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Custom S&P500/MSCI EAFE ADR/Int Ldr Corp 30/30/40 Select UMA

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Custom S&P500/MSCI EAFE ADR/Int Ldr Corp 30/30/40 Select UMA Custom S&P500/MSCI EAFE ADR/Int Ldr Corp 30/30/40 Select UMA Parametric Portfolio Associates Style: Global Multi Asset Year Founded: 1987 Sub-Style: GIMA Status: Approved 800 5th Avenue, Suite 2800 Firm AUM: $410.8 billion Firm Ownership: Eaton Vance Corporation Seattle, Washington 98104 Firm Strategy AUM: $4.7 million Professional-Staff: 638 PRODUCT OVERVIEW TARGET PORTFOLIO CHARACTERISTICS PORTFOLIO STATISTICS Parametric Portfolio Associates LLC has delegated management of Number of stock holdings: 250 to 400 ---------------06/21------ 12/20 all or a portion of the fixed income portion of this Strategy to its ---------- P/E ratio: — Parametric Index*** Parametric affiliate, Eaton Vance Management. This strategy seeks exposure of approximately 30% U.S. Large Cap Equity, 30% Developed International Cash level over market cycle: — Number of stock holdings 501 — 503 Equity, and 40% Intermediate Duration Corporate Fixed Income. The Risk (standard deviation): Similar to the S&P 500 Parametric Custom Multi Asset separate account portfolios are a Dividend Yield 1.6% — 1.6% combination of passive equity and rules-based fixed income strategies. Average turnover rate: 25 to 40% The equity exposure is Parametric's Custom Core offering, while the Distribution Rate — — — Number of bond holdings: 52 fixed income exposure is Eaton Vance's municipal or corporate bond Wtd avg P/E ratio ¹ 21.55x — 25.74x ladder offerings. Once an advisor/client selects appropriate equity and Average maturity: 4.99 bond options, the Parametric Custom Multi Asset account can be Wtd avg portfolio beta — — — Use ADRs: 0 to 40% customized in the following ways: Bond Maturity and Credit 0.0% 0.0% 0.0% Quality - Clients can select custom beginning and ending maturity dates, Capitalization: — Mega capitalization ⁺ as well as the minimum credit quality for their laddered bond allocation. 0.0% 0.0% 0.0% Emerging markets exposure: — Large capitalization ⁺ Tax Management - Parametric will customize the equity allocation based on the unique client cost basis and seek to outperform their selected Medium capitalization ⁺ 0.0% 0.0% 0.0% equity index after taxes. Transition Services - Parametric and Eaton Small capitalization ⁺ 0.0% 0.0% 0.0% Vance will look to transition as many in-kind securities as possible. For the equity allocation, the primary goal is to save taxes on the transition, Micro capitalization ⁺ 0.0% 0.0% 0.0% while the fixed income allocation the goal is to save on transactions PORTFOLIO'S EQUITY SECTOR WEIGHTINGS ⁺ Number of bond holdings 52 — 47 costs and spreads. Parametric offers three different tracking error options for the equity allocation, and Eaton Vance offers the option of a ---------------06/21--------- 12/20 Avg maturity 4.99 yrs. — 4.88 yrs. transition with no turnover. Restrictions Management - Clients can Sector Parametric------- Index*** Parametric specify social screens, industries, sectors, or individual securities to Energy 3.39 0.00 2.60 restrict from their account. These screens can be applied to both the PORTFOLIO'S TOP FIVE EQUITY HOLDINGS % Materials 5.54 0.00 5.21 equity and fixed income (when applicable) portions of the account. Apple Inc. 2.1 Industrials 12.24 0.00 11.90 Microsoft Corporation 2.0 1.2 Consumer Discretionary 12.72 0.00 12.65 Amazon.com, Inc. Alphabet Inc. Class C 0.9 Consumer Staples 7.82 0.00 8.62 Facebook, Inc. Class A 0.9 Health Care 12.09 0.00 13.04 Financials 13.76 0.00 13.51 % PROCESS BASED ON Information Technology 18.27 0.00 18.75 0 Asset allocation 0 Industry or sector weighting Communication 7.97 0.00 7.70 Services 0 Stock Selection 0 Duration Management MANAGER'S INVESTMENT STRATEGY Utilities 2.69 0.00 3.33 0 Yield Curve Management Top-down / portfolio structures based on economic trends Miscellaneous 0.00 0.00 0.00 0 Sector Selection Bottom-up / portfolio structure based on individual securities Real Estate/REITs 2.50 0.00 2.47 0 Bond Selection Cash/Cash Equivalents 1.02 0.00 0.23 ¹High Grade Corporates ***Index : 30SP500/30MSCIEAFE/40BCCorpInt Index ²The P/E used here is calculated by the harmonic mean. ⁺Total may not equal 100% due to rounding. If this profile shows related performance, see the section titled "Related Performance" in the disclosures for important information about the performance shown prior to the inception of the Morgan Stanley Select UMA Program. The subsequent pages contain important disclosures and a glossary of terms. Information as of June 30, 2021, unless otherwise noted and is subject to change. Page 1 of 6 Custom S&P500/MSCI EAFE ADR/Int Ldr Corp 30/30/40 Select UMA MANAGER'S INVESTMENT PROCESS RISK CONSIDERATIONS PORTFOLIO'S ALLOCATION HISTORY (%) ⁺ • Parametric serves as the overlay manager, coordinating the Investing in securities entails risks, including: Equity portfolios 06/21 03/21 12/20 09/20 implementation of the portfolios. are subject to the basic stock market risk that a particular U.S. Stocks 32 31 33 32 • Parametric uses risk models and quantitative techniques to build an security, or securities in general, may decrease in value. Fixed ADRs 29 29 31 29 equity portfolio that is a representative sample or subset of the assigned Income securities may be sensitive to changes in prevailing Corporate Bonds 39 40 37 39 interest rates. When rates rise the value generally declines. index. Cash/Cash Equivalents 0 0 0 0 • Stocks are bought and sold within the portfolio as the underlying index There is no assurance that the private guarantors or insurers will evolves and as opportunities for active tax management arise. meet their obligations. International investing should be considered one component of a complete and diversified • Eaton Vance’s corporate bond strategies are built on the belief that investment program. Investing in foreign markets entails greater stable long-term returns are achieved through bottom-up, credit research risks than those normally associated with domestic markets and issuer diversification. such as foreign political, currency, economic and market risks. Equity securities' prices may fluctuate in response to specific situations for each company, industry, market conditions and general economic environment. Companies paying dividends can reduce or cut payouts at any time. 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 risky than an investment in a company with more modest growth expectations. Value investing does not guarantee a profit or eliminate risk. Not all companies whose stocks are considered to be value stocks are able to turn their business around or successfully employ corrective strategies which would result in stock prices that do not rise as initially expected. Bonds rated below investment grade may have speculative characteristics and present significant 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. If a strategy expects to hold a concentrated portfolio of a limited number of FIXED INCOME SECTOR DISTRIBUTION (%) ⁺ securities, it should be noted that a decline in the value of these 03/21 12/20 09/20 investments would cause the portfolio’s overall value to decline 06/21 to a greater degree than that of a less concentrated Bonds 55.74 57.54 58.09 58.88 portfolio.The returns on a portfolio consisting primarily of Financials 21.74 20.61 21.29 20.46 sustainable investments may be lower or higher than a portfolio 12.92 that is more diversified or where decisions are based solely on Industrials 14.21 14.08 13.18 investment considerations. Because sustainability criteria Utilities 6.63 5.87 5.76 5.75 exclude some investments, investors may not be able to take Cash/Cash Equivalents 1.53 1.74 1.78 1.57 advantage of the same opportunities or market trends as investors that do not use such criteria. U.S. Treasury 0.15 0.16 0.16 0.16 ¹High Grade Corporates ***Index : 30SP500/30MSCIEAFE/40BCCorpInt Index ²The P/E used here is calculated by the harmonic mean. ⁺Total may not equal 100% due to rounding. If this profile shows related performance, see the section titled "Related Performance" in the disclosures for important information about the performance shown prior to the inception of the Morgan Stanley Select UMA Program. The subsequent pages contain important disclosures and a glossary of terms. Information as of June 30, 2021, unless otherwise noted and is subject to change. Page 2 of 6 Custom S&P500/MSCI EAFE ADR/Int Ldr Corp 30/30/40 Select UMA RISK/RETURN ANALYSIS - 3 YEARS ENDING 06/30/21 AVERAGE ANNUAL TOTAL RETURN (%) - PERIODS ENDING 06/30/21 R R a a t t e e o o f f R R e e t t u u r r n n s Standard Deviation (%) s STD ROR INVESTMENT RESULTS Annual Rates of Return (%) 3 Year - Ending 06/30/21 Parametric (Gross) 14.53 10.34 2018* 2019 2020 Annual Std. Dev. Parametric (Net) 14.47 7.87 Parametric (Gross) -4.89 17.97 11.74 10.34 14.53 30SP500/30MSCIEAFE/40BCCorpInt Index 14.94 10.91 Parametric (Net) -5.99 15.35 9.25 7.87 14.47 90-Day T-Bills 0.52 1.31 -4.84 20.20 11.50 10.91 14.94 30SP500/30MSCIEAFE/ 40BCCorpInt Index *07/01/2017-12/31/2017 RISK VOLATALITY (%) PORTFOLIO'S QUARTERLY RETURNS (%) PORTFOLIO'S RISK STATISTICS -€“ PERIODS ENDING 06/30/21 ¹ ² Ra Quarter1 Quarter2 Quarter3 Quarter4 3 Year 5 Year t Gross Net Gross Net Gross Net Gross Net Standard Deviation 14.53% N/A e 2017 0.00 -0.57 14.94% N/A 2018 3.06 2.48 -7.72 -8.27 Standard Deviation of Primary o Benchmark 2019 7.11 6.52 3.45 2.87 1.00 0.42 5.41 4.82 f Sharpe Ratio 0.62 N/A 2020 -13.67 -14.16 14.07 13.46 4.36 3.78 8.73 8.10 R 2021 2.15 1.56 4.89 4.31 Sharpe Ratio of Primary 0.64 N/A e Benchmark Related Select UMA t Alpha -0.30% N/A u Beta 0.97 N/A r n Downside Risk 1.01% N/A s R-Squared 1.00 N/A Tracking Error 1.05% N/A Information Ratio -0.55 N/A *07/01/2017-12/31/2017 **01/01/21-06/30/21 Number Of Up Qtrs.
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