Morgan Stanley

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Member of SIPC. Securities in your account are protected up to $500,000. For details, please see www.sipc.org.

Under the Bank Deposit Program, free credit balances held in an account(s) at Morgan Stanley Smith Barney LLC are automatically deposited into an interest-bearing deposit account(s), at FDIC-insured banks. For more information, view the Bank Deposit Program Disclosure Statement. Detailed information on federal deposit insurance coverage is available on the FDIC website. Free credit 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.

The Bank Deposit Program is the default sweep option unless the account is ineligible to participate in the Bank Deposit Program. The Bank Deposit Program is described in the account opening materials as well as in the Bank Deposit Disclosure Statement. If the account is ineligible to participate in the Bank Deposit Program, any free credit balances in the account will be swept into one of the alternate funds based upon eligibility.

The fund's prospectus contains its investment objectives, risks, charges, expenses, and other important information and should be read and considered carefully before investing. For a current prospectus, please click Morgan Stanley Fund name above. If you are eligible for the Morgan Stanley Offshore Money Market Fund: Cayman Sweep Fund, the Private Placement Memorandum document will be accessible upon the first purchase as applicable.

Data quoted represents past performance. Past performance is not an indication of future results and investment returns and share prices will fluctuate on a daily basis. Your investment may be worth more or less than your original cost when you redeem your shares. Current performance may be lower or higher than the performance data quoted. For most recent quarter end performance and metrics, please click on the fund name.

You could lose money by investing in a money market mutual fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. Depending upon the type of money market fund in which you invest, a fee may be imposed upon the sale of your shares as determined by the fund. Any redemption or liquidity fees will be described in your money market fund's prospectus. An investment in any money market mutual fund is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

Tax Exempt funds: Income 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.

Morgan Stanley Smith Barney LLC (“Morgan Stanley Wealth Management”)—IMPORTANT DISCLOSURES

Morgan Stanley Smith Barney LLC is a registered Broker/Dealer, Member SIPC, and not a bank. Where appropriate, Morgan Stanley Smith Barney LLC has entered into arrangements with banks and other third parties to assist in offering certain banking related products and services.

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

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