Third party guest speakers and authors are neither employees nor affiliated with Morgan Stanley at Work, Shareworks by Morgan Stanley, Morgan Stanley Smith Barney LLC (collectively "Morgan Stanley") and its affiliates. Opinions expressed by the guest speakers and authors are solely their own and do not necessarily reflect those of Morgan Stanley. Materials have been prepared for informational purposes only. Securities, investments, services and/or products mentioned or included in the materials are neither an endorsement nor solicitation by Morgan Stanley to buy or sell any security or other financial instrument or to participate in any trading strategy. Morgan Stanley is not responsible for the information or data contained in third party materials. Past performance is no guarantee of future results.

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Diversification does not guarantee a profit or protect against loss in a declining financial market.

ESG investments in a portfolio may experience performance that is lower or higher than a portfolio not employing such practices. Portfolios with ESG restrictions and strategies as well as ESG investments may not be able to take advantage of the same opportunities or market trends as portfolios where ESG criteria is not applied. There are inconsistent ESG definitions and criteria within the industry, as well as multiple ESG ratings providers that provide ESG ratings of the same subject companies and/or securities that vary among the providers. Certain issuers of investments may have differing and inconsistent views concerning ESG criteria where the ESG claims made in offering documents or other literature may overstate ESG impact. As a result, it is difficult to compare ESG investment products or to evaluate an ESG investment product in comparison to one that does not focus on ESG. 

There is no assurance that an ESG investing strategy or techniques employed will be successful. Past performance is not a guarantee or a dependable measure of future results.

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This material has been prepared for informational 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 recommends that investors independently evaluate particular investments and strategies, and encourages investors to seek the advice of a Financial Advisor. The appropriateness of a particular investment or strategy will depend on an investor’s individual circumstances and objectives. 

The laws, regulations, and rulings addressed by the products, services, and publications offered by Morgan Stanley and its affiliates are subject to various interpretations and frequent change. Morgan Stanley and its affiliates do not warrant these products, services, and publications against different interpretations or subsequent changes of laws, regulations, and rulings. Morgan Stanley and its affiliates do not provide legal, accounting, or tax advice. Always consult your own legal, accounting, and tax advisors. 

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