MORGAN STANLEY PORTFOLIOS, SERIES 38 TRUST AGREEMENT Dated: January 29, 2020Trust Agreement • January 29th, 2020 • Morgan Stanley Portfolios, Series 38
Contract Type FiledJanuary 29th, 2020 CompanyThis Trust Agreement among Morgan Stanley Smith Barney LLC., as Depositor, Evaluator and Supervisor, and The Bank of New York Mellon, as Trustee, sets forth certain provisions in full and incorporates other provisions by reference to the document entitled “Standard Terms and Conditions of Trust For Morgan Stanley Global Investment Solutions, Effective for Unit Investment Trusts Established On and After July 22, 2014” (the “Standard Terms and Conditions of Trust”) and such provisions as are set forth in full and such provisions as are incorporated by reference constitute a single instrument. All references herein to Articles and Sections are to Articles and Sections of the Standard Terms and Conditions of Trust.