Disclosures: 
Morgan Stanley Investment Management 
Risk Considerations: Investing involves risk. Investments in income securities may be affected by changes in the creditworthiness of the issuer and are subject to the risk of non-payment of principal and interest. The value of income securities also may decline because of real or perceived concerns about the issuer's ability to make principal and interest payments. As interest rates rise, the value of certain income investments is likely to decline. An investment in an alternative investment fund can be speculative and should not constitute a complete investment program. This discussion is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy interests in any fund.  

The views and opinions expressed here are from a collection of sources including affiliated and non-affiliated financial service professionals These views are subject to change at any time and do not reflect the opinions of all investment personnel at Morgan Stanley Investment Management (MSIM) and its subsidiaries and affiliates (collectively the “Firm”) and may not be reflected in all strategies and products that the Firm offers. The views attributed to third party participants are believed to be reliable; however, the Firm has not sought to independently verify information discussed by the third-party sources.  

This material is a general communication, which is not impartial, is for informational and educational purposes only, not a recommendation to purchase or sell specific securities, or to adopt any particular investment strategy. Information does not address the financial objectives, situation, or specific needs of individual investors.  

This material is for the benefit of persons whom the Firm reasonably believes it is permitted to communicate to and should not be forwarded to any other person without the consent of the Firm. It is not addressed to any other person and may not be used by them for any purpose whatsoever. It expresses no views as to the suitability of the investments described herein to the individual circumstances of any recipient or otherwise. It is the responsibility of every person reading this material to fully observe the laws of any relevant country, including obtaining any governmental or other consent which may be required or observing any other formality which needs to be observed in that country.  

Any charts and graphs provided are for illustrative purposes only. Any performance quoted represents past performance. Past performance does not guarantee future results.  

Prior to making any investment decision, investors should carefully review the strategy’s relevant offering document.