This document describes the Morgan Stanley Advisory non-discretionary advisory account program. It allows clients to benefit from investment guidance and advice from a Morgan Stanley financial advisor while retaining discretion over account transactions. Key features include developing an investment strategy based on goals and risk tolerance, selecting from investment options like equities and funds, and periodic reviews to maintain the strategy. The financial advisor will work with clients through an assessment and portfolio building process to develop a customized solution.

1. g lo bA l We A lt h MA nAge M ent
Morgan Stanley Advisory SM
Non-Discretionary Advisory Account Program
When you select Morgan Stanley Advisory, you can benefit from the investment guidance and advice of your
Morgan Stanley Financial Advisor. You work in partnership with your Financial Advisor to jointly define,
implement and review your account, while retaining discretion over account transactions.
Personalized investment aPProach K e y Fa c t s
• Your Financial Advisor will partner with you to develop an investment minimum investment: $25K
strategy based on your specific short- and long-term goals, risk tolerance
and time horizon. a single asset Based Fee 1
• With your strategy in place and with your Financial Advisor’s guidance and
investment oPtions
support, you will be able to make more informed investment choices from
• Equities
the variety of options available. • Bonds
• Options
Key Features and BeneFits • Open-End Mutual Funds
• obtain a suite of services, including investment advice, security • Closed-End Funds
• Exchange-Traded Funds
recommendations, trade execution and performance reporting.
• Select from a range of investment options that includes equities, bonds,
options and various types of funds.
• optional portfolio rebalancing to keep your investments in line with your
asset allocation strategy.2
• Check writing, debit card and margin rollup capabilities.3
• gain access to the knowledge and experience of your Financial Advisor,
as well as the extensive resources, intellectual capital and global reach
of Morgan Stanley.
Building your PortFolio
Your Financial Advisor will work with you to develop and implement your investment
Develop
strategy, guiding you through a thorough process to help you: Understanding Conduct
1. Assess your financial needs and objectives Analysis
2. Develop a customized asset allocation strategy (if applicable)
3. Select the appropriate investment options
Ongoing
4. Periodically review your investment strategy and asset allocation, providing Commitment Tailor
recommendations to help you rebalance your portfolio or redefining your strategy Solutions
as needed
Implement
and Deliver

2. If you seek to combine the guidance of your Financial Advisor with the ability to make your own investment
decisions, you should consider Morgan Stanley Advisory—an integrated approach to portfolio management
that allows you to maintain investment discretion, while accessing the advice and experience of your Financial
Advisor. For additional information about Morgan Stanley Advisory, please speak with your Financial Advisor.
1
Please speak with your financial advisor for more information on fees.
2
There may be a tax implication with a rebalancing strategy. You should consult your tax advisor before implementing such a strategy.
3
Please see below for important information on the margin roll-up capabilities.
margin roll-up
Margin roll-up capabilities provide the ability to establish a loan drawing on the full borrowing power of a client’s affiliated account(s). Please note,
however, that trading on margin is not permitted within a Morgan Stanley Advisory account.
This information is accurate as of March 2009. Individuals do not necessarily need to open an advisory account to purchase the securities that are
available for sale through the Morgan Stanley Advisory program. There are limitations on the types of securities that can be held in the Morgan Stanley
Advisory program. Please speak with your Financial Advisor to determine the suitability of the Morgan Stanley Advisory program for your needs.
Morgan Stanley and its Financial Advisors do not provide tax or legal advice, and are not fiduciaries (under ERISA, Internal Revenue Code or otherwise)
with respect to offering the products described herein. This material was not intended or written to be used, and it cannot be used by any taxpayer,
for the purpose of avoiding penalties that may be imposed on the taxpayer under U.S. federal tax laws. Clients should always check with their tax or
legal advisor before engaging in any transaction.
Morgan Stanley & Co. Incorporated offers investment program services through a variety of investment programs such as Morgan Stanley Advisory,
which are opened pursuant to written client agreements. Morgan Stanley may introduce to a client one or more of the different managed account
programs that it sponsors. Each program offers investment managers, investment vehicles and features that are not necessarily available in the others;
conversely, some investment managers, investment vehicles or investment strategies may be available in more than one program. Investors should
refer to the applicable Morgan Stanley & Co. Incorporated Disclosure Document, describing these services and programs.
Our investment advisory programs may require a minimum asset level and, depending on your specific investment objectives and financial position,
may not be suitable for you. It is your responsibility to weigh any investment decision carefully.
Investments and services are offered through Morgan Stanley & Co. Incorporated, member SIPC. Morgan Stanley and Morgan Stanley Advisory are
service marks of Morgan Stanley.
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© 2009 Morgan Stanley
CLF# 39267