# EDGAR Filing Document

**Accession Number:** 0000895421
**File Stem:** 0000895421-26-000196
**Filing Date:** 2026-6
**Character Count:** 212218
**Document Hash:** 795b2eaa958afe62927fdcbad728bd2d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000895421-26-000196.hdr.sgml**: 20260625

**ACCESSION NUMBER**: 0000895421-26-000196

**CONFORMED SUBMISSION TYPE**: 11-K

**PUBLIC DOCUMENT COUNT**: 33

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260625

**DATE AS OF CHANGE**: 20260625

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MORGAN STANLEY
- **CENTRAL INDEX KEY:** 0000895421
- **STANDARD INDUSTRIAL CLASSIFICATION:** SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 363145972
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 11-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-11758
- **FILM NUMBER:** 261122303

**BUSINESS ADDRESS:**
- **STREET 1:** 1585 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036
- **BUSINESS PHONE:** 212-761-4000

**MAIL ADDRESS:**
- **STREET 1:** 1585 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MORGAN STANLEY DEAN WITTER & CO
- **DATE OF NAME CHANGE:** 19980326

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DEAN WITTER DISCOVER & CO
- **DATE OF NAME CHANGE:** 19960315

?xml version='1.0' encoding='ASCII'? ms-20260625

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 11-K

FOR ANNUAL REPORTS OF EMPLOYEE STOCK PURCHASE, SAVINGS

AND SIMILAR PLANS PURSUANT TO SECTION 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

(Mark One)

⌧ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2025

OR

□TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________________ to __________________

Commission file number 1-11758

A. Full title of the plan and the address of the plan, if different from that of the issuer named below:

Morgan Stanley 401(k) Plan

c/o Morgan Stanley Benefits Department

750 Seventh Ave.

New York, NY 10019

B. Name of the issuer of the securities held pursuant to the plan and the address of its principal executive office:

MORGAN STANLEY

1585 Broadway

New York, NY 10036

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SIGNATURES

*The Plan*. Pursuant to the requirements of the Securities Exchange Act of 1934, the Trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | |
|:---|:---|
| Morgan Stanley 401(k) Plan<br>**(Name of Plan)** | Morgan Stanley 401(k) Plan<br>**(Name of Plan)** |
| By: | /s/ Mark Beacham  |
|  | **Mark Beacham**<br>**Managing Director, Human Capital Management** |
| Date: | June 25, 2026 |

---

------

&nbsp;&nbsp;Morgan Stanley<br>401(k) Plan<br>**Employer ID Number: 20-8764829**<br>**Plan Number: 003**<br>Financial Statements at December 31, 2025 and 2024, and for the Year Ended December 31, 2025, Supplemental Schedule at December 31, 2025, and Report of Independent Registered Public Accounting Firm<br>

------

**Morgan Stanley 401(k) Plan**

---

| | |
|:---|:---|
| **TABLE OF CONTENTS** | |
| | **Page** |
| REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM | <u>[1](#idde36fc7b5ed4248a38876c4d1ec6714_179)</u> |
| FINANCIAL STATEMENTS: | |
| &nbsp;&nbsp;Statements of Net Assets Available for Benefits at December 31, 2025 and 2024 | <u>[2](#idde36fc7b5ed4248a38876c4d1ec6714_79)</u> |
| &nbsp;&nbsp;Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 2025 | <u>[3](#idde36fc7b5ed4248a38876c4d1ec6714_86)</u> |
| &nbsp;&nbsp;Notes to Financial Statements at December 31, 2025 and 2024, and for the Year Ended December 31, 2025 | <u>[4](#idde36fc7b5ed4248a38876c4d1ec6714_93)</u> - <u>[15](#idde36fc7b5ed4248a38876c4d1ec6714_119)</u> |
| SUPPLEMENTAL SCHEDULE: | |
| &nbsp;&nbsp;Form 5500, Schedule H, Part IV, Line 4i — Schedule of Assets (Held at End of Year) at December 31, 2025 | <u>[17](#idde36fc7b5ed4248a38876c4d1ec6714_168)</u> - <u>[61](#i53c9038dc32a445fad6db812dca8d720_783)</u> |
| *NOTE:&nbsp;&nbsp;&nbsp;&nbsp;All other schedules required by section 2520.103-10 of the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974, as amended, have been omitted because they are not applicable* | |

---

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**Morgan Stanley 401(k) Plan**

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Plan Participants and Plan Administrator of Morgan Stanley 401(k) Plan

Opinion on the Financial Statements

We have audited the accompanying statements of net assets available for benefits of Morgan Stanley 401(k) Plan (the "Plan") as of December 31, 2025 and 2024, the related statement of changes in net assets available for benefits for the year ended December 31, 2025, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2025 and 2024, and the changes in net assets available for benefits for the year ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on the Plan's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Report on Supplemental Schedule

The supplemental schedule of assets (held at end of year) as of December 31, 2025 has been subjected to audit procedures performed in conjunction with the audit of the Plan's financial statements. The supplemental schedule is the responsibility of the Plan's management. Our audit procedures included determining whether the supplemental schedule reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental schedule. In forming our opinion on the supplemental schedule, we evaluated whether the supplemental schedule, including its form and content, is presented in compliance with the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, such schedule is fairly stated, in all material respects, in relation to the financial statements as a whole.

/s/ DELOITTE & TOUCHE LLP

New York, New York

June 25, 2026

We have served as the auditor of the Plan since 2022.

------

**Morgan Stanley 401(k) Plan**

---

| | | |
|:---|:---|:---|
| **STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS AT DECEMBER 31, 2025 AND 2024** | | |
|  | **2025** | **2024** |
| ASSETS: |  |  |
| Participant-directed investments, at fair value | $25743836325 | $21589503782 |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Employer contributions | 414432926 | 397705435 |
| &nbsp;&nbsp;&nbsp;&nbsp;Notes receivable from participants | 130838275 | 130367784 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivables for securities sold and other | 62646731 | 63115973 |
| Total Receivables | 607917932 | 591189192 |
| **Total Assets** | $**26351754257** | $**22180692974** |
| LIABILITIES: |  |  |
| Participant-directed investments, at fair value | 24105685 | 23003570 |
| Payables for securities purchased and other | 133449525 | 139281040 |
| **Total Liabilities** | **157555210** | **162284610** |
| **NET ASSETS AVAILABLE FOR BENEFITS** | $**26194199047** | $**22018408364** |

---

The notes to the financial statements are an integral part of these financial statements.

------

**Morgan Stanley 401(k) Plan**

---

| | |
|:---|:---|
| **STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS FOR THE YEAR ENDED DECEMBER 31, 2025** | |
|  | **2025** |
| ADDITIONS: |  |
| Net investment income: |  |
| &nbsp;&nbsp;Appreciation in fair value of investments | $4100867249 |
| &nbsp;&nbsp;Dividends and interest | 231983044 |
| Net investment income | 4332850293 |
| Contributions: |  |
| &nbsp;&nbsp;Employer contributions | 414432926 |
| &nbsp;&nbsp;Participant contributions | 874352635 |
| &nbsp;&nbsp;Rollover contributions | 127585499 |
| Total contributions | 1416371060 |
| Interest income on notes receivable from participants | 10141322 |
| **Total additions** | $**5759362675** |
| DEDUCTIONS: |  |
| &nbsp;&nbsp;Benefits paid to participants | 1566339895 |
| &nbsp;&nbsp;Administrative fees | 17232097 |
| **Total deductions** | $**1583571992** |
| **Net increase in net assets available for benefits** | $**4175790683** |
| NET ASSETS AVAILABLE FOR BENEFITS |  |
| &nbsp;&nbsp;Beginning of year | $22018408364 |
| &nbsp;&nbsp;End of year | $26194199047 |

---

The notes to the financial statements are an integral part of these financial statements.

------

**NOTES TO FINANCIAL STATEMENTS**

**AT DECEMBER 31, 2025 AND 2024, AND FOR THE YEAR ENDED DECEMBER 31, 2025**

**1. DESCRIPTION OF THE PLAN**

The following summary of the Morgan Stanley 401(k) Plan (the "Plan") is provided for general information purposes only. Participants should refer to the Plan document for more complete information. Terms used in this description have the same meaning as in the Plan document.

**General** — The Plan is a profit-sharing plan that includes a "qualified cash or deferred arrangement" as described in Section 401(k) of the Internal Revenue Code of 1986, as amended (the "Code"), and is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended ("ERISA"). The Plan's interest in the Morgan Stanley Stock Fund is designated as an employee stock ownership plan within the meaning of Code section 4975(e)(7) to the extent provided in the Plan.

Morgan Stanley Domestic Holdings, LLC, (the "Plan Sponsor"), is a limited liability company wholly-owned by Morgan Stanley Capital Management, LLC ("MSCM"), a limited liability company whose sole member is Morgan Stanley (the "Company"). The Plan Sponsor has delegated certain functions to Morgan Stanley Services Group Inc. ("MSSG"), a corporation wholly-owned by MSCM. The Company's Chief Human Resources Officer or his or her delegate (the "Plan Administrator") has the authority to control and manage the operation and administration of the Plan, make rules and regulations, and take actions to administer the Plan. The Plan Administrator has delegated certain operational and administrative responsibilities to certain employees in the Company's Human Resources department.

All of the Plan's investments are held in a trust account at The Northern Trust Company (the "Trustee").

**Eligibility** — U.S. benefits-eligible employees, generally defined as full-time, part-time and hourly employees of participating companies, are eligible to participate in the Plan.

Individuals who are (a) classified by a participating company as non-U.S. benefits-eligible workers, interns, summer associates, contingent workers, leased workers, independent contractors or consultants, regardless of whether or not such classification is subsequently upheld for any purpose by a court or federal, state or local administrative authority; (b) covered by a collective bargaining agreement with respect to which a participating company is a party, unless such agreement provides for participation in the Plan; or (c) Puerto Rico residents, are not eligible to participate in the Plan.

Eligible participants who terminate employment and are later rehired by a participating company may participate in the Plan immediately upon rehire.

**Employee Contributions** — Eligible participants may elect to contribute before-tax and/or Roth after-tax contributions of 1% to 50% of eligible pay subject to Code limits ($23,500 for 2025). Those participants who have attained at least age 50 by the end of 2025 may elect an additional before-tax or Roth after-tax "Catch-Up Contribution" of 1% to 50% of eligible pay, subject to Code limits ($7,500 for participants who are ages 50 years to 59 years or 64 years and older, and $11,250 for participants who are ages 60 years to 63 years for 2025).

Certain eligible participants may also elect to contribute non-Roth after-tax contributions of 1% to 50% of eligible earnings. Participants eligible to make non-Roth after-tax contributions include eligible employees considered to be non-highly compensated employees from the prior plan year. Highly compensated employees from 2024 (employees who earned $286,698.06 or more during 2023) are permitted to elect to contribute non-Roth after-tax contributions of 1% to 9% of eligible earnings during 2025. Participants may also contribute eligible rollover distributions from other qualified retirement plans,

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**NOTES TO FINANCIAL STATEMENTS**

**AT DECEMBER 31, 2025 AND 2024, AND FOR THE YEAR ENDED DECEMBER 31, 2025**

excluding other qualified plans sponsored by the Company and its affiliates. All contributions are subject to certain Code limitations.

**Company Contributions** — In addition to the eligibility requirements for each type of Company Contribution described below, to be eligible for Company Contributions for any given Plan Year, a participant must be actively at work or on an authorized leave of absence on December 31 or, during the year, have terminated employment because of Retirement, Release, Total and Permanent Disability (each as defined by the Plan) or died. Company Contributions are generally credited to participant accounts during the first quarter of the year following the calendar year for which the contribution amounts are determined.

<u>Company Match</u>: For employees (except Senior Advisors and Advisory Directors (or equivalent titles) each as defined in the Plan) with eligible pay of $275,001 or less and who are not eligible to receive a Fixed Contribution (as described below), the Plan-provided Company Match for the year ended December 31, 2025 ("2025 Company Match") was one dollar for each dollar of before-tax and/or Roth after-tax contributions that eligible participants contributed to the Plan, up to a maximum of 5% of eligible pay. For these employees, the maximum 2025 Company Match was $13,750.

For employees with eligible pay of $100,001 or less who are eligible to receive a Fixed Contribution or employees with eligible pay over $275,001, the Plan-provided 2025 Company Match was one dollar for each dollar of before-tax or Roth after-tax contributions that eligible participants contributed to the Plan, up to a maximum of 4% of eligible pay, up to the Code limit of $350,000. For these employees, the maximum 2025 Company Match was $14,000.

The Company Match is made at the discretion of the Plan Sponsor. The 2025 Company Match contributions were invested according to each participant's investment elections on file or in a default fund or funds, as selected by the Plan Administrator. The 2025 Company Match was $409,290,441 of which $8,620,349 was covered by forfeitures held by the Plan. The 2024 Company Match was $392,290,569 of which $9,010,409 was covered by forfeitures held by the Plan. Contributions are recorded as Employer contributions receivable on the Company's balance sheet and are generally paid in the first quarter following the year of accrual.

<u>Fixed Contribution</u>: Eligible employees with annualized base pay and eligible annual pay of $100,001 or less and who are not employed as Financial Advisors, Producing Assistant Branch Managers, Producing Branch Managers, or Producing Sales Managers (or equivalent title), Advisory Directors or Senior Advisors (or equivalent title) at December 31 or who are not classified as Saxon employees of Morgan Stanley's U.S. Residential Mortgage Business receive a Fixed Contribution of 2% of eligible pay regardless of whether they contribute to the Plan or receive a Company Match. The 2025 Fixed Contribution of $13,762,833 was recorded as Employer contributions receivable at December 31, 2025 and paid in cash by the Company in Q1 2026. The 2024 Fixed Contribution of $14,425,275 was recorded as Employer contributions receivable at December 31, 2024 and paid in cash by the Company in Q1 2025.

**Participant Accounts** — Individual accounts are maintained for each Plan participant. Each participant's account is credited with the participant's contributions, allocations of Company Contributions and Plan earnings, and charged with an allocation of Plan losses and administrative expenses not otherwise paid by the Plan Sponsor, and reduced by the amount of any benefit payments to such participant. The benefit to which a participant is entitled is the benefit that can be provided from the participant's vested account.

**Investments** — Participants direct the investment of their contributions into various investment options offered by the Plan, which are subject to change from time to time. At December 31, 2025, the

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**NOTES TO FINANCIAL STATEMENTS**

**AT DECEMBER 31, 2025 AND 2024, AND FOR THE YEAR ENDED DECEMBER 31, 2025**

Plan offered mutual funds, commingled or collective trust funds, an employer stock fund, and separately managed accounts ("Separate Accounts").

The Plan is intended to meet the requirements of Section 404(c) of ERISA, with the result that participants, and no other fiduciaries, are responsible for the investment of their Plan accounts.

**Employer Stock Provisions** — The Morgan Stanley Stock Fund is invested primarily in "employer securities" (as defined in the Code), is designated an employee stock ownership plan to the extent provided in the Plan, and is subject to additional plan provisions, including the ability of eligible participants to elect to receive current cash dividend distributions relating to the Morgan Stanley Stock Fund.

**Voting and Tender Rights** — Each participant may direct a vote on shares of Company common stock in the Morgan Stanley Stock Fund that are allocated to his or her Plan account. Each participant is to be notified prior to the time that voting rights are to be exercised. Unvoted shares, including shares held in the Plan's forfeiture account, are to be voted in the same proportion as the total actual votes cast by participants with respect to shares held in the Morgan Stanley Stock Fund for or against the matter under consideration. Similar rules apply to tender or other similar rights appurtenant to Company common stock held in the Morgan Stanley Stock Fund, except that shares for which no tender direction is given by the participant will not be tendered. If there is a tender for less than all shares or if there are more tender directions than can be satisfied, participant shares are to be tendered on a pro rata basis.

**Vesting** — Participants are vested immediately in their Employee Contributions plus earnings thereon. Generally, participants are vested in any Company Contributions upon the earlier of: (i) completion of 3 years of service, or (ii) termination of employment due to death, Retirement, Release or Total and Permanent Disability, each as defined by the Plan. There is no partial vesting. A participant is always fully vested in dividends paid with respect to the Morgan Stanley Stock Fund.

**Other** — Certain reservists and persons who provide military service are entitled to additional rights under the Plan. Additional rules apply in the event that the Plan becomes top-heavy as described in the Code.

**Forfeitures** — The unvested portion of a participant's account may be forfeited on termination of such participant's employment for specified reasons. Forfeitures will be used to reduce the year-end Company Contributions and pay certain Plan expenses.

**Notes Receivable from Participants** — Generally, a participant may borrow a total of up to the lesser of $50,000 or 50% of his/her vested Plan account. A participant may have a maximum of two outstanding loans at a time.

**Payment of Benefits** — Participants may elect to receive all or a portion of their vested account balance following termination of employment.

Participants may withdraw any vested amount allocated to their accounts while in service after attaining age 59.5 years. In the event of a hardship (as defined in the Plan), participants regardless of age may withdraw their vested Employee and Company Contributions to the extent permitted by the Plan. Voluntary Employee Contributions made before 1984 and after-tax Employee Contributions made after 1983 also may be withdrawn in service without regard to the participant's age, subject to Plan terms. Payments are made in cash and/or in-kind in shares of Morgan Stanley stock at the direction of the participant. There is no limit on the number of non-hardship withdrawals.

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**NOTES TO FINANCIAL STATEMENTS**

**AT DECEMBER 31, 2025 AND 2024, AND FOR THE YEAR ENDED DECEMBER 31, 2025**

To the extent a participant elects to receive his or her vested interest in the Morgan Stanley Stock Fund in-kind, shares are recorded electronically in book entry form on the records of the Company's transfer agent, Broadridge Corporate Issuer Solutions, LLC.

**Plan Termination** — Although it has not expressed any intent to do so, the Plan Sponsor (or its delegate, MSSG) has the right under the Plan to terminate the Plan subject to the provisions of ERISA. In such event, participants become fully vested in any Company Contributions to the extent required by the Code.

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

**Basis of Accounting** — The Plan's financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America.

**Use of Estimates** — The preparation of financial statements requires Plan management to make estimates and assumptions regarding the valuation of certain financial instruments that affect the reported amounts of net assets available for benefits and changes therein. Actual results could differ from the estimates and assumptions used.

**Administrative Expenses** — Administrative expenses of the Plan are paid by the Plan, unless paid by the Plan Sponsor, as provided in the Plan document. The Plan Sponsor is under no obligation to pay the Plan's administrative expenses. Participants pay administrative costs for loans, distributions and qualified domestic relation orders.

All investment management and transaction fees directly related to the Plan's investments are paid by the Plan. Management fees and operating expenses charged to the Plan for investments are deducted from income earned on a daily basis and are not separately reflected. Consequently, investment management fees and operating expenses are reflected as a reduction of investment return for such investments.

**Payment of Benefits** — Benefit payments to participants are recorded upon distribution. Amounts allocated to participants who elected to withdraw from the Plan during the year ended December 31 2025, generally were paid prior to the year end. Amounts requested in the Plan Year but paid subsequent to the Plan Year were not significant.

**Risks and Uncertainties** — The Plan utilizes various investments and derivative instruments. Investments and derivatives, in general, are exposed to various risks, such as interest rate, market liquidity and credit risks, as well as overall market volatility. Market risks include global events which could impact the value of investment securities, such as global pandemics or international conflict. Due to the level of risk associated with certain investments and the sensitivity of certain fair value estimates to changes in valuation assumptions, it is reasonably possible that changes in the value of investments will occur in the near term and that such changes could materially affect participants' account balances and the amounts reported in the financial statements.

At December 31, 2025 shares of the Company's common stock, represented 17% of participant-directed investments. A significant decline in the market value of the Company's stock would significantly affect the net assets available for benefits.

**Investment Valuation and Income Recognition** — Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on an accrual basis. The cost of Plan investments is based on the average cost method for individual securities. Dividends are recorded on the

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**NOTES TO FINANCIAL STATEMENTS**

**AT DECEMBER 31, 2025 AND 2024, AND FOR THE YEAR ENDED DECEMBER 31, 2025**

ex-dividend date. Realized and unrealized gains and losses on investments are reflected in Net investment income/loss—Net appreciation/depreciation in fair value of investments.

The Plan's investments and derivative instruments are measured at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the "exit price") in an orderly transaction between market participants at the measurement date (see Note 6).

In determining fair value, the Plan uses various valuation approaches and establishes a hierarchy for inputs used in measuring fair value that requires the most observable inputs be used when available.

Observable inputs are inputs that market participants would use in pricing the asset or liability that were developed based on market data obtained from sources independent of the Plan. Unobservable inputs are inputs that reflect assumptions the Plan believes other market participants would use in pricing the asset or liability that are developed based on the best information available in the circumstances. The fair value hierarchy has three levels based on the observability of inputs as follows, with Level 1 being the highest and Level 3 being the lowest level:

*Level 1.* Valuations based on quoted prices in active markets that the Plan has the ability to access for identical assets or liabilities. Valuation adjustments, block discounts and discounts for entity-specific restrictions that would not transfer to market participants are not applied to Level 1 instruments. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these investments does not entail a significant degree of judgment.

*Level 2*. Valuations based on quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in inactive markets, significant market inputs other than quoted prices that are observable for the asset or liability, or market-corroborated inputs.

*Level 3*. Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

The availability of observable inputs can vary from investment to investment and is affected by a wide variety of factors, including the type of investment, whether the investment is new and not yet established in the marketplace, the liquidity of markets and other characteristics particular to the investment. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Plan in determining fair value is greatest for instruments categorized in Level 3 of the fair value hierarchy.

The Plan considers prices and inputs that are current as of the measurement date, including during periods of market dislocation. In periods of market dislocation, the observability of prices and inputs may be reduced for many instruments. This condition could cause an instrument to be reclassified from Level 1 to Level 2 or from Level 2 to Level 3 of the fair value hierarchy.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the total fair value amount is disclosed in the level appropriate for the lowest level input that is significant to the total fair value of the asset or liability.

**Notes Receivable from Participants** — Notes receivable from participants are measured at their unpaid principal balance plus accrued interest. Principal and interest are repaid semi-monthly and any delinquent payments at December 31, 2025 and 2024 were not significant. Based on the terms of the

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**NOTES TO FINANCIAL STATEMENTS**

**AT DECEMBER 31, 2025 AND 2024, AND FOR THE YEAR ENDED DECEMBER 31, 2025**

Plan document, delinquent participant loans are recorded as distributions when a distributable event occurs.

**3. DERIVATIVE INSTRUMENTS AND REPURCHASE AGREEMENTS**

Derivative instruments are permitted in the Plan's Separate Account portfolios only to the extent that they comply with all of the Plan's policy guidelines and are consistent with the Plan's risk and return objectives. In addition, derivative instruments may be used only if they are deemed to be more attractive than a similar direct investment in the underlying cash market, or if the investment vehicle is being used to manage the risk of the portfolio. Any use of derivative instruments may not result in exposure of the Plan to investment sectors that are otherwise prohibited under the investment guidelines.

The investment guidelines established with each Separate Account manager for the Plan set forth the guidelines for the commitments that an investment manager may make with respect to derivative instruments. Within the scope of the investment guidelines, the Plan may be invested in futures, options, swaps, and forwards.

Market risk arises from adverse changes in the fair value of these contracts.

**Futures and options** — The Plan held certain fixed income future and option contracts, and cash and cash equivalents in Separate Accounts at December 31, 2025 and 2024. When the investment manager purchases or writes an option, an amount equal to the premium paid or received by the Plan is recorded as an asset or liability and is subsequently adjusted to the current market value of the option written or purchased. The fair value of these investments at December 31, 2025 and 2024 was not significant and the changes in fair value are accounted for as part of Net appreciation/depreciation in fair value of investments in the Statement of changes in net assets available for benefits.

**Swaps** — At December 31, 2025 and 2024, the investment assets held by the Plan included positions in interest rate swaps, credit default swaps, overnight index swaps, and inflation swaps. Under the investment managers' standard International Swap and Derivatives Association agreements, counterparty risk is limited by provisions which allow for the mutual exchange of collateral when a swap's net exposure exceeds a contractually agreed threshold. Further, the investment managers are instructed to restrict trading to only those counterparties with the largest capitalization and highest credit ratings in the industry. Investment manager policy is to execute swaps only with counterparties whose credit rating is A-/A3 or better, unless otherwise approved by the Plan. These assets were held in Separate Accounts at December 31, 2025 and 2024. The fair value of these investments at December 31, 2025 and 2024 was not significant and the changes in fair value are accounted for as part of Net appreciation/depreciation in fair value of investments in the Statement of changes in net assets available for benefits.

**Forwards** — The Plan may enter into forward foreign currency contracts in order to hedge certain foreign currency denominated investments. Forward foreign currency commitments are generally entered into with counterparties of high credit quality; therefore, the risk of nonperformance by the counterparties is considered negligible. Additionally, the Plan's investment guidelines require that the forward foreign currency contracts be restricted in their application and used for economic hedging purposes. The Plan held positions in forward foreign currency contracts in Separate Accounts at December 31, 2025 and 2024. The fair value of these investments at December 31, 2025 and 2024 was not significant and the changes in fair value are accounted for as part of Net appreciation/depreciation in fair value of investments in the Statement of changes in net assets available for benefits.

**Securities sold under agreements to repurchase ("repurchase agreements")** — The Plan held positions in repurchase agreements in Separate Accounts at December 31, 2025. The changes in fair

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**NOTES TO FINANCIAL STATEMENTS**

**AT DECEMBER 31, 2025 AND 2024, AND FOR THE YEAR ENDED DECEMBER 31, 2025**

value are accounted for as part of Net appreciation/depreciation in fair value of investments in the Statement of changes in net assets available for benefits.

**4. RELATED PARTY AND EXEMPT PARTY-IN-INTEREST TRANSACTIONS**

Parties-in-interest include Plan fiduciaries, employees, participant employers and service providers, certain owners and certain relatives of such individuals, as defined by ERISA.

There were a range of investment options available in the Plan at December 31, 2025 and 2024, of which one was an employer stock fund (Morgan Stanley Stock Fund). All party-in-interest investments are in funds issued by Northern Trust, PIMCO, Blackrock, JPMorgan Chase Bank, N.A., Thompson, Siegel & Walmsley, Wellington Trust Company, N.A., State Street Global Advisors, and William Blair Investment Management, LLC.

The Plan has a revenue-sharing agreement whereby Northern Trust, as fund manager of the Northern Trust Sustainability Index Fund, returns a portion of the investment fees to the recordkeeper to offset the Plan's administrative expenses. Revenue-sharing activity of this fund was not significant.

Investments in and gain or losses related to common stock and funds issued by Morgan Stanley and notes receivables from participants are as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **At <br>December 31, 2025** | **At <br>December 31, 2024** | **Year Ended<br>December 31, 2025** |
| **Morgan Stanley common stock** | | | |
| &nbsp;&nbsp;Number of shares held | $24995637 | $26058267 | n/a |
| &nbsp;&nbsp;Fair value of shares held | $4437475437 | $3276045327 | n/a |
| &nbsp;&nbsp;Net realized gain | n/a | n/a | $177136227 |
| &nbsp;&nbsp;Dividend income | n/a | n/a | $99549410 |
| **Notes receivable from participants** |  |  |  |
| &nbsp;&nbsp;Participant loans | $130838275 | $130367784 | n/a |
| &nbsp;&nbsp;Interest income | n/a | n/a | $10141322 |

---

Eligible participants of the Morgan Stanley Stock Fund may elect to receive current cash payment of dividends paid on the Morgan Stanley Stock Fund within the Plan, to the extent provided in the Plan. The separate accounts may include insignificant holdings of common stock issued by certain principal shareholders of Morgan Stanley.

Certain officers and employees of the Plan Sponsor (who may also be participants in the Plan) perform administrative services related to the operation, record keeping and financial reporting of the Plan. The Plan Sponsor pays these individuals' salaries and other administrative expenses on behalf of the Plan. Certain fees, including fees for the investment management services, to the extent not paid by the Plan Sponsor, are paid by the Plan. All direct and indirect fees paid by the Plan are considered party-in-interest transactions.

**5. FEDERAL INCOME TAX STATUS**

The Internal Revenue Service determined and informed the Plan Sponsor by a letter dated May 22, 2018, that the Plan and its related Trust continue to be designed in accordance with the applicable

------

**NOTES TO FINANCIAL STATEMENTS**

**AT DECEMBER 31, 2025 AND 2024, AND FOR THE YEAR ENDED DECEMBER 31, 2025**

provisions of the Code. The Plan has been amended since receiving this letter; however, the Plan Sponsor and the Plan Administrator believe the Plan is currently designed and operated in compliance with the applicable requirements of the Code.

The Plan Sponsor has analyzed the tax positions taken by the Plan, and has concluded that at December 31, 2025 and 2024, there are no uncertain tax positions taken by the Plan that would require recognition of a liability (or asset) or disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits of the Plan for any tax periods in progress. The Plan Sponsor believes the Plan is no longer subject to income tax examinations for years prior to 2018.

**6. FAIR VALUE MEASUREMENTS**

The following descriptions of the valuation methods and assumptions used by the Plan to determine the fair values of investments apply to investments held directly by the Plan.

**<u>Registered Investment Companies ("mutual funds")</u>** – Mutual funds are registered with the Securities and Exchange Commission and are intended to meet the requirements of the Investment Company Act of 1940 with respect to income distribution, fee structure, and diversification of assets. Mutual funds are generally marked to quoted prices and are categorized in Level 1 of the fair value hierarchy if based upon prices which are observable in an active market. The Plan generally prohibits the sale of these investment options within 30 days of a purchase into that investment option.

**<u>Morgan Stanley Stock Fund (the "Fund")</u>** – The Plan holds investments in the Fund holding Morgan Stanley common stock and containing a short-term investment fund to facilitate participant transactions into and out of the Fund. The Company has specific rules that govern employee transactions in Morgan Stanley stock. Employees may transact in Morgan Stanley stock (including the Fund) only during a window period designated by the Company. Shorter window periods and prior approval requirements apply to those employees deemed Access Persons (as defined in the Company's employee trading policy) by the Company. Access Persons who are members of the Company's Management or Operating Committees are prohibited from selling the Fund within six months of a purchase.

**<u>Separately Managed Accounts</u>** - The Separate Accounts are professionally managed portfolios held by the Plan. The participants share in the appreciation and depreciation in proportion to their contribution to the Separate Account. Separate Accounts are administered and supervised by investment managers who decide how to invest funds contributed by investors, subject to written investment guidelines. The Plan generally prohibits the sale of these investment options within 30 days of a purchase into that investment option.

A description of the valuation methods and assumptions applied to the major categories of the Fund and the Separate Accounts are as follows:

*Corporate equities*

Corporate equities, including Morgan Stanley common stock, are exchange-traded equity securities that are generally valued based on quoted prices from the exchange. To the extent these securities are actively traded, valuation adjustments are not applied. Unlisted equity securities are generally valued based on an assessment of each security, considering rounds of financing and third-party transactions, discounted cash flow analyses and market-based information, including comparable transactions, trading multiples and changes in market outlook, among other factors. Listed fund units are generally marked to the exchange-traded price if actively traded, or to NAV if not. Unlisted fund units are generally marked to NAV. Corporate equities are generally categorized in Level 1 of the fair value hierarchy. Stapled securities, consisting of two or more corporate equity securities that are contractually bound to form a

------

**NOTES TO FINANCIAL STATEMENTS**

**AT DECEMBER 31, 2025 AND 2024, AND FOR THE YEAR ENDED DECEMBER 31, 2025**

single salable unit that cannot be bought or sold separately, are categorized in Level 2 of the fair value hierarchy. Corporate equities are classified as Level 3 if not actively traded, inputs are unobservable or if undergoing an aged merger or acquisition event or corporate action.

*Cash and cash equivalents*

Cash and cash equivalents are valued at cost, which approximates fair value and are generally categorized in Level 1 of the fair value hierarchy. Commercial Papers are categorized in Level 2 of the fair value hierarchy.

*Government and agency securities*

Government and agency securities are valued using factors which include but are not limited to market quotations, yields, maturities, and the bond's terms and conditions. U.S. Treasury securities and U.S. Index Linked Government Bonds, valued using quoted market prices, are categorized in Level 1 of the fair value hierarchy. Non-U.S. index-linked securities are generally categorized in Level 1 of the fair value hierarchy. Callable agency-issued debt securities are valued by benchmarking model-derived prices to quoted market prices and trade data for comparable instruments. The fair value of agency mortgage pass-through pool securities is model driven based on spreads of a comparable to be announced security. The fair value of state and municipal securities is determined using recently executed transactions, market price quotations or pricing models that factor in, where applicable, interest rates, bond or credit default swap spreads and volatility. Callable agency-issued debt securities, agency mortgage pass-through pool securities, and state and municipal government securities are generally categorized in Level 2 of the fair value hierarchy.

*Corporate debt instruments*

Corporate debt instruments are composed of corporate bonds, corporate loans, and asset-backed securities. Corporate bonds and corporate loans are valued using factors which include but are not limited to recently executed transactions, market price quotations and spreads. Asset-backed securities may be valued based on price or spread data obtained from observed transactions or independent external parties such as vendors or brokers. When position-specific external price data are not observable, the fair value determination may require benchmarking to similar securities. For index linked securities, the market price is adjusted daily by the appropriate index factor. Corporate debt instruments are generally categorized in Level 2 of the fair value hierarchy. Corporate debt instruments are classified as Level 3 if not actively traded or if inputs are unobservable.

*Derivative instruments*

Depending on the investment and terms of the transaction, the fair value of over-the-counter ("OTC") derivative investments can be either observed or modeled using a series of techniques and model inputs from comparable benchmarks, including closed-form analytic formulas, such as the Black-Scholes option-pricing model, and simulation models or a combination thereof. Many pricing models do not entail material subjectivity as the methodologies employed do not necessitate significant judgment, since model inputs may be observed from actively quoted markets, as is the case for generic interest rate swaps and certain option contracts. Interest rate swaps are valued using observable inputs. Listed derivatives that are not actively traded are valued using the same approaches as those applied to OTC derivatives. Derivative instruments are categorized in Level 2 of the fair value hierarchy, except for cash collateral related to the derivative instruments, which are valued at carrying value and categorized in Level 1.

*Repurchase agreements*

The fair value of repurchase agreements is computed using a standard cash flow discounting methodology. The inputs to the valuation include contractual cash flows and collateral funding spreads which are estimated using various benchmarks, interest rate yield curves and option volatilities. Repurchase agreements are categorized in Level 2 of the fair value hierarchy.

------

**NOTES TO FINANCIAL STATEMENTS**

**AT DECEMBER 31, 2025 AND 2024, AND FOR THE YEAR ENDED DECEMBER 31, 2025**

**<u>Collective Trust Funds</u>** – Each investment is administered and supervised by its respective investment manager who decides how to invest the contributed funds. The Collective Trust Funds do not have a readily determinable fair value. The fair values of participating units held in the Collective Trust Funds are valued at NAVs as a practical expedient. Terms of the applicable Collective Trust Fund Agreements and/or Investment Management Agreements permit the termination of the agreement and the receipt of the fund securities at fair value within 30 days. There were no unfunded commitments, and no restricted redemption notice periods. Other than certain funds managed by State Street Global Advisors and BlackRock, Inc., from which the Plan does not restrict the frequency of redemptions, the Plan generally prohibits the sale of the Collective Trust Fund investment options within 30 days of a purchase into that investment option.

------

**NOTES TO FINANCIAL STATEMENTS**

**AT DECEMBER 31, 2025 AND 2024, AND FOR THE YEAR ENDED DECEMBER 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Plan's Investment Assets and Liabilities at Fair Value at December 31, 2025** | **Plan's Investment Assets and Liabilities at Fair Value at December 31, 2025** | **Plan's Investment Assets and Liabilities at Fair Value at December 31, 2025** | **Plan's Investment Assets and Liabilities at Fair Value at December 31, 2025** |
| | **Quoted Prices in Active Markets for Identical Assets**<br>**Level 1** | **Significant Other Observable Inputs**<br>**Level 2** | **Significant Unobservable Inputs**<br>**Level 3** |<br>**Total** |
| **Investment Assets:** | | | | |
| **Registered Investment Companies** | $43618835 | $47790143 | $— | $91408978 |
| **Separately Managed Accounts** |  |  |  |  |
| Corporate equities | 7695300418 |  | 266830 | 7695567248 |
| Cash and cash equivalents | 4245249 | 2196186 |  | 6441435 |
| Government and agency securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury and agency securities | 860796024 | 355967937 |  | 1216763961 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other sovereign government obligations | 7767937 | 706506 |  | 8474443 |
| Total Government and agency securities | 868563961 | 356674443 |  | 1225238404 |
| Corporate debt instruments |  | 169674050 |  | 169674050 |
| Derivative instruments | 18741652 | 4745902 |  | 23487554 |
| Repurchase agreements |  | 587000000 |  | 587000000 |
| Total Separately Managed Accounts | 8586851280 | 1120290581 | 266830 | 9707408691 |
| **Collective Trust Funds \*** |  |  |  | 15945018656 |
| **Participant-directed investments** |  |  |  | $25743836325 |
| **Investment Liabilities:** |  |  |  |  |
| **Separately Managed Accounts** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative instruments | 20509553 | 3596132 |  | 24105685 |
| **Participant-directed investments** | $20509553 | $3596132 | $— | $24105685 |

---

\* Amounts represent certain investments that are measured at fair value using the NAV per share, which are not classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the participant-directed investments presented in the Statement of net assets available for benefits.

Other receivables and other payables are valued at their carrying value, which approximates fair value. Level 3 assets reflect positions held prior to 2022 subject to sanctions as a result of the expansion or escalation of hostilities between Russia and Ukraine.

------

**NOTES TO FINANCIAL STATEMENTS**

**AT DECEMBER 31, 2025 AND 2024, AND FOR THE YEAR ENDED DECEMBER 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Plan's Investment Assets and Liabilities at Fair Value at December 31, 2024** | **Plan's Investment Assets and Liabilities at Fair Value at December 31, 2024** | **Plan's Investment Assets and Liabilities at Fair Value at December 31, 2024** | **Plan's Investment Assets and Liabilities at Fair Value at December 31, 2024** |
| | **Quoted Prices in Active Markets for Identical Assets**<br>**Level 1** | **Significant Other Observable Inputs**<br>**Level 2** | **Significant Unobservable Inputs**<br>**Level 3** |<br>**Total** |
| **Investment Assets:** | | | | |
| **Registered Investment Companies** | $78829907 | $— | $— | $78829907 |
| **Separately Managed Accounts** |  |  |  |  |
| Corporate equities | 6134331011 |  | 237475 | 6134568486 |
| Cash and cash equivalents | 3329031 | 4294246 |  | 7623277 |
| Government and agency securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury and agency securities | 869592096 | 284877550 |  | 1154469646 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other sovereign government obligations | 8643551 | 1487796 |  | 10131347 |
| Total Government and agency securities | 878235647 | 286365346 |  | 1164600993 |
| Corporate debt instruments |  | 171927434 |  | 171927434 |
| Derivative instruments | 18583234 | 8496358 |  | 27079592 |
| Repurchase agreements |  | 570000000 |  | 570000000 |
| Total Separately Managed Accounts | 7034478923 | 1041083384 | 237475 | 8075799782 |
| **Collective Trust Funds \*** |  |  |  | 13434874093 |
| **Participant-directed investments** |  |  |  | $21589503782 |
| **Investment Liabilities:** |  |  |  |  |
| **Separately Managed Accounts** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative instruments | 19256791 | 3746779 |  | 23003570 |
| Participant-directed investments | $19256791 | $3746779 | $— | $23003570 |

---

\* Amounts represent certain investments that are measured at fair value using the NAV per share, which are not classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the participant-directed investments presented in the Statement of net assets available for benefits.

**7. SUBSEQUENT EVENTS**

The Plan has evaluated subsequent events for adjustment to or disclosure in these financial statements through the date of this report and has not identified any recordable or disclosable events not otherwise reported in these financial statements or the notes thereto.

------

**SUPPLEMENTAL SCHEDULE**

------

**Morgan Stanley 401(k) Plan**

---

| |
|:---|
| **Plan Number 003, Employer Identification Number 20-8764829** |
| **FORM 5500, SCHEDULE H, PART IV, LINE 4i — SCHEDULE OF ASSETS (HELD AT END OF YEAR)** |
| **AT DECEMBER 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **(c)** | | | |
| **(a)** | **(b)**<br>**Identity of Issuer** | **Description of Investment** | **Description of Investment** | **(d)**<br>**Cost\*\*** | **(e)**<br>**Current Value** |
| | **Registered Investment Companies** | | | | |
| \* | Pax |  | MFO IMPAX GLOBAL ENVIRONMENTAL MARKETS |  | 47790143 |
| \* | PIMCO |  | MFO PIMCO INTERNATIONAL BOND FUND (UNHEDGED) INST |  | 43618835 |
|  |  |  | Registered Investment Companies Total |  | 91408978 |
|  | **Corporate Equities** |  |  |  |  |
|  | Potlatchdeltic Corp | 34438 | Shares of Common Stock |  | 1369944 |
|  | Astrazeneca | 145965 | Shares of Common Stock |  | 13418562 |
|  | 3I Group | 76647 | Shares of Common Stock |  | 3363959 |
|  | 5th 3rd Bancorp | 206820 | Shares of Common Stock |  | 9681244 |
|  | 5th 3rd Bancorp | 82700 | Shares of Common Stock |  | 3871187 |
|  | Aalberts NV | 14784 | Shares of Common Stock |  | 487208 |
|  | Aar Corp | 52398 | Shares of Common Stock |  | 4338030 |
|  | Aar Corp | 86805 | Shares of Common Stock |  | 7186586 |
|  | Academy Sports & Outdoors Inc | 82022 | Shares of Common Stock |  | 4097819 |
|  | Acadia Pharmaceuticals Inc | 225938 | Shares of Common Stock |  | 6034804 |
|  | Accelerant Holdings | 65045 | Shares of Common Stock |  | 1063486 |
|  | Accenture Plc Cls A | 27853 | Shares of Common Stock |  | 7472960 |
|  | Acerinox SA | 54814 | Shares of Common Stock |  | 815004 |
|  | Addus Homecare Corp | 20424 | Shares of Common Stock |  | 2193333 |
|  | Ascendis Pharma A/s | 90670 | Shares of Common Stock |  | 19334471 |
|  | Legend Biotech Corp Spon | 125260 | Shares of Common Stock |  | 2723152 |
|  | Taiwan Semiconductor Manufacturing | 32555 | Shares of Common Stock |  | 9893139 |
|  | Tencent Hldgs Ltd Adr | 93407 | Shares of Common Stock |  | 7150306 |
|  | Advance Res Inv | 467 | Shares of Common Stock |  | 510663 |
|  | Advanced Micro Devices Inc | 99312 | Shares of Common Stock |  | 21268658 |
|  | Aena Sme S.a. | 58768 | Shares of Common Stock |  | 1644058 |
|  | Agco Corp | 111957 | Shares of Common Stock |  | 11679354 |
|  | Agilysys Inc | 19586 | Shares of Common Stock |  | 2327600 |
|  | Agree Rlty Corp | 15807 | Shares of Common Stock |  | 1138578 |
|  | Aia Group Ltd | 806200 | Shares of Common Stock |  | 8275889 |
|  | Air Liquide(l') | 39349 | Shares of Common Stock |  | 7406166 |
|  | Airbus SE | 15524 | Shares of Common Stock |  | 3617261 |
|  | Alamo Group Inc | 12709 | Shares of Common Stock |  | 2133460 |
|  | Align Technology Inc | 8400 | Shares of Common Stock |  | 1311660 |
|  | Alleima AB | 94855 | Shares of Common Stock |  | 842179 |
|  | Allfunds GP Plc | 54800 | Shares of Common Stock |  | 517775 |
|  | Alliant Energy Corp | 52700 | Shares of Common Stock |  | 3426027 |
|  | Allianz SE | 7889 | Shares of Common Stock |  | 3618075 |
|  | Allstate Corp | 110257 | Shares of Common Stock |  | 22949995 |
|  | Alnylam Pharmaceuticals Inc | 9580 | Shares of Common Stock |  | 3809487 |
|  | Alphabet Inc Cap | 211724 | Shares of Common Stock |  | 66438991 |
|  | Alten | 5555 | Shares of Common Stock |  | 472669 |
|  | Amazon | 141533 | Shares of Common Stock |  | 32668647 |
|  | Amentum Hldgs Inc | 110185 | Shares of Common Stock |  | 3195365 |
|  | Ameren Corp | 232794 | Shares of Common Stock |  | 23246809 |
|  | American Healthcare Reit Inc | 28252 | Shares of Common Stock |  | 1329539 |
|  | American Homes 4 Rent | 79791 | Shares of Common Stock |  | 2561291 |
|  | American International Group Inc | 196388 | Shares of Common Stock |  | 16800993 |
|  | American Tower | 7923 | Shares of Common Stock |  | 1391041 |
|  | Ametek Inc New | 37490 | Shares of Common Stock |  | 7697072 |
|  | Amorepacific Holdings | 23492 | Shares of Common Stock |  | 437861 |
|  | Amotiv Limited | 83746 | Shares of Common Stock |  | 500939 |
|  | Ansell | 29787 | Shares of Common Stock |  | 695420 |
|  | Applied Materials Inc | 62323 | Shares of Common Stock |  | 16016388 |

---

------

**Morgan Stanley 401(k) Plan**

---

| |
|:---|
| **Plan Number 003, Employer Identification Number 20-8764829** |
| **FORM 5500, SCHEDULE H, PART IV, LINE 4i — SCHEDULE OF ASSETS (HELD AT END OF YEAR)** |
| **AT DECEMBER 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| Arcbest Corp | 42563 | Shares of Common Stock | 3157749 |
| Archer-daniels-midland CO | 53600 | Shares of Common Stock | 3081464 |
| Arclands Corp | 33214 | Shares of Common Stock | 409388 |
| Ares Management LP | 79340 | Shares of Common Stock | 12823724 |
| Argan | 4401 | Shares of Common Stock | 341138 |
| Arjo AB Ser'b'npv | 71788 | Shares of Common Stock | 249344 |
| Artivion Inc | 169024 | Shares of Common Stock | 7709185 |
| AS One Corporation | 44375 | Shares of Common Stock | 680580 |
| Asml Holding NV | 2070 | Shares of Common Stock | 2240026 |
| Asmodee Group AB | 51798 | Shares of Common Stock | 595249 |
| Asmpt Ltd | 78054 | Shares of Common Stock | 776679 |
| Atea Asa | 56004 | Shares of Common Stock | 876134 |
| Atlantic UN Bankshares Corp | 126230 | Shares of Common Stock | 4455919 |
| Atlassian Corp | 45440 | Shares of Common Stock | 7367642 |
| Atmus Filtration Technologies Inc | 83805 | Shares of Common Stock | 4350318 |
| Aub Group | 16758 | Shares of Common Stock | 344192 |
| Aurubis AG | 4800 | Shares of Common Stock | 700160 |
| Austria Tech Systemtechnik | 25059 | Shares of Common Stock | 947664 |
| Auto1 Grp | 20300 | Shares of Common Stock | 650869 |
| Autozone Inc | 3366 | Shares of Common Stock | 11415789 |
| Avalonbay Cmntys | 23167 | Shares of Common Stock | 4200409 |
| Avanza Bank Hldg | 29544 | Shares of Common Stock | 1131599 |
| Avio Spa | 13600 | Shares of Common Stock | 468794 |
| Avista Corp | 114634 | Shares of Common Stock | 4417994 |
| Axa SA | 120962 | Shares of Common Stock | 5818935 |
| Axon Enterprise Inc | 31953 | Shares of Common Stock | 18147067 |
| Azbil Corp | 77820 | Shares of Common Stock | 706236 |
| Az-com Maruwa Hldg | 31489 | Shares of Common Stock | 198282 |
| Azz Inc | 31275 | Shares of Common Stock | 3352055 |
| B & M European Value Retail SA | 126428 | Shares of Common Stock | 287048 |
| Babcock Intl Group | 451026 | Shares of Common Stock | 7540692 |
| Babcock Intl Group | 51315 | Shares of Common Stock | 857934 |
| Balfour Beatty | 124033 | Shares of Common Stock | 1186166 |
| Banca Generali | 19937 | Shares of Common Stock | 1339339 |
| Banco Actinver SA Cbfi | 84324 | Shares of Common Stock | 353814 |
| Bank OF America | 793561 | Shares of Common Stock | 43645855 |
| Bankinter SA Eur0.30(regd) | 87086 | Shares of Common Stock | 1447747 |
| Banner Corp | 69484 | Shares of Common Stock | 4353867 |
| Barry Callebaut AG Chf62.2000 | 557 | Shares of Common Stock | 918198 |
| Baxter Intl Inc | 211800 | Shares of Common Stock | 4047498 |
| BE Semiconductor Industries NV | 3285 | Shares of Common Stock | 516017 |
| Beazley Plc | 94072 | Shares of Common Stock | 1052743 |
| Bechtle AG | 16751 | Shares of Common Stock | 859326 |
| Becton Dickinson & CO | 65736 | Shares of Common Stock | 12757386 |
| Bezeq Israel Telcm | 464546 | Shares of Common Stock | 1034738 |
| Bff Bank S.p.a. | 394128 | Shares of Common Stock | 4397395 |
| Bilfinger SE Bilfinger | 11443 | Shares of Common Stock | 1443374 |
| Binggrae | 11357 | Shares of Common Stock | 587343 |
| Bio Rad Laboratories Inc CL A | 9200 | Shares of Common Stock | 2787508 |
| Biogen Inc | 16500 | Shares of Common Stock | 2903835 |
| Blackline Inc | 80700 | Shares of Common Stock | 4461903 |
| Blue Bird Corp | 87383 | Shares of Common Stock | 4107001 |
| Bnp Paribas | 98588 | Shares of Common Stock | 9354407 |
| Boeing CO | 93321 | Shares of Common Stock | 20261856 |
| Boise Cascade CO | 30542 | Shares of Common Stock | 2247891 |
| Boot Barn Hldgs Inc | 11751 | Shares of Common Stock | 2073699 |
| Bqe Cant Vaudoise Chf1 | 6396 | Shares of Common Stock | 810550 |

---

------

**Morgan Stanley 401(k) Plan**

---

| |
|:---|
| **Plan Number 003, Employer Identification Number 20-8764829** |
| **FORM 5500, SCHEDULE H, PART IV, LINE 4i — SCHEDULE OF ASSETS (HELD AT END OF YEAR)** |
| **AT DECEMBER 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| Brembo N.v. | 68809 | Shares of Common Stock | 760852 |
| Bristol Myers Squibb CO | 241577 | Shares of Common Stock | 13030663 |
| British Land CO | 194402 | Shares of Common Stock | 1055858 |
| Brown-forman Inc CL B Non-vtg | 84500 | Shares of Common Stock | 2202070 |
| Bucher Industries Chf0.20 | 2108 | Shares of Common Stock | 980496 |
| Burberry Group | 54262 | Shares of Common Stock | 926181 |
| Burlington Stores Inc | 32250 | Shares of Common Stock | 9315413 |
| Cadre Hldgs Inc | 91168 | Shares of Common Stock | 3723301 |
| Caixabank SA | 65953 | Shares of Common Stock | 809054 |
| Camtek Ltd | 616 | Shares of Common Stock | 65509 |
| Capitaland Integrated | 884400 | Shares of Common Stock | 1643636 |
| Cardinal Infrastructure Group Inc | 22068 | Shares of Common Stock | 533604 |
| Casella Waste Sys Inc | 56865 | Shares of Common Stock | 5569358 |
| Cdl Hospitality TR | 767254 | Shares of Common Stock | 498178 |
| Cdn Apartment Prop Trust Units | 30283 | Shares of Common Stock | 814543 |
| Cencora | 32120 | Shares of Common Stock | 10848530 |
| Cent Garden & Pet CO | 72204 | Shares of Common Stock | 2107635 |
| Centene Corp Del | 97334 | Shares of Common Stock | 4005294 |
| Centurion Accommod | 429000 | Shares of Common Stock | 370288 |
| Century Cmntys Inc | 69244 | Shares of Common Stock | 4109631 |
| CF Inds Hldgs Inc | 147700 | Shares of Common Stock | 11423118 |
| Charter | 8200 | Shares of Common Stock | 1711750 |
| Chartwell Retireme Trust Units | 41755 | Shares of Common Stock | 612275 |
| Cheesecake Factory Inc | 63611 | Shares of Common Stock | 3211083 |
| Chubb Ltd | 115818 | Shares of Common Stock | 36149114 |
| Cie Automotive SA | 21343 | Shares of Common Stock | 745722 |
| Cisco Systems | 42600 | Shares of Common Stock | 3281478 |
| Citigroup Inc | 242685 | Shares of Common Stock | 28318913 |
| City Developments | 83300 | Shares of Common Stock | 518196 |
| City Hldg CO | 35665 | Shares of Common Stock | 4251268 |
| Clarivate | 579200 | Shares of Common Stock | 1934528 |
| Close Bros Group | 137866 | Shares of Common Stock | 968907 |
| Cloudflare Inc | 55230 | Shares of Common Stock | 10888595 |
| Cnh Industrial NV | 234800 | Shares of Common Stock | 2164856 |
| Coastal Finl Corp WA | 20227 | Shares of Common Stock | 2317812 |
| Coca Cola CO | 337751 | Shares of Common Stock | 23612172 |
| Cognizant Tech Solutions Corp | 40200 | Shares of Common Stock | 3336600 |
| Coherent Corp | 20900 | Shares of Common Stock | 3857513 |
| Colgate-palmolive CO | 346358 | Shares of Common Stock | 27369209 |
| Comfort Sys Usa Inc | 6510 | Shares of Common Stock | 6075718 |
| Commercial Metals CO | 42900 | Shares of Common Stock | 2969538 |
| Compass Inc CL A | 186760 | Shares of Common Stock | 1974053 |
| Conagra Brands Inc | 291000 | Shares of Common Stock | 5037210 |
| Conocophillips | 395457 | Shares of Common Stock | 37018730 |
| Constellation Brands Inc CL A | 27700 | Shares of Common Stock | 3821492 |
| Constr Y Aux Ferro | 12702 | Shares of Common Stock | 878662 |
| Contact Energy | 147960 | Shares of Common Stock | 787031 |
| Contemporary Amper Cny1 H Shs | 154400 | Shares of Common Stock | 10027520 |
| Convatec Group Plc | 204675 | Shares of Common Stock | 669525 |
| Copt Defense Properties | 153084 | Shares of Common Stock | 4255735 |
| Copt Defense Properties | 19331 | Shares of Common Stock | 537402 |
| Corpay Inc | 12900 | Shares of Common Stock | 3881997 |
| Cousins Pptys | 43924 | Shares of Common Stock | 1132361 |
| Crh | 43708 | Shares of Common Stock | 5454758 |
| Crown Hldgs Inc | 36400 | Shares of Common Stock | 3748108 |
| Csx Corp | 177580 | Shares of Common Stock | 6437275 |
| Csx Corp | 948717 | Shares of Common Stock | 34390991 |

---

------

**Morgan Stanley 401(k) Plan**

---

| |
|:---|
| **Plan Number 003, Employer Identification Number 20-8764829** |
| **FORM 5500, SCHEDULE H, PART IV, LINE 4i — SCHEDULE OF ASSETS (HELD AT END OF YEAR)** |
| **AT DECEMBER 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| Ctp N.v | 24372 | Shares of Common Stock | 510647 |
| Cummins | 24021 | Shares of Common Stock | 12261519 |
| Curbline Pptys | 41635 | Shares of Common Stock | 966348 |
| Cvs Health Corp | 319349 | Shares of Common Stock | 25343537 |
| Daeduck Electronic | 25045 | Shares of Common Stock | 818867 |
| Daiei Kankyo CO LT | 21800 | Shares of Common Stock | 540323 |
| Daihatsu Infinearth Mfg CO | 43180 | Shares of Common Stock | 698340 |
| Daiichikosho CO | 55072 | Shares of Common Stock | 592021 |
| Daiwa House Reit Investment CO | 858 | Shares of Common Stock | 783857 |
| Daiwa Securities Living Investment Corporation | 903 | Shares of Common Stock | 657324 |
| Daiwabo Holdings | 32800 | Shares of Common Stock | 644721 |
| Danone | 46653 | Shares of Common Stock | 4206901 |
| Danske Bank A/s | 189589 | Shares of Common Stock | 9497933 |
| DB Insurance CO Ltd | 10219 | Shares of Common Stock | 930000 |
| Dcc | 10862 | Shares of Common Stock | 676440 |
| Deutsche Boerse AG | 14862 | Shares of Common Stock | 3904611 |
| Dexcom Inc | 113634 | Shares of Common Stock | 7541889 |
| Dexerials Corp | 36737 | Shares of Common Stock | 616053 |
| Diamondback Energy Inc | 37430 | Shares of Common Stock | 5626852 |
| Digital Rlty TR Inc | 15885 | Shares of Common Stock | 2457568 |
| DL E&c CO Ltd | 10246 | Shares of Common Stock | 292682 |
| Dollar Gen Corp New | 8300 | Shares of Common Stock | 1101991 |
| Dollar Tree Inc | 21530 | Shares of Common Stock | 2648405 |
| Dometic Group AB | 94404 | Shares of Common Stock | 479864 |
| Dominion Energy Inc | 90200 | Shares of Common Stock | 5284818 |
| Donnelley Finl Solutions Inc | 45356 | Shares of Common Stock | 2117672 |
| Doordash Inc CL A | 45200 | Shares of Common Stock | 10236896 |
| Dowa Holdings CO | 16777 | Shares of Common Stock | 795475 |
| Draegerwerk Kgaa Non-vtg Prf | 13122 | Shares of Common Stock | 1069533 |
| Draftkings Inc New | 255140 | Shares of Common Stock | 8792124 |
| Dyno Nobel Limited | 367412 | Shares of Common Stock | 786478 |
| East Japan Railway CO | 16800 | Shares of Common Stock | 442870 |
| Eastgroup Pptys Inc | 10436 | Shares of Common Stock | 1859069 |
| Elementis | 230213 | Shares of Common Stock | 514016 |
| Elevance Health | 102319 | Shares of Common Stock | 35867925 |
| Elia Group | 31142 | Shares of Common Stock | 4012247 |
| Elis SA | 34943 | Shares of Common Stock | 995602 |
| Empire ST Rlty TR Inc CL A | 83749 | Shares of Common Stock | 546043 |
| Enel Spa | 403810 | Shares of Common Stock | 4209959 |
| Eog Resources Inc | 88887 | Shares of Common Stock | 9334024 |
| Eqty Lifestyle Pptys Inc | 24558 | Shares of Common Stock | 1488460 |
| Equinix Inc | 9443 | Shares of Common Stock | 7234849 |
| Equitable Hldgs Inc | 296076 | Shares of Common Stock | 14108021 |
| Essex Ppty TR | 8308 | Shares of Common Stock | 2174037 |
| Euroapi SA | 55486 | Shares of Common Stock | 147926 |
| Eurocommercial | 31839 | Shares of Common Stock | 974096 |
| Europris Asa | 123432 | Shares of Common Stock | 1172297 |
| Evergy Inc | 70000 | Shares of Common Stock | 5074300 |
| Everpure Inc | 56620 | Shares of Common Stock | 3794106 |
| Everus Constr Group Inc | 22805 | Shares of Common Stock | 1951196 |
| Everus Constr Group Inc | 51179 | Shares of Common Stock | 4378875 |
| Evolution Mining | 180586 | Shares of Common Stock | 1526973 |
| Evraz Plc | 234412 | Shares of Common Stock | 255043 |
| Expand Energy | 26400 | Shares of Common Stock | 2913504 |
| Expand Energy | 91200 | Shares of Common Stock | 10064832 |
| Extra Space Storage Inc | 35394 | Shares of Common Stock | 4609007 |
| Exxon Mobil Corp | 188978 | Shares of Common Stock | 22741613 |

---

------

**Morgan Stanley 401(k) Plan**

---

| |
|:---|
| **Plan Number 003, Employer Identification Number 20-8764829** |
| **FORM 5500, SCHEDULE H, PART IV, LINE 4i — SCHEDULE OF ASSETS (HELD AT END OF YEAR)** |
| **AT DECEMBER 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| F&g Annuities & Life Inc | 3530 | Shares of Common Stock | 108896 |
| Fagron | 41054 | Shares of Common Stock | 1026998 |
| Fair Isaac Corporation | 4456 | Shares of Common Stock | 7533403 |
| Fastighets AB Bald Ser'b'npv | 196682 | Shares of Common Stock | 1455039 |
| FB Finl Corp | 71187 | Shares of Common Stock | 3972235 |
| Fidelity Natl Finl Inc New Formerly Fidelity | 61631 | Shares of Common Stock | 3364436 |
| First Advantage Corp New | 229180 | Shares of Common Stock | 3329985 |
| First Bancorp N C | 85222 | Shares of Common Stock | 4328425 |
| First Ctzns Bancshares Inc CL A | 2335 | Shares of Common Stock | 5011330 |
| First Watch Restaurant Group Inc | 158037 | Shares of Common Stock | 2383198 |
| Firstservice Corp | 55618 | Shares of Common Stock | 8650268 |
| Fiserv Inc | 36000 | Shares of Common Stock | 2418120 |
| Flsmidth & CO A/s Ser'b'dkk20 | 8200 | Shares of Common Stock | 573778 |
| Fluidra SA | 22157 | Shares of Common Stock | 602676 |
| Fluor Corp New | 55100 | Shares of Common Stock | 2183613 |
| Forbo Hldgs AG Chf28(regd) | 712 | Shares of Common Stock | 785469 |
| Fortive Corp | 372784 | Shares of Common Stock | 20581405 |
| Fortum Oyj | 50242 | Shares of Common Stock | 1072742 |
| Four Corners Ppty TR Inc | 190358 | Shares of Common Stock | 4389655 |
| FP Corp | 31266 | Shares of Common Stock | 524607 |
| Fuyo General Lease | 11454 | Shares of Common Stock | 313707 |
| Galilei CO | 26044 | Shares of Common Stock | 631390 |
| Gallagher Arthur J & CO | 19015 | Shares of Common Stock | 4920892 |
| Gaming & Leisure Pptys Inc | 104320 | Shares of Common Stock | 4662061 |
| Gaming & Leisure Pptys Inc | 36084 | Shares of Common Stock | 1612594 |
| Garmin Ltd | 35530 | Shares of Common Stock | 7207261 |
| GE Aerospace | 57607 | Shares of Common Stock | 17744684 |
| Gift Holdings | 26603 | Shares of Common Stock | 570264 |
| Glaukos Corp | 29938 | Shares of Common Stock | 3380300 |
| Global Pmts Inc | 50200 | Shares of Common Stock | 3885480 |
| Glp J-reit | 829 | Shares of Common Stock | 787509 |
| Goodman Group | 247914 | Shares of Common Stock | 5121659 |
| Grainger Plc | 267746 | Shares of Common Stock | 656160 |
| Graphic Packaging Hldg CO | 374900 | Shares of Common Stock | 5645994 |
| Grifols | 66722 | Shares of Common Stock | 838470 |
| Gulfport Energy Corp | 10574 | Shares of Common Stock | 2199286 |
| Gvs Spa | 118582 | Shares of Common Stock | 541059 |
| H.u. Group Holdings | 32489 | Shares of Common Stock | 700997 |
| Halliburton CO | 128200 | Shares of Common Stock | 3622932 |
| Hamilton Lane Inc CL A | 30505 | Shares of Common Stock | 4097127 |
| Hanwha Aerospace CO | 15030 | Shares of Common Stock | 9817938 |
| Hawkins Inc | 25714 | Shares of Common Stock | 3652931 |
| Hayward Hldgs Inc | 279913 | Shares of Common Stock | 4324656 |
| HD Hyundai Electric & Energy System CO Ltd | 5368 | Shares of Common Stock | 2884198 |
| Healthpeak OP Llc | 135830 | Shares of Common Stock | 2184146 |
| Henry Schein Inc | 43700 | Shares of Common Stock | 3302846 |
| Hensoldt AG | 9600 | Shares of Common Stock | 827565 |
| HF Sinclair Corporation | 58800 | Shares of Common Stock | 2709504 |
| Hill & Smith Plc | 30413 | Shares of Common Stock | 875410 |
| Hilton Worldwide Hldgs Inc | 2692 | Shares of Common Stock | 773277 |
| Hilton Worldwide Hldgs Inc | 37610 | Shares of Common Stock | 10803473 |
| Hiscox | 50382 | Shares of Common Stock | 964315 |
| Hitachi | 11000 | Shares of Common Stock | 344011 |
| Hokuhoku Financial | 39020 | Shares of Common Stock | 1142632 |
| Home Depot Inc | 74604 | Shares of Common Stock | 25671236 |
| Hosokawa Micron CO | 23124 | Shares of Common Stock | 832048 |

---

------

**Morgan Stanley 401(k) Plan**

---

| |
|:---|
| **Plan Number 003, Employer Identification Number 20-8764829** |
| **FORM 5500, SCHEDULE H, PART IV, LINE 4i — SCHEDULE OF ASSETS (HELD AT END OF YEAR)** |
| **AT DECEMBER 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| Howmet Aerospace Inc | 107280 | Shares of Common Stock | 21994546 |
| Hsbc Hldgs | 122654 | Shares of Common Stock | 1936486 |
| Hsbc Holdings Plc | 217600 | Shares of Common Stock | 3421885 |
| Hubspot Inc | 17950 | Shares of Common Stock | 7203335 |
| Huhtamaki Oyj Ser'i'npv | 16274 | Shares of Common Stock | 568421 |
| Hunt J B Trans Svcs Inc | 33740 | Shares of Common Stock | 6557032 |
| Huntington Bancshares Inc | 862237 | Shares of Common Stock | 14959812 |
| Huntington Ingalls Inds Inc | 11000 | Shares of Common Stock | 3740770 |
| Hyatt Hotels Corp | 5102 | Shares of Common Stock | 817953 |
| Hyosung Heavy Indu | 3203 | Shares of Common Stock | 3959976 |
| Hysan Development | 189927 | Shares of Common Stock | 461183 |
| Iac Inc | 116995 | Shares of Common Stock | 4574505 |
| Ibstock Plc | 235197 | Shares of Common Stock | 441627 |
| Icg | 24549 | Shares of Common Stock | 678223 |
| Idexx Labs Inc | 10788 | Shares of Common Stock | 7298406 |
| Imdex Ltd | 413664 | Shares of Common Stock | 948930 |
| Impinj Inc | 6692 | Shares of Common Stock | 1164475 |
| Inaba Denkisangyo | 61438 | Shares of Common Stock | 999306 |
| Inchcape | 81520 | Shares of Common Stock | 843197 |
| Infinity Nat Res Inc CL A | 116339 | Shares of Common Stock | 1713673 |
| Inmode Ltd | 55616 | Shares of Common Stock | 816999 |
| Innospec Inc | 31548 | Shares of Common Stock | 2414684 |
| Insulet Corp | 29169 | Shares of Common Stock | 8290997 |
| Intel Corp | 235557 | Shares of Common Stock | 8692053 |
| International Workplace Group Plc | 189000 | Shares of Common Stock | 588252 |
| Interparfums | 36960 | Shares of Common Stock | 3135317 |
| Intl Paper CO | 497532 | Shares of Common Stock | 19597785 |
| Invincible Investments Corp | 1133 | Shares of Common Stock | 465503 |
| Invitation Homes Inc | 93349 | Shares of Common Stock | 2594169 |
| Ionis Pharmaceuticals Inc | 1455 | Shares of Common Stock | 115105 |
| Ipsos | 9433 | Shares of Common Stock | 379552 |
| Iqvia Hldgs Inc | 13100 | Shares of Common Stock | 2952871 |
| Irhythm Holdings | 21474 | Shares of Common Stock | 3810347 |
| Iron Mtn Inc New | 15108 | Shares of Common Stock | 1253209 |
| J & J Snack Foods Corp | 25645 | Shares of Common Stock | 2317539 |
| Jacobs Solutions Inc | 7600 | Shares of Common Stock | 1006696 |
| Japan Post Bank CO | 243900 | Shares of Common Stock | 3437271 |
| Japan Real Estate Investment CO | 578 | Shares of Common Stock | 482696 |
| Japan Steel Works Ltd | 9120 | Shares of Common Stock | 446792 |
| Jazz Pharmaceuticals Plc | 13200 | Shares of Common Stock | 2244000 |
| Johnson & Johnson | 116503 | Shares of Common Stock | 24110296 |
| Jtc Plc | 42542 | Shares of Common Stock | 734719 |
| Jungheinrich Non-vtg Prf | 19708 | Shares of Common Stock | 819834 |
| Kamigumi CO Ltd | 29235 | Shares of Common Stock | 943756 |
| Kbc Ancora | 13000 | Shares of Common Stock | 1119134 |
| Kemira Oyj | 27633 | Shares of Common Stock | 635441 |
| Keppel DC | 302849 | Shares of Common Stock | 529868 |
| Keppel Ltd | 95900 | Shares of Common Stock | 771823 |
| Keysight Technologies Inc | 85847 | Shares of Common Stock | 17443252 |
| Kilroy Rlty Corp | 25671 | Shares of Common Stock | 959325 |
| Kinder Morgan Inc Del | 97800 | Shares of Common Stock | 2688522 |
| Kinepolis Group | 3990 | Shares of Common Stock | 140582 |
| Kissei Pharm CO | 15961 | Shares of Common Stock | 473499 |
| Klepierre | 42939 | Shares of Common Stock | 1701499 |
| Knife Riv Hldg CO | 46516 | Shares of Common Stock | 3272401 |
| Korea Elec Power | 200859 | Shares of Common Stock | 6581198 |
| Kotobuki Spirits | 51884 | Shares of Common Stock | 606739 |

---

------

**Morgan Stanley 401(k) Plan**

---

| |
|:---|
| **Plan Number 003, Employer Identification Number 20-8764829** |
| **FORM 5500, SCHEDULE H, PART IV, LINE 4i — SCHEDULE OF ASSETS (HELD AT END OF YEAR)** |
| **AT DECEMBER 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Kraft Heinz CO | 235500 | Shares of Common Stock | 5710875 |
| | Kratos Defense & Security Solutions | 36652 | Shares of Common Stock | 2782253 |
| | Krones AG | 4801 | Shares of Common Stock | 765713 |
| | Kyoto Financial Group Inc. | 42300 | Shares of Common Stock | 924828 |
| | Kyushu Railway Cor | 27106 | Shares of Common Stock | 704519 |
| | L3harris Technologies Inc | 90929 | Shares of Common Stock | 26694027 |
| | Lanxess AG | 18842 | Shares of Common Stock | 389913 |
| | Las Vegas Sands Corp | 161870 | Shares of Common Stock | 10536118 |
| | Leg Immobilien | 18243 | Shares of Common Stock | 1333737 |
| | Legence Corp CL A | 64164 | Shares of Common Stock | 2761619 |
| | LG Innotek CO | 4153 | Shares of Common Stock | 781273 |
| | Liberty Global Ltd. | 193000 | Shares of Common Stock | 2150020 |
| | Lig Nex1 CO Ltd | 42630 | Shares of Common Stock | 12458596 |
| | Linde | 27200 | Shares of Common Stock | 11597808 |
| | Lindsay Corporation | 18317 | Shares of Common Stock | 2159025 |
| | Lithia Mtrs Inc | 6300 | Shares of Common Stock | 2093679 |
| | Live Nation Entertainment | 82270 | Shares of Common Stock | 11723475 |
| | Lkq Corp | 189700 | Shares of Common Stock | 5728940 |
| | Lloyds Banking GP | 5835023 | Shares of Common Stock | 7710267 |
| | Loar Holdings Inc | 44354 | Shares of Common Stock | 3016072 |
| | Logista Integral S A | 22812 | Shares of Common Stock | 806962 |
| | Loomis AK | 23219 | Shares of Common Stock | 983284 |
| | Lpl Finl Hldgs Inc | 27990 | Shares of Common Stock | 9997188 |
| | LS Electric CO | 34249 | Shares of Common Stock | 10936476 |
| | Maeda Kosen Co.ltd | 36175 | Shares of Common Stock | 456500 |
| | Magnolia Oil & Gas Corp CL A | 107059 | Shares of Common Stock | 2343522 |
| | Magnum Ice Cream C | 80423 | Shares of Common Stock | 1273737 |
| | Markel Group | 2000 | Shares of Common Stock | 4299300 |
| | Marr Spa | 39537 | Shares of Common Stock | 418837 |
| | Maruwa CO Ltd | 2635 | Shares of Common Stock | 716138 |
| | Marvell Technology Inc | 66790 | Shares of Common Stock | 5675814 |
| | Masimo Corp | 38560 | Shares of Common Stock | 5015114 |
| | Match Group Inc New | 103300 | Shares of Common Stock | 3335557 |
| | Mayr-melnhof Karto | 3697 | Shares of Common Stock | 403366 |
| | Mdu Res Group Inc | 90177 | Shares of Common Stock | 1760255 |
| | ME Group International Plc | 262921 | Shares of Common Stock | 533999 |
| | Medacta Group SA | 17586 | Shares of Common Stock | 3471695 |
| | Meidensha Corp | 17052 | Shares of Common Stock | 605950 |
| | Meitec Group Holdings Inc | 29419 | Shares of Common Stock | 665538 |
| | Melrose Indust Plc | 1099662 | Shares of Common Stock | 8703028 |
| | Melrose Indust Plc | 83134 | Shares of Common Stock | 657945 |
| | Merck & CO Inc New | 215728 | Shares of Common Stock | 22707529 |
| | Merit Med Sys Inc | 48497 | Shares of Common Stock | 4274526 |
| | Merlin Properties | 91683 | Shares of Common Stock | 1338426 |
| | Meta Platforms Inc | 13800 | Shares of Common Stock | 9109242 |
| | Metlife Inc | 383095 | Shares of Common Stock | 30241519 |
| | Microsoft Corp | 38150 | Shares of Common Stock | 18450103 |
| | Middleby Corp | 71030 | Shares of Common Stock | 10560030 |
| | Misto Holdings Corporation | 26811 | Shares of Common Stock | 794717 |
| | Mitie Group | 513684 | Shares of Common Stock | 1149709 |
| | Mitsubishi Estate CO | 126500 | Shares of Common Stock | 3083712 |
| \* | Mitsubishi Ufj Fin | 370500 | Shares of Common Stock | 5892733 |
|  | Mitsui Fudosan Accommodations Fund Inc | 409 | Shares of Common Stock | 350694 |
|  | Mitsui Fudosan CO Ltd | 116859 | Shares of Common Stock | 1327426 |
|  | Mitsui Fudosan CO Ltd | 264400 | Shares of Common Stock | 3003376 |
|  | Mnc Solution CO LT | 8099 | Shares of Common Stock | 802844 |
|  | Molina Healthcare Inc | 9000 | Shares of Common Stock | 1561860 |

---

------

**Morgan Stanley 401(k) Plan**

---

| |
|:---|
| **Plan Number 003, Employer Identification Number 20-8764829** |
| **FORM 5500, SCHEDULE H, PART IV, LINE 4i — SCHEDULE OF ASSETS (HELD AT END OF YEAR)** |
| **AT DECEMBER 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Molson Coors Beverage | 93900 | Shares of Common Stock | 4383252 |
| | Mongodb Inc CL A | 16840 | Shares of Common Stock | 7067580 |
| | Montrose Environmental Group Inc | 145040 | Shares of Common Stock | 3601343 |
| | Moodys Corp | 12580 | Shares of Common Stock | 6426493 |
| | Moog Inc | 17908 | Shares of Common Stock | 4361493 |
| \* | Morgan Stanley | 1369 | Shares of Common Stock | 243039 |
| \* | Morgan Stanley | 24994268 | Shares of Common Stock | 4437232397 |
|  | Mosaic Co/the | 189100 | Shares of Common Stock | 4555419 |
|  | Msci Inc | 20149 | Shares of Common Stock | 11560086 |
|  | Mtu Aero Engines A | 13788 | Shares of Common Stock | 5753486 |
|  | Myr Group Inc Del | 11550 | Shares of Common Stock | 2523675 |
|  | Nagaileben CO | 24107 | Shares of Common Stock | 276374 |
|  | Namen-akt Belimo Holding AG | 779 | Shares of Common Stock | 767938 |
|  | Namen-akt VZ Holding | 6628 | Shares of Common Stock | 1249887 |
|  | Natera Inc | 32625 | Shares of Common Stock | 7474061 |
|  | Natera Inc | 41220 | Shares of Common Stock | 9443090 |
|  | National BK Hldgs Corp | 90820 | Shares of Common Stock | 3452068 |
|  | National Grid | 1102174 | Shares of Common Stock | 16922501 |
|  | Ncino Inc New | 141334 | Shares of Common Stock | 3623804 |
|  | Neogen Corp | 100581 | Shares of Common Stock | 703061 |
|  | Nestle | 9336 | Shares of Common Stock | 927885 |
|  | Newmark Group Inc CL A | 146580 | Shares of Common Stock | 2541697 |
|  | News Corp | 130105 | Shares of Common Stock | 3398343 |
|  | News Corp | 359430 | Shares of Common Stock | 9388312 |
|  | Nextage CO Ltd | 57741 | Shares of Common Stock | 1018558 |
|  | Nextdc Ltd | 108847 | Shares of Common Stock | 909485 |
|  | Nib Holdings Ltd | 196336 | Shares of Common Stock | 898157 |
|  | Nice Information S | 60116 | Shares of Common Stock | 709432 |
|  | Nichias Corp | 14000 | Shares of Common Stock | 605212 |
|  | Nikon Corp | 32200 | Shares of Common Stock | 358269 |
|  | Nippon Building FD | 1243 | Shares of Common Stock | 1133208 |
|  | Nippon Prologis RE | 1505 | Shares of Common Stock | 891987 |
|  | Nippon Sanso Holdings | 94106 | Shares of Common Stock | 2802557 |
|  | Nitto Kohki CO Ltd | 21144 | Shares of Common Stock | 248340 |
|  | Nkt A/s | 33429 | Shares of Common Stock | 4197285 |
|  | Noba BK Group AB ( | 33700 | Shares of Common Stock | 430627 |
|  | Noble Corporation Plc | 60900 | Shares of Common Stock | 1719816 |
|  | Norma Group SE | 16260 | Shares of Common Stock | 278428 |
|  | Northern Oil & Gas Inc | 194568 | Shares of Common Stock | 4177375 |
|  | Northwestern Energy Group | 50076 | Shares of Common Stock | 3231905 |
|  | Novanta Inc Novanta | 25140 | Shares of Common Stock | 2991409 |
|  | Nsd CO Ltd | 33780 | Shares of Common Stock | 746524 |
|  | OC Oerlikon Corp Chf1 | 50902 | Shares of Common Stock | 207784 |
|  | Odfjell Drilling Limited | 162796 | Shares of Common Stock | 1412200 |
|  | Oge Energy Corp | 65892 | Shares of Common Stock | 2813588 |
|  | Okinawa Cellular | 37722 | Shares of Common Stock | 681545 |
|  | Ollies Bargain Outlet Hldgs Inc | 28833 | Shares of Common Stock | 3160385 |
|  | Omnicom Group Inc | 22100 | Shares of Common Stock | 1784575 |
|  | Outokumpu Oyj Ser'a'npv | 113609 | Shares of Common Stock | 597758 |
|  | Pacific Basin Ship | 1822090 | Shares of Common Stock | 545445 |
|  | Palomar Hldgs Inc | 26421 | Shares of Common Stock | 3560494 |
|  | Paltac Corporation | 21977 | Shares of Common Stock | 676366 |
|  | Patrizia SE | 56452 | Shares of Common Stock | 539682 |
|  | Penta Ocean Const | 121825 | Shares of Common Stock | 1224507 |
|  | Perella Weinberg Partners | 127636 | Shares of Common Stock | 2208103 |
|  | Perrigo | 309000 | Shares of Common Stock | 4301280 |
|  | Pets AT Home Group | 142888 | Shares of Common Stock | 380539 |

---

------

**Morgan Stanley 401(k) Plan**

---

| |
|:---|
| **Plan Number 003, Employer Identification Number 20-8764829** |
| **FORM 5500, SCHEDULE H, PART IV, LINE 4i — SCHEDULE OF ASSETS (HELD AT END OF YEAR)** |
| **AT DECEMBER 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| Philip Morris Intl | 134241 | Shares of Common Stock | 21532256 |
| Piper Sandler | 12894 | Shares of Common Stock | 4380221 |
| Piper Sandler | 7042 | Shares of Common Stock | 2392238 |
| Piraeus Bank SA | 552071 | Shares of Common Stock | 4405093 |
| Pirelli & C Spa | 60900 | Shares of Common Stock | 418845 |
| Planet Fitness Inc CL A | 50663 | Shares of Common Stock | 5495416 |
| Playtech Plc | 123400 | Shares of Common Stock | 470551 |
| Post Hldgs Inc | 18875 | Shares of Common Stock | 1869569 |
| Power Integrations Inc | 61399 | Shares of Common Stock | 2182120 |
| Ppg Ind Inc | 43700 | Shares of Common Stock | 4477502 |
| Prestige Consumer Healthcare Inc | 71184 | Shares of Common Stock | 4391341 |
| Procter & Gamble | 229415 | Shares of Common Stock | 32877464 |
| Progyny Inc | 208563 | Shares of Common Stock | 5355898 |
| Prologis Inc | 47430 | Shares of Common Stock | 6054914 |
| Prudential Plc | 254659 | Shares of Common Stock | 3920246 |
| Psp Swiss Property Chf0.10 | 6633 | Shares of Common Stock | 1201433 |
| Puuilo Oyj | 51542 | Shares of Common Stock | 767565 |
| Databricks Inc. | 470619 | Shares of Common Stock | 86575071 |
| Qualcomm Inc | 140524 | Shares of Common Stock | 24036630 |
| Quanta Svcs Inc | 18810 | Shares of Common Stock | 7938949 |
| Radnet Inc | 72259 | Shares of Common Stock | 5155680 |
| Rai Way Spa | 78802 | Shares of Common Stock | 517349 |
| Rathbones Group | 30639 | Shares of Common Stock | 795372 |
| Recordati | 17903 | Shares of Common Stock | 1020611 |
| Regency Ctrs Corp | 37603 | Shares of Common Stock | 2595735 |
| Relo Group | 37130 | Shares of Common Stock | 406370 |
| Relx | 20916 | Shares of Common Stock | 849619 |
| Renasant Corp | 124539 | Shares of Common Stock | 4386264 |
| Resonac Holdings Corp | 28433 | Shares of Common Stock | 1183794 |
| Revolution Medicines Inc | 39080 | Shares of Common Stock | 3112722 |
| Rexel | 32942 | Shares of Common Stock | 1299555 |
| Rexford Indl Rlty Inc | 56560 | Shares of Common Stock | 2190003 |
| Rinnai Corp | 21254 | Shares of Common Stock | 536960 |
| Robinhood Mkts Inc | 33180 | Shares of Common Stock | 3752658 |
| Roblox Corp | 49210 | Shares of Common Stock | 3987486 |
| Rocket Lab Corp | 86980 | Shares of Common Stock | 6067725 |
| Rockwell Automation | 23110 | Shares of Common Stock | 8991408 |
| Rockwell Automation | 30068 | Shares of Common Stock | 11698557 |
| Roland Corporation | 17676 | Shares of Common Stock | 402586 |
| Royal Caribbean Group | 48340 | Shares of Common Stock | 13482993 |
| Rpm Intl | 108979 | Shares of Common Stock | 11333816 |
| RS Group Plc | 48784 | Shares of Common Stock | 409450 |
| Rwe AG | 54393 | Shares of Common Stock | 2891293 |
| Rxo Inc | 130176 | Shares of Common Stock | 1645425 |
| Ryman Hospitality Pptys Inc | 9724 | Shares of Common Stock | 920085 |
| S-1 Corporation | 15044 | Shares of Common Stock | 752957 |
| Sabra Health Care Reit Inc | 106289 | Shares of Common Stock | 2013114 |
| Sacyr SA | 100700 | Shares of Common Stock | 457221 |
| Saf Holland | 32517 | Shares of Common Stock | 584301 |
| Safestore Hldgs | 91864 | Shares of Common Stock | 909414 |
| Safran SA | 21647 | Shares of Common Stock | 7560896 |
| Sainsbury(j) | 1617289 | Shares of Common Stock | 7069838 |
| Salesforce Inc | 79913 | Shares of Common Stock | 21169753 |
| Sam Yung Trading | 41924 | Shares of Common Stock | 466517 |
| Samsara Inc CL A | 206560 | Shares of Common Stock | 7322552 |
| Samsung E&a CO Ltd | 27270 | Shares of Common Stock | 455273 |
| Samsung Electronic Gdr Each Rep 25 | 12439 | Shares of Common Stock | 25698974 |

---

------

**Morgan Stanley 401(k) Plan**

---

| |
|:---|
| **Plan Number 003, Employer Identification Number 20-8764829** |
| **FORM 5500, SCHEDULE H, PART IV, LINE 4i — SCHEDULE OF ASSETS (HELD AT END OF YEAR)** |
| **AT DECEMBER 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| Samsung Electronic Gdr Each Rep 25 | 807 | Shares of Common Stock | 1667262 |
| Samsung Electronics CO | 75409 | Shares of Common Stock | 6276449 |
| San-ai Obbli CO Ltd | 43014 | Shares of Common Stock | 579576 |
| Sandfire Resources | 66380 | Shares of Common Stock | 793238 |
| Sanofi | 114085 | Shares of Common Stock | 5528559 |
| Santen Pharm CO | 72336 | Shares of Common Stock | 750380 |
| Sanwa Holdings | 30273 | Shares of Common Stock | 787799 |
| Saul Ctrs Inc | 4491 | Shares of Common Stock | 141601 |
| Savills | 54494 | Shares of Common Stock | 730040 |
| Sawai Group Holdings CO | 46853 | Shares of Common Stock | 705134 |
| Sberbank OF Russia Spon Adr | 260208 | Shares of Common Stock | 11787 |
| Scentre Group | 560459 | Shares of Common Stock | 1569717 |
| Schwab Charles Corp | 455140 | Shares of Common Stock | 45473037 |
| Scout24 SE | 5118 | Shares of Common Stock | 515730 |
| Seacoast Bkg Corp Fla | 134299 | Shares of Common Stock | 4219675 |
| Seb SA | 3493 | Shares of Common Stock | 202246 |
| Sega Sammy Hldgs I | 31427 | Shares of Common Stock | 490818 |
| Segro Plc | 69797 | Shares of Common Stock | 676315 |
| Sekisui House Reit | 1421 | Shares of Common Stock | 815911 |
| Sekisui Jushi Corp | 31140 | Shares of Common Stock | 423359 |
| Sempra | 191146 | Shares of Common Stock | 16876280 |
| Semtech Corp | 76800 | Shares of Common Stock | 5659392 |
| Semtech Corp | 84160 | Shares of Common Stock | 6201750 |
| Senior Plc | 382575 | Shares of Common Stock | 1002407 |
| Sensient Technologies Corp | 46352 | Shares of Common Stock | 4354770 |
| Sensirion Hldg AG | 3967 | Shares of Common Stock | 308447 |
| Sgs SA Chf0.04 | 51637 | Shares of Common Stock | 5922042 |
| Shangri-la Asia | 528888 | Shares of Common Stock | 322762 |
| Ship Healthcare Holdings Inc | 30855 | Shares of Common Stock | 516629 |
| Shoei CO Ltd | 42145 | Shares of Common Stock | 477793 |
| Siemens AG | 58017 | Shares of Common Stock | 16295220 |
| Siemens Healthinee | 103234 | Shares of Common Stock | 5446244 |
| Simmons First Natl Corp CL A $0.01 Par CL A $0.01 Par | 234001 | Shares of Common Stock | 4410919 |
| Simon Property Group Inc | 11415 | Shares of Common Stock | 2113031 |
| Singapore Technologies Engineering | 79072 | Shares of Common Stock | 517719 |
| Sirius XM Hldgs Inc New | 164106 | Shares of Common Stock | 3281299 |
| Siteone Landscape Supply Inc | 30599 | Shares of Common Stock | 3811411 |
| Sitime Corp | 2134 | Shares of Common Stock | 753707 |
| SL Corporation | 20158 | Shares of Common Stock | 599611 |
| Slb Limited | 302113 | Shares of Common Stock | 11595097 |
| Smc Corp | 6900 | Shares of Common Stock | 2397359 |
| Snowflake Inc CL A | 32820 | Shares of Common Stock | 7199395 |
| Sojitz Corporation | 9100 | Shares of Common Stock | 282559 |
| Sonic Automotive Inc | 35498 | Shares of Common Stock | 2195906 |
| Sopra Steria Group | 2300 | Shares of Common Stock | 417611 |
| Soulbrain CO Ltd | 4326 | Shares of Common Stock | 786791 |
| Southern CO | 269533 | Shares of Common Stock | 23503278 |
| Sparebank 1 Smn | 54906 | Shares of Common Stock | 1121597 |
| Spie SA | 156230 | Shares of Common Stock | 9038439 |
| Sps | 7789 | Shares of Common Stock | 694234 |
| Ss&c Technologies Hldgs Inc | 23200 | Shares of Common Stock | 2028144 |
| Sse Plc | 209332 | Shares of Common Stock | 6135237 |
| ST James's Place | 26900 | Shares of Common Stock | 500938 |
| Stabilus SE | 12687 | Shares of Common Stock | 304710 |
| Standex Intl Corp | 19249 | Shares of Common Stock | 4182423 |
| Stanley Black & Decker Inc | 255479 | Shares of Common Stock | 18976980 |
| Steadfast Group | 257105 | Shares of Common Stock | 905258 |

---

------

**Morgan Stanley 401(k) Plan**

---

| |
|:---|
| **Plan Number 003, Employer Identification Number 20-8764829** |
| **FORM 5500, SCHEDULE H, PART IV, LINE 4i — SCHEDULE OF ASSETS (HELD AT END OF YEAR)** |
| **AT DECEMBER 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| Stepan CO | 46263 | Shares of Common Stock | 2191016 |
| Stepstone Group Inc CL A | 115163 | Shares of Common Stock | 7390010 |
| Sterling Infrastructure Inc | 8390 | Shares of Common Stock | 2569270 |
| Stockland | 489348 | Shares of Common Stock | 1869823 |
| Sumco Corporation | 69911 | Shares of Common Stock | 640035 |
| Sumitomo Realty & Development | 57000 | Shares of Common Stock | 1429864 |
| Sun Hung Kai Prop | 134591 | Shares of Common Stock | 1637537 |
| Sunstone Hotel Invs Inc New | 253730 | Shares of Common Stock | 2268346 |
| Suruga Bank | 118710 | Shares of Common Stock | 1294302 |
| Swire Properties Ltd | 362600 | Shares of Common Stock | 977369 |
| Symrise AG | 45115 | Shares of Common Stock | 3649629 |
| Tag Immobilien AG | 51648 | Shares of Common Stock | 802505 |
| Tapestry Inc | 96270 | Shares of Common Stock | 12300418 |
| Targa Res Corp | 21120 | Shares of Common Stock | 3896640 |
| TD Synnex Corporation | 19800 | Shares of Common Stock | 2974554 |
| TE Connectivity Plc | 17957 | Shares of Common Stock | 4085397 |
| Tecan Group AG Chf0.10 | 1135 | Shares of Common Stock | 184093 |
| Tencent Hldgs Ltd | 92900 | Shares of Common Stock | 7149367 |
| Tesco | 2334998 | Shares of Common Stock | 13875566 |
| Texas Instruments Inc | 103108 | Shares of Common Stock | 17888207 |
| Tgs | 60711 | Shares of Common Stock | 551625 |
| The Baldwin Insurance Group Inc | 177490 | Shares of Common Stock | 4265085 |
| The Campbells | 79900 | Shares of Common Stock | 2226813 |
| The Cigna Group | 51893 | Shares of Common Stock | 14282510 |
| The Hartford Insurance Group Inc | 129339 | Shares of Common Stock | 17822914 |
| Thermo Fisher Scientific Inc | 15840 | Shares of Common Stock | 9178488 |
| Thermon Group Hldgs | 65149 | Shares of Common Stock | 2420937 |
| Timee Inc | 27942 | Shares of Common Stock | 225682 |
| T-mobile US Inc | 75300 | Shares of Common Stock | 15288912 |
| Toho Titanium CO | 42900 | Shares of Common Stock | 362096 |
| Tokyo Gas CO Ltd | 95320 | Shares of Common Stock | 3773394 |
| Tokyo Tatemono CO | 40315 | Shares of Common Stock | 912035 |
| Totalenergies SE | 258586 | Shares of Common Stock | 16916696 |
| Toyo Suisan Kaisha | 8521 | Shares of Common Stock | 584393 |
| Trane Technologies Plc | 10950 | Shares of Common Stock | 4261740 |
| Tutor Perini Corp | 61528 | Shares of Common Stock | 4123607 |
| Tyson Foods Inc CL A | 57212 | Shares of Common Stock | 3353767 |
| Ubs Group AG Usd0.10 | 447756 | Shares of Common Stock | 20888686 |
| Ucb | 19574 | Shares of Common Stock | 5485101 |
| U-haul Holding | 71500 | Shares of Common Stock | 3341910 |
| Ultragenyx Pharmaceutical Inc | 63039 | Shares of Common Stock | 1449897 |
| Unibail-rodamco- Westfield | 30987 | Shares of Common Stock | 3375786 |
| Unilever Plc | 78946 | Shares of Common Stock | 5160125 |
| Unite Group | 116928 | Shares of Common Stock | 879948 |
| United Parcel Svc Inc | 29930 | Shares of Common Stock | 2968757 |
| Unitedhealth Group Inc | 20066 | Shares of Common Stock | 6623987 |
| Upstart Hldgs Inc | 100620 | Shares of Common Stock | 4400113 |
| Urban Edge Pptys | 219312 | Shares of Common Stock | 4208597 |
| US Bancorp | 558410 | Shares of Common Stock | 29796758 |
| Vallourec SA Eur0.02 | 60543 | Shares of Common Stock | 1115633 |
| Value Added Techno | 15795 | Shares of Common Stock | 214357 |
| Veeco Instrs Inc Del | 145955 | Shares of Common Stock | 4171394 |
| Ventas Inc | 73474 | Shares of Common Stock | 5685418 |
| Veracyte Inc | 87248 | Shares of Common Stock | 3673141 |
| Verra Mobility | 191679 | Shares of Common Stock | 4295526 |
| Verra Mobility | 64909 | Shares of Common Stock | 1454611 |
| Vertex Inc CL A | 52015 | Shares of Common Stock | 1038740 |

---

------

**Morgan Stanley 401(k) Plan**

---

| |
|:---|
| **Plan Number 003, Employer Identification Number 20-8764829** |
| **FORM 5500, SCHEDULE H, PART IV, LINE 4i — SCHEDULE OF ASSETS (HELD AT END OF YEAR)** |
| **AT DECEMBER 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Vertiv Holdings Llc | 120310 | Shares of Common Stock |  | 19491423 |
| Viatris | 1239305 | Shares of Common Stock |  | 15429347 |
| Viatris | 314100 | Shares of Common Stock |  | 3910545 |
| Vicat SA | 17543 | Shares of Common Stock |  | 1565857 |
| Vici Pptys Inc | 45570 | Shares of Common Stock |  | 1281428 |
| Virbac SA | 1414 | Shares of Common Stock |  | 593690 |
| Vistra Corp | 63430 | Shares of Common Stock |  | 10233162 |
| Vistry Group Plc | 68738 | Shares of Common Stock |  | 593013 |
| VIVENDI SE EUR5.50 | 238481 | Shares of Common Stock |  | 662679 |
| VONOVIA SE NPV | 307138 | Shares of Common Stock |  | 8852026 |
| VONTIER CORP COM USD0.0001 WI | 97011 | Shares of Common Stock |  | 3606869 |
| VORNADO RLTY TR COM | 28868 | Shares of Common Stock |  | 960727 |
| VSE CORP COM | 29971 | Shares of Common Stock |  | 5178090 |
| VULCAN MATERIALS CO COM | 27010 | Shares of Common Stock |  | 7703792 |
| WACKER CHEMIE AG NPV(BR) | 4600 | Shares of Common Stock |  | 374661 |
| WALMART INC COM | 185169 | Shares of Common Stock |  | 20629678 |
| WALT DISNEY CO | 118256 | Shares of Common Stock |  | 13453985 |
| WAREHOUSES DE PAUW NPV | 39026 | Shares of Common Stock |  | 1013850 |
| WAREHOUSES DE PAUW NPV | 39733 | Shares of Common Stock |  | 1032217 |
| WASTE CONNECTIONS INC COM | 32910 | Shares of Common Stock |  | 5771098 |
| WELLS FARGO & CO NEW COM STK | 269219 | Shares of Common Stock |  | 25091211 |
| WELLTOWER INC COM REIT | 50489 | Shares of Common Stock |  | 9371263 |
| WESCO INTL INC COM | 8500 | Shares of Common Stock |  | 2079440 |
| WESTLAKE CORPORATION COM USD0.01 | 38500 | Shares of Common Stock |  | 2846690 |
| WHARF REAL ESTATE HKD0.1 | 180000 | Shares of Common Stock |  | 568433 |
| WHITEHAVEN COAL NPV | 110571 | Shares of Common Stock |  | 571441 |
| WIENERBERGER AG NPV | 16969 | Shares of Common Stock |  | 610233 |
| WILLIAMS CO INC COM | 123121 | Shares of Common Stock |  | 7400803 |
| WING TAI HOLDINGS NPV | 473971 | Shares of Common Stock |  | 523358 |
| WINGSTOP INC COM | 10746 | Shares of Common Stock |  | 2562814 |
| XOMETRY INC CL A COM CL A COM | 28517 | Shares of Common Stock |  | 1695906 |
| XPEL INC COM | 41774 | Shares of Common Stock |  | 2084940 |
| YETI HLDGS INC COM | 102236 | Shares of Common Stock |  | 4515764 |
| ZEGONA COMMUNICATI ORD GBP0.01 | 80000 | Shares of Common Stock |  | 1501076 |
| ZENKOKU HOSHO CO L NPV | 38971 | Shares of Common Stock |  | 775964 |
| ZIMMER BIOMET HLDGS INC COM | 300688 | Shares of Common Stock |  | 27037865 |
| ZIMMER BIOMET HLDGS INC COM | 43600 | Shares of Common Stock |  | 3920512 |
| ZSCALER INC COM | 29680 | Shares of Common Stock |  | 6675626 |
| ZUKEN INC NPV | 15258 | Shares of Common Stock |  | 475520 |
| ZUMTOBEL GROUP AG | 47176 | Shares of Common Stock |  | 189488 |
|  |  | Corporate Equities Total |  | 7695567248 |
| **Cash and Cash Equivalents** |  |  |  |  |
| Cash and cash equivalents |  | Foreign currency |  | 6441435 |
|  |  | Cash and Cash Equivalents Total |  | 6441435 |
| **Government Securities** |  |  |  |  |
| Fannie Mae |  | FANNIE MAE BX9727 04-01-2053 | 5% | 478658 |
| Fannie Mae |  | FANNIE MAE FLTG RT 07-29-2026 |  | 12195943 |
| Fannie Mae |  | FANNIE MAE FLTG RT 08-21-2026 |  | 3803047 |
| Fannie Mae |  | FANNIE MAE FLTG RT 12-11-2026 |  | 4809428 |
| Fannie Mae |  | FANNIE MAE FN CB5774 02-01-2053 | 5.5% | 1794995 |
| Fannie Mae |  | FANNIE MAE SR 24-90 CL FA FRN 12-25-2054 |  | 322623 |
| Fannie Mae |  | FANNIE MAE SR 25-69 CL FB FLTG RT 08-25-2055 |  | 1454696 |

---

------

**Morgan Stanley 401(k) Plan**

---

| |
|:---|
| **Plan Number 003, Employer Identification Number 20-8764829** |
| **FORM 5500, SCHEDULE H, PART IV, LINE 4i — SCHEDULE OF ASSETS (HELD AT END OF YEAR)** |
| **AT DECEMBER 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| Federal Home Loan Banks | FEDERAL HOME LN BK DISC NT 03-03-2026 |  | 6917807 |
| Federal Home Loan Banks | FEDERAL HOME LN BK DISC NT 03-12-2026 |  | 10600892 |
| Federal Home Loan Banks | FEDERAL HOME LN BK DISC NT 04-17-2026 |  | 13031430 |
| Federal Home Loan Banks | FEDERAL HOME LN BK FLTG 06-26-2026 |  | 6337426 |
| Federal Home Loan Banks | FEDERAL HOME LN BKS 01-11-2027 | 3.5% | 10285994 |
| Federal Home Loan Banks | FEDERAL HOME LN BKS CONS BD DTD 06/20/2025 FLTG 02-17-2026 | 3.66% | 1804971 |
| Federal Home Loan Banks | FEDERAL HOME LN BKS CONS BD DTD 07/08/2025 FLTG 01-13-2026 | 3.64% | 6994951 |
| Federal Home Loan Banks | FEDERAL HOME LN BKS CONS BD DTD 08/18/2025 FLTG 04-17-2026 | 3.73% | 3600158 |
| Federal Home Loan Banks | FEDERAL HOME LN BKS CONS BD DTD 08/25/2025 FLTG 02-25-2027 | 3.795% | 3664408 |
| Federal Home Loan Banks | FEDERAL HOME LN BKS CONS BD DTD 08/28/2025 02-26-2026 | 3.75% | 14836755 |
| Federal Home Loan Banks | FEDERAL HOME LN BKS CONS BD DTD 09/18/2025 FLTG 03-18-2027 | 3.8% | 3894994 |
| Federal Home Loan Banks | FEDERAL HOME LN BKS CONS BD DTD 10/20/2025 FLTG 03-20-2026 | 3.7% | 1599981 |
| Federal Home Loan Banks | FEDERAL HOME LN BKS CONS BD DTD 10/20/2025 FLTG 04-20-2026 | 3.705% | 699982 |
| Federal Home Loan Banks | FEDERAL HOME LN BKS CONS BD DTD 10/20/2025 FLTG 05-20-2026 | 3.71% | 1599961 |
| Federal Home Loan Banks | FEDERAL HOME LN BKS CONS BD DTD 10/30/2025 FLTG 05-28-2026 | 3.725% | 1799955 |
| Federal Home Loan Banks | FEDERAL HOME LN BKS CONS BD DTD 10/30/2025 FLTG 06-04-2026 | 3.725% | 3599915 |
| Federal Home Loan Banks | FEDERAL HOME LN BKS CONS BD DTD 10/30/2025 FLTG 06-30-2026 | 3.73% | 1809968 |
| Federal Home Loan Banks | FEDERAL HOME LN BKS CONS BD DTD 10/30/2025 FLTG 07-02-2026 | 3.73% | 3984919 |
| Federal Home Loan Banks | FEDERAL HOME LN BKS CONS BD DTD 11/18/2025 FLTG 07-21-2026 | 3.71% | 1799971 |
| Federal Home Loan Banks | FEDERAL HOME LN BKS CONS BD DTD 11/18/2025 FLTG 06-18-2026 | 3.715% | 3514949 |
| Federal Home Loan Banks | FEDERAL HOME LN BKS CONS BD DTD 11/18/2025 FLTG 07-17-2026 | 3.72% | 3514954 |
| Federal Home Loan Banks | FEDERAL HOME LN BKS CONS BD DTD 11/19/2025 FLTG 07-22-2026 | 3.71% | 1799973 |
| Federal Home Loan Banks | FEDERAL HOME LN BKS CONS BD DTD 11/19/2025 FLTG 08-19-2026 | 3.71% | 1764951 |
| Federal Home Loan Banks | FEDERAL HOME LN BKS CONS BD DTD 11/21/2025 FLTG 06-22-2026 | 3.7% | 5304924 |
| Federal Home Loan Banks | FEDERAL HOME LN BKS CONS BD DTD 11/21/2025 FLTG 07-21-2026 | 3.705% | 3529953 |
| Federal Home Loan Banks | FEDERAL HOME LN BKS CONS BD DTD 11/21/2025 FLTG 08-21-2026 | 3.71% | 12354667 |
| Federal Home Loan Banks | FEDERAL HOME LN BKS CONS BD DTD 11/24/2025 FLTG 06-23-2026 | 3.7% | 3889949 |
| Federal Home Loan Banks | FEDERAL HOME LN BKS FLTG RT 04-07-2026 |  | 3599947 |
| Federal Home Loan Banks | FEDERAL HOME LOAN BANK FLTG 05-05-2026 |  | 3459954 |
| Federal Home Loan Banks | FEDERAL HOME LOAN BANK FLTG 07-24-2026 |  | 3529952 |
| Federal Home Loan Banks | FEDERAL HOME LOAN BANK FLTG RT 06-02-2026 |  | 3459908 |
| Federal Home Loan Banks | FEDERAL HOME LOAN BANK FLTG RT 04-17-2026 |  | 1754990 |
| Federal Home Loan Banks | FEDERAL HOME LOAN BANKS 02-03-2026 |  | 2898319 |
| Federal Home Loan Banks | FEDERAL HOME LOAN BANKS DISC NT 01-02-2026 |  | 7498538 |
| Federal Home Loan Banks | FEDERAL HOME LOAN BANKS FLTG 06-25-2026 |  | 1764980 |
| Federal Home Loan Banks | FEDERAL HOME LOAN BANKS FLTG 08-24-2026 |  | 1764949 |

---

------

**Morgan Stanley 401(k) Plan**

---

| |
|:---|
| **Plan Number 003, Employer Identification Number 20-8764829** |
| **FORM 5500, SCHEDULE H, PART IV, LINE 4i — SCHEDULE OF ASSETS (HELD AT END OF YEAR)** |
| **AT DECEMBER 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| Federal Home Loan Banks | FHLB FLTG 25/3/2027 03-25-2027 |  | 2980654 |
| FFCB | FED FARM CR BKS FLTG 02-16-2027 |  | 12407640 |
| FFCB | FEDERAL FARM CR 06-26-2026 | 5.42% | 2285882 |
| FFCB | FEDERAL FARM CR BKS FLTG RT 06-24-2026 |  | 901111 |
| FFCB | FEDERAL FARM CR BKS FLTG RT 11-19-2027 |  | 1490706 |
| FFCB | FEDERAL FARM CREDIT BANK 02-01-2027 | 4.525% | 3498931 |
| FFCB | FEDERAL FARM CREDIT BANK FLTG 03-05-2027 |  | 6999683 |
| FFCB | FEDERAL FARM CREDIT BANK FLTG 03-26-2027 |  | 1361011 |
| FFCB | FEDERAL FARM CREDIT BANK FLTG 04-19-2027 |  | 619996 |
| FFCB | FEDERAL FARM CREDIT BANK FLTG 10-16-2026 |  | 6503314 |
| FFCB | FEDERAL FARM CREDIT BANK FLTG 12-23-2026 |  | 1000564 |
| FFCB | FEDERAL FARM CREDIT BANK FLTG RT 11-06-2026 |  | 2769855 |
| FFCB | FEDERAL FARM CREDIT BANK FLTG RT 01-20-2027 |  | 4124879 |
| FFCB | FEDERAL FARM CREDIT BANK FLTG RT 01-27-2027 |  | 1357029 |
| FFCB | FEDERAL FARM CREDIT BANK FLTG RT 02-27-2026 |  | 6399863 |
| FFCB | FEDERAL FARM CREDIT BANK FLTG RT 05-24-2027 |  | 1894986 |
| FFCB | FEDERAL FARM CREDIT BANK FLTG RT 11-19-2026 |  | 561980 |
| FFCB | FEDERAL FARM CREDIT BANK FLTG RT 11-23-2027 |  | 444995 |
| FFCB | FEDERAL FARM CREDIT FLTG 10-15-2026 |  | 11721609 |
| FHLMC | FEDERAL HOME LN MTG CORP DISC NT 02-13-2026 |  | 1764366 |
| FHLMC | FEDERAL HOME LN MTG CORP FHR 5500 AF FLTG 02-25-2055 |  | 344978 |
| FHLMC | FEDERAL HOME LN MTG CORP FLTG RT 09-23-2026 |  | 3902175 |
| FHLMC | FEDERAL HOME LN MTG CORP FLTG RT 10-16-2026 |  | 2901381 |
| FHLMC | FEDERAL HOME LN MTG CORP MULTICLASS SR 5565 CL FC FLTG 08-25-2055 |  | 1450218 |
| FHLMC | FEDERAL HOME LN MTG CORP POOL #J17884 01-01-2027 BEO | 3% | 1151 |
| FHLMC | FEDERAL HOME LN MTG CORP POOL #ZM2479 01-01-2047 BEO | 4% | 161788 |
| FHLMC | FEDERAL HOME LN MTG CORP POOL #ZM5146 12-01-2047 BEO | 4% | 82533 |
| FHLMC | FEDERAL HOME LN MTG CORP SER 005557 CL FM 07-25-2055 | 4.76721% | 273765 |
| FHLMC | FEDERAL HOME LN MTG CORP SER 4678 CL AF FLTG RT 12-15-2042 |  | 35499 |
| FHLMC | FEDERAL HOME LN MTG CORP SER 5442 CL FB FLTG 08-25-2054 |  | 170464 |
| FHLMC | FEDERAL HOME LN MTG CORP SER 5563 CL FV FLTG RT 08-25-2055 |  | 1168827 |
| FHLMC | FEDERAL HOME LN MTG CORP SER 5564 CL PF FLTG RT 08-25-2055 |  | 1577344 |
| FHLMC | FEDERAL HOME LN MTG CORP SER 5564 CL PF FLTG RT 08-25-2055 |  | 246460 |
| FHLMC | FEDERAL HOME LN MTG CORP SER 5565 CL FA FLTG RT 08-25-2055 |  | 237286 |
| FHLMC | FEDERAL HOME LN MTG CORP SER 5565 CL FA FLTG RT 08-25-2055 |  | 759314 |
| FHLMC | FEDERAL HOME LN MTG CORP SR 5508 CL QF FLTG 02-25-2055 |  | 86924 |

---

------

**Morgan Stanley 401(k) Plan**

---

| |
|:---|
| **Plan Number 003, Employer Identification Number 20-8764829** |
| **FORM 5500, SCHEDULE H, PART IV, LINE 4i — SCHEDULE OF ASSETS (HELD AT END OF YEAR)** |
| **AT DECEMBER 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| FHLMC | FEDERAL HOME LN MTG CORP SR 5568 CL FE FLTG RT08-25-2055 |  | 720001 |
| FHLMC | FEDERAL HOME LN MTG CORP SR 5601 CL F FLTG RT 11-25-2055 |  | 743463 |
| FHLMC | FEDERAL HOME LN MTG CORP SR 5607 CL FA FLTG RT 12-25-2055 |  | 1428474 |
| FHLMC | FEDERAL HOME LOAN MORTGAGE CORP 08-01-2054 | 5% | 9365828 |
| FHLMC | FEDERAL HOME LOAN MORTGAGE CORP 08-01-2054 | 5.5% | 343035 |
| FHLMC | FHLM MULTI FAMILY STRUCTURED PASS THRO SER KBX1 CL A2 01-25-2026 | 2.92% | 211143 |
| FHLMC | FHLM MULTI FAMILY STRUCTURED PASS THRO SER KBX1 CL A2 01-25-2026 | 2.92% | 58651 |
| FHLMC | FHLMC MULTICLASS FHMS Q029 A FLTG 25/8/2027 08-25-2027 |  | 131921 |
| FHLMC | FHLMC MULTICLASS SER 4620 CL AF 11-15-2042 |  | 23513 |
| FHLMC | FHLMC MULTICLASS SR 4153 CL DC 05-15-2041 | 1.75% | 64498 |
| FHLMC | FHLMC UMBS 30Y FIXED 05-01-2054 | 5.5% | 433820 |
| FNMA | FEDERAL NATIONAL MORTGAGE ASSOC 11-25-2046 | 2% | 189286 |
| FNMA | FEDERAL NATIONAL MORTGAGE ASSOC 10-01-2053 | 6.5% | 140168 |
| FNMA | FEDERAL NATIONAL MORTGAGE ASSOC REMIC TR2025-4 CL-FB VAR 12-25-2053 | 4.86721% | 477834 |
| FNMA | FEDERAL NATL MTG ASSN GTD MTG POOL #AJ8540 01-01-2027 BEO | 3% | 4851 |
| FNMA | FEDERAL NATL MTG ASSN GTD MTG POOL #AL5548 DUE 05-01-2038 BEO | 6.383% | 13154 |
| FNMA | FNMA 30 YEAR PASS-THROUGHS 30 YEARS SETTLES FEBRUARY | 6% | 12215383 |
| FNMA | FNMA 30 YEAR PASS-THROUGHS 30 YEARS SETTLES FEBRUARY | 6.5% | 1039516 |
| FNMA | FNMA FLTG 10-23-2026 |  | 4637434 |
| FNMA | FNMA FLTG RT 11-20-2026 |  | 5604009 |
| FNMA | FNMA POOL #AB3968 12-01-2026 BEO | 3% | 30941 |
| FNMA | FNMA POOL #AV3961 01-01-2029 BEO | 4% | 17689 |
| FNMA | FNMA POOL #BL1942 03-01-2026 | 3.15% | 199230 |
| FNMA | FNMA POOL #BL3670 10-01-2026 BEO | 2.08% | 98503 |
| FNMA | FNMA POOL #FM1549 09-01-2048 BEO | 4% | 109083 |
| FNMA | FNMA POOL #FM3004 01-01-2046 BEO | 4% | 1112901 |
| FNMA | FNMA POOL #FS8344 06-01-2049 BEO | 4% | 83782 |
| FNMA | FNMA POOL #MA2871 01-01-2032 BEO | 3% | 127468 |
| FNMA | FNMA POOL #MA3029 DUE 06-01-2032 REG | 3% | 188333 |
| FNMA | FNMA POOL #MA4700 08-01-2052 BEO | 4% | 809515 |
| FNMA | FNMA POOL #MA5295 03-01-2054 BEO | 6% | 2960013 |
| FNMA | FNMA REMIC SER 12-120 CL WE 11-25-2027 | 1.25% | 146182 |
| FNMA | FNMA REMIC TR 2025-19 CL-FC VAR 03-25-2055 | 4.82721% | 217752 |
| FNMA | FNMA REMIC TR 2025-24 CL-FB VAR 03-25-2055 | 4.56721% | 218143 |
| FNMA | FNMA REMIC TR 2025-47 CL-FJ VAR 06-25-2055 | 4.69721% | 753020 |
| FNMA | FNMA SER 19-28 CL FJ FLTG DUE 06-25-2059 REG |  | 306485 |
| FNMA | FNMA SINGLE FAMILY MORTGAGE MAT 30 YEARS SETTLES FEBRUARY | 4% | 2847520 |
| FNMA | FNMA SINGLE FAMILY MORTGAGE MAT 30 YEARS SETTLES FEBRUARY | 4.5% | 7812591 |
| FNMA | FNMA SINGLE FAMILY MTG 5 30 YEARS SETTLES FEB |  | 2094594 |

---

------

**Morgan Stanley 401(k) Plan**

---

| |
|:---|
| **Plan Number 003, Employer Identification Number 20-8764829** |
| **FORM 5500, SCHEDULE H, PART IV, LINE 4i — SCHEDULE OF ASSETS (HELD AT END OF YEAR)** |
| **AT DECEMBER 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| FNMA | FNMA SR 06-114 CL AF FLTG 12-25-2036 |  | 236798 |
| FNMA | FNMA SR 25-69 CL-FA VAR RT 08-25-2055 |  | 1453610 |
| Freddie Mac | FREDDIE MAC MULTICLASS SR 5410 CL FB FLTG RT 05-25-2054 |  | 539340 |
| Freddie Mac | FREDDIE MAC POOL FR QI6910 1/6/2054 06-01-2054 | 5.5% | 474305 |
| Freddie Mac | FREDDIE MAC SER 5508 CL DF FLTG RT 02-25-2055 |  | 216954 |
| Freddie Mac | FREDDIE MAC SR 5345 CL A 01-25-2047 | 5.5% | 76964 |
| Freddie Mac | FREDDIE MAC SR 5426 CL CF FLTG RT 12-15-2050 | 6.2237% | 142302 |
| Freddie Mac | FREDDIE MAC SR 5500 CL GF FLTG 10-25-2054 |  | 803799 |
| Freddie Mac | FREDDIE MAC SR 5505 CL AF FLTG 03-15-2050 |  | 197605 |
| Freddie Mac | FREDDIE MAC SR 5508 CL AF FLTG RT 02-25-2055 |  | 556739 |
| Freddie Mac | FREDDIE MAC SR 5513 CL MF FLTG RT 11-25-2054 |  | 407134 |
| GNMA | GNMA 2016-H17 MTG PASS THRU CTF CL MX FC08-20-2066 |  | 79765 |
| GNMA | GNMA 2016-H20 REMIC PASSTHRU CTF CL FG 08-20-2066 |  | 2995 |
| GNMA | GNMA 2017-H05 REMIC PASSTHRU CTF CL FC FLTG 02-20-2067 |  | 141165 |
| GNMA | GNMA 2019-H11 REMIC PASSTHRU CTF 05-20-2069 | 4.39691% | 143740 |
| GNMA | GNMA 2022-H24 REMIC PASSTHRU CTF 11-20-2072 | 4.83154% | 1455546 |
| GNMA | GNMA 11-20-2072 | 4.82154% | 1189432 |
| GNMA | GNMA FLTG RT SER 18-H15 CL FG 08-20-2068 REG |  | 80712 |
| GNMA | GNMA II JUMBOS 3.5 30 YEARS SETTLES FEB |  | 455533 |
| GNMA | GNMA POOL #MA5265 06-20-2048 BEO | 4.5% | 134502 |
| GNMA | GNMA POOL #MA5764 02-20-2049 BEO | 4.5% | 276151 |
| GNMA | GNMA POOL #MA8345 10-20-2052 BEO | 3.5% | 858406 |
| GNMA | GNMA REMIC SER 2013-H16 CL FA FLTG 07-20-2063 |  | 6509 |
| GNMA | GNMA REMIC 2015-H30 CL FD FLT RT 10-20-2065 |  | 13314 |
| GNMA | GNMA REMIC PASSTHRU CTF SER 2015-H18 CL FB FLTG RT DUE 07-20-2065 |  | 37977 |
| GNMA | GNMA REMIC PASSTHRU CTF SR 20-H14 CL FH 08-20-2070 | 0% | 403617 |
| GNMA | GNMA REMIC SR 16-H09 CL FB FLTG RT 04-20-2066 |  | 14032 |
| GNMA | GNMA REMIC SR 25-H21 CL FA FLTG 10-20-2075 |  | 752069 |
| GNMA | GNMA SER 15-H08 CLS FB FLTG DUE 03-20-2065 |  | 92327 |
| GNMA | GNMA SER 17-H21 CL FD FLTG 10-20-2067 |  | 861486 |
| GNMA | GNMA SER 19-H05 CL FT FRN DUE 04-20-2069 REG |  | 14422 |
| GNMA | GNMA SR 23-H12 CL FA FLTG RT 05-20-2073 |  | 463041 |
| GNMA | GNMA SR 23-H19 CL FA FLTG RT 08-20-2073 |  | 193996 |
| GNMA | GNMA SR 23-H19 CL FA FLTG RT 08-20-2073 |  | 678986 |
| GNMA | GNMA SR 23-H21 CL FA FLTG RT 09-20-2073 |  | 723820 |
| GNMA | GNMA SR 24-HO4 CL FA FLTG RT 02-20-2074 |  | 272871 |
| GNMA | GNMA SR 25-H20 CL FA FLTG RT 09-20-2075 |  | 1004820 |

---

------

**Morgan Stanley 401(k) Plan**

---

| |
|:---|
| **Plan Number 003, Employer Identification Number 20-8764829** |
| **FORM 5500, SCHEDULE H, PART IV, LINE 4i — SCHEDULE OF ASSETS (HELD AT END OF YEAR)** |
| **AT DECEMBER 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| GNMA | GNMA SR 25-H20 CL FA FLTG RT 09-20-2075 |  | 1708194 |
| GNMA | GNMAII POOL #MB0481 SER 2055 07-20-2055 | 3.5% | 4146233 |
| GNMA | GOVERNMENT NATIONAL MORTGAGE ASSN SR 18-H01 CL FA FLTG RT 01-20-2068 |  | 348187 |
| GNMA | GOVERNMENT NATIONAL MORTGAGE ASSN SR 25-159 CL FJ FLTG RT 09-20-2055 |  | 1688902 |
| GNMA | GOVERNMENT NATIONAL MORTGAGE ASSOC 04-20-2072 | 4.46154% | 495840 |
| GNMA | GOVERNMENT NATIONAL MORTGAGE ASSOC 08-20-2071 | 5.16154% | 503111 |
| Australia | PVTPL NBN CO LTD 10-01-2027 | 4% | 299362 |
| Canada | CANADA(GOVT OF) IDX/LKD 01/12/26 CAD | 4.25% | 283550 |
| Canada | PVTPL NOVA CHEMICALS CORP 11-15-2028 | 8.5% | 112916 |
| Canada | PVTPL NOVA CHEMICALS CORP 02-15-2030 | 9% | 10678 |
| France | FRANCE(GOVT OF) IDX/LKD BDS 25/07/2038 EUR1 |  | 228486 |
| France | FRANCE(GOVT OF) IDX/LKD SNR 01/03/2026 EUR1 |  | 1722883 |
| France | FRANCE(GOVT OF) IDX/LKD SNR 25/07/2027 EUR1 |  | 165098 |
| France | FRANCE(GOVT OF) IDX/LKD SNR 25/07/2031 EUR1 |  | 547004 |
| Italy | ITALY(REP OF) IDX/LKD SNR 15/05/2030 EUR |  | 569983 |
| Italy | PVTPL CASSA DEPOSITI E PRESTIT 04-30-2029 | 5.875% | 316076 |
| Poland | REPUBLIC OF POLAND 03-18-2029 | 4.625% | 407968 |
| Saudi Arabia | PVTPL SAUDI INTERNATIONAL BOND 01-13-2028 | 5.125% | 408502 |
| Brazil | SECRETARIA TESOURO T-BILL 01/04/26 BRL1000 | 0% | 3195142 |
| Israel | STATE OF ISRAEL 02-19-2030 | 5.375% | 206795 |
| United States | SMALL BUSINESS ADMIN GTD DEV PARTN CTF 5.12 DUE 11-01-2027 REG |  | 22113 |
| United States | TSY INFL IX N/B TREAS BONDS 02-15-2045 | 0.75% | 2787061 |
| United States | TSY INFL IX N/B 02-15-2052 | 0.125% | 743774 |
| United States | TSY INFL IX N/B 07-15-2027 | 0.375% | 6605025 |
| United States | TSY INFL IX N/B TIPS 02-15-2048 | 1% | 1771103 |
| United States | TSY INFL IX N/B 01-15-2034 | 1.75% | 4113040 |
| United States | TSY INFL IX N/B TII 0 1/8 01/15/32 01-15-2032 |  | 4513022 |
| United States | TSY INFL IX N/B TII 0 1/8 04/15/27 04-15-2027 |  | 1358844 |
| United States | TSY INFL IX N/B TII 2 3/8 10/15/28 10-15-2028 |  | 3942904 |
| United States | TSY INFL IX N/B US GVT NATIONAL 01-15-2027 | 0.375% | 5538268 |
| United States | UNITED STATES OF AMER TBILL 02-03-2026 | 0% | 23725622 |
| United States | UNITED STATES OF AMER TBILL 03-03-2026 | 0% | 596447 |
| United States | UNITED STATES OF AMER BDS INDX LNKD 02-15-2047 | 0.875% | 1731279 |
| United States | UNITED STATES OF AMER TREAS BILLS T-BILL 04-16-2026 | 0% | 17121949 |
| United States | UNITED STATES OF AMER TREAS BILLS 02-10-2026 | 0% | 17546142 |
| United States | UNITED STATES OF AMER TREAS BILLS 02-17-2026 | 0% | 21378980 |
| United States | UNITED STATES OF AMER TREAS BILLS 03-12-2026 | 0% | 3838733 |

---

------

**Morgan Stanley 401(k) Plan**

---

| |
|:---|
| **Plan Number 003, Employer Identification Number 20-8764829** |
| **FORM 5500, SCHEDULE H, PART IV, LINE 4i — SCHEDULE OF ASSETS (HELD AT END OF YEAR)** |
| **AT DECEMBER 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| United States | UNITED STATES OF AMER TREAS BILLS 04-02-2026 | 0% | 6068620 |
| United States | UNITED STATES OF AMER TREAS BILLS 04-09-2026 | 0% | 8997977 |
| United States | UNITED STATES OF AMER TREAS BILLS 07-02-2026 | 0% | 1227969 |
| United States | UNITED STATES OF AMER TREAS BILLS T-BILL 04-30-2026 | 0% | 27417488 |
| United States | UNITED STATES OF AMER TREAS BILLS 12-24-2026 | 0% | 21660193 |
| United States | UNITED STATES OF AMER TREAS BILLS T-BILL 01-22-2026 | 0% | 2542963 |
| United States | UNITED STATES OF AMER TREAS BILLS T-BILL 02-05-2026 | 0% | 19167642 |
| United States | UNITED STATES OF AMER TREAS BILLS T-BILL 02-19-2026 | 0% | 2427406 |
| United States | UNITED STATES OF AMER TREAS BILLS TBILL 03-10-2026 | 0% | 17658966 |
| United States | UNITED STATES OF AMER TREAS BILLS T-BILL 02-12-2026 | 0% | 23704649 |
| United States | UNITED STATES OF AMER TREAS BILLS T-BILL 04-23-2026 | 0% | 15469699 |
| United States | UNITED STATES OF AMER TREAS BILLS T-BILL 06-18-2026 | 0% | 6819510 |
| United States | UNITED STATES OF AMER TREAS BILLS T-BILL03-19-2026 | 0% | 17523580 |
| United States | UNITED STATES OF AMER TREAS BILLS T-BILL03-24-2026 | 0% | 4380990 |
| United States | UNITED STATES OF AMER TREAS BILLS T-BILL03-31-2026 | 0% | 15401520 |
| United States | UNITED STATES OF AMER TREAS BILLS T-BILL04-21-2026 | 0% | 6628390 |
| United States | UNITED STATES OF AMER TREAS BILLS T-BILL05-28-2026 | 0% | 23565336 |
| United States | UNITED STATES OF AMER TREAS BILLS 01-29-2026 |  | 2892331 |
| United States | UNITED STATES OF AMER TREAS BONDS 04-15-2028 |  | 4544328 |
| United States | UNITED STATES OF AMER TREAS BONDS T-BOND 02-15-2050 | 0% | 431027 |
| United States | UNITED STATES OF AMER TREAS BONDS TIPS INFL IDX 02-15-2043 USD1000 | 0.625% | 971135 |
| United States | UNITED STATES OF AMER TREAS BONDS 02-15-2042 | 0.75% | 3415349 |
| United States | UNITED STATES OF AMER TREAS BONDS 02-15-2053 | 1.5% | 855783 |
| United States | UNITED STATES OF AMER TREAS BONDS 02-15-2055 | 2.375% | 2060012 |
| United States | UNITED STATES OF AMER TREAS NOTES 01-15-2031 | 0.125% | 4715116 |
| United States | UNITED STATES OF AMER TREAS NOTES 10-15-2026 | 0.125% | 9821457 |
| United States | UNITED STATES OF AMER TREAS NOTES 31/01/2026 DUE 01-31-2026 BEO | 0.375% | 289246 |
| United States | UNITED STATES OF AMER TREAS NOTES 01-15-2033 | 1.125% | 1365184 |
| United States | UNITED STATES OF AMER TREAS NOTES 01-15-2033 | 1.125% | 5775777 |
| United States | UNITED STATES OF AMER TREAS NOTES 07-15-2033 | 1.375% | 6173445 |
| United States | UNITED STATES OF AMER TREAS NOTES 04-15-2030 | 1.5% | 7921626 |
| United States | UNITED STATES OF AMER TREAS NOTES 10-15-2027 | 1.625% | 4541354 |
| United States | UNITED STATES OF AMER TREAS NOTES 07-15-2034 | 1.875% | 8554486 |
| United States | UNITED STATES OF AMER TREAS NOTES 01-15-2035 | 2.125% | 9463195 |
| United States | UNITED STATES OF AMER TREAS NOTES DUE 05-15-2032 REG | 2.875% | 94422 |

---

------

**Morgan Stanley 401(k) Plan**

---

| |
|:---|
| **Plan Number 003, Employer Identification Number 20-8764829** |
| **FORM 5500, SCHEDULE H, PART IV, LINE 4i — SCHEDULE OF ASSETS (HELD AT END OF YEAR)** |
| **AT DECEMBER 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| United States | UNITED STATES OF AMER TREAS NOTES 05-15-2026 | 3.625% | 19305247 |
| United States | UNITED STATES OF AMER TREAS NOTES 10-31-2026 | 4.125% | 700988 |
| United States | UNITED STATES OF AMER TREAS NOTES 02-28-2026 | 4.625% | 1201556 |
| United States | UNITED STATES OF AMER TREAS NOTES 06-30-2026 | 4.625% | 5297338 |
| United States | UNITED STATES OF AMER TREAS NOTES 04-30-2026 | 4.875% | 803250 |
| United States | UNITED STATES OF AMER TREAS NOTES DTD 03/31/2021 03-31-2026 | 0.75% | 15199295 |
| United States | UNITED STATES OF AMER TREAS NOTES FLTG 10-15-2029 |  | 4915090 |
| United States | UNITED STATES OF AMER TREAS NOTES FLTG 10-31-2026 |  | 24603873 |
| United States | UNITED STATES OF AMER TREAS NOTES FLTG RT 01-31-2027 |  | 30246221 |
| United States | UNITED STATES OF AMER TREAS NOTES FLTG RT 01-31-2026 |  | 13409737 |
| United States | UNITED STATES OF AMER TREAS NOTES INFL IDX T-BOND 01-15-2029 | 0.875% | 1651289 |
| United States | UNITED STATES OF AMER TREAS TIPS 04-15-2029 |  | 1183137 |
| United States | UNITED STATES OF TREAS NTS 04-30-2026 REG | 2.375% | 826900 |
| United States | UNITED STATES TREAS BDS 02-15-2054 | 2.125% | 1814602 |
| United States | UNITED STATES TREAS BDS 02-15-2051 | 0.125% | 710860 |
| United States | UNITED STATES TREAS BDS 1.375 02-15-2044 REG |  | 3210034 |
| United States | UNITED STATES TREAS BDS 02-15-2041 | 2.125% | 1209789 |
| United States | UNITED STATES TREAS BDS INDEX LINKED 1.75 DUE 01-15-2028 REG |  | 3120983 |
| United States | UNITED STATES TREAS BDS INFLATION INDEX LINKED 04-15-2029 | 3.875% | 473889 |
| United States | UNITED STATES TREAS BDS TSY INFL IX N/B 02-15-2046 |  | 1909426 |
| United States | UNITED STATES TREAS BONDS 02-15-2049 | 1% | 410357 |
| United States | UNITED STATES TREAS INFL IDX 07-15-2029 | 0.25% | 3954127 |
| United States | UNITED STATES TREAS INFL INDEX NTS 01-15-2028 | 0.5% | 8533715 |
| United States | UNITED STATES TREAS INFL INDEXED NTS 07-15-2028 | 0.75% | 4872312 |
| United States | UNITED STATES TREAS NTS DUE 07-15-2030 | 0.125% | 3118937 |
| United States | UNITED STATES TREAS NTS DUE 07-15-2032 REG | 0.625% | 7052543 |
| United States | UNITED STATES TREAS NTS DUE 07-15-2032 REG | 0.625% | 947357 |
| United States | UNITED STATES TREAS NTS 10-15-2030 | 1.125% | 2480430 |
| United States | UNITED STATES TREAS NTS DUE 05-15-2026 | 1.625% | 2278856 |
| United States | UNITED STATES TREAS NTS 11-30-2026 | 4.25% | 544322 |
| United States | UNITED STATES TREAS NTS DTD 04/30/2024 FLTG RATE 04-30-2026 | 3.79325% | 20798563 |
| United States | UNITED STATES TREAS NTS DTD 04-28-2023 DUE 04-15-2028 | 1.25% | 5623837 |
| United States | UNITED STATES TREAS NTS FLTG RT 07-31-2026 |  | 12944449 |
| United States | UNITED STATES TREAS NTS FLTG RT 07-31-2027 |  | 26953534 |
| United States | UNITED STS TREAS BILLS 02-26-2026 | 0% | 10150015 |
| United States | UNITED STS TREAS BILLS 08-06-2026 | 0% | 1350823 |

---

------

**Morgan Stanley 401(k) Plan**

---

| |
|:---|
| **Plan Number 003, Employer Identification Number 20-8764829** |
| **FORM 5500, SCHEDULE H, PART IV, LINE 4i — SCHEDULE OF ASSETS (HELD AT END OF YEAR)** |
| **AT DECEMBER 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| United States | UNITED STS TREAS BILLS T-BILL 01-02-2026 | 0% | 14345000 |
| United States | UNITED STS TREAS BILLS T-BILL 02-24-2026 | 0% | 5999613 |
| United States | UNITED STS TREAS BILLS T-BILL 03-05-2026 | 0% | 19790809 |
| United States | UNITED STS TREAS BILLS T-BILL 03-17-2026 | 0% | 537109 |
| United States | UNITED STS TREAS BILLS T-BILL 04-07-2026 | 0% | 8004882 |
| United States | UNITED STS TREAS BILLS T-BILL 06-04-2026 | 0% | 31598118 |
| United States | UNITED STS TREAS BILLS T-BILL 06-25-2026 | 0% | 26529249 |
| United States | UNITED STS TREAS BILLS 06-11-2026 UNITEDSTS TREAS BILLS |  | 13347856 |
| United States | UNITED STS TREAS BILLS 09-03-2026 UNITEDSTS TREAS BILLS |  | 26884005 |
| United States | UNITED STS TREAS BILLS DUE ZCPN 05-14-2026 |  | 12220561 |
| United States | UNITED STS TREAS NTS 07-15-2031 | 0.125% | 14141843 |
| United States | UNITED STS TREAS NTS DUE 02-28-2026 REG | 0.5% | 994792 |
| United States | UNITED STS TREAS NTS 06-30-2026 | 0.875% | 710629 |
| United States | US TREAS BDS INDEX LINKED 2.5 DUE 01-15-2029 REG |  | 2081378 |
| United States | US TREAS BDS INDEX LINKED NOTES 2.375 DUE 01-15-2027 REG |  | 97650 |
| United States | US TREAS INFL INDEXED BONDS 3.375 DUE 04-15-2032 AR12 DUE 04-15-32 REG |  | 218908 |
| United States | US TREASURY DTD 02/15/2010 02-15-2040 |  | 1523103 |
| United States | US TREASURY INFL INDX 01-15-2030 | 0.125% | 4456758 |
| United States | UTD STATES TREAS DUE 07-15-2035 | 1.89294% | 6482115 |
| United States | UTD STATES TREAS FLTG RT DUE 10-31-2027 | 3.83325% | 15163601 |
|  | Government Securities Total |  | 1225238404 |
| **Corporate Debt Instruments** |  |  |  |
| 522 FDG CLO 2018-3 A Ltd | 522 FDG CLO 2018-3 A LTD / 522 FDG 10-20-2031 | 4.96924% | 78731 |
| 888 Acquisitions Limited | 888 ACQUISITIONS LIMITED TRM LN B SR SCD TRM LN 07-08-2028 |  | 283046 |
| Aar Escrow Issuer Llc Sr | AAR ESCROW ISSUER LLC SR NT 144A 03-15-2029 | 6.75% | 75537 |
| Acadia Healthcare | ACADIA HEALTHCARE DUE 07-01-2028 | 5.5% | 72554 |
| Acrisure Llc | ACRISURE LLC / ACRISURE FIN INC 11-06-2030 | 7.5% | 193675 |
| Acrisure Llc | ACRISURE LLC TL 11-06-2030 |  | 472310 |
| Aethon | AETHON UTD BR LP / DUE 10-01-2029 | 7.5% | 203249 |
| AG | AG ISSUER LLC DUE 03-01-2028 | 6.25% | 23101 |
| Air Lease Corp | AIR LEASE CORP 06-25-2026 | 5.3% | 301504 |
| Alliant | ALLIANT HLDGS DUE 10-15-2027 | 6.75% | 54317 |
| Ally Finl Inc | ALLY FINL INC 02-14-2033 | 6.7% | 350643 |
| Ally Finl Inc | ALLY FINL INC DUE 11-01-2031 | 8% | 476006 |
| Ally Finl Inc Sr | ALLY FINL INC SR NT FIXED / FLTG 06-13-2029 | 6.992% | 106680 |
| Altice | ALTICE FINANCING S.A. FIRST LIEN TERM LOAN DUE 10-31-2027 BEO |  | 477113 |
| Altice | ALTICE FRANCE S A USD TLB-12 LOAN SENIORSECURED 10-30-2028 |  | 47073 |
| Altice | ALTICE FRANCE S.A USD TLB-14 LOAN SENIORSECURED 05-31-2031 |  | 288275 |
| Altice | ALTICE LUXCO3 |  | 42413 |
| Amerigas Partners | AMERIGAS PARTNERS DUE 05-20-2027 | 5.75% | 361062 |
| American Axle & Mfg | AMERN AXLE & MFG DUE 10-01-2029 | 5% | 304396 |

---

------

**Morgan Stanley 401(k) Plan**

---

| |
|:---|
| **Plan Number 003, Employer Identification Number 20-8764829** |
| **FORM 5500, SCHEDULE H, PART IV, LINE 4i — SCHEDULE OF ASSETS (HELD AT END OF YEAR)** |
| **AT DECEMBER 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| American Axle & Mfg | AMERN AXLE & MFG DUE 10-15-2033 | 7.75% | 83559 |
| American Axle & Mfg | AMERN HONDA FIN FLTG RT DUE 08-13-2027 | 4.40584% | 601245 |
| Amgen Inc Fixed | AMGEN INC FIXED 03-02-2028 | 5.15% | 204748 |
| Antero Midstream | ANTERO MIDSTREAM DUE 01-15-2028 | 5.75% | 117225 |
| Arcano Euro CLO I DAC | ARCANO EUR FRN CLO 07/2039 EUR 'A' |  | 705719 |
| ARDONAGH GROUP | ARDONAGH GROUP FIN DUE 02-15-2032 | 8.875% | 509245 |
| ARES EUROPEAN | ARES EUROPEAN CLO 15/10/2031 15/10/2031 | 2.796% | 122971 |
| ASURION LLC | ASURION LLC TERM LOAN B-13 SENIOR SECURED 09-19-2030 |  | 329293 |
| ATLAS | ATLAS CC ACQUISITION CORP TLB 05-25-2029 |  | 213747 |
| ATLAS | ATLAS CC ACQUISITION CORP TLC 05-25-2029 |  | 30943 |
| BALLYS CORPORATION | BALLYS CORPORATION TERM LOAN B DUE 10-02-2028 BEO |  | 203266 |
| Bank Amer Corp | BAMLL COML MTG FLTG RT DUE 09-15-2038 | 4.82448% | 385688 |
| Bank Amer Corp | BANK AMER CORP 05-09-2029 | 4.623% | 405433 |
| Bank Amer Corp | BANK AMER CORP DUE 12-31-2049 | 5.875% | 81242 |
| Bank Montreal | BANK MONTREAL QUE 09-10-2027 | 4.567% | 301140 |
| BARINGS | BARINGS EURO CLO 21/10/2038 | 3.269% | 704420 |
| BARRACUDA NETWORKS INC | BARRACUDA NETWORKS INC FIRST LIEN TERM LOAN SENOIR SECURED TERM LOAN 08-15-2029 |  | 445652 |
| Bausch Health Companies | BAUSCH HEALTH COMPANIES INC. TERM LOAN B01-27-2027 |  |  |
| Bayer Us Fin Ii | BAYER US FIN II DUE 12-15-2028 | 4.375% | 100117 |
| Black Diamond 2019 Frn C | BLACK DIAMOND 2019 FRN CLO 05/2032 EUR 'A-1' |  | 147097 |
| Blackrock | BLACKROCK EURO.VII FRN CLO 10/2031 EUR 'A' |  | 156283 |
| Block Inc | BLOCK INC SR NT 06-01-2026 | 2.75% | 86481 |
| Block Inc | BLOCK INC SR NT 06-01-2031 | 3.5% | 72371 |
| Blue Racer | BLUE RACER DUE 07-15-2032 | 7.25% | 382058 |
| Boxer Parent Co Inc | BOXER PARENT CO INC TL 07-02-2032 |  | 639327 |
| BRIDGECREST | BRIDGECREST LENDING AUTO SECURITIZATION TR SR 25-2 CL A2 01-18-2028 | 4.84% | 289028 |
| BRIGHTSTAR | BRIGHTSTAR LOTTERY DUE 01-15-2033 | 5.75% | 169782 |
| BROADCOM | BROADCOM INC 02-15-2033 | 2.6% | 22928 |
| Buckeye Partners | BUCKEYE PARTNERS L DUE 12-01-2026 | 3.95% | 168164 |
| Buckeye Partners | BUCKEYE PARTNERS L DUE 03-01-2028 | 4.5% | 172892 |
| Buckeye Partners | BUCKEYE PARTNERS L DUE 11-15-2043 | 5.85% | 256951 |
| Cairn | CAIRN CLO III B.V. FLTG 144A 15/10/2031 |  | 232287 |
| Camelot | CAMELOT FIN S A DUE 11-01-2026 | 4.5% | 17874 |
| Capital power | CAP PWR US HLDGS DUE 06-01-2028 | 5.257% | 101978 |
| Carlyle | CARLYLE G 14-2 DAC BDS 15/11/2031 EUR | 0% | 57708 |
| Carriage Purchaser Inc | CARRIAGE PURCHASER INC SENIOR SECURED TERM B LOAN 10-02-2028 |  | 25867 |
| Cco Hldgs Llc | CCO HLDGS LLC / CCO HLDGS CAP CORP SR NT144A 01-15-2034 | 4.25% | 159852 |
| Cco Hldgs Llc | CCO HLDGS LLC/CCO HLDGS CAP CORP 05-01-2032 | 4.5% | 26029 |
| Cco Holdings Llc | CCO HOLDINGS LLC 06-01-2033 | 4.5% | 221466 |
| Central Parent | CENT PARENT INC / DUE 06-15-2029 | 7.25% | 441709 |
| Centene Corp | CENTENE CORP DEL 03-01-2031 | 2.5% | 15540 |

---

------

**Morgan Stanley 401(k) Plan**

---

| |
|:---|
| **Plan Number 003, Employer Identification Number 20-8764829** |
| **FORM 5500, SCHEDULE H, PART IV, LINE 4i — SCHEDULE OF ASSETS (HELD AT END OF YEAR)** |
| **AT DECEMBER 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| Centene Corp | CENTENE CORP DEL 08-01-2031 | 2.625% | 252882 |
| Centene Corp | CENTENE CORP DEL DUE 10-15-2030 | 3% | 149388 |
| Centene Corp | CENTENE CORP DEL SR NT 07-15-2028 | 2.45% | 120804 |
| Centene Corp | CENTENE CORP DEL SR NT 12-15-2027 | 4.25% | 84499 |
| Chesapeake Funding LLC | CHES FDG II LLC FLTG RT DUE 05-15-2036 | 4.42819% | 154295 |
| Chs / Cmnty Hlth | CHS / CMNTY HLTH DUE 01-15-2029 | 6% | 173984 |
| CI FINANCIAL | CI FINANCIAL CORP 05-30-2029 | 7.5% | 306805 |
| CI FINANCIAL | CI FINL CORP DUE 12-17-2030 | 3.2% | 348821 |
| Citibank | CITIBANK N A 08-06-2026 | 4.929% | 100527 |
| Citibank | CITIBANK N A 04-30-2026 | 5.438% | 501910 |
| Citibank | CITIGROUP GLOBAL MKTS HLDGS INC 03-20-2028 | 0.125% | 169849 |
| Harborview Mtg | CMO HARBORVIEW MTG LN SER 05-9 CL B1 FLTG 06-20-2035 |  | 159864 |
| Harborview Mtg | CMO HARBORVIEW MTG LN TR 2005-11 MTG PASSTHRU CTF 2-A1A DUE 08-19-2045 REG |  | 68830 |
| Structured Asset Mtg | CMO STRUCTURED ASSET MTG INVTS II INC SER 04-AR2 CL IA VAR 05-19-2034 REG |  | 7638 |
| Wa Mut Mtg Secs Corp | CMO WA MUT MTG SECS CORP 2005-AR1 CL A-1A VAR DUE 12-25-2044 REG |  | 13817 |
| Wamu Mtg | CMO WAMU MTG PASS-THRU CTFS 2005-AR8 CTFCL 2-A-1A DUE 07-25-2045 REG |  | 45695 |
| Wamu Mtg | CMO WAMU MTG PASS-THRU CTFS SER 2005-AR13 CL A-1A1 FLT 10-25-45 |  | 78583 |
| CMS ENERGY CORP | CMS ENERGY CORP 05-01-2028 | 3.375% | 168981 |
| Cnf Inc | CNF INC DUE 05-01-2034 | 6.7% | 511200 |
| Cno Global Fdg | CNO GLOBAL FDG MEDIUM TERM NTS BOOK 06-04-2027 | 5.875% | 204449 |
| COGENT COMMUNICATIONS GROUP LLC | COGENT COMMUNICATIONS GROUP LLC / SR SECD NT 144A 07-01-2032 | 6.5% | 42084 |
| COGENT COMMUNICATIONS GROUP LLC | COMM 2021-2400 MTG FLTG RT DUE 12-15-2038 | 5.07448% | 326717 |
| Commscope Inc | COMMSCOPE INC TERM LOAN FIRST LIEN SENIOR SECURED 12-18-2029 |  | 1016324 |
| Comstock Res Inc | COMSTOCK RES INC DUE 03-01-2029 | 6.75% | 80816 |
| Consensus Cloud | CONSENSUS CLOUD DUE 10-15-2028 | 6.5% | 279083 |
| COTIVITI | COTIVITI HLDGS INC FIXED RATE SENIOR SECURED TERM LOAN 02-21-2031 |  | 192517 |
| C&S Wholesale Grocer | CS WHSL GROCERS INC TLB 08-06-2030 |  | 190047 |
| CSC HOLDINGS LLC | CSC HOLDINGS LLC SEPTEMBER 2019 INITIAL TERM LOAN SENIOR SECURED 04-15-2027 |  | 145544 |
| Ctr Partnership L P | CTR PARTNERSHIP L P / CARETRUST CAP SR NT 144A 06-30-2028 | 3.875% | 270741 |
| Dana Inc | DANA INC DUE 09-01-2030 BEO | 4.25% | 181058 |
| Dana Inc | DANA INC DUE 11-15-2027 | 5.375% | 149753 |
| Dana Inc | DANA INC DUE 06-15-2028 | 5.625% | 51917 |
| DAVITA INC | DAVITA INC DUE 06-01-2030 | 4.625% | 55418 |
| LABL Inc | DEFAULTED 144A LABL INC NEW ISSUE 11-01-2028 | 5.875% | 52011 |
| LABL Inc | DEFAULTED LABL ESCR ISSUER DUE 07-15-2027 | 10.5% | 66129 |
| Delivery Hero | DELIVERY HERO SE TERM LOAN B SENIOR SECURED 12-12-2029 |  | 952838 |
| Dell Intl L L C | DELL INTL L L C/EMC CORP 07-15-2036 USD | 8.1% | 337572 |
| Dell Intl L L C | DELL INTL L L C/EMC CORP 07-15-2046 | 8.35% | 99252 |
| Discovery Comms | DISCOVERY DUE 03-20-2028 | 3.95% | 94297 |

---

------

**Morgan Stanley 401(k) Plan**

---

| |
|:---|
| **Plan Number 003, Employer Identification Number 20-8764829** |
| **FORM 5500, SCHEDULE H, PART IV, LINE 4i — SCHEDULE OF ASSETS (HELD AT END OF YEAR)** |
| **AT DECEMBER 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| DROP MTG | DROP MTG TR FLTG RT DUE 10-15-2043 | 4.92448% | 390181 |
| DROPBOX INC | DROPBOX INC SR NT CONV DUE 03-01-2028REG | 0% | 56448 |
| Dryden | DRYDEN 52 EURO CL FRN CLO 05/2034 EUR 'A-R' |  | 187130 |
| DTE ELEC CO | DTE ELEC CO 05-14-2027 | 4.25% | 100699 |
| DUKE ENERGY | DUKE ENERGY CORP 04-15-2026 | 4.125% | 265740 |
| Echostar Corp | ECHOSTAR CORP 11-30-2029 | 10.75% | 684437 |
| Echostar Corporation | ECHOSTAR CORPORATION PIK 11-30-2030 | 6.75% | 721228 |
| EG GLOBAL | EG GLOBAL FIN PLC DUE 11-30-2028 | 12% | 308643 |
| Endo Finance Holdings Inc | ENDO FINANCE HOLDINGS INC TLB 04-23-2031 |  | 726247 |
| Etsy Inc | ETSY INC SR NT CONV 06-15-2028 | 0.25% | 520928 |
| FIRSTENERGY | FIRSTENERGY CORP 05-01-2026 | 4% | 266612 |
| FCAT | FLAGSHIP CR AUTO DUE 08-15-2025 | 3.28% | 1 |
| Fmg Res | FMG RES AUG 2006 DUE 09-15-2027 | 4.5% | 584565 |
| Fnz Usa Finco Llc | FNZ USA FINCO LLC USD TLB SENIOR SECURED 11-05-2031 |  | 548550 |
| Ford Hldgs Inc | FORD CREDIT CND C0 GTD SNR 10/02/2026CAD1 | 7% | 73235 |
| Ford Hldgs Inc | FORD HLDGS INC DUE 03-01-2030 | 9.3% | 383590 |
| Ford Mtr Co | FORD MTR CO DEL DUE 04-22-2030 | 9.625% | 660186 |
| Ford Mtr Co | FORD MTR CR CO LLC 11-05-2026 | 5.125% | 251376 |
| Foursight Cap | FOURSIGHT CAP DUE 05-15-2028 | 5.99% | 33815 |
| Frontier Communications | FRONTIER COMMUNICATIONS HLDGS LLC 11-01-2029 | 5.875% | 79958 |
| GARDA WORLD SECURITY CORP | GARDA WORLD SECURITY CORP SENIOR SECURED TERM LOAN B 02-01-2029 |  | 93514 |
| General Mtrs Finl Co Inc | GENERAL MTRS FINL CO INC 05-08-2027 | 5.4% | 304945 |
| Genesis Energy L P | GENESIS ENERGY L P / GENESIS ENERGY FIN CORP DUE 04-15-2030 | 8.875% | 187084 |
| Genesis Energy L P | GENESIS ENERGY L P/GENESIS ENERGY FIN 05-15-2032 | 7.875% | 116739 |
| Genesis Energy Lp | GENESIS ENERGY LP FIN 05-15-2033 | 8% | 140131 |
| GEO GROUP INC | GEO GROUP INC/THE 04-15-2031 | 10.25% | 297754 |
| Gfl Environmental Inc | GFL ENVIRONMENTAL INC SR NT 144A 08-15-2029 | 4.375% | 53093 |
| Global Pmts Inc | GLOBAL PMTS INC DUE 08-15-2027 | 4.95% | 404375 |
| Goeasy Ltd | GOEASY LTD SR NT 144A 05-01-2026 | 4.375% | 165293 |
| GOLDMAN SACHS | GOLDMAN SACHS DUE 04-23-2028 | 4.937% | 404631 |
| GOLDMAN SACHS | GOLDMAN SACHS GROUP INC 10-21-2029 | 4.153% | 300021 |
| Gs Mtg Backed | GS MTG BACKED SECS FLTG RT DUE 08-25-2052 | 2.5% | 258960 |
| Gs Mtg Backed | GS MTG-BACKED SECS FLTG RT DUE 04-25-2052 | 2.5% | 241143 |
| Gs Mtg Backed | GS MTG-BACKED SECS TR 2022-HP1 MTG PASSTHRU CTF CL A-2 09-25-2052 | 3% | 283217 |
| Gulfport Energy Corp | GULFPORT ENERGY CORP 09-01-2029 | 6.75% | 235296 |
| Gxo Logistics Inc | GXO LOGISTICS INC NT 07-15-2031 | 2.65% | 366464 |
| HAH GROUP | HAH GROUP HOLDING COMPANY LLC SENIOR SECURED TERM LOAN B 09-17-2031 |  | 24408 |
| Hca Inc | HCA INC DUE 07-15-2051 BEO | 3.5% | 216487 |
| HERC | HERC HLDGS INC DUE 06-15-2030 | 7% | 18943 |
| Hewlett Packard | HEWLETT PACKARD DUE 09-25-2026 | 4.45% | 250728 |
| Hillenbrand Inc | HILLENBRAND INC DUE 03-01-2031 BEO | 3.75% | 218393 |
| Hillenbrand Inc | HILLENBRAND INC 02-15-2029 | 6.25% | 3068 |
| Hilton | HILTON DOMESTIC DUE 03-31-2034 | 5.5% | 54416 |
| Hospitality Properties Trust | HOSPITALITY PPTYS DUE 02-15-2027 | 4.95% | 83356 |

---

------

**Morgan Stanley 401(k) Plan**

---

| |
|:---|
| **Plan Number 003, Employer Identification Number 20-8764829** |
| **FORM 5500, SCHEDULE H, PART IV, LINE 4i — SCHEDULE OF ASSETS (HELD AT END OF YEAR)** |
| **AT DECEMBER 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| Hp Enterprise Co | HP ENTERPRISE CO 09-25-2027 | 4.4% | 50252 |
| HUB INTL | HUB INTL LTD DUE 06-15-2030 | 7.25% | 193186 |
| HYUNDAI | HYUNDAI CAP AMER VAR RT DUE 01-08-2027 | 5.16862% | 403139 |
| Illumina Inc | ILLUMINA INC SR NT 09-09-2026 | 4.65% | 100324 |
| IBM | INTERNATIONAL BUSINESS MACHS CORP 02-10-2028 | 4.65% | 304468 |
| INVESCO | INVESCO EURO CLO SR 11A CL 22/10/2036 |  | 706531 |
| INVESCO | INVESCO EURO CLO SR 11A CL 22/10/2036 |  | 942041 |
| INVESCO | INVESCO EURO CLO V INVSC 5A 15/01/2034 |  | 938370 |
| IRB | IRB HOLDING CORP TLB 12-15-2030 |  | 200215 |
| Itron Inc | ITRON INC SR NT CONV 03-15-2026 | 0% | 253184 |
| JONES DESLAURIERS | JONES DESLAURIERS INSURANCE MGNT 2025-1 REPRICING TL SR SECURED 03-15-2030 |  | 81536 |
| Jpmorgan Chase & Co | JPMORGAN CHASE & CO 01-24-2029 | 4.915% | 101892 |
| Jpmorgan Chase & Co | JPMORGAN CHASE & CO FLTG RT 09-22-2027 |  | 400958 |
| Jpmorgan Chase & Co | JPMORGAN CHASE & CO SR NT FLTG RATE 07-22-2028 | 4.60032% | 301915 |
| Jpmorgan Chase & Co | JPMORGAN CHASE BK N A MANDATORY TRANCHE # TR 00246 VAR DTD 10-19-2027 | 0.125% | 387280 |
| Jpmorgan Chase & Co | JPMORGAN CHASE BK N A MANDATORY TRANCHE # TR 00247 VAR DTD 10-27-2027 | 0.125% | 651990 |
| Jpmorgan Chase & Co | JPMORGAN CHASE BK N A MANDATORY TRANCHE # TR 00258 VAR DTD 07-05-2028 | 0.125% | 309000 |
| Jyske Realkredit | JYSKE REALKREDIT BDS 01/10/43 DKK0.01 | 0.5% | 969 |
| Jyske Realkredit | JYSKE REALKREDIT CVD BDS 01/10/2053DKK | 1.5% |  |
| Jyske Realkredit | JYSKE REALKREDIT CVD BDS 01/10/53 DKK0. | 1.5% | 11486 |
| KIOXIA | KIOXIA HLDGS CORP 07-24-2033 | 6.625% | 234005 |
| L Brands Inc | L BRANDS INC DUE 07-01-2036 | 6.75% | 86350 |
| L Brands Inc | L BRANDS INC DUE 11-01-2035 | 6.875% | 270115 |
| Labl Multicolor | LABL MULTICOLOR USD LABL MULTICOLOR OCTOBER 2021 TERM LOAN L500 10-22-2028 |  | 110087 |
| Level 3 Financing Inc | LEVEL 3 FINANCING INC TERM B-1 TERM LOANSENIOR SECURED 04-15-2029 |  | 75536 |
| Liberty Media Corp | LIBERTY MEDIA CORP SR EXCHANGEABLE EXCH INTO SPRINT 3.75 02-15-30/02-15-04 |  | 14365 |
| LIFEPOINT HEALTH INC | LIFEPOINT HEALTH INC 2024-1 REFINANCING TERM LOAN SENIOR SECURED 05-17-2031 |  | 384353 |
| Lithia Mtrs Inc | LITHIA MTRS INC SR NT 144A 06-01-2029 | 3.875% | 485397 |
| Live Nation Entertainment | LIVE NATION ENTMT DUE 05-15-2027 | 6.5% | 136213 |
| Lumen Technologies, Inc. | LUMEN TECHNOLOGIES, INC. SENIOR SECURED TERM B-1 LOAN 04-15-2029 |  | 532100 |
| LUNA | LUNA 1 5 S A R L SR PIK TOGGLE NT 144A DUE 07-01-2032/01-01-2026 BEO | 12% | 386294 |
| M / I Homes Inc | M / I HOMES INC DUE 02-15-2030 | 3.95% | 327182 |
| Madison Iaq Llc | MADISON IAQ LLC DUE 06-30-2028 | 4.125% | 169980 |
| Madison Iaq Llc | MADISON IAQ LLC DUE 06-30-2029 | 5.875% | 133190 |
| Marriott Ownership Resorts Inc | MARRIOTT OWNERSHIP RESORTS INC DUE01-15-2028 REG | 4.75% | 460993 |
| Marriott Ownership Resorts Inc | MARRIOTT OWNERSHIP RESORTS INC 10-01-2033 | 6.5% | 331043 |
| Match Group Hldgs Ii Llc | MATCH GROUP HLDGS II LLC SR NT 144A 10-01-2031 | 3.625% | 149574 |

---

------

**Morgan Stanley 401(k) Plan**

---

| |
|:---|
| **Plan Number 003, Employer Identification Number 20-8764829** |
| **FORM 5500, SCHEDULE H, PART IV, LINE 4i — SCHEDULE OF ASSETS (HELD AT END OF YEAR)** |
| **AT DECEMBER 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| Match Group Inc | MATCH GROUP INC DUE 12-15-2027 | 5% | 191973 |
| MCAFEE CORP | MCAFEE CORP TERM LOAN B 03-01-2029 |  | 600737 |
| Methanex Corp | METHANEX CORP 10-15-2027 | 5.125% | 43240 |
| Metis Merger | METIS MERGER SUB DUE 05-15-2029 | 6.5% | 430080 |
| Mgm Resorts Intl | MGM RESORTS INTL DUE 09-01-2026 | 4.625% | 472131 |
| Mgm Resorts Intl | MGM RESORTS INTL DUE 10-15-2028 | 4.75% | 389130 |
| Mgm Resorts Intl | MGM RESORTS INTL DUE 04-15-2027 | 5.5% | 274170 |
| Mgm Resorts Intl | MGM RESORTS INTL 09-15-2029 | 6.125% | 260001 |
| Mgm Resorts Intl | MGM RESORTS INTL 04-15-2032 | 6.5% | 23697 |
| MICROSOFT CORP | MICROSOFT CORP DUE 08-08-2036 | 3.45% | 118987 |
| MODENA | MODENA BUYER LLC INITIAL TERM LOAN SR SECD 07-01-2031 |  | 142576 |
| Molina Healthcare | MOLINA HEALTHCARE DUE 06-15-2028 | 4.375% | 205540 |
| Molina Healthcare Inc | MOLINA HEALTHCARE INC SR NT 144A 05-15-2032 | 3.875% | 542338 |
| Mosaic Solar | MOSAIC SOLAR LN TR DUE 01-20-2053 | 2.64% | 220346 |
| Msci Inc | MSCI INC DUE 09-01-2030 | 3.625% | 118512 |
| Msci Inc | MSCI INC SR NT 144A 11-01-2031 | 3.625% | 211476 |
| Murphy Oil Corp | MURPHY OIL CORP 5.125 12-01-2042 |  | 51590 |
| Nabors Inds Inc | NABORS INDS INC NEW 01-31-2030 | 9.125% | 308440 |
| NAVIENT | NAVIENT CORP 03-15-2031 | 11.5% | 85124 |
| Navient Corp | NAVIENT CORP DUE 03-15-2027 | 5% | 14026 |
| Navient Corp | NAVIENT CORP 06-15-2026 | 6.75% | 30315 |
| Navient Corp | NAVIENT CORP 07-25-2030 | 9.375% | 82237 |
| Neptune Bidco Us Inc | NEPTUNE BIDCO US INC 04-15-2029 | 9.29% | 43073 |
| Neptune Bidco Us Inc | NEPTUNE BIDCO US INC. DOLLAR TERM B LOANFIRST LIEN TL SENIOR SECD 04-11-2029 |  | 81983 |
| Neptune Bidco Us Inc | NISSAN MTR LTD DUE 09-17-2027 | 4.345% | 197285 |
| Nordea Realkredit | NORDEA REALKREDIT CVD BDS 01/10/2043 DKK | 0.5% |  |
| Nordea Realkredit | NORDEA REALKREDIT CVD BDS 01/10/2053 DKK | 1.5% |  |
| Nordea Realkredit | NORDEA REALKREDIT CVD BDS 01/10/2053 DKK | 1.5% | 10581 |
| Nordea Realkredit | NORDEA REALKREDIT CVD BDS 01/10/2053 DKK | 1.5% | 23358 |
| Nordea Realkredit | NORDEA REALKREDIT CVD BDS 01/10/53 DKK0.01 | 2% | 26290 |
| Nordstrom Inc | NORDSTROM INC DUE 01-15-2044 | 5% | 213123 |
| Novastar Mtg | NOVASTAR MTG FDG TR SER 06-1 CL A1A FLTG 05-25-2036 |  | 13281 |
| Nrg Energy Inc | NRG ENERGY INC SR NT 144A 02-15-2032 | 3.875% | 231895 |
| Nykredit Realkredi | NYKREDIT REALKREDI CVD BDS 01/10/2043 DKK | 0.5% |  |
| Nykredit Realkredi | NYKREDIT REALKREDI CVD BDS 01/10/2053 DKK | 1.5% |  |
| Nykredit Realkredi | NYKREDIT REALKREDI CVD BDS 01/10/2053 DKK | 1.5% |  |
| Nykredit Realkredi | NYKREDIT REALKREDI CVD BDS 01/10/2053 DKK | 1.5% | 10520 |
| Nykredit Realkredi | NYKREDIT REALKREDI CVD BDS 01/10/53 DKK0.01 | 2% |  |
| OBX | OBX 2021-INV2 TR FLTG RT DUE 10-25-2051 | 4.56721% | 285315 |
| Occidental Petroleum Corp | OCCIDENTAL PETE DUE 03-15-2048 | 4.2% | 57612 |
| Occidental Petroleum Corp | OCCIDENTAL PETE CORP SR NT 09-15-2036 | 6.45% | 213193 |
| Occidental Petroleum Corp | OCCIDENTAL PETE CORP SR NT 03-15-2046 | 6.6% | 76647 |
| Occidental Petroleum Corp | OCCIDENTAL PETROLEUM CORP DUE 08-15-2029/08-08-2019 REG | 3.5% | 40530 |

---

------

**Morgan Stanley 401(k) Plan**

---

| |
|:---|
| **Plan Number 003, Employer Identification Number 20-8764829** |
| **FORM 5500, SCHEDULE H, PART IV, LINE 4i — SCHEDULE OF ASSETS (HELD AT END OF YEAR)** |
| **AT DECEMBER 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| Occidental Petroleum Corp | OCCIDENTAL PETROLEUM CORP DUE 08-15-2039 | 4.3% | 7755 |
| ONE | ONE 2021-PK MTG TR 03-15-2036 | 4.49548% | 399031 |
| Onemain Direct | ONEMAIN DIRECT DUE 11-14-2029 | 5.41% | 302265 |
| Onemain Direct | ONEMAIN FIN CORP 03-15-2033 | 6.5% | 66668 |
| Onemain Direct | ONEMAIN FIN CORP 09-15-2032 | 7.125% | 93504 |
| Onemain Fin Corp | ONEMAIN FIN CORP 05-15-2031 | 7.5% | 44191 |
| Onemain Fin Corp | ONEMAIN FIN CORP 03-15-2030 | 7.875% | 341428 |
| Onemain Fin Corp | ONEMAIN FIN CORP SR NT 01-15-2027 | 3.5% | 139624 |
| Onemain Finance Corp | ONEMAIN FINANCE CORP 05-15-2029 | 6.625% | 51780 |
| Oneok Inc | ONEOK INC 09-24-2027 | 4.25% | 301045 |
| Ontario Gaming Gta Limit | ONTARIO GAMING GTA LIMITED PARTNERSHIP TERM LOAN B SENIOR SECURED TL 07-20-2030 |  | 47093 |
| Option Care Health Inc | OPTION CARE HEALTH INC 10-31-2029 | 4.375% | 404491 |
| OPTIV INC | OPTIV INC TERM LOAN SENIOR SECURED TERM LOAN 08-17-2026 |  | 147940 |
| ORACLE CORP | ORACLE CORP FLTG RT 08-03-2028 |  | 98675 |
| Oscar Us Fdg Xiv Llc | OSCAR US FDG XIV LLC NT CL A-4 144A 04-10-2029 | 2.82% | 202242 |
| Penske Automotive | PENSKE AUTOMOTIVE DUE 06-15-2029 | 3.75% | 283952 |
| PERATON CORP | PERATON CORP. TERM B LOAN (FIRST LIEN) DUE 02-01-2028 BEO |  | 272877 |
| PHILIP MORRIS INTL | PHILIP MORRIS INTL INC 04-28-2028 | 4.125% | 401903 |
| PINNACLE WEST CAPITAL | PINNACLE WEST CAPITAL CORP 05-15-2028 | 4.9% | 203669 |
| PLAYTIKA HOLDING | PLAYTIKA HOLDING CORP. FLTG RT TBL 03-05-2028 |  | 65977 |
| Polar Us Borrower Llc | POLAR US BORROWER LLC SENIOR SECURED TERM B-1 LOAN 10-16-2028 |  | 36416 |
| Polaris Newco Llc | POLARIS NEWCO LLC TLB LIEN1 06-02-2028 USD |  | 727372 |
| POST HLDGS INC | POST HLDGS INC DUE 04-15-2030 | 4.625% | 20451 |
| Precision Drilling Corp | PRECISION DRILLING CORP SR NT 144A 01-15-2029 | 6.875% | 131459 |
| Pre-Paid Legal Services Inc | PRE-PAID LEGAL SERVICES INC INITIAL TERMLOAN (FIRST LIEN) DUE 12-15-2028 |  |  |
| PRIMO WTR HLDGS INC | PRIMO WTR HLDGS INC / TRITON WTR SR SECDNT 144A 04-30-2029 | 4.375% | 48644 |
| PROOFPOINT INC | PROOFPOINT INC SR SEC 2024 REFINANCING TL(FIRST LIEN) 08-31-2028 |  | 278530 |
| CCO HLDGS LLC / CCO HLDGS CAP CORP | PVPTL CCO HLDGS LLC / CCO HLDGS CAP CORP DUE 05-01-2027 | 5.125% | 143802 |
| IRON MTN INC NEW | PVPTL IRON MTN INC NEW 09-15-2027 | 4.875% | 324670 |
| TRANSOCEAN TITAN FIN LTD | PVTL TRANSOCEAN TITAN FIN LTD 01/02/2028 02-01-2028 | 8.375% | 70273 |
| 1211 Ave Of The Amers Tr | PVTPL 1211 AVE OF THE AMERS TR 2015-1211 CL A-1A2 DUE 08-10-2035 BEO | 3.9005% | 386000 |
| 1261229 BC LTD | PVTPL 1261229 BC LTD 04-15-203 | 10% | 523272 |
| 37 CAPITAL CLO LTD | PVTPL 37 CAPITAL CLO LTD SER 23-2A CL ARFLTG 04-15-2035 |  | 699456 |
| AAG FH UK PLC / GLOBAL AUTO HLDGS PLC | PVTPL AAG FH UK PLC / GLOBAL AUTO HLDGS PLC 08-15-2029 | 11.5% | 209339 |
| ABN AMRO BANK NV | PVTPL ABN AMRO BANK NV 10-13-2026 | 6.575% |  |
| ACADIA HEALTHCARE CO INC | PVTPL ACADIA HEALTHCARE CO INC 03-15-2033 | 7.375% | 35350 |
| ACADIA HEALTHCARE CO INC | PVTPL ACADIA HEALTHCARE CO INC SR NT 04-15-2029 | 5% | 270645 |
| ACRISURE LLC/ACRISURE FIN INC | PVTPL ACRISURE LLC/ACRISURE FIN INC 02-01-2029 | 8.25% | 350653 |
| ACRISURE LLC/ACRISURE FIN INC | PVTPL ACRISURE LLC/ACRISURE FIN INC SR NT 08-01-2029 | 6% | 109604 |

---

------

**Morgan Stanley 401(k) Plan**

---

| |
|:---|
| **Plan Number 003, Employer Identification Number 20-8764829** |
| **FORM 5500, SCHEDULE H, PART IV, LINE 4i — SCHEDULE OF ASSETS (HELD AT END OF YEAR)** |
| **AT DECEMBER 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| ACUSHNET CO DEL SR | PVTPL ACUSHNET CO DEL SR 12-01-2033 | 5.625% | 47528 |
| AHP HEALTH PARTNERS INC | PVTPL AHP HEALTH PARTNERS INC SR NT 07-15-2029 | 5.75% | 122944 |
| ALBERTSONS COS INC | PVTPL ALBERTSONS COS INC DUE 02-15-2030 | 4.875% | 319329 |
| ALBERTSONS COS INC FIXED | PVTPL ALBERTSONS COS INC FIXED 02-15-2028 | 5.875% | 135517 |
| ALBERTSONS COS INC/SAFEWAY INC/ A | PVTPL ALBERTSONS COS INC/SAFEWAY INC/ A DUE 01-15-2027 BEO | 4.625% | 156851 |
| ALBERTSONS COS INC/SAFEWAY INC/NEWA | PVTPL ALBERTSONS COS INC/SAFEWAY INC/NEWA DUE 03-15-2029/08-31-2020 BEO | 3.5% | 289063 |
| ALLIANT HLDGS | PVTPL ALLIANT HLDGS 10-01-2031 | 6.5% | 138179 |
| ALLISON TRANSMISSION INC | PVTPL ALLISON TRANSMISSION INC DUE01-30-2031/11-19-2020 BEO | 3.75% | 289075 |
| ALLISON TRANSMISSION INC | PVTPL ALLISON TRANSMISSION INC 12-01-2033 | 5.875% | 113829 |
| ALTICE FRANCE SAS | PVTPL ALTICE FRANCE SAS 11-01-2029 | 9.5% | 274923 |
| AMER SPORTS CO | PVTPL AMER SPORTS CO 02-16-2031 | 6.75% | 132061 |
| AMERICAN AXLE & MANUFACTURING INC | PVTPL AMERICAN AXLE & MANUFACTURING INC 10-15-2032 | 6.375% | 121172 |
| AMERICAN FIN TR INC/AMERN FIN OPERPAR | PVTPL AMERICAN FIN TR INC/AMERN FIN OPERPAR 09-30-2028 | 4.5% | 240087 |
| AMERIGAS PART/FIN CORP | PVTPL AMERIGAS PART/FIN CORP 06-01-2030 | 9.5% | 308934 |
| AMWINS GROUP INC | PVTPL AMWINS GROUP INC 02-15-2029 | 6.375% | 170686 |
| Amynta Agy Borrower Inc/Amynta | PVTPL AMYNTA AGY BORROWER INC/AMYNTA WAR 07-15-2033 | 7.5% | 143233 |
| Apidos Clo Xxiv / Apidos Clo Xxiv Llc | PVTPL APIDOS CLO XXIV / APIDOS CLO XXIV LLC CLO VAR RT DUE 10-20-2030 BEO |  | 113554 |
| Arbor Rlty Coml Real Estate Nts | PVTPL ARBOR RLTY COML REAL ESTATE NTS 2021-FL4 SR 21-FL4 CL A 11-15-2036 |  | 175043 |
| ARCHES BUYER INC | PVTPL ARCHES BUYER INC 144A DUE 06-01-2028 BEO | 4.25% | 34349 |
| ARCHROCK PARTNERS L P/ARCHROCK PARTNER | PVTPL ARCHROCK PARTNERS L P/ARCHROCK PARTNER DUE 04-01-2028 | 6.25% | 107605 |
| ARDAGH METAL PACKAGING FIN PLC/ARDAGH | PVTPL ARDAGH METAL PACKAGING FIN PLC/ARDAGH DUE 09-01-2029 BEO | 4% | 387895 |
| ARDONAGH FINCO LTD | PVTPL ARDONAGH FINCO LTD 02-15-2031 | 7.75% | 564015 |
| ATHENE GLOBAL FUNDING | PVTPL ATHENE GLOBAL FUNDING FLTG RT 07-16-2026 |  | 400609 |
| AVANTOR | PVTPL AVANTOR DUE 07-15-2028 BEO | 4.625% | 91500 |
| AVANTOR FUNDING INC | PVTPL AVANTOR FUNDING INC DUE 11-01-2029/10-26-2021 BEO | 3.875% | 328048 |
| BAIN CAPITAL CREDIT CLO LIMITED | PVTPL BAIN CAPITAL CREDIT CLO LIMITED SER 20-3A CL A1R FLTG 10-23-2034 |  | 600540 |
| Bain Capital Credit Clo Limited | PVTPL BAIN CAPITAL CREDIT CLO LIMITED SR 19-3A CL ARR FLTG RT 10-21-2034 |  | 499800 |
| Bain Capital Credit Clo Ltd | PVTPL BAIN CAPITAL CREDIT CLO LTD SR 21-3A AR FLTG RT 07-24-2034 |  | 499478 |
| BALDWIN INS GROUP HLDGS LLC | PVTPL BALDWIN INS GROUP HLDGS LLC 05-15-2031 | 7.125% | 83924 |
| BAUSCH HEALTH COS INC | PVTPL BAUSCH HEALTH COS INC DUE 06-01-2028 BEO | 4.875% | 108295 |
| BAUSCH HEALTH COS INC | PVTPL BAUSCH HEALTH COS INC SR NT DUE 01-30-2028 BEO | 5% | 99750 |
| BEACH ACQUISITION BIDCO LLC | PVTPL BEACH ACQUISITION BIDCO LLC PIK 07-15-2033 | 10% | 220738 |
| BELRON UK FIN PLC | PVTPL BELRON UK FIN PLC 10-15-2029 | 5.75% | 204242 |

---

------

**Morgan Stanley 401(k) Plan**

---

| |
|:---|
| **Plan Number 003, Employer Identification Number 20-8764829** |
| **FORM 5500, SCHEDULE H, PART IV, LINE 4i — SCHEDULE OF ASSETS (HELD AT END OF YEAR)** |
| **AT DECEMBER 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| Benefit Street Partners Clo Ltd | PVTPL BENEFIT STREET PARTNERS CLO LTD SR 20-22A CL ARR FRN 04-20-2035 |  | 800002 |
| BERRY GLOBAL ESCROW CORP FIXED | PVTPL BERRY GLOBAL ESCROW CORP FIXED 07-15-2026 BEO | 4.875% | 220041 |
| BLOOM ENERGY CORP | PVTPL BLOOM ENERGY CORP 11-15-2030 | 0% | 66120 |
| BLUE RACER MID LLC/FINAN | PVTPL BLUE RACER MID LLC/FINAN 07-15-2029 | 7% | 83431 |
| Bluemountain Clo Ltd | PVTPL BLUEMOUNTAIN CLO LTD SR 22-34A CL AR FLTG RT 04-20-2035 |  | 600000 |
| Bluemountain Clo Ltd | PVTPL BLUEMOUNTAIN CLO LTD SR 22-34A CL AR FLTG RT 04-20-2035 |  | 800000 |
| Bluemountain Clo Xxii Ltd | PVTPL BLUEMOUNTAIN CLO XXII LTD 18-1A CL A-1 FLTG RT 07-15-2031 |  | 123696 |
| BMW US CAP LLC | PVTPL BMW US CAP LLC 03-21-2028 | 4.75% | 101482 |
| BMW US CAP LLC | PVTPL BMW US CAP LLC SR NT 08-11-2028 | 5.05% | 205126 |
| BMW US CAPITAL LLC | PVTPL BMW US CAPITAL LLC 03-19-2027 | 4.65% | 201664 |
| BOMBARDIER INC | PVTPL BOMBARDIER INC 06-15-2033 | 6.75% | 208251 |
| BOMBARDIER INC | PVTPL BOMBARDIER INC 11-15-2030 | 8.75% | 83199 |
| BONANZA CREEK ENERGY INC | PVTPL BONANZA CREEK ENERGY INC 10-15-2026 | 5% | 412840 |
| BORR IHC LIMITED | PVTPL BORR IHC LIMITED 11-15-2028 | 10% | 306224 |
| BPCE SA | PVTPL BPCE SA 10-19-2027 | 6.612% | 305649 |
| BROADCOM INC | PVTPL BROADCOM INC DUE 11-15-2035 BEO | 3.137% | 104451 |
| CACI INTL INC | PVTPL CACI INTL INC 06-15-2033 | 6.375% | 339375 |
| CAESARS ENTERTAINMENT INC | PVTPL CAESARS ENTERTAINMENT INC DUE 10-15-2029 BEO | 4.625% | 414391 |
| CAESARS ENTERTAINMENT INC | PVTPL CAESARS ENTERTAINMENT INC 10-15-2032 | 6% | 10696 |
| CALIFORNIA RES CORP | PVTPL CALIFORNIA RES CORP 06-15-2029 | 8.25% | 274047 |
| CARNIVAL CORP | PVTPL CARNIVAL CORP 08-01-2028 | 4% | 295587 |
| CARPENTER TECHNOLOGY CORP | PVTPL CARPENTER TECHNOLOGY CORP 03-01-2034 | 5.625% | 151294 |
| CARRIAGE PURCHASER INC | PVTPL CARRIAGE PURCHASER INC 10-15-2029 | 7.875% | 276002 |
| Carvana Auto Receivables Trust | PVTPL CARVANA AUTO RECEIVABLES TRUST SR 25-N1 CL A2 05-10-2028 | 4.78% | 236896 |
| CARVANA CO | PVTPL CARVANA CO PIK 06-01-2031 | 9% | 262010 |
| CARVANA CO | PVTPL CARVANA CO PIK 06-01-2031 | 9% | 371937 |
| CCO HLDGS LLC | PVTPL CCO HLDGS LLC 144A 02-01-2028 | 5% | 233153 |
| CCO HLDGS LLC/CAP CORP | PVTPL CCO HLDGS LLC/CAP CORP DUE 03-01-2030 | 4.75% | 62082 |
| CCO HLDGS LLC/CCO HLDGS CAP CORP | PVTPL CCO HLDGS LLC/CCO HLDGS CAP CORP DUE 02-01-2031 | 4.25% | 193012 |
| CCO HLDGS LLC/CCO HLDGS CAP CORP | PVTPL CCO HLDGS LLC/CCO HLDGS CAP CORP DUE 08-15-2030 | 4.5% | 72496 |
| CCO HLDGS LLC/CCO HLDGS CAP CORP BNDS | PVTPL CCO HLDGS LLC/CCO HLDGS CAP CORP BNDS DUE 05-01-2026 | 5.5% | 559925 |
| CDI ESCROW ISS | PVTPL CDI ESCROW ISS 04-01-2030 | 5.75% | 130250 |
| CENTRAL PARENT LLC/CDK GLOBAL II LLC | PVTPL CENTRAL PARENT LLC/CDK GLOBAL II LLC 06-15-2029 | 8% | 259917 |
| CHARLES RIV LABORATORIES INTL INC | PVTPL CHARLES RIV LABORATORIES INTL INC DUE 05-01-2028 | 4.25% | 41622 |
| CHARLES RIVER LABORATORI | PVTPL CHARLES RIVER LABORATORI DUE 03-15-2031 | 4% | 327967 |
| CHART INDUSTRIES INC | PVTPL CHART INDUSTRIES INC DUE 01-01-2030 BEO | 7.5% | 257435 |
| CHART INDUSTRIES INC | PVTPL CHART INDUSTRIES INC DUE 01-01-2031 BEO | 9.5% | 348161 |
| CHOBANI HOLDCO II LLC | PVTPL CHOBANI HOLDCO II LLC PIK 10-01-2029 | 8.75% | 189006 |

---

------

**Morgan Stanley 401(k) Plan**

---

| |
|:---|
| **Plan Number 003, Employer Identification Number 20-8764829** |
| **FORM 5500, SCHEDULE H, PART IV, LINE 4i — SCHEDULE OF ASSETS (HELD AT END OF YEAR)** |
| **AT DECEMBER 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| CHOBANI LLC/CHOBANI FIN CORP INC | PVTPL CHOBANI LLC/CHOBANI FIN CORP INC 07-01-2029 | 7.625% | 63628 |
| CHORD ENERGY CORP | PVTPL CHORD ENERGY CORP 10-01-2030 | 6% | 172929 |
| CHORD ENERGY CORP | PVTPL CHORD ENERGY CORP 03-15-2033 | 6.75% | 191291 |
| CHS/CMNTY HEALTH SYS INC | PVTPL CHS/CMNTY HEALTH SYS INC 01-15-2032 | 10.875% | 3274 |
| CHS/CMNTY HEALTH SYS INC | PVTPL CHS/CMNTY HEALTH SYS INC DUE02-15-2031/02-09-2021 BEO | 4.75% | 234252 |
| CHS/COMMUNITY HEALTH SYS | PVTPL CHS/COMMUNITY HEALTH SYS 01-15-2034 | 9.75% | 448490 |
| CHURCHILL DOWNS | PVTPL CHURCHILL DOWNS 01-15-2028 | 4.75% | 335744 |
| CHURCHILL DOWNS | PVTPL CHURCHILL DOWNS DUE 04-01-2027 | 5.5% | 212000 |
| CIFC FDG 2017-IV LTD | PVTPL CIFC FDG 2017-IV LTD SER 17-4A CL A1R FLTG 10-24-2030 |  | 62256 |
| CITIGROUP GLOBAL MKTS HLDGS INC | PVTPL CITIGROUP GLOBAL MKTS HLDGS INC 04-18-2028 | 0.125% | 374843 |
| CIVITAS RES INC | PVTPL CIVITAS RES INC 07-01-2028 | 8.375% | 280253 |
| CIVITAS RES INC | PVTPL CIVITAS RES INC 11-01-2030 | 8.625% | 221144 |
| CIVITAS RESOURCES INC | PVTPL CIVITAS RESOURCES INC 07-01-2031 | 8.75% | 41496 |
| CLARIOS GLOBAL LP | PVTPL CLARIOS GLOBAL LP 02-15-2030 | 6.75% | 179535 |
| CLARIOS GLOBAL LP/CLARIOS US FINA | PVTPL CLARIOS GLOBAL LP/CLARIOS US FINA 09-15-2032 | 6.75% | 171221 |
| CLARIVATE SCIENCE HLDGS CORP SR | PVTPL CLARIVATE SCIENCE HLDGS CORP SR \NT 07-01-2029 | 4.875% | 321465 |
| CLOUD SOFTWARE GROUP INC | PVTPL CLOUD SOFTWARE GROUP INC 08-15-2033 | 6.625% | 198211 |
| CLOUD SOFTWARE GROUP INC | PVTPL CLOUD SOFTWARE GROUP INC 06-30-2032 | 8.25% | 630159 |
| CLOUD SOFTWARE GROUP INC | PVTPL CLOUD SOFTWARE GROUP INC 09-30-2029 | 9% | 750700 |
| CMO 280 PK AVE 2017-280P MTG TR COML CTF | PVTPL CMO 280 PK AVE 2017-280P MTG TR COML CTF CL A VAR DUE 09-15-2034 |  | 398688 |
| CMO ATRIUM HOTE 2017-ATRM COML MTG | PVTPL CMO ATRIUM HOTE 2017-ATRM COML MTG 144A CL A VAR RT DUE 11-15-2019 |  | 347290 |
| CMO CIM TRUST | PVTPL CMO CIM TRUST SER 19-INV1 CLS A2 FLTG RT 02-25-2049 |  | 12478 |
| Cmo Colony Mtg Cap Ltd | PVTPL CMO COLONY MTG CAP LTD SR 19-IKPR CL A FLTG 11-15-2038 |  | 169216 |
| CMO COMM | PVTPL CMO COMM SER 2019-521F CL A FLTG 144A DUE 06-15-2034 |  | 679000 |
| CMO MILL CITY MTG LN TR 2019-GS2 | PVTPL CMO MILL CITY MTG LN TR 2019-GS2 SER 19-GS2 CLS A1 VAR RT 08-25-2059 |  | 148621 |
| Cmo New Orl Hotel Tr | PVTPL CMO NEW ORL HOTEL TR 2019-HNLASER 19-HNLA CLS A VAR RT DUE 04-15-2032 BEO |  | 397546 |
| CMO NEW RESIDENTIAL MTG LN | PVTPL CMO NEW RESIDENTIAL MTG LN SER 19-RPL3 CL A1 FRN 07-25-2059 BEO |  | 183982 |
| CMO ONE MKT PLAZA TR | PVTPL CMO ONE MKT PLAZA TR SER 2017-1MKT CL A 144A 02-10-2032 BEO | 3.6139% | 488443 |
| Cmo Sfo Coml Mtg Tr | PVTPL CMO SFO COML MTG TR 2021-555 SFO 2021-555 A VAR RT DUE 05-15-2038 BEO |  | 798113 |
| CMO SMB PRIVATE ED LN TR 2022-B | PVTPL CMO SMB PRIVATE ED LN TR 2022-B DUE 12-31-2049 | 0% | 189542 |
| CMO SMB PRIVATE ED LN TR 2022-B | PVTPL CMO SMB PRIVATE ED LN TR 2022-B DUE 12-31-2049 BEO | 0% | 195243 |
| COBRA ACQUISITIONCO LLC | PVTPL COBRA ACQUISITIONCO LLC 11-01-2029 | 6.375% | 71869 |
| COINBASE GLOBAL INC | PVTPL COINBASE GLOBAL INC ZCP 10-01-2032 |  | 199474 |
| COMMERCIAL METALS CO | PVTPL COMMERCIAL METALS CO 11-15-2033 | 5.75% | 83848 |

---

------

**Morgan Stanley 401(k) Plan**

---

| |
|:---|
| **Plan Number 003, Employer Identification Number 20-8764829** |
| **FORM 5500, SCHEDULE H, PART IV, LINE 4i — SCHEDULE OF ASSETS (HELD AT END OF YEAR)** |
| **AT DECEMBER 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| COMMERCIAL METALS CO | PVTPL COMMERCIAL METALS CO 12-15-2035 | 6% | 84151 |
| COMPASS GROUP DIVERSIFIED HLDGS LLC | PVTPL COMPASS GROUP DIVERSIFIED HLDGS LLC DUE 04-15-2029/03-23-2021 BEO | 5.25% | 85333 |
| COMSTOCK RES INC COMSTOCK RE INC | PVTPL COMSTOCK RES INC COMSTOCK RE INC DUE 01-15-2030 BEO | 5.875% | 2918 |
| CONSOLIDATED ENERGY FIN S A NT USD | PVTPL CONSOLIDATED ENERGY FIN S A NT USD 10-15-2028 | 5.625% | 161200 |
| CONTINENTAL RESOURCES | PVTPL CONTINENTAL RESOURCES 11-15-2026 | 2.268% | 391821 |
| CONTOURGLOBAL POWER HOLDINGS SA | PVTPL CONTOURGLOBAL POWER HOLDINGS SA 02-28-2030 | 6.75% | 302115 |
| CORELOGIC INC | PVTPL CORELOGIC INC DUE 05-01-2028 | 4.5% | 389295 |
| COREWEAVE INC | PVTPL COREWEAVE INC 02-01-2031 | 9% | 5499 |
| COREWEAVE INC | PVTPL COREWEAVE INC 06-01-2030 | 9.25% | 274283 |
| CREDIT ACCEPTANCE | PVTPL CREDIT ACCEPTANCE 12-15-2028 | 9.25% | 83613 |
| CREDIT AGRICOLE S A | PVTPL CREDIT AGRICOLE S A FLTG RT 09-11-2028 |  | 301587 |
| CRESTWOOD MIDSTREAM PARTNERS LP | PVTPL CRESTWOOD MIDSTREAM PARTNERS LP DUE 02-01-2031 | 7.375% | 92469 |
| CSC HLDGS LLC | PVTPL CSC HLDGS LLC 144A DUE 02-15-2031/08-17-2020 BEO | 3.375% | 207609 |
| CSC HLDGS LLC | PVTPL CSC HLDGS LLC 12-01-2030 | 4.625% | 190740 |
| CSC HOLDINGS LLC SR GTD NT | PVTPL CSC HOLDINGS LLC SR GTD NT 11-15-2031 | 4.5% | 164700 |
| DANSKE BANK A/S | PVTPL DANSKE BANK A/S 03-01-2028 | 5.427% | 203123 |
| DARLING INGREDIENTS INC | PVTPL DARLING INGREDIENTS INC 06-15-2030 | 6% | 178892 |
| DAVITA INC | PVTPL DAVITA INC 02-15-2031 | 3.75% | 274449 |
| DAVITA INC | PVTPL DAVITA INC 09-01-2032 | 6.875% | 138436 |
| DAVITA INC | PVTPL DAVITA INC SR NT 07-15-2033 | 6.75% | 117169 |
| DBR LAND HOLDINGS LLC | PVTPL DBR LAND HOLDINGS LLC 12-01-2030 | 6.25% | 198439 |
| DIAMOND FGN ASSET CO/DIAMOND FIN LLC | PVTPL DIAMOND FGN ASSET CO/DIAMOND FIN LLC 10-01-2030 | 8.5% | 132473 |
| DISH NETWORK CORPORATION | PVTPL DISH NETWORK CORPORATION DUE 11-15-2027 BEO | 11.75% | 199818 |
| Dryden 95 Clo Ltd | PVTPL DRYDEN 95 CLO LTD SR 21-95A CL A-R FLTG 08-20-2034 |  | 499423 |
| Dryden Senior Loan Fund | PVTPL DRYDEN SENIOR LOAN FUND SR 18-64A CL A FLTG DUE 04-18-2031 |  | 203043 |
| ELASTIC N V | PVTPL ELASTIC N V DUE 07-15-2029/07-15-2024 BEO | 4.125% | 323442 |
| EMERALD DEBT MERGER | PVTPL EMERALD DEBT MERGER 12-15-2030 | 6.625% | 155306 |
| ENDO FIN HLDGS INC | PVTPL ENDO FIN HLDGS INC 04-15-2031 | 8.5% | 356196 |
| ENTEGRIS ESCROW CORP SR SECD NT | PVTPL ENTEGRIS ESCROW CORP SR SECD NT 144A DUE 04-15-2029/04-14-2022 BEO | 4.75% | 311042 |
| ENTEGRIS INC | PVTPL ENTEGRIS INC SR NT 144A DUE04-15-2028/04-30-2020 BEO | 4.375% | 41713 |
| FIBERCOP SPA | PVTPL FIBERCOP SPA 09-30-2034 | 6% | 189469 |
| FMG RES AUGUST 2006 PTY LTD | PVTPL FMG RES AUGUST 2006 PTY LTD 04-15-2030 | 5.875% | 140804 |
| FMG RES AUGUST 2006 PTY LTD | PVTPL FMG RES AUGUST 2006 PTY LTD 04-15-2032 | 6.125% | 238379 |
| Fmg Resources | PVTPL FMG RESOURCES AUG 2006 DUE 04-01-2031 BEO | 4.375% | 120861 |
| FOCUS FINL PARTNERS LLC | PVTPL FOCUS FINL PARTNERS LLC 09-15-2031 | 6.75% | 203872 |
| FORD CR AUTO OWNER TR 2023-REV1 231 | PVTPL FORD CR AUTO OWNER TR 2023-REV1 231 CL A 08-15-2035 | 4.85% | 255037 |
| FORTREA HLDGS INC | PVTPL FORTREA HLDGS INC 07-01-2030 | 7.5% | 196263 |

---

------

**Morgan Stanley 401(k) Plan**

---

| |
|:---|
| **Plan Number 003, Employer Identification Number 20-8764829** |
| **FORM 5500, SCHEDULE H, PART IV, LINE 4i — SCHEDULE OF ASSETS (HELD AT END OF YEAR)** |
| **AT DECEMBER 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| Fortress Cr Bsl Vii Ltd | PVTPL FORTRESS CR BSL VII LTD SR 21-1A CL A-1-R FLTG 07-23-2032 |  | 223273 |
| FORTRESS TRANSN & INFRASTRUCTURE INVS LL | PVTPL FORTRESS TRANSN & INFRASTRUCTURE INVS LL 12-01-2030 | 7.875% | 336091 |
| FREEDOM MORTGAGE CORPORATION | PVTPL FREEDOM MORTGAGE CORPORATION 01-15-2027 | 6.625% | 58217 |
| FREEDOM MORTGAGE CORPORATION | PVTPL FREEDOM MORTGAGE CORPORATION 02-01-2029 | 9.25% | 164078 |
| FREEDOM MORTGAGE HOLD | PVTPL FREEDOM MORTGAGE HOLD 04-01-2033 | 7.875% | 63297 |
| FREEDOM MTG CORP | PVTPL FREEDOM MTG CORP 10-01-2030 | 12.25% | 57675 |
| FRONTIER COMMUNICATIONS CORP | PVTPL FRONTIER COMMUNICATIONS CORP DUE 05-01-2028 BEO | 5% | 198340 |
| FRONTIER COMMUNICATIONS HLDGS LLC | PVTPL FRONTIER COMMUNICATIONS HLDGS LLC 01-15-2030 | 6% | 90506 |
| FRONTIER COMMUNICATIONS HLDGS LLC | PVTPL FRONTIER COMMUNICATIONS HLDGS LLC 03-15-2031 | 8.625% | 67340 |
| FRONTIER COMMUNICATIONS HLDGS LLC | PVTPL FRONTIER COMMUNICATIONS HLDGS LLC 05-15-2030 | 8.75% | 361345 |
| GARDA WORLD SECURITY CORP | PVTPL GARDA WORLD SECURITY CORP 01-15-2031 | 6.5% | 52188 |
| GARDA WORLD SECURITY CORP | PVTPL GARDA WORLD SECURITY CORP 02-15-2028 | 7.75% | 111463 |
| GARDA WORLD SECURITY CORP | PVTPL GARDA WORLD SECURITY CORP 08-01-2032 | 8.25% | 98552 |
| GARDA WORLD SECURITY CORP | PVTPL GARDA WORLD SECURITY CORP 11-15-2032 | 8.375% | 251586 |
| GEN DIGITAL INC | PVTPL GEN DIGITAL INC DUE 04-01-2033 | 6.25% | 144375 |
| GFL ENVIRONMENTAL INC | PVTPL GFL ENVIRONMENTAL INC 08-01-2028 | 4% | 378777 |
| GLOBAL AUTO HO/AAG FH UK | PVTPL GLOBAL AUTO HO/AAG FH UK 01-15-2029 | 8.375% | 196500 |
| GLOBAL NET LEASE INC & GLOBAL NET LEASE 3.75 | PVTPL GLOBAL NET LEASE INC & GLOBAL NET LEASE 3.75 DUE 12-15-2027/12-17-2020 BEO |  | 283381 |
| GO DADDY OPER CO LLC/GD FIN CO INC | PVTPL GO DADDY OPER CO LLC/GD FIN CO INC 12-01-2027 | 5.25% | 15039 |
| GO DADDY OPER CO LLC/GD | PVTPL GO DADDY OPER CO LLC/GD FIN CO INC DUE 03-01-2029 BEO | 3.5% | 19176 |
| GOEASY LTD | PVTPL GOEASY LTD 02-15-2031 | 6.875% | 87927 |
| GOEASY LTD | PVTPL GOEASY LTD 07-01-2029 | 7.625% | 66277 |
| GOEASY LTD | PVTPL GOEASY LTD 12-01-2028 | 9.25% | 281723 |
| GRAPHIC PACKAGING INTL LLC | PVTPL GRAPHIC PACKAGING INTL LLC DUE 03-01-2029 BEO | 3.5% | 247768 |
| GRAPHIC PACKAGING INTL LLC | PVTPL GRAPHIC PACKAGING INTL LLC SR NT 02-01-2030 | 3.75% | 324234 |
| GREAT CANADIAN GAMING CORP | PVTPL GREAT CANADIAN GAMING CORP 11-15-2029 | 8.75% | 169705 |
| GROUP 1 AUTOMOTIVE INC GROUP 1 | PVTPL GROUP 1 AUTOMOTIVE INC GROUP 1 DUE 08-15-2028 BEO | 4% | 172545 |
| GS MORTGAGE SECURITIES TRUST | PVTPL GS MORTGAGE SECURITIES TRUST SER 2018-LUAU CL E E 11-15-2032 BEO |  | 226117 |
| GTCR W-2 MERGER SUB LLC | PVTPL GTCR W-2 MERGER SUB LLC 01-15-2031 | 7.5% | 320967 |
| HAH GROUP HOLDING COMPANY LLC | PVTPL HAH GROUP HOLDING COMPANY LLC 10-01-2031 | 9.75% | 511553 |
| HEARTLAND DENTAL LLC/ SR SECD NT | PVTPL HEARTLAND DENTAL LLC/ SR SECD NT 144A 04-30-2028 | 10.5% | 27261 |
| HEINZ H J FIN CO GTD NT | PVTPL HEINZ H J FIN CO GTD NT 144A DUE 08-01-2039 BEO | 7.125% | 78243 |
| HERC HOLDINGS INC | PVTPL HERC HOLDINGS INC 03-15-2031 | 5.75% | 30460 |
| HERC HOLDINGS INC | PVTPL HERC HOLDINGS INC 03-15-2034 | 6% | 58752 |

---

------

**Morgan Stanley 401(k) Plan**

---

| |
|:---|
| **Plan Number 003, Employer Identification Number 20-8764829** |
| **FORM 5500, SCHEDULE H, PART IV, LINE 4i — SCHEDULE OF ASSETS (HELD AT END OF YEAR)** |
| **AT DECEMBER 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| HESS MIDSTREAM OPERATIONS | PVTPL HESS MIDSTREAM OPERATIONS 03-01-2028 | 5.875% | 198447 |
| HESS MIDSTREAM OPERATIONS LP | PVTPL HESS MIDSTREAM OPERATIONS LP 06-01-2029 | 6.5% | 47573 |
| HILCORP ENERGY I L P / HILCORP | PVTPL HILCORP ENERGY I L P / HILCORP 02-15-2035 | 7.25% | 79831 |
| HILCORP ENERGY I L P/HILCORP FIN CO | PVTPL HILCORP ENERGY I L P/HILCORP FIN CO SR NT 11-01-2033 | 8.375% | 171560 |
| HILCORP ENERGY I L P/HILCORP FIN CO | PVTPL HILCORP ENERGY I L P/HILCORP FIN CO 05-15-2034 | 6.875% | 126475 |
| HILTON DOMESTIC OPER CO INC | PVTPL HILTON DOMESTIC OPER CO INC DUE 02-15-2032/02-02-2021 BEO | 3.625% | 199578 |
| HILTON DOMESTIC OPER CO INC | PVTPL HILTON DOMESTIC OPER CO INC DUE 05-01-2031 BEO | 4% | 127332 |
| HILTON GRAND VACATIONS BORROWER ESCROW L | PVTPL HILTON GRAND VACATIONS BORROWER ESCROW L SR NT 06-01-2029 | 5% | 44677 |
| HYUNDAI CAP AMER | PVTPL HYUNDAI CAP AMER 06-23-2028 | 4.9% | 203195 |
| IHO VERWALTUNGS GMBH | PVTPL IHO VERWALTUNGS GMBH PIK 11-15-2030 | 7.75% | 210148 |
| ILIAD HLDG S A S | PVTPL ILIAD HLDG S A S DUE 10-15-2028 BEO | 7% | 230859 |
| ILIAD HLDG S A S | PVTPL ILIAD HLDG S A S DUE 04-15-2031 | 8.5% | 314263 |
| ILLUMINATE BUYER LLC/ILLUMINATE HLDGS | PVTPL ILLUMINATE BUYER LLC/ILLUMINATE HLDGS SR NT 144A DUE 07-01-2028 | 9% | 93126 |
| IQVIA INC | PVTPL IQVIA INC 06-01-2032 | 6.25% | 126435 |
| IREN LTD | PVTPL IREN LTD 07-01-2031 | 0% | 494654 |
| IRIS ESCROW ISSUER CORP | PVTPL IRIS ESCROW ISSUER CORP DUE 12-15-2028/06-22-2022 BEO | 10% | 128301 |
| IRON MOUNTAIN INC | PVTPL IRON MOUNTAIN INC 07-15-2030 | 5.25% | 472219 |
| IRON MOUNTAIN INC | PVTPL IRON MOUNTAIN INC DUE 02-15-2029 | 7% | 168467 |
| IRON MOUNTAIN INFORMATION MANAGEMEN | PVTPL IRON MOUNTAIN INFORMATION MANAGEMEN DUE 07-15-2032 BEO | 5% | 99285 |
| IRON MTN INC NEW | PVTPL IRON MTN INC NEW DUE 02-15-2031/08-18-2020 BEO | 4.5% | 87722 |
| IRON MTN INC NEW | PVTPL IRON MTN INC NEW DUE 09-15-2029 BEO | 4.875% | 61166 |
| IRON MTN INC NEW | PVTPL IRON MTN INC NEW DUE 07-15-2028 | 5% | 114861 |
| IRON MTN INC NEW BDS | PVTPL IRON MTN INC NEW BDS 144A DUE 07-15-2032/06-22-2020 BEO | 5.625% | 1969 |
| ITT HLDGS LLC | PVTPL ITT HLDGS LLC DUE 08-01-2029/07-08-2021 BEO | 6.5% | 406040 |
| J2 GLOBAL INC | PVTPL J2 GLOBAL INC DUE 10-15-2030/10-07-2020 BEO | 4.625% | 355210 |
| JAZZ SECS DESIGNATED ACTIVITY CO | PVTPL JAZZ SECS DESIGNATED ACTIVITY CO DUE 01-15-2029 BEO | 4.375% | 465539 |
| JH NORTH AMER HLDGS INC | PVTPL JH NORTH AMER HLDGS INC 07-31-2032 | 6.125% | 57487 |
| JONES DESLAURIERS INS MGMT INC | PVTPL JONES DESLAURIERS INS MGMT INC 03-15-2030 | 8.5% | 263018 |
| KINETIK HLDGS LP | PVTPL KINETIK HLDGS LP 12-15-2028 | 6.625% | 215214 |
| Kkr Financial Clo Ltd | PVTPL KKR FINANCIAL CLO LTD SER 36A CL AR FLTG 10-15-2034 |  | 599871 |
| Kkr Financial Clo Ltd | PVTPL KKR FINANCIAL CLO LTD SER 36A CL AR FLTG 10-15-2034 |  | 799828 |
| Kkr Financial Clo Ltd | PVTPL KKR FINANCIAL CLO LTD SR 42A CL ARFLTG RT 07-20-2034 |  | 499896 |
| KRAKEN OIL & GAS PARTNERS LLC | PVTPL KRAKEN OIL & GAS PARTNERS LLC 08-15-2029 | 7.625% | 190354 |
| LAMB WESTON HLDGS INC | PVTPL LAMB WESTON HLDGS INC SR NT 01-31-2030 | 4.125% | 54170 |
| LAREDO PETE INC NEW | PVTPL LAREDO PETE INC NEW SR NT 07-31-2029 | 7.75% | 64853 |
| LCM INVTS HLDGS II LLC | PVTPL LCM INVTS HLDGS II LLC DUE 05-01-2029/04-27-2021 BEO | 4.875% | 199075 |

---

------

**Morgan Stanley 401(k) Plan**

---

| |
|:---|
| **Plan Number 003, Employer Identification Number 20-8764829** |
| **FORM 5500, SCHEDULE H, PART IV, LINE 4i — SCHEDULE OF ASSETS (HELD AT END OF YEAR)** |
| **AT DECEMBER 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| LCM INVTS HLDGS II LLC | PVTPL LCM INVTS HLDGS II LLC 08-01-2031 | 8.25% | 133269 |
| Lcm Ltd Partnership | PVTPL LCM LTD PARTNERSHIP SR SECD NT CL A-1-R FLTG 10-20-2034 |  | 250030 |
| LEVEL 3 FING INC | PVTPL LEVEL 3 FING INC DUE 07-15-2029/01-13-2021 BEO | 3.75% | 37331 |
| LEVEL 3 FING INC | PVTPL LEVEL 3 FING INC 06-15-2029 | 4.875% | 59323 |
| LEVEL 3 FING INC | PVTPL LEVEL 3 FING INC 03-31-2034 | 7% | 527653 |
| LGI HOMES INC | PVTPL LGI HOMES INC 07-15-2029 | 4% | 257893 |
| LGI HOMES INC | PVTPL LGI HOMES INC 12-15-2028 | 8.75% | 62597 |
| LIFEPOINT HEALTH INC | PVTPL LIFEPOINT HEALTH INC DUE 01-15-2029 BEO | 5.375% | 251118 |
| LIFEPOINT HEALTH INC | PVTPL LIFEPOINT HEALTH INC 06-01-2032 | 10% | 128653 |
| LIFEPOINT HEALTH INC | PVTPL LIFEPOINT HEALTH INC 10-15-2030 | 11% | 619599 |
| LIFEPOINT HEALTH INC | PVTPL LIFEPOINT HEALTH INC DUE 08-15-2030 | 9.875% | 248658 |
| LIGHT & WONDER INC | PVTPL LIGHT & WONDER INC 09-01-2031 | 7.5% | 187826 |
| LIGHTNING PWR LLC | PVTPL LIGHTNING PWR LLC 08-15-2032 | 7.25% | 96777 |
| LITHIA MOTORS INC | PVTPL LITHIA MOTORS INC DUE 12-15-2027 | 4.625% | 271588 |
| LITHIA MTRS INC | PVTPL LITHIA MTRS INC DUE 01-15-2031 | 4.375% | 336418 |
| LIVE NATION ENTMT IN | PVTPL LIVE NATION ENTMT IN DUE 10-15-2027 | 4.75% | 263521 |
| LIVE NATION ENTMT INC | PVTPL LIVE NATION ENTMT INC DUE 01-15-2028/01-04-2021 BEO | 3.75% | 10826 |
| LUMEN TECHNOLOGIES INC | PVTPL LUMEN TECHNOLOGIES INC 04-15-2030 | 4.125% | 121383 |
| LUMEN TECHNOLOGIES INC LA | PVTPL LUMEN TECHNOLOGIES INC LA DUE 04-15-2029 BEO | 4.125% | 8910 |
| MACQUARIE AIRFINANCE HLDGS LTD | PVTPL MACQUARIE AIRFINANCE HLDGS LTD 03-26-2029 | 6.4% | 59772 |
| MACYS RETAIL HLDGS LLC | PVTPL MACYS RETAIL HLDGS LLC DUE 03-15-2032 BEO | 6.125% | 83008 |
| MAGIC MERGERCO INC | PVTPL MAGIC MERGERCO INC 05-01-2028 | 5.25% | 198040 |
| MARRIOTT OWNERSHIP RESORTS INC | PVTPL MARRIOTT OWNERSHIP RESORTS INC DUE 06-15-2029 | 4.5% | 268470 |
| MATCH GROUP INC | PVTPL MATCH GROUP INC DUE 08-01-2030 | 4.125% | 126908 |
| MATCH GROUP INC | PVTPL MATCH GROUP INC DUE 02-15-2029/02-15-2019 BEO | 5.625% | 170539 |
| MATCH GROUP INC | PVTPL MATCH GROUP INC SR NT 144A DUE 06-01-2028/05-19-2020 BEO | 4.625% | 97133 |
| MATTAMY GROUP CORP | PVTPL MATTAMY GROUP CORP 12-15-2033 | 6% | 138799 |
| MAV ACQUISITION CORP | PVTPL MAV ACQUISITION CORP SR NT 08-01-2029 | 8% | 559908 |
| MAV ACQUISITION CORP SR SECD NT | PVTPL MAV ACQUISITION CORP SR SECD NT 144A 08-01-2028 | 5.75% | 374773 |
| MCAFEE CORP | PVTPL MCAFEE CORP SR NT 144A DUE 02-15-2030/02-15-2026 BEO | 7.375% | 77615 |
| MCGRAW-HILL EDUCATION | PVTPL MCGRAW-HILL EDUCATION 09-01-2031 | 7.375% | 296363 |
| MERCEDES-BENZ FIN NORTH AMER LLC | PVTPL MERCEDES-BENZ FIN NORTH AMER LLC 03-31-2028 | 4.75% | 457234 |
| MINERVA MERGER SUB INC | PVTPL MINERVA MERGER SUB INC DUE 02-15-2030 | 6.5% | 97705 |
| MOLINA HEALTHCARE INC | PVTPL MOLINA HEALTHCARE INC DUE 11-15-2030 BEO | 3.875% | 368373 |
| MOLINA HEALTHCARE INC | PVTPL MOLINA HEALTHCARE INC 01-15-2033 | 6.25% | 245691 |
| MOLINA HEALTHCARE INC | PVTPL MOLINA HEALTHCARE INC 02-15-2031 | 6.5% | 108865 |
| MOSS CREEK RES HLDGS INC | PVTPL MOSS CREEK RES HLDGS INC 09-01-2031 | 8.25% | 126390 |

---

------

**Morgan Stanley 401(k) Plan**

---

| |
|:---|
| **Plan Number 003, Employer Identification Number 20-8764829** |
| **FORM 5500, SCHEDULE H, PART IV, LINE 4i — SCHEDULE OF ASSETS (HELD AT END OF YEAR)** |
| **AT DECEMBER 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| MSCI INC | PVTPL MSCI INC DUE 08-15-2033 BEO | 3.25% | 61979 |
| MSCI INC | PVTPL MSCI INC SR NT 144A DUE 02-15-2031/05-26-2020 BEO | 3.875% | 48064 |
| NAVIENT PVT ED LN TR 2015-B NT | PVTPL NAVIENT PVT ED LN TR 2015-B NT CL A-3 FLTG RATE 144A VAR RT DUE 07-16-2040 |  | 87304 |
| NCL CORP LTD | PVTPL NCL CORP LTD 03-01-2030 | 6.25% | 44687 |
| NCL CORPORATION LTD | PVTPL NCL CORPORATION LTD 01-15-2031 | 5.875% | 162383 |
| NCR CORP NEW | PVTPL NCR CORP NEW DUE 10-01-2028/08-20-2020 BEO | 5% | 195473 |
| NEPTUNE BIDCO US INC | PVTPL NEPTUNE BIDCO US INC 05-15-2031 | 10.375% | 85103 |
| NISSAN MOTOR ACCEPTANCE CORP | PVTPL NISSAN MOTOR ACCEPTANCE CORP DUE 09-15-2028 BEO | 2.45% | 33293 |
| NISSAN MTR ACCEP CO LLC | PVTPL NISSAN MTR ACCEP CO LLC 09-29-2028 | 5.625% | 140410 |
| NISSAN MTR ACCEP CO LLC | PVTPL NISSAN MTR ACCEP CO LLC 09-30-2030 | 6.125% | 262037 |
| NISSAN MTR LTD | PVTPL NISSAN MTR LTD DUE 09-17-2030 BEO | 4.81% | 289451 |
| NOBLE FIN II LLC | PVTPL NOBLE FIN II LLC 04-15-2030 | 8% | 47791 |
| Northwoods Capital Ltd | PVTPL NORTHWOODS CAPITAL LTD SER 21-25A CL AR FLTG 07-20-2034 |  | 499640 |
| NORTONLIFELOCK INC | PVTPL NORTONLIFELOCK INC DUE 09-30-2027 BEO | 6.75% | 360277 |
| NORTONLIFELOCK INC | PVTPL NORTONLIFELOCK INC DUE 09-30-2030 BEO | 7.125% | 23751 |
| NRG ENERGY INC | PVTPL NRG ENERGY INC DUE 02-15-2029/12-02-2020 BEO | 3.375% | 25830 |
| NRG ENERGY INC | PVTPL NRG ENERGY INC 01-15-2036 | 6% | 383006 |
| NRG ENERGY INC | PVTPL NRG ENERGY INC 11-01-2034 | 6.25% | 309097 |
| NRG ENERGY INC | PVTPL NRG ENERGY INC 03-15-2033 | 7% | 278911 |
| ONTARIO GAMING GTA LTD PARTNERSHIP/OTG | PVTPL ONTARIO GAMING GTA LTD PARTNERSHIP/OTG 08-01-2030 | 8% | 305318 |
| OPAL BIDCO SAS | PVTPL OPAL BIDCO SAS 03-31-2032 | 6.5% | 325702 |
| OPEN TEXT CORP | PVTPL OPEN TEXT CORP 01/12/2029 DUE 12-01-2029/12-01-2025 BEO | 3.875% | 312220 |
| OPEN TEXT CORP | PVTPL OPEN TEXT CORP DUE 02-15-2028 BEO | 3.875% | 224719 |
| OPEN TEXT INC | PVTPL OPEN TEXT INC 02-15-2030 | 4.125% | 183518 |
| OREGON TOOL LUX LP | PVTPL OREGON TOOL LUX LP 10-15-2029 | 7.875% | 51831 |
| ORGANON CO/ORGANON FOREIGN DEBT C | PVTPL ORGANON CO/ORGANON FOREIGN DEBT C 05-15-2034 | 6.75% | 294130 |
| ORGANON FIN 1 LLC | PVTPL ORGANON FIN 1 LLC DUE 04-30-2028 BEO | 4.125% | 194887 |
| OUTFRONT MEDIA CAP LLC | PVTPL OUTFRONT MEDIA CAP LLC 01-15-2029 | 4.25% | 118888 |
| OWENS & MINOR INC NEW | PVTPL OWENS & MINOR INC NEW SR NT 03-31-2029 | 4.5% | 99730 |
| OWENS & MINOR INC NEW | PVTPL OWENS & MINOR INC NEW SR NT 04-01-2030 | 6.625% | 134962 |
| OZLM XXIV LTD / OZLM XXIV LLC | PVTPL OZLM XXIV LTD / OZLM XXIV LLC 20/07/2032 VAR RT DUE 07-20-2032 BEO |  | 32683 |
| PANTHER ESCROW ISSUER LLC/PANTHER CO-I | PVTPL PANTHER ESCROW ISSUER LLC/PANTHER CO-I 06-01-2031 | 7.125% | 103625 |
| PARK INTER HLDGS LLC/PK DOMESTIC PPTY | PVTPL PARK INTER HLDGS LLC/PK DOMESTIC PPTY DUE 10-01-2028 BEO | 5.875% | 91074 |
| PENN NATIONAL GA INC | PVTPL PENN NATIONAL GA INC DUE 07-01-2029 BEO | 4.125% | 284342 |
| PENN NATL GAMING INC | PVTPL PENN NATL GAMING INC SR NT DUE 01-15-2027 BEO | 5.625% | 68905 |
| PENNYMAC FINL SVCS INC | PVTPL PENNYMAC FINL SVCS INC 12-15-2029 | 7.875% | 112789 |
| PENNYMAC FINL SVCS INC NEW | PVTPL PENNYMAC FINL SVCS INC NEW 02-15-2033 | 6.875% | 89780 |

---

------

**Morgan Stanley 401(k) Plan**

---

| |
|:---|
| **Plan Number 003, Employer Identification Number 20-8764829** |
| **FORM 5500, SCHEDULE H, PART IV, LINE 4i — SCHEDULE OF ASSETS (HELD AT END OF YEAR)** |
| **AT DECEMBER 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| PENNYMAC FINL SVCS INC NEW | PVTPL PENNYMAC FINL SVCS INC NEW SR NT 02-15-2029 | 4.25% | 213211 |
| PETSMART LLC/PETSMART FIN CORP | PVTPL PETSMART LLC/PETSMART FIN CORP 09-15-2033 | 10% | 334623 |
| PETSMART LLC/PETSMART FIN CORP | PVTPL PETSMART LLC/PETSMART FIN CORP 09-15-2032 | 7.5% | 329730 |
| PHINIA INC | PVTPL PHINIA INC 04-15-2029 | 6.75% | 101475 |
| PLAYTIKA HLDG CORP | PVTPL PLAYTIKA HLDG CORP DUE 03-15-2029/03-11-2021 BEO | 4.25% | 799912 |
| POST HLDGS INC | PVTPL POST HLDGS INC 10-15-2034 | 6.25% | 130722 |
| Ppm Clo 3 Ltd | PVTPL PPM CLO 3 LTD SR 19-3A CL A1R2 FLTG 07-17-2034 |  | 599641 |
| Ppm Clo Ltd | PVTPL PPM CLO LTD SR 21-5A CL AR FLTG RT10-18-2034 |  | 600073 |
| PREMIER ENTMT SUB LLC/PREMIER ENTMT FI | PVTPL PREMIER ENTMT SUB LLC/PREMIER ENTMT FI SR NT 09-01-2029 | 5.625% | 173468 |
| PREMIER ENTMT SUB LLC/PREMIER ENTMT FI | PVTPL PREMIER ENTMT SUB LLC/PREMIER ENTMT FI SR NT 09-01-2031 | 5.875% | 246450 |
| PRIME HEALTHCARE SVCS INC | PVTPL PRIME HEALTHCARE SVCS INC 09-01-2029 | 9.375% | 656252 |
| PRIMO WTR HLDGS INC/TRIT | PVTPL PRIMO WTR HLDGS INC/TRIT 04-01-2029 | 6.25% | 203981 |
| PROTECTIVE LIFE GF | PVTPL PROTECTIVE LIFE GF FLTG 07-22-2026 |  | 200301 |
| QUICKEN LNS LLC/QUICKEN LNS CO-ISSUER IN | PVTPL QUICKEN LNS LLC/QUICKEN LNS CO-ISSUER IN 03-01-2029 | 3.625% | 19317 |
| RAVEN ACQUISITION HLDGS LLC | PVTPL RAVEN ACQUISITION HLDGS LLC 11-15-2031 | 6.875% | 331773 |
| Regatta Xvi Funding Ltd | PVTPL REGATTA XVI FUNDING LTD SR 19-2A CL A1R FLTG RT 01-15-2033 |  | 346101 |
| Regatta Xvi Funding Ltd | PVTPL REGATTA XVI FUNDING LTD SR 19-2A CL A1R FLTG RT 01-15-2033 |  | 432626 |
| RFNA LP | PVTPL RFNA LP 02-15-2030 | 7.875% | 215614 |
| RHP HOTEL PPTYS LP & RHP FIN CORP | PVTPL RHP HOTEL PPTYS LP & RHP FIN CORP 07-15-2028 | 7.25% | 84560 |
| ROBLOX CORP | PVTPL ROBLOX CORP DUE 05-01-2030/10-29-2021 BEO | 3.875% | 326956 |
| ROCKCLIFF ENERGY II LLC | PVTPL ROCKCLIFF ENERGY II LLC SR NT 144A DUE 10-15-2029/10-15-2025 BEO | 5.5% | 266346 |
| ROCKET COS INC | PVTPL ROCKET COS INC 08-01-2029 | 6.5% | 123767 |
| ROCKET MTG LLC/ROCKET MTG | PVTPL ROCKET MTG LLC/ROCKET MTG 10-15-2033 | 4% | 225770 |
| ROCKET MTG LLC/ROCKET MTG CO-ISSUER INC | PVTPL ROCKET MTG LLC/ROCKET MTG CO-ISSUER INC DUE 10-15-2026 BEO | 2.875% | 177374 |
| ROCKIES EXPRESS PIPELINE LLC | PVTPL ROCKIES EXPRESS PIPELINE LLC DUE 04-15-2040/03-22-2010 | 6.875% | 253260 |
| ROCKIES EXPRESS PIPELINE LLC FIXED | PVTPL ROCKIES EXPRESS PIPELINE LLC FIXED 07-15-2029 BEO | 4.95% | 236491 |
| ROCKIES EXPRESS PIPELINE LLC | PVTPL ROCKIES EXPRESS PIPELINE LLC SR NT144A DUE 07-15-2038/06-27-2008 BEO | 7.5% | 108807 |
| ROYAL CARIBBEAN CRUISES LTD | PVTPL ROYAL CARIBBEAN CRUISES LTD DUE 04-01-2028 BEO | 5.5% | 129314 |
| SABRE FINANCIAL BORROWER | PVTPL SABRE FINANCIAL BORROWER 06-15-2029 | 11.125% | 312108 |
| SABRE GLBL INC | PVTPL SABRE GLBL INC 03-15-2030 | 10.75% | 17246 |
| SABRE GLBL INC | PVTPL SABRE GLBL INC 11-15-2029 | 10.75% | 9348 |
| SABRE GLBL INC | PVTPL SABRE GLBL INC 07-15-2030 | 11.125% | 363962 |
| SCIENTIFIC GAMES INTL INC | PVTPL SCIENTIFIC GAMES INTL INC DUE 11-15-2029 | 7.25% | 83192 |
| SCIH SALT HLDGS INC | PVTPL SCIH SALT HLDGS INC 05-01-2028 | 4.875% | 316058 |
| SEAGATE DATA STORAGE TECH PTE LTD | PVTPL SEAGATE DATA STORAGE TECH PTE LTD 06-01-2029 | 4.091% | 22540 |
| SEAGATE DATA STORAGE TECH PTE LTD | PVTPL SEAGATE DATA STORAGE TECH PTE LTD 01-15-2031 | 4.125% | 151050 |
| SEAGATE DATA STORAGE TECH PTE LTD | PVTPL SEAGATE DATA STORAGE TECH PTE LTD 12-01-2034 | 5.75% | 329909 |

---

------

**Morgan Stanley 401(k) Plan**

---

| |
|:---|
| **Plan Number 003, Employer Identification Number 20-8764829** |
| **FORM 5500, SCHEDULE H, PART IV, LINE 4i — SCHEDULE OF ASSETS (HELD AT END OF YEAR)** |
| **AT DECEMBER 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| SEAGATE DATA STORAGE TECH PTE LTD | PVTPL SEAGATE DATA STORAGE TECH PTE LTD 12-15-2029 | 8.25% | 137857 |
| SEAGATE DATA STORAGE TECHNOLOGY PTE LTD | PVTPL SEAGATE DATA STORAGE TECHNOLOGY PTE LTD 12-01-2032 | 9.625% | 186906 |
| SELECT MEDICAL CORP | PVTPL SELECT MEDICAL CORP 12-01-2032 | 6.25% | 196528 |
| SENSATA TECHNOLOGIES INC | PVTPL SENSATA TECHNOLOGIES INC DUE 02-15-2030 | 4.375% | 58602 |
| SHIFT4 PMTS LLC / FIN | PVTPL SHIFT4 PMTS LLC / FIN 08-15-2032 | 6.75% | 167255 |
| SIRIUS XM HOLDINGS INC | PVTPL SIRIUS XM HOLDINGS INC DUE 08-01-2027 | 5% | 84205 |
| SIRIUS XM RADIO INC | PVTPL SIRIUS XM RADIO INC DUE 09-01-2026 BEO | 3.125% | 642293 |
| SIRIUS XM RADIO INC | PVTPL SIRIUS XM RADIO INC DUE 09-01-2031 BEO | 3.875% | 475913 |
| SIRIUS XM RADIO INC | PVTPL SIRIUS XM RADIO INC DUE 07-15-2028 BEO | 4% | 61592 |
| SM ENERGY CO | PVTPL SM ENERGY CO 08-01-2032 | 7% | 28509 |
| SMB PRIVATE EDUACATION LN TR 2023-C NT | PVTPL SMB PRIVATE EDUACATION LN TR 2023-C NT CL A-1A 11-15-2052 | 5.67% | 158901 |
| SMB PRIVATE EDUCATION LOAN TRUST | PVTPL SMB PRIVATE EDUCATION LOAN TRUST SER 24-D CL A1B FLTG 07-05-2053 |  | 408956 |
| SNAP INC | PVTPL SNAP INC 03-01-2033 | 6.875% | 203104 |
| SNAP INC | PVTPL SNAP INC 03-15-2034 | 6.875% | 349050 |
| SPECIALTY BUILDING PRODU | PVTPL SPECIALTY BUILDING PRODU 10-15-2029 | 7.75% | 77079 |
| SS&C TECHNOLOGIES INC | PVTPL SS&C TECHNOLOGIES INC 144A 03-28-2019 | 5.5% | 113099 |
| STANDARD BUILDINGS SOLUTIONS INC. | PVTPL STANDARD BUILDINGS SOLUTIONS INC. 08-01-2033 | 6.25% | 35754 |
| STANDARD INDS INC DEL | PVTPL STANDARD INDS INC DEL DUE 01-15-2031 BEO | 3.375% | 24755 |
| Stellantis Finl Underwritten Enhanced | PVTPL STELLANTIS FINL UNDERWRITTEN ENHANCED SR 25-AA CL A2 07-20-2027 | 4.63% | 408755 |
| SUBURBAN PROPANE PARTNERS | PVTPL SUBURBAN PROPANE PARTNERS 12-15-2035 | 6.5% | 136048 |
| SUMMIT MIDSTEAM HLDGS | PVTPL SUMMIT MIDSTEAM HLDGS 10-31-2029 | 8.625% | 324543 |
| SUNOCO LP | PVTPL SUNOCO LP 05-01-2029 | 7% | 74039 |
| SUNOCO LP NT | PVTPL SUNOCO LP NT 09-15-2028 | 7% | 252721 |
| SUPER MICRO COMPUTER INC | PVTPL SUPER MICRO COMPUTER INC 06-15-2030 | 0% | 279876 |
| SURGERY CTR HLDGS INC | PVTPL SURGERY CTR HLDGS INC 04-15-2032 | 7.25% | 422287 |
| SYNERGY INFRASTRUCTURE HLDGS LLC | PVTPL SYNERGY INFRASTRUCTURE HLDGS LLC 12-01-2030 | 7.875% | 93305 |
| TALEN ENERGY SUPPLY LLC | PVTPL TALEN ENERGY SUPPLY LLC 06-01-2030 | 8.625% | 113287 |
| TALLGRASS ENERGY PARTNERS LP/TALLGRASS | PVTPL TALLGRASS ENERGY PARTNERS LP/TALLGRASS 12-31-2030 | 6% | 61493 |
| TALLGRASS ENERGY PARTNERS LP/TALLGRASS | PVTPL TALLGRASS ENERGY PARTNERS LP/TALLGRASS DUE 09-01-2031 BEO | 6% | 315535 |
| TAYLOR MORRISON CMNTYS INC | PVTPL TAYLOR MORRISON CMNTYS INC DUE 11-15-2032 | 5.75% | 24693 |
| TEAM HEALTH HOLDINGS INC | PVTPL TEAM HEALTH HOLDINGS INC 06-30-2028 | 8.375% | 184193 |
| TELEFLEX INC | PVTPL TELEFLEX INC SR NT 144A DUE 06-01-2028/05-27-2020 BEO | 4.25% | 288068 |
| TENET HEALTHCARE CORP | PVTPL TENET HEALTHCARE CORP 11-15-2032 | 5.5% | 145967 |
| TENNECO INC | PVTPL TENNECO INC 11-17-2028 | 8% | 81259 |
| Terawulf | PVTPL TERAWULF INC 05-01-2032 | 0% | 309670 |
| Thayer Pk Clo Ltd | PVTPL THAYER PK CLO LTD SER 17-1A CL A1RR FLTG 04-20-2034 |  | 599224 |
| THOR INDUSTRIES | PVTPL THOR INDUSTRIES 10-15-2029 | 4% | 371868 |

---

------

**Morgan Stanley 401(k) Plan**

---

| |
|:---|
| **Plan Number 003, Employer Identification Number 20-8764829** |
| **FORM 5500, SCHEDULE H, PART IV, LINE 4i — SCHEDULE OF ASSETS (HELD AT END OF YEAR)** |
| **AT DECEMBER 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| TIBCO SOFTWARE INC | PVTPL TIBCO SOFTWARE INC 03-31-2029 | 6.5% | 403209 |
| Towd Pt Mtg Tr | PVTPL TOWD PT MTG TR FLTG RT SER 19-HY2 CL A1 12-25-2048 BEO |  | 21970 |
| Towd Pt Mtg Tr | PVTPL TOWD PT MTG TR SER 2019-HY3 CL A1A FLTG 12-25-2048 |  | 81219 |
| Towd Pt Mtg Tr | PVTPL TOWD PT MTG TR VAR RT SER 19-1 CL A1 03-25-2058 |  | 217070 |
| Tpg Real Estate Finance | PVTPL TPG REAL ESTATE FINANCE SER 22-FL5 CL A FLTG 02-15-2039 |  | 236902 |
| TRANSDIGM INC | PVTPL TRANSDIGM INC 03-01-2029 | 6.375% | 99002 |
| TRANSDIGM INC | PVTPL TRANSDIGM INC 05-31-2033 | 6.375% | 139549 |
| TRANSDIGM INC | PVTPL TRANSDIGM INC 08-15-2028 | 6.75% | 30528 |
| TRANSMONTAIGNE PARTNERS | PVTPL TRANSMONTAIGNE PARTNERS 06-15-2030 | 8.5% | 105980 |
| TRANSOCEAN INC | PVTPL TRANSOCEAN INC 05-15-2029 | 8.25% | 300380 |
| TRANSOCEAN INC | PVTPL TRANSOCEAN INC 05-15-2031 | 8.5% | 65375 |
| TRANSOCEAN INC | PVTPL TRANSOCEAN INC 02-15-2030 | 8.75% | 148004 |
| TRAVEL + LEISURE CO | PVTPL TRAVEL + LEISURE CO 09-01-2033 | 6.125% | 101504 |
| TRIDENT TPI HLDGS INC | PVTPL TRIDENT TPI HLDGS INC 12-31-2028 | 12.75% | 58400 |
| Trinitas Clo Ltd | PVTPL TRINITAS CLO LTD SR 21-17A CL AR FLTG10-20-2034 |  | 499892 |
| TRINSEO LUXCO FIN SPV S A R L & TRINSEO NA FIN SPV | PVTPL TRINSEO LUXCO FIN SPV S A R L & TRINSEO NA FIN SPV PIK 05-03-2029 | 7.625% | 27946 |
| UBS GROUP AG | PVTPL UBS GROUP AG 01-12-2027 | 5.711% | 500190 |
| UKG INC | PVTPL UKG INC 02-01-2031 | 6.875% | 342217 |
| UNDER ARMOUR INC | PVTPL UNDER ARMOUR INC 07-15-2030 | 7.25% | 72070 |
| UNITED WHOLESALE MTGE LL CORP | PVTPL UNITED WHOLESALE MTGE LL CORP 04-15-2029 | 5.5% | 122127 |
| UNITED WHSL MTG LLC | PVTPL UNITED WHSL MTG LLC 06-15-2027 | 5.75% | 67180 |
| UNITI GROUP INC | PVTPL UNITI GROUP INC DUE 02-15-2029 BEO | 6.5% | 92190 |
| UNIVISION COMMUNICATIONS INC | PVTPL UNIVISION COMMUNICATIONS INC 08-15-2028 | 8% | 127382 |
| US FOODS INC | PVTPL US FOODS INC DUE 09-13-2028 | 6.875% | 51711 |
| UWM HLDGS LLC | PVTPL UWM HLDGS LLC 03-15-2031 | 6.25% | 179713 |
| UWM HOLDINGS LLC | PVTPL UWM HOLDINGS LLC 02-01-2030 | 6.625% | 107338 |
| VALARIS LTD | PVTPL VALARIS LTD 04-30-2030 | 8.375% | 44736 |
| VENTURE GLOBAL CALCASIEU PASS LLC | PVTPL VENTURE GLOBAL CALCASIEU PASS LLC DUE 08-15-2029 | 3.875% | 550199 |
| VENTURE GLOBAL CALCASIEU PASS LLC | PVTPL VENTURE GLOBAL CALCASIEU PASS LLC DUE 11-01-2033 BEO | 3.875% | 302666 |
| VENTURE GLOBAL CALCASIEU PASS LLC | PVTPL VENTURE GLOBAL CALCASIEU PASS LLC 01-15-2030 | 6.25% | 233906 |
| VENTURE GLOBAL LNG INC | PVTPL VENTURE GLOBAL LNG INC 02-01-2029 | 9.5% | 866550 |
| VENTURE GLOBAL LNG INC | PVTPL VENTURE GLOBAL LNG INC 02-01-2032 | 9.875% | 299591 |
| Venture Global Plaquemines Lng Llc | PVTPL VENTURE GLOBAL PLAQUEMINES LNG LLC 12-15-2030 | 6.125% | 32598 |
| Venture Global Plaquemines Lng Llc | PVTPL VENTURE GLOBAL PLAQUEMINES LNG LLC 01-15-2034 | 6.5% | 22533 |
| Venture Global Plaquemines Lng Llc | PVTPL VENTURE GLOBAL PLAQUEMINES LNG LLC 06-15-2034 | 6.5% | 93036 |
| Venture Global Plaquemines Lng Llc | PVTPL VENTURE GLOBAL PLAQUEMINES LNG LLC 01-15-2036 | 6.75% | 119842 |
| Venture Global Plaquemines Lng Llc | PVTPL VENTURE GLOBAL PLAQUEMINES LNG LLC 05-01-2035 | 7.75% | 40436 |
| Venture Xxix Clo Ltd/Venture Xxix Clo | PVTPL VENTURE XXIX CLO LTD/VENTURE XXIX CLO VAR RT DUE 09-07-2030 BEO |  | 14651 |

---

------

**Morgan Stanley 401(k) Plan**

---

| |
|:---|
| **Plan Number 003, Employer Identification Number 20-8764829** |
| **FORM 5500, SCHEDULE H, PART IV, LINE 4i — SCHEDULE OF ASSETS (HELD AT END OF YEAR)** |
| **AT DECEMBER 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| Verdelite Static Clo Ltd | PVTPL VERDELITE STATIC CLO LTD SER 24-1A CL A FLTG 07-20-2032 |  | 347692 |
| VERTICAL U S NEWCO INC | PVTPL VERTICAL U S NEWCO INC DUE 07-15-2027 | 5.25% | 300071 |
| Vibrant Clo Ltd | PVTPL VIBRANT CLO LTD SER 19-11A CL A1R1 FLTG 07-20-2032 |  | 104753 |
| Vibrant Clo Ltd | PVTPL VIBRANT CLO LTD SER 21-12A CL A1A2FLTG 04-20-2034 |  | 599994 |
| VIKING CRUISES LTD | PVTPL VIKING CRUISES LTD 02-15-2029 | 7% | 312780 |
| VIKING CRUISES LTD | PVTPL VIKING CRUISES LTD 07-15-2031 | 9.125% | 161698 |
| VISTRA OPERATIONS CO LLC | PVTPL VISTRA OPERATIONS CO LLC DUE 05-01-2029 BEO | 4.375% | 356439 |
| VISTRA OPERATIONS CO LLC | PVTPL VISTRA OPERATIONS CO LLC 07-31-2027 | 5% | 302695 |
| VISTRA OPERATIONS CO LLC | PVTPL VISTRA OPERATIONS CO LLC DUE 04-15-2032 | 6.875% | 313919 |
| VISTRA OPERATIONS CO LLC | PVTPL VISTRA OPERATIONS CO LLC DUE10-15-2033 BEO | 6.95% | 755773 |
| VISTRA OPERATIONS CO LLC | PVTPL VISTRA OPERATIONS CO LLC SR NT 10-15-2031 | 7.75% | 615382 |
| VITAL ENERGY INC DEL | PVTPL VITAL ENERGY INC DEL 04-15-2032 | 7.875% | 147793 |
| VOLTAGRID LLC | PVTPL VOLTAGRID LLC 11-01-2030 | 7.375% | 212053 |
| W R GRACE HLDGS LLC | PVTPL W R GRACE HLDGS LLC 06-15-2027 | 4.875% | 59829 |
| WAYFAIR INC | PVTPL WAYFAIR INC 11-15-2032 | 6.75% | 172750 |
| WAYFAIR LLC | PVTPL WAYFAIR LLC 10-31-2029 | 7.25% | 22965 |
| WAYFAIR LLC | PVTPL WAYFAIR LLC 09-15-2030 | 7.75% | 322832 |
| WBI OPERATING LLC | PVTPL WBI OPERATING LLC 10-15-2030 | 6.25% | 100603 |
| WBI OPERATING LLC | PVTPL WBI OPERATING LLC 10-15-2033 | 6.5% | 191269 |
| WESCO DISTRIBUTION INC | PVTPL WESCO DISTRIBUTION INC 03-15-2029 | 6.375% | 49568 |
| WEX INC | PVTPL WEX INC 03-15-2033 | 6.5% | 337809 |
| WILDFIRE INTER HLDGS LLC | PVTPL WILDFIRE INTER HLDGS LLC 10-15-2029 | 7.5% | 102928 |
| WILLIAM CARTER | PVTPL WILLIAM CARTER 02-15-2031 | 7.375% | 72374 |
| WILLIAMS SCOTSMAN INC | PVTPL WILLIAMS SCOTSMAN INC 04-15-2030 | 6.625% | 20673 |
| WILLIAMS SCOTSMAN INC | PVTPL WILLIAMS SCOTSMAN INC 06-15-2029 | 6.625% | 49575 |
| Wind Riv Clo Ltd/Wind Riv | PVTPL WIND RIV 2021-2 CLO LTD/WIND RIV 2021- SR 21-2A CL A1R VAR RT 07-20-2034 |  | 499780 |
| WINDSTREAM SVCS LLC/ESCROW FIN CORP | PVTPL WINDSTREAM SVCS LLC/ESCROW FIN CORP 10-01-2031 | 8.25% | 265592 |
| X AI LLC/X AI CO ISSUER CORP | PVTPL X AI LLC/X AI CO ISSUER CORP 06-30-2030 | 12.5% | 78770 |
| XPO INC | PVTPL XPO INC 06-01-2028 | 6.25% | 98899 |
| ZAYO GROUP HLDGS INC | PVTPL ZAYO GROUP HLDGS INC PIK 09-09-2030 | 13.75% | 67152 |
| ZF NORTH AMERICA CAPITAL INC | PVTPL ZF NORTH AMERICA CAPITAL INC 03-24-2031 | 7.5% | 213246 |
| MACQUARIE AIRFINANCE HLDGS LTD | PVTPLMACQUARIE AIRFINANCE HLDGS LTD 03-26-2031 | 6.5% | 175564 |
| RADIATE HOLDCO LLC | RADIATE HOLDCO LLC DELAYED TL 06-26-2029 |  | 1535 |
| RADIATE HOLDCO LLC | RADIATE HOLDCO LLC FIRST OUT TERM LOAN SENIOR SECURED 09-25-2029 |  | 30238 |
| RADIATE HOLDCO LLC | RADIATE HOLDCO LLC TL 06-26-2029 |  | 1535 |
| Realkredit Danmark | REALKREDIT DANMARK CVD BDS 01/10/2053 DKK | 1.5% | 53996 |
| Realkredit Danmark | REALKREDIT DANMARK SNR SEC 01/10/2053 DKK | 1.5% |  |
| Realkredit Danmark | REALKREDIT DANMARK CVD BDS 01/10/53 DKK0.01 | 2% | 14937 |

---

------

**Morgan Stanley 401(k) Plan**

---

| |
|:---|
| **Plan Number 003, Employer Identification Number 20-8764829** |
| **FORM 5500, SCHEDULE H, PART IV, LINE 4i — SCHEDULE OF ASSETS (HELD AT END OF YEAR)** |
| **AT DECEMBER 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| Restoration Hardware Inc | RESTORATION HARDWARE INC TERM LOAN B 10-20-2028 |  | 176750 |
| Rhp Hotel Pptys Lp & Rhp Corp | RHP HOTEL PPTYS LP & RHP FIN CORP 10-11-2027 | 4.75% | 19921 |
| Rlj Lodging Tr | RLJ LODGING TR L P SR SECD NT 144A 07-01-2026 | 3.75% | 118353 |
| Rlj Lodging Tr | RLJ LODGING TR L P SR SECD NT 144A 09-15-2029 | 4% | 196234 |
| RBC | ROYAL BK CDA MED TERM NTS BOOK ENTRY 03/08/2026 VAR RT DUE 08-03-2026 |  | 200270 |
| Royal Caribbean Cruises | ROYAL CARIBBEAN CRUISES LTD SR NT 144A 07-01-2026 | 4.25% | 276972 |
| Sabra Health Care | SABRA HEALTH CARE LP DUE 12-01-2031 | 3.2% | 284892 |
| Sabre Glbl Inc | SABRE GLBL INC 08-01-2026 | 5.75% | 105578 |
| Sabre Glbl Inc | SABRE GLBL INC NEW EXCHANGED TL NOVEMBER 2024 SENIOR SECURED TERM LOAN 11-15-2029 |  | 42042 |
| Sabre Glbl Inc | SABRE GLBL INC TERM LOAN B SENIOR SECURED TERM LOAN 06-30-2028 BEO |  | 145199 |
| Sabre Glbl Inc | SABRE GLBL INC TERM LOAN B2 SENIOR SECURED TERM LOAN 11-15-2029 |  | 49523 |
| Sabre Glbl Inc | SABRE GLBL INC. SENIOR SECURED TERM LOAN B 06-30-2028 BEO |  | 77798 |
| Santander Uk Group Fltg | SANTANDER UK GROUP FLTG RT DUE 09-11-2030 | 4.858% | 253114 |
| Sba Communications | SBA COMMUNICATIONS DUE 02-01-2029 | 3.125% | 201857 |
| Sba Communications | SBA COMMUNICATIONS CORP NEW SR NT 02-15-2027 | 3.875% | 89325 |
| Sensata | SENSATA DUE 02-15-2031 | 3.75% | 48801 |
| Shea Homes | SHEA HOMES LP 02-15-2028 | 4.75% | 62449 |
| SITEL | SITEL GROUP INITIAL DOLLAR TERM LOAN SENIOR SECURED 08-28-2028 |  | 142674 |
| SIX FLAGS ENTMT | SIX FLAGS ENTMT CORP NEW 05-15-2031 | 7.25% | 221649 |
| SKOPIMA CONSILIO PARENT LLC | SKOPIMA CONSILIO PARENT LLC TERM LN SENIOR SECURED 05-12-2028 |  | 366901 |
| Sm Energy Co | SM ENERGY CO DUE 07-15-2028 REG | 6.5% | 103103 |
| Sm Energy Co | SM ENERGY CO DUE 09-15-2026 | 6.75% | 78121 |
| Sound Pt Clo Ix Ltd | SOUND PT CLO IX LTD / SOUND PT CLO 15-2A AR 07-20-2032 | 0% | 239967 |
| Southern Calif Edison Co | SOUTHERN CALIF EDISON CO 03-01-2026 | 5.35% | 300535 |
| Springleaf Fin | SPRINGLEAF FIN DUE 03-15-2026 | 7.125% | 22167 |
| Starwood Ppty Tr Inc | STARWOOD PPTY TR INC SR NT 144A 01-15-2027 | 4.375% | 397504 |
| Std Inds Inc | STD INDS INC DEL DUE 07-15-2030 | 4.375% | 88808 |
| STEELE CREEK | STEELE CREEK CLO 2018-1 LTD / SR SECD NTCL A FLTG 144A 04-15-2031 | 4.9438% | 30701 |
| STELLANTIS FIN | STELLANTIS FINL SVC US CORP SR NT FLTG 144A 09-15-2028 | 5.38126% | 201342 |
| STRATEGY INC | STRATEGY INC CNV SNR NTS 12-01-2029 | 0% | 231664 |
| Stryker Corp | STRYKER CORP 09-11-2029 | 4.637% | 301814 |
| SUMITOMO MITSUI FINL GROUP INC | SUMITOMO MITSUI FINL GROUP INC 01-13-2026 | 5.464% | 400175 |
| Sunoco Lp/Sunoco Fin Corp | SUNOCO LP SR NT 144A 10-01-2029 | 4.5% | 646990 |
| Sunoco Lp/Sunoco Fin Corp | SUNOCO LP SR NT 144A 05-01-2030 | 4.625% | 337103 |
| Sunoco Lp/Sunoco Fin Corp | SUNOCO LP SR NT 144A 07-15-2027 | 5.875% | 303758 |
| Sunoco Lp/Sunoco Fin Corp | SUNOCO LP SR NT 144A 08-15-2032 | 6.625% | 135873 |
| Sunoco Lp/Sunoco Fin Corp | SUNOCO LP/SUNOCO FIN CORP DUE 05-15-2029 | 4.5% | 41246 |
| Sunoco Lp/Sunoco Fin Corp | SUNOCO LP/SUNOCO FIN CORP 03-15-2028 | 5.875% | 84205 |

---

------

**Morgan Stanley 401(k) Plan**

---

| |
|:---|
| **Plan Number 003, Employer Identification Number 20-8764829** |
| **FORM 5500, SCHEDULE H, PART IV, LINE 4i — SCHEDULE OF ASSETS (HELD AT END OF YEAR)** |
| **AT DECEMBER 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| SUPER MICRO COMPUTER INC | SUPER MICRO COMPUTER INC SR NT CONV 03-01-2029 | 3.5% | 94202 |
| Synchrony | SYNCHRONY CARD ISSUANCE TR SER 23-A2 CL A 10-15-2029 | 5.74% | 405761 |
| SYNOPSYS INC | SYNOPSYS INC 04-01-2027 | 4.55% | 251785 |
| TEAM HEALTH HLDGS INC | TEAM HEALTH HLDGS INC 30/6/2028 DUE 06-30-2028/11-03-2025 BEO | 13.5% | 622833 |
| TEGNA INC | TEGNA INC DUE 03-15-2028 | 4.625% | 203903 |
| TELEFLEX INC | TELEFLEX INC 11-15-2027 | 4.625% | 35945 |
| Tenet Healthcare | TENET HEALTHCARE DUE 11-15-2031 | 6.875% | 103860 |
| Tenet Healthcare | TENET HEALTHCARE FIXED DUE 01-06-2029 | 4.25% | 17731 |
| Tenet Healthcare | TENET HEALTHCARE FIXED DUE 10-01-2028 | 6.125% | 9041 |
| Tenneco Inc. | TENNECO INC. TERM A LOAN SENIOR SECURED TERM LOAN 11-17-2028 |  | 106019 |
| Tenneco Inc. | TENNECO INC. TERM B LOAN (FIRST LIEN) SENIOR SECURED TERM LOAN 11-17-2028 |  | 84418 |
| Teva | TEVA DUE 10-01-2026 | 3.15% | 204607 |
| Teva | TEVA DUE 02-01-2036 | 6.15% | 37796 |
| TEVA PHARMACEUTICAL INDST LTD | TEVA PHARMACEUTICAL INDST LTD BDS 10-01-2046 USD2000 | 4.1% | 129311 |
| Time Warner Cable | TIME WARNER CABLE DUE 07-01-2038 | 7.3% | 98725 |
| Tkc Hldgs Inc | TKC HLDGS INC SR NT 144A 05-15-2029 | 10.5% | 163382 |
| Tkc Hldgs Inc | TKC HLDGS INC SR SECD NT 144A 05-15-2028 | 6.875% | 188823 |
| Tkc Hldgs Inc | TKC HOLDINGS, INC. CLOSING DATE INITIAL TERM LOAN (2024) SR SCRD TL 05-15-2028 |  | 108614 |
| Transdigm Inc | TRANSDIGM INC 01-15-2029 | 4.625% | 94370 |
| Transdigm Inc | TRANSDIGM INC 05-01-2029 REG | 4.875% | 231404 |
| Tri Pointe Homes Inc | TRI POINTE HOMES INC DUE 06-01-2027 | 5.25% | 42198 |
| Trinitas | TRINITAS EURO CL 1 FRN CLO 07/2039 EUR 'A-R' |  | 588199 |
| Trinitas | TRINITAS EURO CL 1 FRN CLO 07/2039 EUR 'A-R' |  | 705839 |
| Truist | TRUIST INSURANCE HOLDINGS LLC TL SECOND LIEN SR SECURED 03-08-2032 |  | 109776 |
| Twilio Inc | TWILIO INC 03-15-2029 | 3.625% | 400893 |
| Uniti Group Lp | UNITI GROUP LP / DUE 04-15-2028 | 4.75% | 151203 |
| Uniti Group Lp | UNITI GROUP LP / UNITI FIBER HLDGS SR NT144A 01-15-2030 | 6% | 62313 |
| Uwm Mtg | UWM MTG TR FLTG RT DUE 12-25-2051 | 4.61721% | 283879 |
| Venture Global | VENTURE GLOBAL DUE 08-15-2031 | 4.125% | 362614 |
| Verifone | VERIFONE SYSTEMS INC 2025-1 TERM LOAN SENIOR SECURED 08-18-2028 |  | 11489 |
| Voc | VOC ESCROW LTD DUE 02-15-2028 | 5% | 115985 |
| Volkswagon | VOLKSWAGEN GROUP DUE 03-27-2028 | 5.05% | 710835 |
| WARNERMEDIA | WARNERMEDIA HLDGS 03-15-2027 | 3.755% | 154950 |
| WARNERMEDIA | WARNERMEDIA HLDGS 03-15-2032 | 4.279% | 165908 |
| WARNERMEDIA | WARNERMEDIA HLDGS 03-15-2042 | 5.05% | 300050 |
| WARNERMEDIA | WARNERMEDIA HLDGS INC 03-15-2052 | 5.141% | 40849 |
| Wells Fargo & Co | WELLS FARGO & COMPANY 04-23-2029 | 4.97% | 203787 |
| Wells Fargo & Co | WELLS FARGO & COMPANY 04-22-2028 | 5.707% | 408342 |
| Wells Fargo & Co | WELLS FARGO COML MTG TR 2025-AGLN COML MTG PASSTHRU CTF CL A 5.30209 07-15-2037 |  | 800996 |

---

------

**Morgan Stanley 401(k) Plan**

---

| |
|:---|
| **Plan Number 003, Employer Identification Number 20-8764829** |
| **FORM 5500, SCHEDULE H, PART IV, LINE 4i — SCHEDULE OF ASSETS (HELD AT END OF YEAR)** |
| **AT DECEMBER 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| Wells Fargo & Co | WELLS FARGO HOME FLTG RT DUE 10-25-2034 | 4.78821% | 14306 |
| WESTERN MIDSTREAM OPERATING LP | WESTERN MIDSTREAM OPERATING LP 02-01-2050 | 5.25% | 190534 |
| Westn Gas Partners | WESTN GAS PARTNERS 03-01-2048 | 5.3% | 98683 |
| WIDEOPENWEST FINANCE LLC | WIDEOPENWEST FINANCE LLC SUPER SENIOR SECOND OUT TL SR SECD 12-11-28 |  | 69189 |
| Wyndham | WYNDHAM DUE 03-01-2030 | 4.625% | 55590 |
| Wyndham | WYNDHAM DUE 07-31-2026 | 6.625% | 357573 |
| X CORP | X CORP RANCHE B-3 TERM LOAN (FIRST LIEN)TERM LOAN SENIOR SECURED 10-26-2029 |  | 234988 |
| X CORP | X.AI CORP. TL 06-28-2030 |  | 421433 |
| Zayo Group Holdings Inc | ZAYO GROUP HLDGS INC INITIAL DOLLAR TERMLOAN SENIOR SECURED 03-11-2030 |  | 97661 |
|  | Corporate Debt Instruments |  | 169674050 |
| **Derivative Investments** |  |  |  |
| Barclays | CCP CASH COLL RECEIVABLE FROM BARCLAYS |  | 6000 |
| Barclays | CCP DUE RECEIVABLE FROM BARCLAYS CAPTIAL INC |  | 36000 |
| Barclays | CCP SWAP DUE FROM USD BARCUS31XXX 31 DEC 2050 |  | 192000 |
| Barclays | CME_OIS BARCUS31 06/18/2035 USD P / R 1DSOFR SWU02G0Y6 | 3.25% | 85404 |
| Barclays | CME_OIS BARCUS31 12/21/2032 USD P / R 1DSOFR SWU01JHW7 | 2% | 193074 |
| Barclays | ICE_CDS BARCUS31 06/20/2026 SELL GOLDMAN SACHS GROUP IN SWPC0NOP6 |  | 175 |
| Barclays | LCH_IRS BARCUS31 09/04/2030 EUR P / R 6MEURIB SWU02GS83 | 2.4% | 1010 |
| Barclays | LCH_IRS BARCUS31 23/04/2035 EUR P / R 6MEURIB SWU02HBL0 | 2.53% | 347 |
| Barclays | LCH_IRS BARCUS31 29/08/2034 EUR P / R 6MEURIB SWU02A9I5 | 2.58% | 2415 |
| Barclays | LCH_OIS BARCUS31 08/19/2034 USD P / R 1DSOFR SWU028ZY6 | 3.586% | 1176 |
| Barclays | LCH_OIS BARCUS31 08/21/2034 USD P / R 1DSOFR SWU02A1C6 | 3.558% | 1389 |
| Barclays | LCH_OIS BARCUS31 08/28/2034 USD P / R 1DSOFR SWU02A7Z9 | 3.555% | 1406 |
| Barclays | LCH_OIS BARCUS31 08/28/2034 USD P / R 1DSOFR SWU02A805 | 3.565% | 133 |
| Barclays | LCH_OIS BARCUS31 09/04/2034 USD P / R 1DSOFR SWU02ABR2 | 3.525% | 1635 |
| Barclays | LCH_OIS BARCUS31 09/05/2034 USD P / R 1DSOFR SWU02ACW0 | 3.41% | 2525 |
| Barclays | LCH_OIS BARCUS31 09/16/2034 USD P / R 1DSOFR SWU02ANQ1 | 3.277% | 3545 |
| Barclays | LCH_OIS BARCUS31 17/09/2030 GBP P 1DSONIA / R SWU02K0M3 | 3.75% | 14902 |
| Barclays | LCH_OIS BARCUS31 18/03/2028 JPY P / R 1DTONAR SWU02FLV1 | 1% | 21151 |
| Barclays | OTC DER CASH COLL REC FROM BARCLAYS |  | 258000 |
| Citibank | OTC DERIVATIVE CASH COLL RECEIVABLE FROMCITIBANK |  | 194 |
| Citigroup Global Markets | CDX SBNYUS33 08/17/2061 SELL CMBX.NA.AAA.12 SWPC0HTX7 |  | 1219 |
| Deutsche Bank AG | PUT SWO USD DEUTGB2L P / R 1DSOFR 317UAHOA6 09/18/2026 | 3.757% | 9799 |
| Goldman Sachs Bank Usa | CALL SWO EUR GSCMUS33 P 6MEURIB / R 317U7XVA7 07/01/2027 | 2.35% | 68633 |
| Goldman Sachs Bank Usa | CCP DUE FROM GOLDMAN SACHS |  | 99000 |
| Goldman Sachs Bank Usa | CCP OTC DERIVATIVE CASH COLLATERAL RECEIVABLE FROM GOLDMA |  | 37000 |

---

------

**Morgan Stanley 401(k) Plan**

---

| |
|:---|
| **Plan Number 003, Employer Identification Number 20-8764829** |
| **FORM 5500, SCHEDULE H, PART IV, LINE 4i — SCHEDULE OF ASSETS (HELD AT END OF YEAR)** |
| **AT DECEMBER 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| Goldman Sachs Bank Usa | CME_OIS GOLDUS33 06/20/2054 USD P / R 1DSOFR SWU0206Z2 | 3.5% | 107198 |
| Goldman Sachs Bank Usa | LCH_IRS GOLDUS33 02/09/2027 EUR P / R 6MEURIB SWU02F4P3 | 2.112% | 3303 |
| Goldman Sachs Bank Usa | LCH_IRS GOLDUS33 04/11/2052 EUR P / R 6MEURIB SWU01MK06 | 0.195% | 362027 |
| Goldman Sachs Bank Usa | LCH_IRS GOLDUS33 08/11/2052 EUR P / R 6MEURIB SWU01MMU8 | 0.197% | 986898 |
| Goldman Sachs Bank Usa | LCH_IRS GOLDUS33 15/08/2032 EUR P 6MEURIB / R SWU01QDX3 | 2.879% | 27447 |
| Goldman Sachs Bank Usa | LCH_IRS GOLDUS33 18/03/2056 EUR P / R 6MEURIB SWU02JZS5 | 3% | 67883 |
| Goldman Sachs Bank Usa | LCH_OIS GOLDUS33 02/13/2054 USD P / R 1DSOFR SWU01OR47 | 2.865% | 579808 |
| Goldman Sachs Bank Usa | LCH_OIS GOLDUS33 03/19/2032 USD P / R 1DSOFR SWU02DCC8 | 3.25% | 133772 |
| Goldman Sachs Bank Usa | LCH_OIS GOLDUS33 03/19/2055 USD P / R 1DSOFR SWU02DCP9 | 3.25% | 214542 |
| Goldman Sachs Bank Usa | LCH_OIS GOLDUS33 05/31/2030 USD P / R 1DSOFR SWU02MJL1 | 3.29% | 19448 |
| Goldman Sachs Bank Usa | LCH_OIS GOLDUS33 05/31/2030 USD P / R 1DSOFR SWU02MSY3 | 3.375% | 6992 |
| Goldman Sachs Bank Usa | LCH_OIS GOLDUS33 06/18/2034 USD P / R 1DSOFR SWU02G0M2 | 3.25% | 21217 |
| Goldman Sachs Bank Usa | LCH_OIS GOLDUS33 11/15/2053 USD P / R 1DSOFR SWU01YS28 | 2.285% | 297068 |
| Goldman Sachs Bank Usa | LCH_OIS GOLDUS33 11/15/2053 USD P / R 1DSOFR SWU02MJQ0 | 4.01% | 14495 |
| Goldman Sachs Bank Usa | LCH_OIS GOLDUS33 11/15/2053 USD P / R 1DSOFR SWU02MT14 | 4.075% | 9328 |
| Goldman Sachs Bank Usa | LCH_OIS GOLDUS33 11/21/2053 USD P / R 1DSOFR SWU01YS44 | 2.236% | 222114 |
| Goldman Sachs Bank Usa | LCH_OIS GOLDUS33 17/09/2030 GBP P 1DSONIA / R SWU02K0M3 | 3.75% | 35875 |
| Goldman Sachs Bank Usa | LCH_OIS GOLDUS33 18/03/2031 GBP P 1DSONIA / R SWU02J2I3 | 3.75% | 15036 |
| Goldman Sachs Bank Usa | LCH_OIS GOLDUS33 20/09/2027 JPY P / R 1DTONAR SWU01E2S3 | 0.3% | 75 |
| Goldman Sachs Bank Usa | LCH_RPI GOLDUS33 02/05/2026 USD P CPI / R SWU0TY9N3 | 2.82% | 519 |
| Goldman Sachs Bank Usa | LCH_RPI GOLDUS33 02/13/2026 USD P CPI / R SWU0ACV14 | 2.842% | 809 |
| Goldman Sachs Bank Usa | LCH_RPI GOLDUS33 02/21/2026 USD P CPI / R SWU0JL9Y8 | 3.043% | 321 |
| Goldman Sachs Bank Usa | LCH_RPI GOLDUS33 02/24/2031 USD P / R CPI SWU0PS017 | 2.311% | 120843 |
| Goldman Sachs Bank Usa | LCH_RPI GOLDUS33 02/26/2026 USD P / R CPI SWU0EN655 | 2.314% | 196728 |
| Goldman Sachs Bank Usa | LCH_RPI GOLDUS33 03/05/2026 USD P / R CPI SWU0EN705 | 2.419% | 140309 |
| Goldman Sachs Bank Usa | LCH_RPI GOLDUS33 04/23/2026 USD P CPI / R SWU0JT9E5 | 3.323% | 3137 |
| Goldman Sachs Bank Usa | LCH_RPI GOLDUS33 05/13/2026 USD P / R CPI SWU0EQ088 | 2.768% | 85615 |
| Goldman Sachs Bank Usa | LCH_RPI GOLDUS33 05/14/2026 USD P / R CPI SWU0JL852 | 2.813% | 46253 |
| Goldman Sachs Bank Usa | LCH_RPI GOLDUS33 05/25/2026 USD P / R CPI SWU0ZN009 | 2.703% | 65292 |
| Goldman Sachs Bank Usa | LCH_RPI GOLDUS33 06/04/2026 USD P CPI / R SWU0K4346 | 3.3% | 4246 |
| Goldman Sachs Bank Usa | LCH_RPI GOLDUS33 08/01/2026 USD P CPI / R SWU096A79 | 3.435% | 9297 |
| Goldman Sachs Bank Usa | LCH_RPI GOLDUS33 08/26/2028 USD P / R CPI SWU0EQ690 | 2.573% | 30858 |
| Goldman Sachs Bank Usa | LCH_RPI GOLDUS33 08/27/2026 USD P CPI / R SWU06K9E8 | 3.434% | 11023 |
| Goldman Sachs Bank Usa | LCH_RPI GOLDUS33 09/10/2028 USD P / R CPI SWU0EQ781 | 2.645% | 13732 |
| Goldman Sachs Bank Usa | LCH_RPI GOLDUS33 15/03/2052 EUR P CPTFE / R SWU0KT119 | 2.58% | 11263 |
| Goldman Sachs Bank Usa | LCH_RPI GOLDUS33 15/03/2052 EUR P CPTFE / R SWU0ZD712 | 2.59% | 5957 |

---

------

**Morgan Stanley 401(k) Plan**

---

| |
|:---|
| **Plan Number 003, Employer Identification Number 20-8764829** |
| **FORM 5500, SCHEDULE H, PART IV, LINE 4i — SCHEDULE OF ASSETS (HELD AT END OF YEAR)** |
| **AT DECEMBER 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Goldman Sachs Bank Usa | LCH_RPI GOLDUS33 15/04/2053 EUR P CPTFE / R SWU0K8A23 | 2.7 | 32266 |
| | Goldman Sachs Bank Usa | LCH_RPI GOLDUS33 15/05/2027 EUR P / R CPTFE SWU0EA018 | 3 | 6614 |
| | Goldman Sachs Bank Usa | LCH_RPI GOLDUS33 15/05/2027 EUR P / R CPTFE SWU04AM49 | 3.13 | 815 |
| | Goldman Sachs Bank Usa | LCH_RPI GOLDUS33 15/05/2037 EUR P CPTFE / R SWU01JA46 | 2.488 | 1311 |
| | Goldman Sachs Bank Usa | LCH_RPI GOLDUS33 15/05/2052 EUR P CPTFE / R SWU0EA026 | 2.421 | 1449 |
| | Goldman Sachs Bank Usa | LCH_RPI GOLDUS33 15/06/2027 EUR P / R CPTFE SWU02LHK7 | 1.636 | 3584 |
| | Goldman Sachs Bank Usa | LCH_RPI GOLDUS33 15/08/2034 GBP P RPI / R SWU0TX9S4 | 3.5 | 30235 |
| | Goldman Sachs Bank Usa | LCH_RPI GOLDUS33 15/09/2034 GBP P RPI / R SWU0AP415 | 3.466 | 13481 |
| | Goldman Sachs Bank Usa | LCH_RPI GOLDUS33 15/09/2053 EUR P CPTFE / R SWU0GH854 | 2.763 | 18261 |
| | Goldman Sachs Bank Usa | LCH_RPI GOLDUS33 15/10/2053 EUR P CPTFE / R SWU0KH016 | 2.682 | 15614 |
| | Goldman Sachs Bank Usa | LCH_RPI GOLDUS33 15/10/2053 EUR P CPTFE / R SWU0NL451 | 2.736 | 34693 |
| | Goldman Sachs Bank Usa | LCH_RPI GOLDUS33 15/12/2052 EUR P CPTFE / R SWU0XL419 | 2.59 | 23500 |
| | Goldman Sachs Bank Usa | PUT SWO EUR GSCMUS33 P / R 6MEURIB 317U7XUA8 07/01/2027 | 2.35 | 68633 |
| | GSC | CCP DUE RECEIVABLE FROM GSC | | 203000 |
| | HSBC | OTC DERIVATIVE CASH COLL RECEIVABLE FROMHSBC | | 150000 |
| | JP Morgan Chase Bank | OTC DERIVATIVE CASH COLLATERAL RECEIVABLE FROM JP MORGAN CHASE BANK NA | | 83000 |
| | Merrill Lynch | OTC DERIVATIVE CASH COLL RECEIVABLE FROMMERRILL LYNCH INTL | | 17550210 |
| | Nomura | PUT SWO USD NGFPUS33 P / R 1DSOFR 317UAI6A4 09/18/2026 | 3.757 | 51 |
| | Not applicable | Australian dollar | | 79206 |
| | Not applicable | Brazilian real | | 3560 |
| | Not applicable | British pound sterling | | 44422 |
| | Not applicable | Canadian dollar | | 3 |
| | Not applicable | Euro | | 17801 |
| | Not applicable | HK offshore Chinese Yuan Renminbi | | 5905 |
| | Not applicable | Hong Kong dollar | | 6 |
| | Not applicable | Indian rupee | | 3565 |
| | Not applicable | Japanese yen | | 20961 |
| | Not applicable | Mexican peso | | 46165 |
| | Not applicable | New Israeli shekel | | 982 |
| | Not applicable | New Taiwan dollar | | 63294 |
| | Not applicable | New Zealand dollar | | 3377 |
| | Not applicable | Polish zloty | | 26529 |
| | Not applicable | South African rand | | 10432 |
| | Not applicable | South Korean won | | 7124 |
| | Not applicable | Swiss franc | | 1362 |
| | Not applicable | Thai baht | | 3039 |
| | Not applicable | Turkish lira | | 4244 |
| | | Derivative Investments Total | | 23487554 |
| | **Collective Trust Fund** | | | |
| \* | Blackrock | MFO BLACKROCK INSTL TR CO EMERGING MKTS INDEX UNITIZED ACCT |  | 278943488 |
| \* | Blackrock | MFO BLACKROCK INSTL TR CO EQUITY INDEX UNITIZED ACCT |  | 4931977457 |
| \* | Blackrock | MFO BLACKROCK INSTL TR CO MIDCAP EQUITY INDEX UNITIZED ACCT |  | 661663008 |

---

------

**Morgan Stanley 401(k) Plan**

---

| |
|:---|
| **Plan Number 003, Employer Identification Number 20-8764829** |
| **FORM 5500, SCHEDULE H, PART IV, LINE 4i — SCHEDULE OF ASSETS (HELD AT END OF YEAR)** |
| **AT DECEMBER 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| \* | Blackrock | MFO BLACKROCK INSTL TR CO MSCI ACWI EX US IMI INDEX UNITIZED ACCT | 625723619 |
| \* | Blackrock | MFO BLACKROCK INSTL TR CO N A INVT FDS FOR E DEVELOPED REAL ESTATE INDEX UNI | 77823232 |
| \* | Blackrock | MFO BLACKROCK INSTL TR CO N A MSCI ACWI ESG FOCUS INDEX UNITIZED ACCT | 126976855 |
| \* | Blackrock | MFO BLACKROCK INSTL TR CO RUSSELL 2000 INDEX UNITIZED ACCT | 585104039 |
| \* | Blackrock | MFO BLACKROCK INSTL TR CO US DEBT INDEX UNITIZED ACCT | 290681079 |
| \* | Blackrock | MFO BLACKROCK INSTL TR CO US HIGH YIELD BOND INDEX | 88633801 |
| \* | JP Morgan | MFO CF COMMINGLED PENSION TR FD LARGE CAP GROWT OF JPM CHASE BK N A UNIT CL CF-K | 951807641 |
| \* | JP Morgan | MFO CF COMMINGLED PENSION TR FD LARGE CAP GROWT OF JPM CHASE BK N A UNIT CL CF-K | 1093981201 |
| \* | PIMCO | MFO PIMCO COLLECTIVE INVT TOTAL RETURN COLLECTIVE TR CL M | 342392055 |
| \* | PIMCO | MFO PIMCO SHORT TERM FLOATING NAV II | 62875378 |
| \* | State Street | MFO SSGA 2025 FUND (CM8U1) | 337870802 |
| \* | State Street | MFO SSGA 2030 FUND (CM5L) | 646232338 |
| \* | State Street | MFO SSGA 2035 FUND (CM8V1) | 842407149 |
| \* | State Street | MFO SSGA 2040 FUND (CM5M) | 653704057 |
| \* | State Street | MFO SSGA 2045 FUND (CM8W1) | 659764681 |
| \* | State Street | MFO SSGA 2050 FUND (CMAQ1) | 599943853 |
| \* | State Street | MFO SSGA 2055 FUND (CMLE1) | 427054046 |
| \* | State Street | MFO SSGA TARGET RETMT INCOME SL SER I | 332291270 |
| \* | State Street | MFO STATE STR GBL ADVISORS TR CO TARGET RETIREMENT 2070 SEC LENDING SR FD CL I | 4156177 |
| \* | State Street | MFO STATE STREET TARGET RETIREMENT 2060 SECURITIES LENDING SER FUND CLASS I | 250254440 |
| \* | State Street | MFO STATE STREET TARGET RETIREMENT 2065 SECURITIES LENDING SERIES FUND CLASS I | 144111062 |
| \* | TS&W | MFO TS&W COLLECTIVE INVT TR INTL LARGE CAP EQUITY TR CL V | 402038318 |
| \* | Wellington | MFO WELLINGTON OPPORTUNISTIC EMERGING MARKETS DEBT (SERIES 1) | 68790809 |
| \* | William Blair | MFO WILLIAM BLAIR COLLECTIVE INVT TR EMERGING MKTS GROWTH COLL INVT FD CL 6 | 383045390 |
| \* | Northern Trust | NT COLLECTIVE SHORT TERM INVT FD | 1001541 |
| \* | Northern Trust | NT COLLECTIVE SHORT TERM INVT FD | 1580 |
| \* | Northern Trust | NT COLLECTIVE SHORT TERM INVT FD | 11422023 |
| \* | Northern Trust | NT COLLECTIVE SHORT TERM INVT FD | 12399287 |
| \* | Northern Trust | NT COLLECTIVE SHORT TERM INVT FD | 13570 |
| \* | Northern Trust | NT COLLECTIVE SHORT TERM INVT FD | 2280858 |
| \* | Northern Trust | NT COLLECTIVE SHORT TERM INVT FD | 2526735 |
| \* | Northern Trust | NT COLLECTIVE SHORT TERM INVT FD | 258280 |
| \* | Northern Trust | NT COLLECTIVE SHORT TERM INVT FD | 275117 |
| \* | Northern Trust | NT COLLECTIVE SHORT TERM INVT FD | 3318588 |

---

------

**Morgan Stanley 401(k) Plan**

---

| |
|:---|
| **Plan Number 003, Employer Identification Number 20-8764829** |
| **FORM 5500, SCHEDULE H, PART IV, LINE 4i — SCHEDULE OF ASSETS (HELD AT END OF YEAR)** |
| **AT DECEMBER 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| \* | Northern Trust | NT COLLECTIVE SHORT TERM INVT FD |  | 4216988 |
| \* | Northern Trust | NT COLLECTIVE SHORT TERM INVT FD |  | 4324164 |
| \* | Northern Trust | NT COLLECTIVE SHORT TERM INVT FD |  | 5879762 |
| \* | Northern Trust | NT COLLECTIVE SHORT TERM INVT FD |  | 6075 |
| \* | Northern Trust | NT COLLECTIVE SHORT TERM INVT FD |  | 8183541 |
| \* | Northern Trust | NT COLLECTIVE SHORT TERM INVT FD |  | 8715901 |
| \* | Northern Trust | NT COLLECTIVE SHORT TERM INVT FD |  | 9526164 |
| \* | Northern Trust | NT COLLECTIVE SHORT TERM INVT FD |  | 421237 |
|  |  | Collective Trust Fund Total |  | 15945018656 |
|  | **Repurchase Agreements** |  |  |  |
| \* | Bank of New York | BUY TO OPEN TRIPARTY REPO W/BANK OF N FROM 12-31-2025 TO 01-02-2026 | 3.82% | 75000000 |
| \* | BNP Paribas | BUY TO OPEN TRIPARTY REPO W/BNP PARIB FROM 12-31-2025 TO 01-02-2026 | 3.83% | 75000000 |
| \* | Bank of America | BUY TO OPEN TRIPARTY REPO W/BOFA SECU FROM 12-31-2025 TO 01-02-2026 | 3.85% | 75000000 |
| \* | Goldman Sachs | BUY TO OPEN TRIPARTY REPO W/GOLDMAN, FROM 12-31-2025 TO 01-02-2026 | 3.84% | 90000000 |
| \* | Mizuho Securities | BUY TO OPEN TRIPARTY REPO W/MIZUHO SE FROM 12-31-2025 TO 01-02-2026 | 3.84% | 97000000 |
| \* | Natixis | BUY TO OPEN TRIPARTY REPO W/NATIXIS C FROM 12-31-2025 TO 01-02-2026 | 3.84% | 95000000 |
| \* | TD Securities | BUY TO OPEN TRIPARTY REPO W/TD SECURI FROM 12-31-2025 TO 01-02-2026 | 3.83% | 80000000 |
|  |  | Repurchase Agreement Total |  | 587000000 |
|  | **Participant-directed investments at fair value** |  |  | **25743836325** |
|  | Various Participants | Participant Loans (secured by account, rates ranging from 4.25% to 9.5% with maturity dates ranging from 2024 to 2051) |  | 130838275 |

---

\* Party-in-interest

\*\* Cost information is not required for Participant-directed investments and therefore is not included.

See Report of Independent Registered Public Accounting Firm

## Ex-23

**Exhibit 23**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We consent to the incorporation by reference in Registration Statement Nos. 033-63026, 333-62869, 333-55972, 333-85150, 333-108223, 333-159505, and 333-231913 on Forms S-8 of our report dated June 25, 2026, relating to the financial statements and supplemental schedule of Morgan Stanley 401(k) Plan, appearing in this Annual Report on Form 11-K of Morgan Stanley 401(k) Plan, for the year ended December 31, 2025.

/s/ DELOITTE & TOUCHE LLP

New York, New York

June 25, 2026

<br>