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Footnotes:

1 https://www.reuters.com/markets/us/us-weekly-jobless-claims-increase-labor-market-still-tight-2023-02-09/

https://hbr.org/2023/01/despite-layoffs-its-still-a-workers-labor-market

2 State of the Workplace II Financial Benefits Study, September 2022, https://www.morganstanley.com/atwork/articles/state-of-workplace-financial-benefits-study-results-2022

3 Ibid

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This material has been prepared for educational purposes only. It does not provide individually tailored investment advice. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it. Morgan Stanley Smith Barney LLC (“Morgan Stanley”) recommends that investors independently evaluate particular investments and strategies, and encourages investors to seek the advice of a Morgan Stanley Financial Advisor. The appropriateness of a particular investment or strategy will depend on an investor’s individual circumstances and objectives.

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