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or risks, dis=losures and other important information. Important disclo=ures regarding the relationship between the companies that are r=ferenced in Morgan Stanley research and Morgan Stanley Wealth Manage=ent research are available on the Morgan Stanley Wealth Managem=nt disclosure website at https://www.morga
t is not acting as a municip=l advisor to any municipal entity or obligated person within the mean=ng of Section 15B of the Securities Exchange Act (the "Municipal A=visor Rule") and the opinions or views contained herein are not i=tended to be, and do not constitute, advice within the meaning of the=Municipal A
or risks, dis=losures and other important information. Important disclo=ures regarding the relationship between the companies that are r=ferenced in Morgan Stanley research and Morgan Stanley Wealth Manage=ent research are available on the Morgan Stanley Wealth Managem=nt disclosure website at https://www.morga
t is not acting as a municip=l advisor to any municipal entity or obligated person within the mean=ng of Section 15B of the Securities Exchange Act (the "Municipal A=visor Rule") and the opinions or views contained herein are not i=tended to be, and do not constitute, advice within the meaning of the=Municipal A
1844b1399aa46449a2> = = = =09 <http://www.morganstanley.com/img/cs/spacer.=if> Apple, Inc.: Smooth Sailing Into Supercycle Katy=L. Huberty, CFA — Morgan Stan=ey Apple is ou= top pick with the upcoming iPhone supercycle accentuated by the possibilit= of repatriation, tax reform, and M&A. Stronger Dec quar
t is not acting as a municip=l advisor to any municipal entity or obligated person within the mean=ng of Section 1SB of the Securities Exchange Act (the "Municipal A=visor Rule") and the opinions or views contained herein are not i=tended to be, and do not constitute, advice within the meaning of the=Municipal A
or risks, dis=losures and other important information. Important disclo=ures regarding the relationship between the companies that are r=ferenced in Morgan Stanley research and Morgan Stanley Wealth Manage=ent research are available on the Morgan Stanley Wealth Managem=nt disclosure website at https://www.morga
t is not acting as a municip=l advisor to any municipal entity or obligated person within the mean=ng of Section 15B of the Securities Exchange Act (the "Municipal A=visor Rule") and the opinions or views contained herein are not i=tended to be, and do not constitute, advice within the meaning of the=Municipal A
Entities connected to both Morgan Stanley and the "Municipal A

Jeffrey Epstein
PERSON
Prince Andrew
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Richard Kahn
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Marc Rich
PERSONAtlas
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Katy Perry
PERSON
Apple
ORGANIZATIONMorgan Sta
ORGANIZATIONStanley Smith Barney LLC
ORGANIZATIONMorgan Stanley Wealth Management Not Acting as Municipal Ad
ORGANIZATIONKaty L.
PERSON