The Tribeca Group at Morgan Stanley · The Tribeca Group at Morgan Stanley FIXED INCOME PORTFOLIO...

The Tribeca Group at Morgan StanleyF I X E D I N C O M E P O R T F O L I O M A N A G E M E N T

*All information shown is representative of the data contained in the summary sheets on pages 2-7. Additional yield statistics are included for each strategy on the corresponding subsequent pages. Over time, the strategies will also likely change in terms of yield, average life, duration, and average ratings.As of 8/1/2017© 2017 Morgan Stanley Smith Barney LLC Member SIPC

Source:

Morgan StanleyOne Penn Plaza, 43rd Floor, New York, NY 10119

212-643-5713

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B O N D S T R AT E G I E S *

SHORT DURATION

STRATEGICCORPORATE

BONDSTRATEGY

Baa3/BBB

LIMITEDDURATION

HIGH YIELDCORPORATE

BONDSTRATEGY

Ba3/BB

CORPORATEMUNICIPAL

STR

ATEG

YRA

TIN

GS

MANAGEDDURATIONMUNICIPAL

BOND STRATEGY

Aa2/AA

MUNICIPALPLUS

STRATEGY

Aa3/AA-

NATIONALTAX-EXEMPT

MUNICIPALSTRATEGY

Aa2/AA

4.23yrs 3.92yrs

AVG

. LIF

E

6.98yrs 7.19yrs8.56yrs

2.38 1.34

DU

RATI

ON

4.03 4.265.42

3.23% 4.21%

YIEL

D T

OM

ATU

RITY

2.40% 2.69%2.71%

2.63% 2.61%

YIEL

D T

OW

ORS

T

1.73% 1.84%1.80%

1 FOR 1SHORT

DURATIONBOND

STRATEGY

A2/A

0.99yrs

0.80

1.72%

1.71%

2.94%

INVESTMENTGRADE

CORPORATEBOND

STRATEGY

A3/A-

4.59yrs

3.15

2.53%

2.52%

3.18% 4.06% 5.25%

CU

RREN

TYI

ELD 3.78% 4.16%4.30%

A2/A

2.87yrs

0.13

1.74%

1.74%

1.94%

INVESTMENTGRADE

FLOATINGRATE BONDSTRATEGY

SECTOR BREAKDOWN: Utility/Water: 50% Various Purp: 8%Education: 16% Tax Revenue: 8%General Purp: 12% Transportation: 4%


NATIONAL TAX-EXEMPTMUNICIPAL BOND STRATEGY

*�e portfolio managers are members of the MorganStanley Portfolio Management Group. Since 1979, the Portfolio Management Group has been creating customized investment strategies for high net worth individuals and institutional investors. Our portfolio managers are a select group of Financial Advisors who are quali�ed to independently manage client assets based on training, experience and commitment to client service. **All calculations for the recommended newly incepted portfolio were compiled in the Yield Book, Citigroup’s proprietary �xed income analytics system, licensed by the Tribeca Group at Morgan Stanley.

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STRATEGY INCEPTION DATE: February 1, 2010

INVESTMENT FORMAT�e investment strategy is implemented as an individual account within Morgan Stanley’s Portfolio Management (PM) discretionary program.

PORTFOLIO MANAGEMENT TEAM*Scott McCoy – Managing Director, Senior Portfolio Management DirectorJordan Eisenberg, CFA® – Executive Director, Senior Portfolio Management DirectorYunjin Lee, CFA® – Associate Vice President, Financial Advisor

INVESTMENT POLICY�e National Tax-Exept Municipal Bond Strategy's primary objective is to generate current income in a tax e§cient manner while preserving capital. �e portfolio invests along the curve in general obligation bonds issues by states and established local communities, essential service revenue bonds, and bonds issued by special tax districts. Only tax-exempt municipal issues rated A3/A or higher are considered at time of purchase. Geographic exposures are customized for clients residing in high tax jurisdictions.

MINIMUM INVESTMENTInitial: $250,000

Sector Breakdown General Purpose/Public Imp 25% Transportation - Other 8%Water & Sewer 21% Solid Waste/Recovery 4%University / Higher Educ 13% Mass/Rapid Transit 4%Power 13%

Statistics: (as of 8/1/2017)Number of Holdings: 24Average Life: 8.56 yearsAverage E¬ective Duration: 5.42Average Credit Quality: Aa2/AACurrent Yield: 4.30%Yield to Maturity: 2.71%Yield to Worst: 1.80%Portfolio statistics can vary over time in terms of number of holdings, average life, e�ective duration, and average credit quality.

Top Ten Holdings Security Description % Held Rating

MASS ST COLLEGE AUTH 4.25% Aa2/AA-AUSTIN TEX ELEC 4.15% Aa3/AACITIZENS PPTY 4.13% A1/A+DALLAS RAPID TRAN 4.13% Aa2/AA+DC INCOME TAX 4.13% Aa1/AAAHAWAII ST 4.11% Aa1/AA+EL PASO WTR & SWR 4.10% NA/AA+DALLAS ARPT 4.09% A1/A+KENTUCKY ECONOMIC 4.01% Aa3/AA-KING CNTY WASH 3.99% Aa2/AA+Actual �xed income holdings can change over time based upon availability, continued portfolio screening, and changing market conditions.

67%AA

17%AAA

83%Revenue

17%G.O.

RECOMMENDATIONS FOR NEWLY INCEPTED PORTFOLIO**

Credit QualityAAA: 17%AA: 67%A: 16%

PortfolioComposition

Revenue: 83%G.O.: 17%

Source: S&PActual separate account holdings may di�er



MANAGED DURATIONMUNICIPAL BOND STRATEGY


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STRATEGY INCEPTION DATE: July 1, 2015



INVESTMENT POLICY�e Managed Duration National Municipal Bond Strategy’s primary objective is to generate a high level of current income while preserving capital. �e portfolio invests in tax-exempt municipal bonds, including both general obligation and essential service revenue bonds rated A3/A or better at time of purchase. �e portfolio will also invest in taxable investment grade corporate ¦oating rate bonds designed to provide a partial interest rate hedge as coupons ¦uctuate based o§ movements in LIBOR. �e target allocation within the portfolio is 80% municipals and 20% corporate bonds. �e municipal holdings within the portfolio can be customized for clients residing in high tax jurisdictions.


Sector Breakdown Revenue Bonds 57% General Oblig 20%Corporate Credit 23%

Statistics: (as of 8/1/2017)

Number of Holdings 29Average Life 6.98 yearsAverage E§ective Duration 4.03Average Credit Quality Aa2/AACurrent Yield 3.78%Yield to Maturity 2.40%Yield to Worst 1.73%Portfolio statistics can vary over time in terms of number of holdings, average life, e�ective duration, and average credit quality.


MASSACHUSETTS ST 5.35% A1/AA-NEW JERSEY ST TPK 5.29% Aa2/AANC ST CAP 5.25% Aa2/AADC INCOME 5.12% Aa1/AAACITIZENS PPTY INS 5.11% A1/A+METROPOLITAN TRANS 5.09% A2/A+HAWAII ST 5.08% Aa1/AA+PALM BEACH WASTE 5.04% Aa1/AAATEXAS ST 5.02% Aaa/AAAKING CNTY WASH 4.94% Aa2/AA+Actual �xed income holdings can change over time based upon availability, continued portfolio screening, and changing market conditions.

55%AA

20%AAA

77%Tax-Exempt

Munis

23%IG FloatingRate Note


Credit QualityAAA: 20%AA: 55%A: 17%BBB: 8%

PortfolioComposition

Tax-Exempt Munis: 77%IG Floating Rate Note: 23%




MUNICIPAL PLUS STRATEGY


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INVESTMENT POLICY�e Municipal Plus Strategy's primary objective is to gernate a high level of current income while preserving capital. �e portfolio invests in tax-exempt municipal bonds, including both general obligation and essential service revenue bonds rated A3/A or better at time of purchase. �e portfolio will also invest in high yield corporate bonds rated B2/B or higher at time of purchase, as well as investement grade corporate §oating rate bonds. �e target allocation within the portfolio is 80% municipals and 20% corporate bonds. �e municipal holdings within the portfolio can be customized for clients residing in high tax jurisdictions.


Sector Breakdown Revenue Bonds 58% General Oblig 21%Corporate Credit 21%

Statistics: (as of 8/1/2017)Number of Holdings: 44Average Life: 7.19 yearsAverage Eªective Duration: 4.26Average Credit Quality: Aa3/AA-Current Yield: 4.16%Yield to Maturity: 2.69%Yield to Worst: 1.84%Portfolio statistics can vary over time in terms of number of holdings, average life, e�ective duration, and average credit quality.


METRO TRANSN NY 5.49% A1/AA-SEATTLE WASH LT & PWR 5.42% Aa2/AASAN ANTONIO WTR 5.38% Aa2/AACITIZENS PPTY FLA 5.25% A1/A+DC INCOME 5.25% Aa1/AAANEW JERSEY ST TPK 5.22% A2/A+HAWAII ST 5.21% Aa1/AA+TAMPA WTR & SWR 5.17% Aa1/AAATEXAS ST 5.15% Aaa/AAAKING CNTY WASH 5.07% Aa2/AA+Actual �xed income holdings can change over time based upon availability, continued portfolio screening, and changing market conditions.



79%Tax-Exempt

Munis

10%High YieldCorporates

11%IG FloatingRate Notes


86%AAA, AA, A

10%BB, B

PortfolioComposition:

Tax-Exempt Munis: 79%High Yield Corporates: 10%IG Floating Rate Notes: 11%

Credit Quality:AAA, AA, A: 86%BBB: 4% BB, B: 10%



1 FOR 1 SHORT DURATION BOND STRATEGY


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STRATEGY INCEPTION DATE: October 1, 2015



INVESTMENT POLICY�e “1 for 1” Short Duration Bond Strategy has a primary objective of preservation of principal along with a secondary goal of income generation. �e portfolio invests exclusively in investment grade corporate bonds and U.S. Treasury and Agency securities. �e portfolio is expected to maintain a weighted average maturity of approximately 1 year.

MINIMUM INVESTMENTInitial: $250,000 IRA Initial: $250,000

Portfolio CompositionInv Grade Corp 85%US Agency 15%


Number of Holdings 34Average Life 0.99 yearsAverage E©ective Duration 0.80Average Credit Quality A2/ACurrent Yield 2.94%Yield to Maturity 1.72%Yield to Worst 1.71%Portfolio statistics can vary over time in terms of number of holdings, average life, eective duration, and average credit quality.


AMERICAN EXPRESS 2.69% A3/BBB+COMCAST 2.68% A3/A-UNITEDHEALTH 2.66% A3/A+FORD 2.65% Baa2/BBBGENERAL MOTORS 2.60% Baa3/BBBANTHEM 2.58% Baa2/ASHELL 2.58% Aa2/AAETNA 2.57% Baa2/AKRAFT HEINZ 2.57% Baa3/BBB-VERIZON COMMS 2.57% Baa1/BBB+Actual �xed income holdings can change over time based upon availability, continued portfolio screening, and changing market conditions.


39%BBB

19%AA

42%A

Credit Quality:AA: 19%A: 42% BBB: 39%

Credit Quality:Credit Quality:

48%6–12

Months

44%12–18Months

Source: S&PActual separate account holdings may dier

Maturity Breakdown:0-6 Months: 8%6-12 Months: 48%12-18 Months: 44%



INVESTMENT GRADE FLOATING RATE BOND STRATEGY


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INVESTMENT POLICY�e Investment Grade Floating Rate Bond Strategies primary objective is to generate current income while preserving capital in a rising rate environment. Portfolio will be actively managed to take advantage of total return opportunities within the corporate bond market. �e Portfolio will invest in Investment Grade bonds with ¥oating rate coupons rated Baa3/BBB- or higher at time of purchase.


Sector Breakdown Banks 22% Telecom 7%Energy 19% Machinery 7%Manufacturing 11% Beverage 4%Electronics 11%


Number of Holdings 27Average Life 2.87 yearsAverage Eªective Duration 0.13Average Credit Quality A2/ACurrent Yield 1.94%Yield to Maturity 1.74%Yield to Worst 1.74%Portfolio statistics can vary over time in terms of number of holdings, average life, eective duration, and average credit quality.


HONDA 3.71% A1/A+ORACLE CORP 3.71% A1/AA-PEPSICO INC 3.71% A1/A+MERCK & CO INC 3.70% A1/AACITIGROUP INC 3.69% Baa1/BBB+CATERPILLAR 3.69% A3/AJPMORGAN CHASE 3.69% A3/A-AMERICAN EXPRESS 3.68% A2/A-JOHN DEERE 3.68% A2/ASHELL 3.68% Aa2/AActual �xed income holdings can change over time based upon availability, continued portfolio screening, and changing market conditions.


26%BBB

30%AA 44%

A



Maturity Breakdown:0-2 Years: 30%2-5 Years: 63% 5-7 Years: 7%

63%2–5 Years

30%0-2 Years

7%5–7 Years



INVESTMENT GRADECORPORATE BOND STRATEGY


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INVESTMENT POLICY�e Investment Grade Corporate Bond Strategy seeks to provide a stable and sustainable level of current income with a secondary goal of capital appreciaton. �e portfolio is invested in domestic and international high quality investment grade corporate bonds and will target a 30% allocation to investment grade corporate ¦oating rate bonds. �e portfolio is expected to maintain a weighted average maturity of 3-7 years. All holdings are $US denominated.


Sector Breakdown Banking 20% Diversi�ed Telecom 6%Pharmaceuticals 12% Integrated Oil 6%Life Insurance 9% Electronics 6%


Number of Holdings 33Average Life 4.59 yearsAverage Eªective Duration 3.15Average Credit Quality A3/A-Current Yield 3.18%Yield to Maturity 2.53%Yield to Worst 2.52%Portfolio statistics can vary over time in terms of number of holdings, average life, e�ective duration, and average credit quality.


BP 3.35% A1/A-TD BANK 3.33% Aa1/AA-VALERO ENERGY 3.10% Baa2/BBBPRUDENTIAL 3.09% Baa1/AANADARKO PETRO 3.03% Ba1/BBBHP 3.01% Baa2/BBBAMGEN 2.94% Baa1/AANHEUSER-BUSCH 2.89% A3/A-ALTRIA GROUP 2.85% A3/A-SHELL 2.78% Aa2/AActual �xed income holdings can change over time based upon availability, continued portfolio screening, and changing market conditions.


49%BBB

42%A

71%Inv. Grade

Corp.




Inv. Grade Corp: 71%IG Floating Rate Notes: 29%




STRATEGIC CORPORATEBOND STRATEGY


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STRATEGY INCEPTION DATE: August 1, 2010



INVESTMENT POLICY�e Strategic Corporate Bond Strategy’s primary objective is to seek current income with a secondary goal of capital appreciation. �e portfolio is primarily invested in investment grade and high yield corporate bonds rated B2/B or higher at the time of purchase. �e portfolio will target no more than 50% to bonds rated below Baa3/BBB-. �e portfolio will also invest in investment grade corporate §oating rate bonds. Maximum industry sector concentration of 30%. All holdings are US$ denominated.


Sector Breakdown Banking 11% Health Care Facilities 5%Electronics 9% Life Insurance 5%Pharmaceuticals 7% Finance - Other 4%Retail Stores 5%


Number of Holdings 58Average Life 4.23 yearsAverage Eªective Duration 2.38Average Credit Quality Baa3/BBBCurrent Yield 4.06%Yield to Maturity 3.23%Yield to Worst 2.63%Portfolio statistics can vary over time in terms of number of holdings, average life, e�ective duration, and average credit quality.


L BRANDS INC 1.73% Ba1/BB+KINROSS GOLD 1.72% Ba1/BB+DUKE ENERGY 1.70% Baa1/BBB+LIFEPOINT HEALTH 1.69% Ba2/BB-ALLEGIANT TRAVEL 1.68% B1/BB-ICAHN LP 1.68% Ba3/BB+ORBITAL ATK 1.68% Ba3/BBANHEUSER-BUSCH 1.67% Baa3/BBBCVS 1.66% Baa1/BBB+GM 1.65% Baa3/BBBActual �xed income holdings can change over time based upon availability, continued portfolio screening, and changing market conditions.


38%BB, B

29%AAA, AA, A

33%BBB

46%High Yield

Corp.


37%Inv. Grade

Corp.


High Yield Corp: 46% Inv. Grade Corp: 37%IG Floating Rate Notes: 17%

Credit Quality:AAA, AA, A: 29%BBB: 33% BB, B: 38%




LIMITED DURATION HIGH YIELDCORPORATE BOND STRATEGY


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INVESTMENT POLICY�e Limited Duration High Yield Corporate Bond Strategy seeks to provide a high level of current income by investing in a diversi�ed portfolio of high yield corporate bonds with an average credit rating of Ba3/BB and no bonds rated below B2/B at time of purchase. �e strategy's secondary objective of total return is pursued by investing in high quality securities that o¨er the opportunity for price appreciation. �e fund is benchmarked against the Citigroup High Yield Market Index (avg. life 5 years or less). Maximum industry sector concentration of 30%. All holdings are US$ denominated.


Sector Breakdown Electronics 12% Publishing 4%Health Care Facilities 12% Gas Pipelines 4%Retail Stores 8% Building Products 4%Metals/Mining 8% Oil Re�ning & Marketing 4%


Number of Holdings 25Average Life 3.92yearsAverage E¨ective Duration 1.34Average Credit Quality Ba3/BBCurrent Yield 5.25%Yield to Maturity 4.21%Yield to Worst 2.61%Portfolio statistics can vary over time in terms of number of holdings, average life, eective duration, and average credit quality.


RR DONNELLEY & SONS CO 4.21% B2/B+NUSTAR LOGISTICS LP 4.15% Ba1/BB+JABIL CIRCUIT INC 4.11% Ba1/BBB-ANIXTER INC 4.06% Ba3/BBDANA INC 4.00% B1/BBLIFEPOINT HEALTH INC 3.98% Ba2/BB-SBA COMMS CORP 3.97% B3/B+SVC CORP INTL 3.96% Ba3/BBSILGAN HLDGS INC 3.96% Ba3/BB-DOLLAR TREE INC 3.95% Ba2/BBActual �xed income holdings can change over time based upon availability, continued portfolio screening, and changing market conditions.


76%BB

12%BBB12%

B

64%3–5 Years

Credit Quality:BBB: 12% BB: 76% B: 12%


Maturity Breakdown:0-3 Years: 24%3-5 Years: 64% 5-7 Years: 12%

The Tribeca Group at Morgan Stanley F I X E D I N C O M E P O R T F O L I O M A N A G E M E N T

Morgan StanleyOne Penn Plaza, 43rd Floor, New York, NY 10119

212-643-5713

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Scott McCoy, Managing Director - Wealth Management/Senior Portfolio Management Director, Corporate Cash Investment Director, International Client Advisor, National Strategic Partner, Financial Advisor is a member of Morgan Stanley’s 2016 Chairman’s Club. He also holds the title of Portfolio Manager and brings over 20 years

of �xed income experience to �e Tribeca Group’s clients. Before joining the �rm in 2008, Scott was a Senior Managing Director and institutional �xed income salesperson in the Middle Markets Group at Bear Stearns. �ere, he served the �xed income needs of depository institutions, money managers, insurance companies, and hedge funds. Prior to that, he traded government bonds at Citicorp Securities where he was responsible for the short coupon sector. A graduate of Holy Cross College, Scott holds a J.D. from St. John's University and an M.B.A. from New York University.

Jordan Eisenberg, CFA®, Executive Director - Wealth Management/Senior Portfolio Manage-ment Director, is a member of Morgan Stanley’s 2016 President’s Club. He brings over 10 years of �xed income experience to �e Tribeca Group’s clients. Before joining the �rm, Jordan was an Associate Director at Bear Stearns, where he helped

institutional clients develop �xed income strategies utilizing high yield and investment grade corporate bonds, as well as interest rate products including treasuries and mortgage-backed securities. He holds the Chartered Financial Analyst® designation, and is a member of the CFA Institute and the New York Society of Security Analysts. Jordan is a graduate of the University of Florida where he received a B.S. in Business Administration.

Yunjin Lee, CFA®, CMA®, Associate Vice President – Wealth Management, Financial Advisor at Morgan Stanley, focused on providing in-depth fundamental and technical analysis of investment grade and high yield bonds. Yunjin researches outside money managers whom we might recommend for

various components of your portfolio. Yunjin joined Morgan Stanley in 2009 after working in Barclay Capital’s High Yield Credit Corporate Department as a trading desk and publishing analyst. Prior to that, she served as a strategy consultant at Bain & Co. She holds the Chartered Financial Analyst® designation and is a member of the CFA institute and the New York Society of Security Analysts. A graduate of Korea University, Yunjin received an M.B.A. from the Wharton School of the University of Pennsylvania.

William M. Wilson is a Portfolio Manage-ment Associate with over 5 years of �xed income experience. He works closely with Portfolio Managers in executing �e Tribeca Groups’ municipal strategy in the areas of trading, portfolio analytics, and market data/research. In addition, he provides institutional clients with

information on primary market o�erings and trade execution. Prior to joining �e Tribeca Group, William was a Vice-President at Roosevelt & Cross, Inc., actively managing a municipal inventory consisting of a wide array of credits, providing liquidity for institutional customers, and developing trading strategies. He is a graduate of the Boston University Questrom School of Business where he received a B.S. in Business Administration and currently holds Series 7, 52, 53, 63 and 66 registrations.

Michael Clark is a Financial Advisor at Morgan Stanley. Michael has over 30 years’ experience in the �nancial services industry, working as a regional representative for asset management companies including Smith Barney/Citigroup Asset Management, Legg Mason, and Eaton Vance Distributors. In joining the Tribeca Group in 2015, Michael is responsible for

managing the relationship between the Tribeca Group and the other Financial Advisors at Morgan Stanley. He earned a BA in Economics from UCLA and currently holds series 7, 63, and 65 registrations.

Tom Santagato is a Wealth Advisory Associate focused on enhancing relationships between the Tribeca Group and its Partner Financial Advisors. Prior to joining the Tribeca Group, he was a member of a $5 billion Corporate Cash Management team at Oppenheimer & Co. Tom is a 2007 graduate of Spring-�eld College where he earned a B.S. in Education and

was a member of the lacrosse team. While competing on the U.S. Skeleton National Team, he took classes toward an M.B.A. in Finance and graduated with distinction in 2015. He currently holds Series 7 and 66 registrations.

Melissa Harrington is a Portfolio Associate with 25 years of �nancial services industry experience, joining the Tribeca Group in 2010. In this role, she works to help facilitate client service, trade settlement, account maintenance, and marketing. Prior to joining the Tribeca Group, Melissa was a separate account product wholesaler with Northern Trust and Wilmington

Trust. Melissa attended High Point College in High Point North Carolina, majoring in Economics. She currently holds Series 7and Series 63 registrations.

Austin Cremins is a Senior Client Service Associate at Morgan Stanley focused on providing important assistance to our Portfolio Managers in the areas of portfolio analytics, market data tracking, and reporting services. Before joining the �rm Austin worked at Societe Generale advising clients on raising capital within the US Private Placements market. Austin is a graduate of Western Kentucky University with a B.S. in Finance.

*�e portfolio managers are members of the MorganStanley Portfolio Management Group. Since 1979, the Portfolio Management Group has been creating customized investment strategies for high net worth individuals and institutional investors. Our portfolio managers are a select group of Financial Advisors who are quali�ed to independently manage client assets based on training, experience and commitment to client service. **Citigroup High Yield Market Credit Index is a standard market index consisting of issues with an average life of 7 years or less.

*�e portfolio managers are members of the MorganStanley Portfolio Management Group. Since 1979, the Portfolio Management Group has been creating customized investment strategies for high net worth individuals and institutional investors. Our portfolio managers are a select group of Financial Advisors who are qualied to independently manage client assets based on training, experience and commitment to client service. **Citigroup High Yield Market Credit Index is a standard market index consisting of issues with an average life of 7 years or less.

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DISCLOSURES:

Asset Allocation and diversication does not guarantee a prot or protect against a loss.Bonds are subject to interest rate risk. When interest rates rise, bond prices fall; generally the longer a bond’s maturity, the more sensitive it is to this risk. Bonds may also be subject to call risk, which is the risk that the issuer will redeem the debt at its option, fully or partially, before the scheduled maturity date. �e market value of debt instruments may �uctuate, and proceeds from sales prior to maturity may be more or less than the amount originally invested or the maturity value due to changes in market conditions or changes in the credit quality of the issuer. Bonds are subject to the credit risk of the issuer. �is is the risk that the issuer might be unable to make interest and/or principal payments on a timely basis. Bonds are also subject to reinvestment risk, which is the risk that principal and/or interest payments from a given investment may be reinvested at a lower interest rate.Bonds rated below investment grade may have speculative characteristics and present signicant risks beyond those of other securities, including greater credit risk and price volatility in the secondary market. Investors should be careful to consider these risks alongside their individual circumstances, objectives and risk tolerance before investing in high-yield bonds. High yield bonds should comprise only a limited portion of a balanced portfolio.�e individuals mentioned as the Portfolio Management Team are Financial Advisors with Morgan Stanley participating in the Morgan Stanley Portfolio Management program. �e Portfolio Management program is an investment advisory program in which the client’s Financial Advisor invests the client’s assets on a discretionary basis in a range of securities. �e Portfolio Management program is described in the applicable Morgan Stanley ADV Part 2, available at www.morgan stanley.com/ADV or from your Financial Advisor.�is material is intended only for clients and prospective clients of the Portfolio Management program. It has been prepared solely for informational purposes only and is not an o�er to buy or sell or a solicitation of any o�er to buy or sell any security or other nancial instrument, or to participate in any trading strategy.�is material does not provide individually tailored investment advice. It has been prepared without regard to the individual nancial circumstances and objectives of persons who receive it. �e strategies and/or investments discussed in this material may not be suitable for all investors. Morgan Stanley Smith Barney LLC recommends that investors independently evaluate particular investments and strategies, and encourages investors to seek the advice of a Financial Advisor. �e appropriateness of a particular investment strategy will depend on an investor’s individual circumstances and objectives.Holdings are subject to change daily, so any securities discussed in this prole may or may not be included in your account if you invest in this investment strategy. Do not assume that any holdings mentioned were, or will be protable.�e performance, holdings, sector weightings, portfolio traits and other data for an actual account may di�er from that in this material due to various factors including the size of an account, cash �ows within an account, and restrictions on an account.Top holdings, sector allocation, portfolio statistics and credit quality are based on the recommended portfolio for new investors as of the date specied. Holdings lists indicate the largest security holdings by allocation weight as of the specied date. Other data in this material is believed to be accurate as of the date this material was prepared unless stated otherwise. Data in this material may be calculated by Morgan Stanley or by third party providers licensed by the Financial Advisors or Morgan Stanley.Morgan Stanley Wealth Management has no obligation to notify you when information in this presentation changes.Tax laws are complex and subject to change. Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its a�liates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice and are not “duciaries” (under the Internal Revenue Code or otherwise) with respect to the services or activities described herein except as otherwise agreed to in writing by Morgan Stanley. �is material was not intended or written to be used for the purpose of avoiding tax penalties that may be imposed on the taxpayer. Individuals are encouraged to consult their tax and legal advisors regarding any potential tax and related consequences of any investments made under such account.© 2015 Morgan Stanley Smith Barney LLC Member SIPC

As of 5/30/14 CRC # 1646898 November 2016

The Tribeca Group at Morgan Stanley · The Tribeca Group at Morgan Stanley FIXED INCOME PORTFOLIO...

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