources, and greater market volatility than securities of larger, more established Foreigncompanies.investing

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Analysis as of:

Supporting documentation for any claims (including any claims made on behalf of options programs or the options expertise of sales persons), comparisons, recommendations, statistics, or other technical data, will be supplied upon request.

Before engaging in the purchase or sale of options, clients should understand the nature and extent of their rights and obligations and be aware of the risks involved, including, without limitation, the risks pertaining to the business and financial condition of the issuer of the underlying security/instrument. Options investing, like other forms of investing, involve tax considerations, transaction costs and margin requirements that can significantly affect clients’ potential profits and losses. The transaction costs of options investing consist primarily of commissions (which are imposed in opening, closing, exercise and assignment transactions), but may also include margin and interest costs in particular transactions. Transaction costs are especially significant in options strategies calling for multiple purchases and sales of options, such as multiple leg strategies, including spreads, straddles and collars. Prior to opening an options account you should receive and review the "Characteristics and Risks of Standardized Options" (ODD) booklet published by the Options Clearing Corporation. Clients may not enter into options transactions until they have received, read and understood the ODD Disclosure Document. Prior to investing in options you should determine that options are a suitable investment for you based on your investment needs and risk profile and have discussed transaction costs with your Financial Advisor or Private Wealth Advisor. A copy of the ODD is also available online at http://www.theocc.com/about/publications/publication-listing.jsp.

Options Investors should carefully consider the investment objectives, risks, charges and expenses for the applicable mutual fund, exchange traded fund, closed end fund or unit investment trust before investing. The prospectus contains this and other information about the investment company. To obtain a prospectus, contact your Financial Advisor or visit the fund company’s website. Please read the prospectus carefully before investing.

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Asset Allocation: Asset allocation is the process of determining what portions of your portfolio holdings are to be invested in the various asset classes.

In simulated market scenarios, one or multiple risk factors are shocked and then implicitly all other factors are shocked based on the covariant relationship of each factor to one another.

A measurement of a security or portfolio’s average historical price fluctuation relative to the average historical price fluctuation of the S&P 500 Index. For example, a Beta to S&P 500 value of 0.5 would imply that historically the security or portfolio in question experienced value fluctuations at levels half that of the S&P 500 — or put another way, for every 1% move in the S&P 500, the portfolio experienced a 0.5% move, on average.

Weighted average Trailing 12M Yield (TTM) of the portfolio. The yield is the percentage income your portfolio returned over the past 12 months through fund distributions and stock dividends.

Hypothetical performance that does not include return from dividends and income, nor the deduction of any wrap fee, investment management fee, trade commissions, and/or other account fees.

Measures the sensitivity of price to parallel yield curve shifts unaccounted for by duration. Positive convexity indicates that the security will outperform what duration alone predicts. Negative convexity indicates that security will underperform what duration alone predicts. Negative convexity usually indicates the presence of a short embedded option in instruments such as callable bonds and mortgages. Noncallable bonds will have positive convexity.

The Option Adjusted Spread of a security is quoted in basis points. It is the average spread of a security over its entire respective curve after factoring out the embedded option value. It is used as an indicator of the relative value of a security.

Asset Allocation Avg. Duration Avg. Net Expense Ratio Avg. 12M Trailing Yield Beta to S&P 500 (%)

Gross Return

Weighted average duration of the fixed-income sleeve of the portfolio or the duration for indivdiual securities where specified (i.e. FI Security Characteristics).

Weighted average prospectus net expense ratio of the portfolio.

In simulated Historical scenarios, profit and loss impact of instantaneous market movements between two specified dates is calculated based on each risk factor in current portfolio holdings.

Hypothetical Performance During Simulated Market Scenarios Hypothetical Performance During Simulated Historical Scenarios Modified Duration to Worst Option-Adjusted Convexity Option-Adjusted Spread (OAS) 2022-08-26Analysis as of:Glossary 28

The lowest potential duration that the bond will achieve without the issuer actually defaulting.

Contribution to portfolio volatility arising from a portfolio’s exposure to commodities and alternative strategies.

Decomposition of portfolio volatility into contributions from risk factors taking into account the covariant relationship of each risk factor to one another. A risk factor is defined as a measurable characteristic of a security or asset that can influence the risk/return behavior of that security/asset. Risk factors can be fundamental characteristics such as financial ratios, technical analysis attributes such as price behavior or liquidity, and/or specific attributes of a given security/ asset such as yield, geographic domicile and currency exposure.

Weighted average return on asset of the equity sleeve of the portfolio.

Expected change in the option price with the passage of time assuming risk-neutral growth in the asset.

Sensitivity of the option price to the change in the underlying asset price.

Contribution to portfolio volatility arising from a portfolio’s exposure to the returns across the equity market. This factor captures the risk associated with general equity market movements.

Option Delta Option Gamma Option Theta Option Vega P/E Ratio P/B

Weighted average P/B Ratio of the equity sleeve of the portfolio.

ReturnRatioon (%)

Risk Factor Volatility Contributors Risk Factor Contributor – Alternative Risk Factor Contributor - Credit Spreads Risk Factor Contributor - Equity Country Risk Factor Contributor - Equity Market 2022-08-26Analysis as of:Glossary 29 of 31

Sensitivity of the option price to the change in the implied volatility.

Weighted average P/E Ratio of the equity sleeve of the portfolio.

Contribution to portfolio volatility arising from a portfolio’s exposure to credit spreads. Credit spreads capture risk associated with investment grade, high yield and distressed debt credit spreads over benchmark interest rates.

Sensitivity of the option delta to the change in the underlying asset price.

Contribution to portfolio volatility arising from a portfolio’s exposure to the returns of country specific equities adjusting for market, sector and style effects.

Asset

The statistical measure of the degree to which an individual value in a probability distribution tends to vary from the mean of the distribution. The standard deviation of performance can be calculated for each security and for the portfolio as a whole. The greater the degree of dispersion indicates a greater the risk.

Shortfall, as related to VaR, is an estimate of the average portfolio loss in the worst 5% of cases over the next month. In other words, the model estimates there is a 1 in 20 chance the portfolio will lose the amount shown in the VaR column or more in a month, and the average loss in that event will be the Expected Shortfall amount.

The Spread Duration measures the sensitivity of a security's price to a 100-basis point movement in its Option Adjusted Spread (OAS) relative to the portfolio’s discount curve. Similar to duration, positive spread duration means that as spreads tighten prices increase, and vice versa.

Contribution to portfolio volatility arising from a portfolio’s exposure to the risk associated with changes in yield curves.

Contribution to portfolio volatility arising from a portfolio’s exposure to the returns of factors such as value, growth, size and momentum. Style factors are constructed from company fundamentals, analyst estimate data and historical market data.

Contribution to portfolio volatility arising from a portfolio’s exposure to stock- specific idiosyncratic risk not captured by the common risk factors.

Risk Factor Contributor - Equity Sector Risk Factor Contributor - Equity Specific Risk Factor Contributor - Equity Style Risk Factor Contributor – Foreign Exchange Risk Factor Contributor – Interest Rates Security Volatility Contributors Spread TailStandardDurationDeviationRisk-Valueat Risk (VaR) Tail Risk - Expected Shortfall 2022-08-26Analysis as of:Glossary 30 of 31

Decomposition of portfolio volatility into contributions from each securities’ risk factors taking into account each securities weighting in the portfolio and the covariant relationship of each securities’ risk factor to one another.

Contribution to portfolio volatility arising from a portfolio's exposure to the risk associated with changes in foreign exchange rates. Contribution to portfolio volatility arising from a portfolio's exposure to the risk associated with changes in foreign exchange rates and break-down thereof in various currencies (For e.g. EUR, GBP, CAD etc.)

Measures of a portfolio's potential loss, over a given time period, at a certain confidence level. 1 Month 95% VaR indicates the amount the model estimates the portfolio could lose in 1 month, with a 5% probability. In other words, the model estimates that there is a 1 in 20 chance the portfolio could lose the value shown in a Expectedmonth.

Contribution to portfolio volatility arising from a portfolio’s exposure to stock- specific risk not captured by the common risk factors.

The lowest potential yield that can be received on a bond without the issuer actually defaulting.

Tracking Error WeightedVolatility Average Coupon Yield to Maturity Yield to Worst 2022-08-26Analysis as of:Glossary 31 of 31

Weighted average yield to maturity of the portfolio. The metric represents the rate of return an investor will receive if all interest bearing securities, such as bonds, are held to its maturity date either directly in a portfolio or through a mutual fund or ETF.

Tracking Error measures the projected variation of portfolio return versus benchmark return, based on the model and portfolio holdings. The higher the tracking error, the less closely a portfolio is projected to track its benchmark. An annualized tracking error of 2%, for example, roughly means there is a 2/3rds chance the portfolio will perform within +/- 2% of the benchmark over the next year.

Weighted average coupon of fixed income securities in the portfolio.

Projected annualized standard deviation, based on the model and portfolio holdings. Commonly, the higher the volatility is, the riskier the security or portfolio.