This material is made available for informational purposes only. Morgan Stanley and its affiliates (“Morgan Stanley”) make no representation or warranty whatsoever and disclaim all liability for the completeness, accuracy or reliability of the information contained herein. This material is not investment research or investment advice, or a recommendation, offer or solicitation for the purchase or sale of any security, financial instrument, financial product or service, or to be used in any way for evaluating the merits of participating in any transaction or trading strategy. This material was not prepared by the Morgan Stanley Research Department. The information contained in this material does not constitute advice or Morgan Stanley research. Morgan Stanley is not acting as your advisor (municipal, financial or otherwise) and is not acting in a fiduciary capacity. Unless otherwise indicated, any views expressed or information contained in the materials are those of the respective author(s) alone and may differ from others within Morgan Stanley, including those of Morgan Stanley's Research Department or sales and trading groups. Morgan Stanley did not conduct an independent review of the materials and may not utilize the information, analysis and/or strategies provided by the author(s). Past performance is not indicative of future returns.