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, 2021

 

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

 

 

 

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
              (Name of Plan)
           
Date: June 24, 2022   By: /s/ Adam Kudelka  
        (Signature)  
      Name: Adam Kudelka  
      Title: Morgan Stanley Head of Rewards  

 

 

Morgan Stanley
401(k) Plan

 

Employer ID Number: 20-8764829

Plan Number: 003

 

Financial Statements at December 31, 2021 and
2020, and for the Year Ended December 31, 2021,
Supplemental Schedule at December 31, 2021, and Report of Independent Registered Public Accounting Firm

 

 

 

MORGAN STANLEY 401(k) PLAN

 

TABLE OF CONTENTS 

 

Page

 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 1
   
FINANCIAL STATEMENTS:  
   
Statements of Net Assets Available for Benefits at December 31, 2021 and 2020 3
   
Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 2021 4
   
Notes to Financial Statements at December 31, 2021 and 2020, and for the Year Ended December 31, 2021 5–18
   
SUPPLEMENTAL SCHEDULE:  
   
Form 5500, Schedule H, Line 4i — Schedule of Assets (Held at End of Year) at December 31, 2021 19–74

 

NOTE: 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

 

 

 

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 statement of net assets available for benefits of Morgan Stanley 401(k) Plan (the "Plan") as of December 31, 2021, the related statement of changes in net assets available for benefits for the year ended December 31, 2021, 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, 2021, and the changes in net assets available for benefits for the year ended December 31, 2021, 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, 2021 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 24, 2022

 

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

 

 

 

 

Crowe LLP

Independent Member Crowe Global 

 

 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

To the Plan Participants and Administrator of the

Morgan Stanley 401(k) Plan

New York, New York

 

Opinion on the Financial Statements

 

We have audited the accompanying statement of net assets available for benefits of Morgan Stanley 401(k) Plan (the "Plan") as of December 31, 2020, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statement presents fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2020, in conformity with accounting principles generally accepted in the United States of America.

 

Basis for Opinion

 

This financial statement is the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statement based on our audit. 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 Company 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 audit 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 statement is free of material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement of the financial statement, 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 statement. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statement. We believe that our audit provides a reasonable basis for our opinion.

 

  /s/ Crowe LLP
  Crowe LLP

 

We served as the Plan’s auditor from 2014 to 2021.

 

New York, New York 

June 18, 2021

 

2  -

 

MORGAN STANLEY 401(k) PLAN

 

STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS

AT DECEMBER 31, 2021 AND 2020

 

    2021   2020
ASSETS:        
Participant-directed investments at fair value   $ 18,692,348,026     $ 15,328,203,825  
                 
Receivables:                
Plan mergers (Note 1)     735,722,135       -  
Employer contributions     325,235,158       286,107,963  
Notes receivable from participants     123,439,581       118,114,863  
Receivables for securities sold and other     83,188,383       263,108,057  
Total Receivables     1,267,585,257       667,330,883  
                 
Total Assets     19,959,933,283       15,995,534,708  
                 
                 
LIABILITIES:                
Participant-directed investments at fair value     25,751,247       30,038,010  
Payables for securities purchased and other     238,953,825       432,737,634  
                 
Total Liabilities     264,705,072       462,775,644  
                 
                 
                 
NET ASSETS AVAILABLE FOR BENEFITS   $ 19,695,228,211     $ 15,532,759,064  
                 

See notes to the financial statements.

 

3  -

 

MORGAN STANLEY 401(k) PLAN

 

STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS

FOR THE YEAR ENDED DECEMBER 31, 2021

 

ADDITIONS:    
Net investment income:    
Net appreciation in fair value of investments   $ 2,394,113,029  
Dividends and interest     135,750,367  
Net investment income     2,529,863,396  
         
Employer contributions     325,235,157  
Participant contributions     583,113,741  
Rollover contributions     107,576,428  
Total contributions     1,015,925,326  
         
Interest income on notes receivable from participants     5,633,630  
         
Total additions     3,551,422,352  
         
DEDUCTIONS:        
Benefits paid to participants     925,639,574  
Administrative fees     17,428,327  
         
Total deductions     943,067,901  
         
Net increase in net assets before plan mergers     2,608,354,451  
         
Plan mergers (Note 1)     1,554,114,696  
         
Net increase in net assets available for benefits     4,162,469,147  
         
NET ASSETS AVAILABLE FOR BENEFITS        
Beginning of year     15,532,759,064  
         
End of year   $ 19,695,228,211  

 

See notes to the financial statements.

 

4  -

 

NOTES TO FINANCIAL STATEMENTS

AT DECEMBER 31, 2021 AND 2020, AND FOR THE YEAR ENDED DECEMBER 31, 2021

 

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, Inc. (the “Plan Sponsor”) is a corporation wholly-owned by Morgan Stanley Capital Management, LLC, 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 the Plan Sponsor. 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.

 

The Company acquired E*TRADE Financial Corporation, Eaton Vance Corp., and Hyas Group LLC in the third quarter of 2020, first quarter of 2021 and fourth quarter of 2021, respectively. In connection with the acquisitions, the E*TRADE 401(k) Plan (the “E*TRADE Plan”), Eaton Vance Profit Sharing and Savings Plan (the “Eaton Vance Plan”), and Hyas Group 401(k) Profit Sharing Plan (the “Hyas Plan”) were merged into the Plan, and participants of the E*TRADE Plan, the Eaton Vance Plan and the Hyas Plan became members of the Plan effective at the close of business on December 31, 2021.  The final valuations for the Eaton Vance Plan, the E*TRADE Plan and the Hyas Plan were performed at market close on December 31, 2021 and each plan’s assets, including notes receivable from participants, were merged into the Plan’s assets. The Eaton Vance Plan’s investment assets of $807.5 million are reported in Participant-directed investments at fair value in the Statement of Net Assets. The investment assets of the E*TRADE Plan and Hyas Plan were liquidated and the proceeds wired to the Plan before the close of business on December 31, 2021. The transfer amounts of $730.2 million for the E*TRADE Plan and $5.6 million for the Hyas Plan are recorded in Plan mergers receivable in the Statement of Net Assets as the wires settled subsequent to year-end.

 

All of the Plan’s investments are held in a trust account at The Northern Trust Company, N.A. (the “Trustee”).

 

5  -

 

Eligibility — U.S. benefits-eligible employees, generally defined as full-time and part-time (regularly scheduled to work at least 50% of the Company’s standard work week) employees of participating companies are eligible to participate in the Plan upon hire.

 

Part-time employees who are regularly scheduled to work less than 50% of the Company’s standard work week may elect to commence participation in the Plan on the later of (A) the date their employment commences or (B) January 1, 2018, without regard to age.

 

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; (c) first hired or transferred to a participating company while in an hourly status on or after July 1, 2004; or (d) Puerto Rico residents, are not eligible to participate in the Plan.

 

Effective January 1, 2020, hourly employees are 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 30% of eligible pay subject to Code limits ($19,500 for 2021). Those participants who have attained at least age 50 by the end of 2021 may elect an additional before-tax or Roth after-tax “Catch-Up Contribution” of 1% to 30% of eligible pay, subject to Code limits ($6,500 for 2021).

 

Certain eligible participants may also elect to contribute non-Roth after-tax contributions of 1% to 30% of eligible earnings. Participants eligible to make non-Roth after-tax contributions include eligible employees considered to be non-highly compensated employees (for 2021, employees who earned less than $274,984 during 2020). Participants may also contribute amounts representing eligible rollover distributions from other qualified retirement plans, 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.

 

Company Match: For employees (except Senior Advisors and Advisory Directors (or equivalent titles) each as defined in the Plan) with eligible pay between $100,000 and $275,000, the Plan-provided Company Match for 2021 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 Company Match for 2021 was $14,500. For employees with eligible pay under $100,000 or over $275,000, the Plan-provided Company Match for 2021 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

 

6  -

 

$290,000. For these employees, the maximum Company Match for 2021 was $11,600. The Company Match is made at the discretion of the Plan Sponsor.

 

The 2021 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 2021 Company Match was $290,987,015, of which $8,507,874 was covered by forfeitures held by the Plan. The contribution was recorded as Employer contributions receivable at December 31, 2021 and paid in cash by the Company to the Plan in January 2022. The 2020 Company Match was $250,708,022, of which $5,664,966 was covered by forfeitures held by the Plan. The contribution was recorded as Employer contributions receivable at December 31, 2020 and paid in cash by the Company to the Plan in January 2021.

 

Fixed Contribution: Eligible employees with annualized base pay and eligible annual pay of $100,000 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 and who are not 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 2021 Fixed Contribution of $15,271,415 was recorded as Employer contributions receivable at December 31, 2021 and paid in cash by the Company in January 2022. The 2020 Fixed Contribution of $16,730,595 was recorded as Employer contributions receivable at December 31, 2020 and paid in cash by the Company in January 2021.

 

Citi Pension Transition Contributions: To be eligible for Citi Pension Transition Contributions, employees who transferred from Citigroup to the Company or its affiliates in connection with the formation of the Company’s Wealth Management business segment must have been notified by Citigroup that their prior plan benefit opportunity qualified them for transition contributions under the Citigroup 401(k) Plan and they must have been at least age 45 with five or more years of service, including prior Citigroup service, at December 31, 2010. Citi Pension Transition Contributions were available for up to 10 Plan Years, beginning with the 2011 Plan year and ending with the 2020 Plan Year.

 

The Citi Pension Transition Contributions are based on the one-time calculation Citigroup performed to determine the percentage of annual eligible pay for the annual transition contributions under the Citigroup 401(k) Plan. The 2020 Citi Pension Transition Contribution of $1,933,140 was recorded as Employer contributions receivable at December 31, 2020 and paid in cash by the Company in January 2021. The Citi Pension Transition Contributions ended with the 2020 Plan Year.

 

Morgan Stanley Transition Contribution: Eligible employees are those who earned a Morgan Stanley pension benefit or received a 401(k) Plan Retirement Contribution during 2010 and at December 31, 2010 were employed by a participating company and at least age 45 with five or more years of service. Eligible employees receive a Morgan Stanley Transition Contribution regardless of whether or not they contribute to the Plan. Morgan Stanley Transition Contributions may be available under the Plan for up to 10 Plan Years, beginning with the 2011 Plan Year and ending with the 2020 Plan Year.

 

The 2020 Morgan Stanley Transition Contribution of $22,401,172 was recorded as Employer contributions receivable at December 31, 2020 and paid in cash by the Company in January 2021. The Morgan Stanley Transition Contribution ended with the 2020 Plan Year.

 

7  -

 

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, 2021, the Plan offered mutual funds, commingled or collective trust funds, 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 three 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. In 2020, certain participants were entitled to additional rights relating to distributions under the Plan in accordance with the Coronavirus Aid, Relief and Economic Security (CARES) Act.

 

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

 

Notes Receivable from Participants — Generally, a participant may borrow up to the lesser of $50,000 or 50% of his/her vested Plan account. Beginning March 7 and ending December 31, 2020,

 

8  -

 

certain eligible employees were permitted to borrow up to $100,000 from the Plan in accordance with the CARES Act. Loans are secured by the balance in the participant’s account and bear interest at a rate determined by the Plan Administrator. Fixed, Retirement and Transition Contributions, each as defined by the Plan, are not eligible for loans. Each loan processed incurs a $75 administrative fee. Generally, principal and interest are paid ratably through payroll deductions back to the individual participant’s account; participants may fully or partially pre-pay their loans without penalty. Loans become due on termination of employment, except (1) prior to August 1, 2020, in the case of Release, in which case a participant may continue repayments for up to 12 months, or the due date for the loan, whichever is earlier and (2) for loans that are outstanding on or after August 1, 2020, the principal and interest due thereon shall be repaid over the remaining term of the loan with respect to a terminated participant. Loan repayments due between March 27, 2020 and December 31, 2020 were permitted to be suspended for up to one year in accordance with the CARES Act. Effective June 26, 2020, a participant may have 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 59-1/2. 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. Non-hardship withdrawals are limited to eight per year (Note 7). Between May 15, 2020 and December 31, 2020, certain eligible participants were permitted to withdraw up to $100,000 from their Plan account in accordance with the CARES Act.

 

A participant may elect 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 Financial Solutions, Inc.

 

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

 

9  -

 

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 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, 2021 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 investment options, including derivative instruments. Investments, 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 pandemic 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 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.

 

Included in investments at December 31, 2021 are shares of the Plan sponsor’s common stock, which represent sixteen percent of participant-directed investments at December 31, 2021. A significant decline in the market value of the sponsor’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 ex-dividend date. Realized and unrealized gains and losses on investments are reflected in Net investment income —Net appreciation 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 is broken down into 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

 

10  -

 

instruments. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these products does not entail a significant degree of judgment.

 

Level 2. Valuations based on one or more quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

 

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 product to product and is affected by a wide variety of factors, including the type of product, whether the product is new and not yet established in the marketplace, the liquidity of markets and other characteristics particular to the product. 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. Interest is repaid monthly and any delinquent interest payments at December 31, 2021 and 2020 were not significant. Based on the terms of the 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.

 

11  -

 

Futures and options — The Plan held certain fixed income future and option contracts in Separate Accounts at December 31, 2021 and 2020 within the PIMCO Core Fixed Income Fund, PIMCO Real Return Portfolio Fund, and PIMCO Low Duration Fund. The Plan held certain equity index future contracts in a Separate Account at December 31, 2021 and 2020 within AQR International Equity Fund. Both written and purchased options were held as underlying investments. 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, 2021 and 2020 was not significant and the changes in fair value are accounted for as part of Net appreciation in fair value of investments in the Statement of changes in net assets available for benefits.

 

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 should a swap’s market value exceed $250,000. 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. At December 31, 2021 and 2020, the investment assets held by the Plan included positions in interest rate swaps, credit default swaps, equity swaps, and inflation swaps. At December 31, 2021, the investment assets held by the Plan also included positions in overnight index swaps. These assets were held in Separate Accounts at December 31, 2021 and 2020 within the PIMCO Core Fixed Income Fund, PIMCO Real Return Portfolio Fund, PIMCO Low Duration Fund and AQR International Equity Fund. The fair value of these investments at December 31, 2021 and 2020 was not significant and the changes in fair value are accounted for as part of Net appreciation 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, 2021 and 2020 in the PIMCO Real Return Portfolio Fund, Artisan International Growth Fund, PIMCO Low Duration Fund, Principal Global Real Estate Securities Fund, and AQR International Equity Fund. The Plan also held positions in forward equity contracts in Separate Accounts at December 31, 2021 and 2020 in the AQR International Equity Fund. The fair value of these investments at December 31, 2021 and 2020 was not significant and the changes in fair value are accounted for as part of Net appreciation 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 in the BlackRock Government Short Term Investment Fund at December 31, 2021, and in the BlackRock Government Short Term Investment Fund, the PIMCO Core Fixed Income Fund, and the PIMCO Low Duration Fund at December 31, 2020. The changes in fair value are accounted for as part of Net appreciation in fair value of investments in the Statement of changes in net assets available for benefits.

 

12  -

 

4. 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, 2021 and 2020, of which one was managed by Morgan Stanley Investment Management (“MSIM”), one was an employer stock fund (Morgan Stanley Stock Fund), and registered investment companies and collective trust fund managed by Eaton Vance or its affiliates, or by Charles Schwab Investment Management, Inc., an affiliate of the Eaton Vance Plan’s trustee, custodian, and recordkeeper . All party-in-interest investments are in the Morgan Stanley Stock Fund, the funds managed by MSIM, an affiliate of the Plan Sponsor, and funds issued by Northern Trust, Principal, PIMCO, Blackrock, AQR Capital Management, T. Rowe Price, Artisan Partners, Fidelity Institutional Asset Management, Shenkman, Thompson, Siegel & Walmsley, Wellington Trust Company, N.A., State Street Global Advisors, Weatherbie Capital LLC, Westwood Management Corp., Eaton Vance, Charles Schwab, Calvert, Parametric, and Westfield Capital Management Company.

 

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

 

Investments and receivables held by the Plan

 

    At
December 31, 2021
  At
December 31, 2020
  Year Ended
December 31, 2021
Morgan Stanley common stock                        
Number of shares held     29,021,541       31,072,026       n/a  
Fair value of shares held   $ 2,848,754,465     $ 2,129,365,942       n/a  
Net realized gain     n/a       n/a     $ 146,558,314  
Dividend income     n/a       n/a     $ 62,582,596  
                         
Investments in a Registered Investment Company issued by MSIM                        
Fair value of shares held   $ 2,327,695,628     $ 2,515,284,009       n/a  
Net realized gain     n/a       n/a     $ 605,700,435  
                         
Notes receivable from participants                        
Participant loans   $ 123,439,581     $ 118,114,863       n/a  
Interest income     n/a       n/a     $ 5,633,630  

 

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.

 

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 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.

 

13  -

 

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 account continue to be designed in accordance with the applicable 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, 2021 and 2020, 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 2017.

 

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.

 

Registered Investment Companies 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 or net asset value (“NAV”) and are categorized in Level 1 of the fair value hierarchy if based upon prices which are observable in an active market. The PIMCO International Bond (Unhedged) fund requires the Trustee to calculate the fair value since the fund has a daily interest rate factor that pays a monthly dividend and therefore the fund is categorized as Level 2 of the fair value hierarchy. The Plan generally prohibits the sale of these investment options within 30 days of a purchase into that investment option.

 

Morgan Stanley Stock Fund (the “Fund”) 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. 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.

 

Separate Accounts - 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. At December 31, 2021 and 2020, the Plan’s Separate Accounts consisted of the T. Rowe Price U.S. Large-Cap Value Fund, the PIMCO Core Fixed Income Fund, the PIMCO Real Return Portfolio Fund, the PIMCO Low Duration Fund, the Shenkman Capital High Yield Bond Fund, the Fidelity Institutional Asset Management Select International Small Cap Fund, the Artisan International Growth Fund, the BlackRock Government Short Term Investment Fund, the Thompson, Siegel & Walmsley Mid Cap Value Fund, the AQR International Equity Fund, the AQR Emerging Markets

 

14  -

 

Equity Fund, the Principal Global Real Estate Securities Fund and the Westfield Mid Cap Growth Equity Fund. At December 31, 2021, the Plan’s Separate Accounts also consisted of the Weatherbie Specialized Growth Fund and the Westwood Small CAP Fund. At December 31, 2020, the Plan’s Separate Accounts also consisted of the William Blair Small Cap Value Fund and the Rice Hall James Small Cap Opportunities Fund. 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. Corporate equities are 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 single salable unit that cannot be bought or sold separately, are categorized in Level 2 of the fair value hierarchy.

 

Cash and cash equivalents

Cash and cash equivalents are valued at cost, which approximates fair value and are categorized in Level 1 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, valued using quoted market prices, are 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. For index-linked securities, the market price is adjusted daily by the appropriate index factor. 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 CDS spreads and volatility. Callable agency-issued debt securities, agency mortgage pass-through pool securities, index-linked 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 categorized in Level 2 of the fair value hierarchy.

 

Derivative instruments

Depending on the product and terms of the transaction, the fair value of over-the-counter (“OTC”) derivative products 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

 

15  -

 

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 collaterals 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.

 

Collective Trust Funds 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. If there is a fee accrual, the Trustee is responsible for determining the fair value. At December 31, 2021 and 2020, the Plan held investments in funds managed by State Street Global Advisors, BlackRock, Inc., Wellington Trust Company, N.A., PIMCO, Northern Trust, Eaton Vance, and AQR Capital Management. 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.

 

16  -

 

    Plan's Investment Assets and Liabilities at Fair Value at December 31, 2021
    Quoted Prices in Active Markets for Identical Assets   Significant Other Observable Inputs   Significant Unobservable Inputs    
                 
    Level 1   Level 2   Level 3   Total
Investment Assets:                
                 
Registered Investment Companies     3,128,630,741       35,454,626       -       3,164,085,367  
                                 
Separately Managed Accounts                                
Corporate equities     5,847,621,688       2,527,557       -       5,850,149,245  
Cash and cash equivalents     91,963,199       -       -       91,963,199  
Government and agency securities                                
U.S. Treasury and agency securities     477,537,542       720,577,905       -       1,198,115,447  
Other sovereign government obligations     -       30,040,082       -       30,040,082  
State and municipal securities     -       5,043,099       -       5,043,099  
Total Government and agency securities     477,537,542       755,661,086       -       1,233,198,628  
Corporate debt instruments     -       323,890,010       -       323,890,010  
Derivative instruments     19,938,348       15,809,030       -       35,747,378  
Repurchase agreements     -       486,000,000       -       486,000,000  
      6,437,060,777       1,583,887,683       -       8,020,948,460  
                                 
Collective Trust Funds *                             7,507,314,199  
                                 
Participant-directed investments                             18,692,348,026  
                                 
Investment Liabilities:                                
Separately Managed Accounts                                
Derivative instruments     13,881,956       11,869,291       -       25,751,247  
Participant-directed investments     13,881,956       11,869,291       -       25,751,247  
                                 
* 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.

17  -

 

 

    Plan's Investment Assets and Liabilities at Fair Value at December 31, 2020
    Quoted Prices in Active Markets for Identical Assets   Significant Other Observable Inputs   Significant Unobservable Inputs    
                 
    Level 1   Level 2   Level 3   Total
Investment Assets:                
                 
Registered Investment Companies     2,598,852,377       42,121,664       -       2,640,974,041  
                                 
Separately Managed Accounts                                
Corporate equities     4,514,668,096       2,344,120       -       4,517,012,216  
Cash and cash equivalents     58,028,151       -       -       58,028,151  
Government and agency securities                                
U.S. Treasury and agency securities     643,841,333       725,554,181       -       1,369,395,514  
Other sovereign government obligations     -       32,617,026       -       32,617,026  
State and municipal securities     -       6,917,968       -       6,917,968  
Total Government and agency securities     643,841,333       765,089,175       -       1,408,930,508  
Corporate debt instruments     -       278,582,027       -       278,582,027  
Derivative instruments     -       26,161,533       -       26,161,533  
Repurchase agreements     -       253,200,000       -       253,200,000  
      5,216,537,580       1,325,376,855       -       6,541,914,435  
                                 
Collective Trust Funds *                             6,145,315,349  
                                 
Participant-directed investments                             15,328,203,825  
                                 
Investment Liabilities:                                
Separately Managed Accounts                                
Derivative instruments     808,014       29,229,996       -       30,038,010  
Participant-directed investments     808,014       29,229,996       -       30,038,010  
                                 
* 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

 

On March 10, 2022, the Company acquired Cook Street Consulting, Inc. In connection with the acquisition, the Company assumed sponsorship of the Cook Street Consulting, Inc. 401(k) Plan (the “CSCI Plan”). Employees of Cook Street Consulting, Inc. and any participating affiliates of the CSCI Plan (the “Cook Street Employees”) are eligible to participate in the CSCI Plan and are not eligible to participate in the Plan. It is anticipated that the assets of the CSCI Plan will merge into the Plan at the end of December 31, 2022 and Cook Street Employees are expected to become eligible to participate in the Plan then. Total assets in the CSCI Plan were approximately $10 million as of December 31, 2021.

 

Effective January 1, 2022, there is no limit on non-hardship withdrawals.

 

18  -

 

 

SUPPLEMENTAL SCHEDULE

 

19  -

 

MORGAN STANLEY 401(k) PLAN

Plan Number 003,      Employer Identification Number 20-8764829

FORM 5500, SCHEDULE H, LINE 4i —

SCHEDULE OF ASSETS (HELD AT END OF YEAR)

AT DECEMBER 31, 2021

           
           (e)
  (b) (c)  (d)    Current  
(a) Identity of Issuer Description of Investment  Cost**    Value
  Registered Investment Companies        
* Calvert Calvert Emerging Markets Equity Fund (R6)     16,905,020
* Calvert Calvert US Large-Cap Core Responsible Index Fund (R6)     7,287,628
* Calvert Calvert Equity (R6)     4,928,796
* Calvert Calvert Bond Fund (R6)     4,434,165
* Calvert Calvert Green Bond (R6)     1,209,137
* Calvert Calvert Core Bond Fund (I)     1,127,674
* Eaton Vance Eaton Vance Atlanta Capital SMID-Cap Fund (R6)     61,508,845
* Eaton Vance Eaton Vance Focused Growth Opportunities (I)     60,533,525
* Eaton Vance Eaton Vance Balanced Fund (R6)     55,611,130
* Eaton Vance Eaton Vance Focused Value Opportunities (I)     32,961,098
* Eaton Vance Eaton Vance Atlanta Capital Select Equity Fund (R6)     21,993,687
* Eaton Vance Eaton Vance Small-Cap (I)     8,351,292
* Eaton Vance Eaton Vance Income Fund of Boston (R6)     7,943,284
* Eaton Vance Eaton Vance Stock (I)     7,898,460
* Eaton Vance Eaton Vance Richard Bernstein Equity Strategy (I)     7,588,822
* Eaton Vance Eaton Vance Floating-Rate Advantage Fund (R6)     7,330,850
* Eaton Vance Eaton Vance High Income Opportunities (I)     6,662,832
* Eaton Vance Eaton Vance Short Duration Government Income (I)     6,431,192
* Eaton Vance Eaton Vance Emerging Markets Local Income (I)     5,844,931
* Eaton Vance Eaton Vance Short Duration Inflation-Protected Income Fund (I)     4,759,378
* Eaton Vance Eaton Vance Short Duration Strategy Income (I)     4,621,720
* Eaton Vance Eaton Vance Floating-Rate Fund (R6)     4,357,475
* Eaton Vance Eaton Vance Global Macro Absolute Return Advantage Fund (R6)     4,019,561
* Eaton Vance Eaton Vance Multi-Asset Credit Fund (R6)     2,295,209
* Eaton Vance Eaton Vance Global Macro Absolute Return Fund (R6)     2,246,892
* Eaton Vance Eaton Vance Richard Bernstein All Asset Strategy Fund (I)     2,239,303
* Eaton Vance Eaton Vance Global Bond Fund (I)     792,380
  Fidelity Fidelity Extended Market Index Fund     25,178,678
  Fidelity Fidelity Long-Term Treasury Bond Index Fund     1,009,247
* MSIM MSIF Growth Portfolio Fund     2,327,695,628
* Northern Trust Northern Trust Global Sustainability Index Fund     72,468,652
* Parametric Parametric International Equity Fund (R6)     12,273,027
* Parametric Parametric Commodity Strategy Fund (I)     7,215,338
  Pax Pax Global Environmental Markets Fund     70,767,714
* PIMCO PIMCO International Bond Fund (Unhedged)     35,454,626
* Schwab Schwab Retirement Government Money Fund     31,595,802
  Vanguard Vanguard 500 Index Fund Admiral     115,483,315
  Vanguard Vanguard Total International Stock Index Fund Institutional     29,244,780
  Vanguard Vanguard Growth Index Fund Admiral     17,309,477
  Vanguard Vanguard Small-Cap Index Fund Institutional     16,812,451
  Vanguard Vanguard Total International Stock Index Fund Institutional     13,921,085
  Vanguard Vanguard Total Bond Market Index Fund Institutional     13,309,663
  Vanguard Vanguard Emerging Markets Stock Index Fund Institutional     11,742,810
  Vanguard Vanguard Real Estate Index Fund Admiral     10,718,788
    Registered Investment Companies total     3,164,085,367
           
           (continued)

20  -

 

MORGAN STANLEY 401(k) PLAN

Plan Number 003,      Employer Identification Number 20-8764829

FORM 5500, SCHEDULE H, LINE 4i —

SCHEDULE OF ASSETS (HELD AT END OF YEAR)

AT DECEMBER 31, 2021

           
           (e)
  (b) (c)  (d)    Current  
(a) Identity of Issuer Description of Investment  Cost**    Value
  Corporate equities        
  1St Indl Rlty Tr Inc 41,784 Shares of Common Stock     2,766,101
  3I Group Ord 10,943 Shares of Common Stock     214,767
  5Th 3Rd Bancorp 486,808 Shares of Common Stock     21,200,488
  A.P. Moller-Maersk 604 Shares of Common Stock     2,165,636
  Aalberts Nv 16,200 Shares of Common Stock     1,073,303
  Abbvie Inc 133,098 Shares of Common Stock     18,021,469
  Abcam 41,500 Shares of Common Stock     974,114
  About You Holding Se 15,600 Shares of Common Stock     362,967
  Abrdn Plc Ord 235,257 Shares of Common Stock     767,613
  Academy Sports & Outdoors Inc 53,471 Shares of Common Stock     2,347,377
  Acadia Pharmaceuticals Inc 101,486 Shares of Common Stock     2,368,683
  Accenture Plc 6,398 Shares of Common Stock     2,652,291
  Adecco Group Ag 33,442 Shares of Common Stock     1,710,363
  Adr Argenx Se Sponsored Ads 14,413 Shares of Common Stock     5,047,288
  Adr Ascendis Pharma 79,124 Shares of Common Stock     10,644,551
  Adr Myt Neth Parent B V Ads 189,732 Shares of Common Stock     4,024,216
  Adr Nice Ltd Sponsored Adr 54,470 Shares of Common Stock     16,537,092
  Adr Siemens Ag 135,919 Shares of Common Stock     11,770,585
  Adr Taiwan Semiconductor Manufacturing 26,590 Shares of Common Stock     3,199,043
  Adr Totalenergies Se Sponsored Adr 583,724 Shares of Common Stock     28,870,989
  Adr Vnet Group Inc 23,919 Shares of Common Stock     215,989
  Adtran Inc 106,737 Shares of Common Stock     2,436,806
  Adyen Nv 74 Shares of Common Stock     194,519
  Aeon Delight Co.Ltd. 15,300 Shares of Common Stock     447,753
  Aercap Holdings 15,476 Shares of Common Stock     1,012,440
  Aerie Pharmaceuticals Inc 28,582 Shares of Common Stock     200,646
  Afterpay Limited 3,539 Shares of Common Stock     213,587
  Agc Inc 2,700 Shares of Common Stock     128,722
  Ageas 37,802 Shares of Common Stock     1,958,123
  Agree Rlty Corp 19,502 Shares of Common Stock     1,391,663
  Air Liquide(L') 36,514 Shares of Common Stock     6,366,418
  Airbus Se 26,057 Shares of Common Stock     3,329,454
  Aisin Corporation 59,000 Shares of Common Stock     2,259,476
  Alamo Group Inc 16,319 Shares of Common Stock     2,401,830
  Alcon Inc 23,644 Shares of Common Stock     2,095,173
  Alexandria Real Estate Equities Inc 16,922 Shares of Common Stock     3,772,929
  Alleghany Corp Del 6,400 Shares of Common Stock     4,272,576
  Allianz Se 19,981 Shares of Common Stock     4,718,305
  Allied Props Real Trust Units 65,103 Shares of Common Stock     2,265,192
  Allstate Corp 24,900 Shares of Common Stock     2,929,485
  Ally Finl Inc 58,600 Shares of Common Stock     2,789,946
  Alphabet Inc 6,168 Shares of Common Stock     17,853,790
  Alps Alpine Co Ltd 61,800 Shares of Common Stock     582,285
  Altarea Reit 4,524 Shares of Common Stock     862,251
  Alten 8,400 Shares of Common Stock     1,514,068
           
           (continued)

21  -

 

MORGAN STANLEY 401(k) PLAN

Plan Number 003,      Employer Identification Number 20-8764829

FORM 5500, SCHEDULE H, LINE 4i —

SCHEDULE OF ASSETS (HELD AT END OF YEAR)

AT DECEMBER 31, 2021

           
           (e)
  (b) (c)  (d)    Current  
(a) Identity of Issuer Description of Investment  Cost**    Value
  Corporate equities (continued)        
  Altice Usa Inc 207,700 Shares of Common Stock     3,360,586
  Altra Industrial Motion Corp 84,117 Shares of Common Stock     4,337,914
  Amazon Com Inc 2,095 Shares of Common Stock     6,985,442
  Ameren Corp 128,020 Shares of Common Stock     11,395,060
  Ameresco Inc 75,636 Shares of Common Stock     6,159,796
  American Homes 4 Rent 82,432 Shares of Common Stock     3,594,860
  American International Group Inc 622,714 Shares of Common Stock     35,407,518
  American Tower Corp 9,745 Shares of Common Stock     2,850,413
  Amerisourcebergen Corp 29,625 Shares of Common Stock     3,936,866
  Ametek Inc New 46,980 Shares of Common Stock     6,907,939
  Amkor Technology Inc 182,160 Shares of Common Stock     4,515,746
  Amplifon 15,200 Shares of Common Stock     820,194
  Ampol Ltd 34,142 Shares of Common Stock     736,248
  Anglo American 36,437 Shares of Common Stock     1,488,459
  Annaly Cap Mgmt Inc 357,700 Shares of Common Stock     2,797,214
  Anritsu Corp 40,400 Shares of Common Stock     623,428
  Anthem Inc 49,770 Shares of Common Stock     23,070,386
  Antofagasta Ord 50,398 Shares of Common Stock     913,681
  Aon Plc 15,848 Shares of Common Stock     4,763,275
  Apartment Income Reit Corp 36,485 Shares of Common Stock     1,994,635
  Applied Materials Inc 105,472 Shares of Common Stock     16,597,074
  Applus Services Sa 81,000 Shares of Common Stock     744,735
  Apria Inc Com 189,954 Shares of Common Stock     6,192,500
  Arc Land Sakamoto 33,800 Shares of Common Stock     481,075
  Arcadis Nv 28,574 Shares of Common Stock     1,375,811
  Arch Capital Group 97,700 Shares of Common Stock     4,342,765
  Argan 7,468 Shares of Common Stock     988,540
  Argen X Se 168 Shares of Common Stock     60,238
  Argo Group International Holdings 78,388 Shares of Common Stock     4,555,127
  Aristocrat Leisure 2,473 Shares of Common Stock     78,339
  Arjo Ab 97,800 Shares of Common Stock     1,196,865
  Aroundtown Sa 175,406 Shares of Common Stock     1,061,190
  Ashtead Group Ord 12,928 Shares of Common Stock     1,040,464
  Asm Intl Nv 2,670 Shares of Common Stock     1,180,219
  Asm Pacific Tech 64,400 Shares of Common Stock     695,933
  Asml Holding Nv 9,500 Shares of Common Stock     7,634,764
  Astec Inds Inc 31,506 Shares of Common Stock     2,182,421
  Aston Martin Ord 30,000 Shares of Common Stock     549,771
  Atea Asa 41,700 Shares of Common Stock     775,524
  Atlantia S.P.A 39,171 Shares of Common Stock     777,538
  Atlas Copco Ab 6,808 Shares of Common Stock     400,185
  Atos Se 11,433 Shares of Common Stock     486,130
  Aurizon Holdings 630,173 Shares of Common Stock     1,599,004
  Aust & Nz Bank Grp 62,532 Shares of Common Stock     1,250,712
  Austria Tech Systemtechnik 26,400 Shares of Common Stock     1,299,956
           
           (continued)

22  -

 

MORGAN STANLEY 401(k) PLAN

Plan Number 003,      Employer Identification Number 20-8764829

FORM 5500, SCHEDULE H, LINE 4i —

SCHEDULE OF ASSETS (HELD AT END OF YEAR)

AT DECEMBER 31, 2021

           
           (e)
  (b) (c)  (d)    Current  
(a) Identity of Issuer Description of Investment  Cost**    Value
  Corporate equities (continued)        
  Auto1 Grp 8,778 Shares of Common Stock     194,057
  Avalonbay Cmntys Reit 20,988 Shares of Common Stock     5,301,359
  Avanos Med Inc 71,506 Shares of Common Stock     2,479,113
  Avantor Inc 145,210 Shares of Common Stock     6,119,149
  Aveanna Healthcare Hldgs Inc 214,768 Shares of Common Stock     1,589,283
  Aveva Group Ord 53,931 Shares of Common Stock     2,486,515
  Avista Corp 104,651 Shares of Common Stock     4,446,621
  Aviva Ord 541,990 Shares of Common Stock     3,012,740
  Axalta Coating Systems Ltd 98,800 Shares of Common Stock     3,272,256
  Axos Finl Inc 66,365 Shares of Common Stock     3,710,467
  Azz Inc 41,897 Shares of Common Stock     2,316,485
  B & M European Value Retail Sa 108,268 Shares of Common Stock     929,720
  Bae Systems Ord 13,713 Shares of Common Stock     102,118
  Baker Hughes Co 52,600 Shares of Common Stock     1,265,556
  Baloise Holding Ag 7,016 Shares of Common Stock     1,148,094
  Banco Actinver Sa Cbfi (Prologis) 207,774 Shares of Common Stock     576,975
  Banco Santander 267,887 Shares of Common Stock     895,797
  Bank Of America Corp 518,745 Shares of Common Stock     23,078,965
  Bankinter Sa 154,800 Shares of Common Stock     793,758
  Bapcor Ltd 125,219 Shares of Common Stock     638,194
  Barclays Plc Ord 2,661,720 Shares of Common Stock     6,741,662
  Barratt Developments Ord 74,711 Shares of Common Stock     756,919
  Barry Callebaut Ag 934 Shares of Common Stock     2,271,573
  Bayerische Motoren Werke A G 54,154 Shares of Common Stock     5,449,563
  Bbva(Bilb-Viz-Arg) 102,263 Shares of Common Stock     610,541
  Beazley Plc (United Kingdom) Ord 140,600 Shares of Common Stock     888,002
  Becton Dickinson & Co 82,224 Shares of Common Stock     20,677,692
  Becton Dickinson & Co Dep Shs Repstg 38,013 Shares of Common Stock     2,005,186
  Befimmo Sa 13,735 Shares of Common Stock     527,156
  Berry Global Group Inc 17,200 Shares of Common Stock     1,269,016
  Bhg Group Ab 32,500 Shares of Common Stock     342,630
  Bhp Group Limited 45,124 Shares of Common Stock     1,361,507
  Bhp Group Plc Ord 143,640 Shares of Common Stock     4,279,198
  Big Yellow Group (Placing) Ord 38,415 Shares of Common Stock     888,173
  Bilfinger Se 12,933 Shares of Common Stock     439,752
  Binggrae 11,334 Shares of Common Stock     507,229
  Biomerieux 6,681 Shares of Common Stock     948,944
  Bloomin Brands Inc 128,208 Shares of Common Stock     2,689,804
  Bluescope Steel 191,634 Shares of Common Stock     2,911,945
  Bnp Paribas 125,613 Shares of Common Stock     8,680,820
  Boc Hong Kong Hldg 119,000 Shares of Common Stock     389,986
  Boeing Co 34,356 Shares of Common Stock     6,916,550
  Bouygues 14,330 Shares of Common Stock     513,163
  Bp Ord 470,931 Shares of Common Stock     2,108,103
  Bqe Cant Vaudoise 6,440 Shares of Common Stock     500,414
           
           (continued)

23  -

 

MORGAN STANLEY 401(k) PLAN

Plan Number 003,      Employer Identification Number 20-8764829

FORM 5500, SCHEDULE H, LINE 4i —

SCHEDULE OF ASSETS (HELD AT END OF YEAR)

AT DECEMBER 31, 2021

           
           (e)
  (b) (c)  (d)     Current   
(a) Identity of Issuer Description of Investment  Cost**     Value  
  Corporate equities (continued)        
  Brambles Ltd 26,780 Shares of Common Stock     206,970
  Brandywine Rlty 22,264 Shares of Common Stock     298,783
  Brembo Spa 71,000 Shares of Common Stock     1,011,687
  Brenntag Se 57,151 Shares of Common Stock     5,172,074
  Brewin Dolphin Ord 196,000 Shares of Common Stock     982,247
  Brigham Minerals Inc 112,983 Shares of Common Stock     2,382,811
  Britvic Ord 66,924 Shares of Common Stock     833,936
  Broadstone Net Lease Inc 56,097 Shares of Common Stock     1,392,328
  Brother Industries 127,600 Shares of Common Stock     2,449,947
  Brunello Cucinelli 13,300 Shares of Common Stock     918,073
  Btrs Hldgs Inc 89,548 Shares of Common Stock     700,265
  Bucher Industries 2,200 Shares of Common Stock     1,088,954
  Bunge Ltd 79,264 Shares of Common Stock     7,400,087
  Bunzl Plc Ord 2,658 Shares of Common Stock     103,864
  Buzzi Unicem Spa 15,300 Shares of Common Stock     330,149
  C&C Group Ord 256,968 Shares of Common Stock     808,173
  Cafe De Coral Hldg 242,000 Shares of Common Stock     431,461
  Cairn Homes Plc Ord 519,235 Shares of Common Stock     669,521
  Canada Goose Hldgs Inc 59,045 Shares of Common Stock     2,188,208
  Canadian Pacific R 84,885 Shares of Common Stock     6,113,951
  Canon Inc 17,400 Shares of Common Stock     423,233
  Capgemini 35,523 Shares of Common Stock     8,705,502
  Capitaland Integrated Commercial Trust 1,085,137 Shares of Common Stock     1,642,013
  Capitaland Investment Ltd 466,200 Shares of Common Stock     1,179,203
  Carrefour Sa 195,848 Shares of Common Stock     3,586,879
  Casella Waste Sys Inc 150,504 Shares of Common Stock     12,856,052
  Castellum Ab 36,358 Shares of Common Stock     979,040
  Cboe Global Markets Inc 14,700 Shares of Common Stock     1,916,880
  Cdk Global Inc 82,300 Shares of Common Stock     3,435,202
  Cdn Apartment Prop Trust Units 35,573 Shares of Common Stock     1,688,602
  Celanese Corp Del 34,790 Shares of Common Stock     5,846,807
  Cellnex Telecom Sa 6,637 Shares of Common Stock     386,286
  Cent Garden & Pet Co 95,797 Shares of Common Stock     4,583,886
  Centene Corp Del 140,700 Shares of Common Stock     11,593,680
  Centerpoint Energy Inc 120,000 Shares of Common Stock     3,349,200
  Century Cmntys Inc 54,669 Shares of Common Stock     4,471,378
  Cerence Inc 66,441 Shares of Common Stock     5,092,038
  Cf Inds Hldgs Inc 191,234 Shares of Common Stock     13,535,543
  Challenger Ltd 83,894 Shares of Common Stock     398,298
  Charter Hall Group 53,804 Shares of Common Stock     805,053
  Chegg Inc 234,313 Shares of Common Stock     7,193,409
  Chesapeake Energy Corp 22,800 Shares of Common Stock     1,471,056
  Choice Hotels Intl Inc 2,893 Shares of Common Stock     451,279
  Chubb Ltd Ord 142,435 Shares of Common Stock     27,534,110
  Chubu Electric Power Co Inc 56,400 Shares of Common Stock     593,607
           
           (continued)

24  -

 

MORGAN STANLEY 401(k) PLAN

Plan Number 003,      Employer Identification Number 20-8764829

FORM 5500, SCHEDULE H, LINE 4i —

SCHEDULE OF ASSETS (HELD AT END OF YEAR)

AT DECEMBER 31, 2021

           
           (e)
  (b) (c)  (d)     Current   
(a) Identity of Issuer Description of Investment  Cost**     Value  
  Corporate equities (continued)        
  Chuys Holdings Inc 73,979 Shares of Common Stock     2,228,247
  Ci&T Inc 84,994 Shares of Common Stock     1,010,579
  Cie De St-Gobain 54,334 Shares of Common Stock     3,822,863
  Cigna Corp 65,746 Shares of Common Stock     15,097,254
  Cisco Systems Inc 190,246 Shares of Common Stock     12,055,889
  Cit Group Inc Stock Merger First Citizens 53,800 Shares of Common Stock     2,762,092
  Citigroup Inc 39,292 Shares of Common Stock     2,372,844
  Citrix Sys Inc 99,349 Shares of Common Stock     9,397,422
  Ck Asset Holdings Ltd 42,403 Shares of Common Stock     267,320
  Ck Hutchison Hldgs 511,500 Shares of Common Stock     3,300,085
  Cloetta Ab 233,900 Shares of Common Stock     676,859
  Close Bros Group Ord 36,700 Shares of Common Stock     697,905
  Clp Holdings Ltd 62,000 Shares of Common Stock     626,259
  Cnp Assurances 8,771 Shares of Common Stock     216,943
  Coca Cola Co 179,591 Shares of Common Stock     10,633,583
  Cognizant Tech Solutions Corp 77,950 Shares of Common Stock     6,915,724
  Coloplast 9,671 Shares of Common Stock     1,701,972
  Columbia Bkg Sys Inc 135,504 Shares of Common Stock     4,433,691
  Columbus Mckinnon Corp 50,635 Shares of Common Stock     2,342,375
  Comcast Corp 310,041 Shares of Common Stock     15,604,364
  Comfort Sys Usa Inc 45,546 Shares of Common Stock     4,506,321
  Community Healthcare Tr Inc 71,322 Shares of Common Stock     3,371,391
  Conagra Brands Inc 267,001 Shares of Common Stock     9,118,084
  Conmed Corp 32,461 Shares of Common Stock     4,601,671
  Conocophillips 218,037 Shares of Common Stock     15,737,911
  Contact Energy 108,200 Shares of Common Stock     600,041
  Cooper Cos Inc 14,890 Shares of Common Stock     6,238,017
  Copart Inc 57,790 Shares of Common Stock     8,762,120
  Core Laboratories Nv 244,119 Shares of Common Stock     5,446,295
  Country Garden Svc 94,000 Shares of Common Stock     563,062
  Cousins Pptys Inc 39,191 Shares of Common Stock     1,578,613
  Covestro Ag 2,307 Shares of Common Stock     142,195
  Credit Agricole Sa 22,163 Shares of Common Stock     316,307
  Csx Corp 259,800 Shares of Common Stock     9,768,480
  Ctp N.V 27,300 Shares of Common Stock     580,552
  Cubesmart 49,010 Shares of Common Stock     2,789,159
  Cummins Inc 44,978 Shares of Common Stock     9,811,501
  Cvs Health Corp 106,781 Shares of Common Stock     11,015,528
  D R Horton Inc 10,613 Shares of Common Stock     1,150,980
  Dah Sing Financial 155,600 Shares of Common Stock     471,013
  Dai-Ichi Life Hold 41,700 Shares of Common Stock     842,112
  Daiichikosho Co 21,400 Shares of Common Stock     646,711
  Daikyonishikawa Corporation 74,400 Shares of Common Stock     377,960
  Daimler Truck Hldg 6,121 Shares of Common Stock     224,764
  Daiwa House Inds 11,600 Shares of Common Stock     333,227
           
           (continued)

25  -

 

MORGAN STANLEY 401(k) PLAN

Plan Number 003,      Employer Identification Number 20-8764829

FORM 5500, SCHEDULE H, LINE 4i —

SCHEDULE OF ASSETS (HELD AT END OF YEAR)

AT DECEMBER 31, 2021

           
           (e)
  (b) (c)  (d)     Current   
(a) Identity of Issuer Description of Investment  Cost**     Value  
  Corporate equities (continued)        
  Daiwa House Reit  Investment Co 392 Shares of Common Stock     1,186,331
  Daiwa Office Investment Corp Reit 311 Shares of Common Stock     1,890,495
  Daiwa Securities Living Investment Corp 550 Shares of Common Stock     565,976
  Danske Bank A/S 14,344 Shares of Common Stock     247,721
  Dcc Ord 1,907 Shares of Common Stock     156,268
  Dechra Pharma Ord 21,800 Shares of Common Stock     1,572,313
  Descente Ltd 20,900 Shares of Common Stock     768,629
  Deutsche Bank Ag 221,606 Shares of Common Stock     2,776,650
  Deutsche Boerse Ag 45,047 Shares of Common Stock     7,535,558
  Deutsche Post Ag 176,065 Shares of Common Stock     11,320,503
  Deutsche Telekom 333,272 Shares of Common Stock     6,177,650
  Devon Energy Corp 214,050 Shares of Common Stock     9,428,903
  Dexcom Inc 12,100 Shares of Common Stock     6,497,095
  Dexus Property Group 418,519 Shares of Common Stock     3,383,641
  Diageo Ord Plc 53,888 Shares of Common Stock     2,945,820
  Diasorin Spa 3,363 Shares of Common Stock     640,396
  Dic Asset Ag 48,200 Shares of Common Stock     842,477
  Dieteren Group 9,000 Shares of Common Stock     1,756,292
  Dip Corporation 31,300 Shares of Common Stock     1,064,127
  Discovery Inc 61,600 Shares of Common Stock     1,410,640
  Dish Network Corp 84,200 Shares of Common Stock     2,731,448
  Dollar Tree Inc 22,330 Shares of Common Stock     3,137,812
  Dometic Group Ab 82,600 Shares of Common Stock     1,085,204
  Domino'S Pizza Group Plc Ord 160,800 Shares of Common Stock     999,246
  Douglas Emmett Inc 118,690 Shares of Common Stock     3,976,115
  Duckhorn Portfolio Inc 94,284 Shares of Common Stock     2,200,589
  Dufry Ag 5,091 Shares of Common Stock     252,273
  E.On Se 9,748 Shares of Common Stock     135,154
  Ebay Inc 17,400 Shares of Common Stock     1,157,100
  Ebix Inc 20,175 Shares of Common Stock     613,320
  Ecovyst Inc 214,555 Shares of Common Stock     2,197,043
  Electricite de France SA 156,909 Shares of Common Stock     1,843,254
  Elanco Animal Health Inc 368,700 Shares of Common Stock     10,463,706
  Elanco Animal Health Inc Unit(1Com&1Sr) 5,568 Shares of Common Stock     248,667
  Elecom Co 22,200 Shares of Common Stock     291,682
  Electrolux Ab 142,148 Shares of Common Stock     3,446,212
  Elementis Ord 354,600 Shares of Common Stock     632,059
  Elior Group 85,626 Shares of Common Stock     619,785
  Emmi Ag 690 Shares of Common Stock     814,838
  Enagas Sa 106,399 Shares of Common Stock     2,468,338
  Encore Wire Corp 16,940 Shares of Common Stock     2,424,114
  Endesa Sa 74,155 Shares of Common Stock     1,703,447
  Eneos Holdings Inc 338,200 Shares of Common Stock     1,263,753
  Entain Plc 17,626 Shares of Common Stock     401,792
  Entergy Corp 77,865 Shares of Common Stock     8,771,492
           
           (continued)

26  -

 

MORGAN STANLEY 401(k) PLAN

Plan Number 003,      Employer Identification Number 20-8764829

FORM 5500, SCHEDULE H, LINE 4i —

SCHEDULE OF ASSETS (HELD AT END OF YEAR)

AT DECEMBER 31, 2021

           
           (e)
  (b) (c)  (d)     Current   
(a) Identity of Issuer Description of Investment  Cost**     Value  
  Corporate equities (continued)        
  Eqt Corp 64,300 Shares of Common Stock     1,402,383
  Eqty Lifestyle Pptys Inc Reit 19,820 Shares of Common Stock     1,737,421
  Equinix Inc 4,657 Shares of Common Stock     3,939,077
  Equitable Hldgs Inc 427,073 Shares of Common Stock     14,003,724
  Ericsson 251,031 Shares of Common Stock     2,766,821
  Essex Ppty Tr Reit 34,491 Shares of Common Stock     12,148,765
  Eurocommercial 30,197 Shares of Common Stock     655,414
  Eurofins Scientifi 9,109 Shares of Common Stock     1,127,033
  Euronav 49,800 Shares of Common Stock     441,734
  Euronet Worldwide Inc 17,800 Shares of Common Stock     2,121,226
  Euronext 9,160 Shares of Common Stock     950,529
  Everbridge Inc 27,602 Shares of Common Stock     1,858,443
  Evergy Inc 54,400 Shares of Common Stock     3,732,384
  Evn Ag 32,500 Shares of Common Stock     983,110
  Evraz Plc Ord 407,894 Shares of Common Stock     3,323,672
  Exclusive Networks 13,900 Shares of Common Stock     298,090
  Expedia Group Inc 29,400 Shares of Common Stock     5,313,168
  Experian Ord 52,664 Shares of Common Stock     2,590,733
  Extra Space Storage Inc 20,694 Shares of Common Stock     4,691,951
  Exxon Mobil Corp 213,558 Shares of Common Stock     13,067,614
  Fabege Ab 111,659 Shares of Common Stock     1,869,031
  Fagron 35,700 Shares of Common Stock     600,851
  Federal Rlty Invt 3,201 Shares of Common Stock     436,360
  Federal Signal Corp 99,028 Shares of Common Stock     4,291,874
  Ferrovial Sa 76,770 Shares of Common Stock     2,406,067
  Fidelity Natl Finl Inc 83,131 Shares of Common Stock     4,337,776
  Finecobank Spa 66,928 Shares of Common Stock     1,174,766
  Firstservice Corp 70,900 Shares of Common Stock     13,929,723
  Fiserv Inc 148,100 Shares of Common Stock     15,371,299
  Fjordkraft Hldg 80,100 Shares of Common Stock     432,914
  Fleetcor Technologies Inc 17,500 Shares of Common Stock     3,917,200
  Flex Ltd 129,300 Shares of Common Stock     2,370,069
  Flight Centre Travel Group Ltd 59,870 Shares of Common Stock     766,972
  Fluidra Sa 14,510 Shares of Common Stock     580,827
  Forbo Hldgs Ag 470 Shares of Common Stock     964,605
  Fortinet Inc 39,690 Shares of Common Stock     14,264,586
  Fortune R/Est Inv 500,000 Shares of Common Stock     513,705
  Fox Corp Cl A Cl A 64,207 Shares of Common Stock     2,369,238
  Fox Corp Cl B Cl B 123,939 Shares of Common Stock     4,247,390
  Fp Corp 19,300 Shares of Common Stock     656,993
  Fresenius Se&Kgaa 8,703 Shares of Common Stock     350,356
  Gallagher Arthur J & Co 63,950 Shares of Common Stock     10,850,397
  Gaming & Leisure Pptys Inc 40,443 Shares of Common Stock     1,967,956
  Gea Group Ag 22,204 Shares of Common Stock     1,214,291
  Gecina Sa 9,320 Shares of Common Stock     1,302,581
           
           (continued)

27  -

 

MORGAN STANLEY 401(k) PLAN

Plan Number 003,      Employer Identification Number 20-8764829 

FORM 5500, SCHEDULE H, LINE 4i —

SCHEDULE OF ASSETS (HELD AT END OF YEAR) 

AT DECEMBER 31, 2021

           
           (e)
  (b) (c)  (d)     Current   
(a) Identity of Issuer Description of Investment  Cost**     Value  
  Corporate equities (continued)        
  Gen Mtrs Co 143,298 Shares of Common Stock     8,401,562
  General Electric Co 403,611 Shares of Common Stock     38,129,131
  Genmab As 2,920 Shares of Common Stock     1,174,206
  Glaukos Corp 57,482 Shares of Common Stock     2,554,500
  Global Pmts Inc 61,110 Shares of Common Stock     8,260,850
  Globant Sa 29,638 Shares of Common Stock     9,308,999
  Gmo Internet Inc 22,800 Shares of Common Stock     537,554
  Gn Store Nord 12,897 Shares of Common Stock     811,060
  Goldman Sachs Group Inc 36,267 Shares of Common Stock     13,873,941
  Goodman Group 183,617 Shares of Common Stock     3,537,717
  Goosehead Ins Inc 18,477 Shares of Common Stock     2,403,488
  Gpt Group 51,414 Shares of Common Stock     202,603
  Grainger Plc Ord 304,533 Shares of Common Stock     1,299,295
  Graphic Packaging Hldg Co 176,500 Shares of Common Stock     3,441,750
  Great Portland Est Ord 87,378 Shares of Common Stock     861,582
  Grid Dynamics Holdings Inc 24,832 Shares of Common Stock     942,871
  Griffon Corp 81,640 Shares of Common Stock     2,325,107
  Gvs Spa 35,200 Shares of Common Stock     422,311
  Hamilton Lane Inc 104,269 Shares of Common Stock     10,804,354
  Hansol Chemical Co 3,760 Shares of Common Stock     966,292
  Hartford Finl Svcs Group Inc 101,200 Shares of Common Stock     6,986,848
  Healthcare Rlty Tr 58,973 Shares of Common Stock     1,865,906
  Healthcare Tr Amer Inc 61,573 Shares of Common Stock     2,055,922
  Helios Towers Plc Ord 304,200 Shares of Common Stock     708,681
  Hellofresh Se 41,121 Shares of Common Stock     3,158,360
  Henkel Ag & Co Kgaa 1,152 Shares of Common Stock     93,197
  Hexpol 83,000 Shares of Common Stock     1,112,002
  Hill & Smith Ord 32,290 Shares of Common Stock     785,484
  Hilltop Hldgs Inc 63,840 Shares of Common Stock     2,243,338
  Hirose Electric 1,200 Shares of Common Stock     201,537
  Hiscox Ord 57,500 Shares of Common Stock     670,399
  Hitachi Metals 43,300 Shares of Common Stock     801,288
  Holcim Ltd 40,996 Shares of Common Stock     2,092,656
  Hollyfrontier Corp 74,500 Shares of Common Stock     2,442,110
  Hologic Inc 132,092 Shares of Common Stock     10,112,964
  Home Depot Inc 17,800 Shares of Common Stock     7,387,178
  Honda Motor Co 44,600 Shares of Common Stock     1,250,992
  Hong Kong Exchanges & Clear 19,000 Shares of Common Stock     1,109,834
  Hongkong Land Hld Ord 157,100 Shares of Common Stock     816,920
  Horizon Therapeutics Plc 70,670 Shares of Common Stock     7,615,399
  Hostess Brands Inc 228,687 Shares of Common Stock     4,669,789
  Hoya Corp 21,592 Shares of Common Stock     3,208,190
  Hsbc Hldgs Ord 48,235 Shares of Common Stock     293,112
  Hubspot Inc 12,310 Shares of Common Stock     8,114,137
  Huntington Bancshares Inc 717,011 Shares of Common Stock     11,056,310
           
           (continued)

28  -

 

MORGAN STANLEY 401(k) PLAN

Plan Number 003,      Employer Identification Number 20-8764829

FORM 5500, SCHEDULE H, LINE 4i —

SCHEDULE OF ASSETS (HELD AT END OF YEAR)

AT DECEMBER 31, 2021

           
           (e)
  (b) (c)  (d)     Current   
(a) Identity of Issuer Description of Investment  Cost**     Value  
  Corporate equities (continued)        
  Huntington Ingalls Inds Inc 12,600 Shares of Common Stock     2,352,924
  Husqvarna Ab 121,288 Shares of Common Stock     1,940,453
  Hysan Development 193,000 Shares of Common Stock     596,604
  Iac/Interactivecorp 18,600 Shares of Common Stock     2,431,206
  Iberdrola Sa 58,096 Shares of Common Stock     687,755
  Ibiden Co Ltd 21,900 Shares of Common Stock     1,300,821
  Ibstock Plc Ord 258,500 Shares of Common Stock     713,555
  Ica Gruppen Ab 8,599 Shares of Common Stock     507,553
  Icon Plc 58,663 Shares of Common Stock     18,167,931
  Idex Corp 26,120 Shares of Common Stock     6,172,678
  Idexx Labs Inc 14,510 Shares of Common Stock     9,554,255
  Igo Ltd 146,054 Shares of Common Stock     1,217,983
  Iida Group Ltd 11,700 Shares of Common Stock     271,887
  Ill Tool Wks Inc 49,834 Shares of Common Stock     12,299,031
  Iluka Resources 156,388 Shares of Common Stock     1,148,389
  Impinj Inc 34,464 Shares of Common Stock     3,056,957
  Incitec Pivot 348,076 Shares of Common Stock     819,942
  Industrial & Infra Reit 799 Shares of Common Stock     1,541,035
  Indutrade Ab 49,700 Shares of Common Stock     1,521,655
  Infineon Technolog Ord 24,564 Shares of Common Stock     1,138,597
  Informa Plc (Gb) Ord 89,731 Shares of Common Stock     627,856
  Ing Groep N.V. 391,624 Shares of Common Stock     5,452,035
  Inm Colonial Socim 134,135 Shares of Common Stock     1,258,441
  Innospec Inc 22,678 Shares of Common Stock     2,048,731
  Inogen Inc 8,801 Shares of Common Stock     299,234
  Inspire Med Sys Inc 10,422 Shares of Common Stock     2,397,685
  Insulet Corp 20,420 Shares of Common Stock     5,433,149
  Intermed Cap Grp Ord 27,937 Shares of Common Stock     830,194
  International Consolidated Airline Ord 1,388,988 Shares of Common Stock     2,680,498
  Interrent Real Est Trust Units 50,009 Shares of Common Stock     685,315
  Intesa Sanpaolo 1,264,346 Shares of Common Stock     3,269,590
  Intl Flavors & Fragrances Inc 105,533 Shares of Common Stock     15,898,546
  Intl Paper Co 471,313 Shares of Common Stock     22,142,285
  Investor Ab 27,821 Shares of Common Stock     699,838
  Invitation Homes Inc 128,926 Shares of Common Stock     5,845,505
  Ipsen Sa 17,906 Shares of Common Stock     1,639,198
  Ipsos 27,900 Shares of Common Stock     1,308,775
  Iress Limited 75,805 Shares of Common Stock     688,925
  Iriso Electronics 16,500 Shares of Common Stock     621,141
  J & J Snack Foods Corp 30,210 Shares of Common Stock     4,771,972
  Jack In The Box Inc 53,390 Shares of Common Stock     4,670,557
  Japan Lifeline Co 44,600 Shares of Common Stock     424,485
  Japan Metropolitan Fund Invest 1,115 Shares of Common Stock     959,546
  Japan Post Hold Co 106,600 Shares of Common Stock     830,176
  Japan Post Insuran 66,600 Shares of Common Stock     1,069,949
           
          (continued)

29  -

 

MORGAN STANLEY 401(k) PLAN

Plan Number 003,      Employer Identification Number 20-8764829

FORM 5500, SCHEDULE H, LINE 4i —

SCHEDULE OF ASSETS (HELD AT END OF YEAR)

AT DECEMBER 31, 2021

           
           (e)
  (b) (c)  (d)     Current   
(a) Identity of Issuer Description of Investment  Cost**     Value  
  Corporate equities (continued)        
  Jbg Smith Properties 116,020 Shares of Common Stock     3,330,934
  Jeol Ltd 17,000 Shares of Common Stock     1,356,693
  Jins Holdings Inc 11,200 Shares of Common Stock     681,794
  Johnson & Johnson 111,844 Shares of Common Stock     19,133,153
  Jtower Inc 12,400 Shares of Common Stock     1,039,121
  Jungheinrich Non-Vtg Prf 18,800 Shares of Common Stock     959,506
  Juniper Networks Inc 138,840 Shares of Common Stock     4,957,976
  Jyske Bank A/S 15,100 Shares of Common Stock     778,059
  Kajima Corp 200,300 Shares of Common Stock     2,297,740
  Kbc Groep Nv 4,852 Shares of Common Stock     416,365
  Kddi Corp 7,900 Shares of Common Stock     230,644
  Kesko Oyj 8,042 Shares of Common Stock     268,325
  Kilroy Rlty Corp 28,250 Shares of Common Stock     1,877,495
  Kimberly-Clark Corp 97,785 Shares of Common Stock     13,975,432
  Kinaxis Inc 18,800 Shares of Common Stock     2,639,278
  Kingfisher Ord 570,843 Shares of Common Stock     2,615,662
  Kinross Gold Corp 276,200 Shares of Common Stock     1,604,722
  Kintetsu World Exp 30,400 Shares of Common Stock     789,336
  Kinx Inc 13,400 Shares of Common Stock     563,054
  Klepierre 49,878 Shares of Common Stock     1,182,638
  Kobe Steel Ltd 62,200 Shares of Common Stock     311,662
  Kohls Corp 111,971 Shares of Common Stock     5,530,248
  Kon Ahold Delhaize 114,481 Shares of Common Stock     3,923,210
  Kone Corporation 37,578 Shares of Common Stock     2,693,933
  Koninklijke Dsm Nv 37,978 Shares of Common Stock     8,551,340
  Koninklijke Kpn 112,637 Shares of Common Stock     349,688
  Koninklijke Philip 51,555 Shares of Common Stock     1,920,958
  Kraft Heinz Co 83,200 Shares of Common Stock     2,986,880
  Kratos Defense & Security Solutions Inc 38,285 Shares of Common Stock     742,729
  Krones Ag Ord 9,600 Shares of Common Stock     1,046,952
  Kuehne&Nagel Intl 746 Shares of Common Stock     241,039
  Kyocera Corp 2,400 Shares of Common Stock     149,788
  Kyung Dong Navien 17,206 Shares of Common Stock     794,624
  La Francaise Des 16,537 Shares of Common Stock     732,301
  Lab Corp Amer Hldgs 11,300 Shares of Common Stock     3,550,573
  Las Vegas Sands Corp 186,843 Shares of Common Stock     7,032,771
  Latham Group Inc 217,890 Shares of Common Stock     5,453,787
  Lendingtree Inc 16,260 Shares of Common Stock     1,993,476
  Lendlease Corp Ltd 107,864 Shares of Common Stock     838,337
  Lennar Corp 57,219 Shares of Common Stock     6,646,559
  Lg Innotek Co 6,580 Shares of Common Stock     2,014,822
  Liberty Broadband Corp 23,324 Shares of Common Stock     3,757,496
  Liberty Global Plc 68,100 Shares of Common Stock     1,889,094
  Liberty Media Corp Del 75,660 Shares of Common Stock     3,847,311
  Lightspeed Commerce Inc 92,220 Shares of Common Stock     3,728,455
           
          (continued)

30  -

 

MORGAN STANLEY 401(k) PLAN

Plan Number 003,      Employer Identification Number 20-8764829

FORM 5500, SCHEDULE H, LINE 4i —

SCHEDULE OF ASSETS (HELD AT END OF YEAR)

AT DECEMBER 31, 2021

           
           (e)
  (b) (c)  (d)     Current   
(a) Identity of Issuer Description of Investment  Cost**     Value  
  Corporate equities (continued)        
  Linde Plc 27,492 Shares of Common Stock     9,566,755
  Linea Directa Aseguradora Sa 379,900 Shares of Common Stock     694,908
  Link Real Estate Investment 157,500 Shares of Common Stock     1,386,860
  Lion Corp 21,300 Shares of Common Stock     284,296
  Live Nation Entertainment Inc 77,000 Shares of Common Stock     9,216,130
  Livent Corp 85,172 Shares of Common Stock     2,076,493
  Liveperson Inc 26,336 Shares of Common Stock     940,722
  Lkq Corp 48,300 Shares of Common Stock     2,899,449
  Loews Corp 67,694 Shares of Common Stock     3,910,005
  Logitech Intl 7,633 Shares of Common Stock     644,049
  London Stock Exchange Group Ord 6,592 Shares of Common Stock     618,747
  Lonza Group Ag 3,225 Shares of Common Stock     2,695,670
  Loomis Ak 24,600 Shares of Common Stock     654,000
  Lpl Finl Hldgs Inc 51,880 Shares of Common Stock     8,305,469
  Lululemon Athletica Inc 9,170 Shares of Common Stock     3,589,597
  Lvmh Moet Hennessy Louis Vuitton Se 847 Shares of Common Stock     700,253
  M&G Plc Ord Gbp0.05 669,293 Shares of Common Stock     1,808,515
  Magna International Inc 120,254 Shares of Common Stock     9,733,359
  Maisons Du Monde 42,900 Shares of Common Stock     993,281
  Mapletree Commercial Trust 54,100 Shares of Common Stock     80,258
  Mapletree Ind Tst 392,379 Shares of Common Stock     788,745
  Markel Corp Holding Co 2,600 Shares of Common Stock     3,208,400
  Marr Spa 33,200 Shares of Common Stock     713,570
  Marriott Vacations Worldwide Corp 7,088 Shares of Common Stock     1,197,730
  Marsh & Mclennan Co'S Inc 72,950 Shares of Common Stock     12,680,169
  Marubeni Corp 230,500 Shares of Common Stock     2,240,847
  Maruwa Co Ltd 6,600 Shares of Common Stock     934,219
  Masonite Intl Corp 40,080 Shares of Common Stock     4,727,436
  Mayr-Melnhof Karto 3,400 Shares of Common Stock     682,820
  Mazda Motor Corp 79,300 Shares of Common Stock     609,444
  Mcdonald'S Holding Co Japan 6,500 Shares of Common Stock     287,308
  Medacta Group Sa 10,998 Shares of Common Stock     1,714,005
  Medical Pptys Tr Inc 81,010 Shares of Common Stock     1,914,266
  Medipal Holdings Corp 26,000 Shares of Common Stock     486,562
  Medtronic Plc 161,747 Shares of Common Stock     16,732,727
  Megaport Ltd 78,346 Shares of Common Stock     1,057,205
  Meitec Corporation 13,000 Shares of Common Stock     764,274
  Melco Intl Dev 430,000 Shares of Common Stock     524,518
  Melia Hotels Intl 87,400 Shares of Common Stock     596,547
  Mercedes-Benz Group Ag 12,243 Shares of Common Stock     941,038
  Merck & Co Inc 163,066 Shares of Common Stock     12,497,378
  Merck Kgaa 4,248 Shares of Common Stock     1,096,598
  Merit Med Sys Inc 66,874 Shares of Common Stock     4,166,250
  Merlin Properties 112,141 Shares of Common Stock     1,220,431
  Methode Electrs Inc 45,805 Shares of Common Stock     2,252,232
           
          (continued)

31  -

 

MORGAN STANLEY 401(k) PLAN

Plan Number 003,      Employer Identification Number 20-8764829

FORM 5500, SCHEDULE H, LINE 4i —

SCHEDULE OF ASSETS (HELD AT END OF YEAR)

AT DECEMBER 31, 2021

           
           (e)
  (b) (c)  (d)     Current   
(a) Identity of Issuer Description of Investment  Cost**     Value  
  Corporate equities (continued)        
  Metlife Inc 346,990 Shares of Common Stock     21,683,405
  Mgm Growth Pptys Llc 17,551 Shares of Common Stock     716,958
  Michelin (Cgde) 10,774 Shares of Common Stock     1,766,154
  Microchip Technology Inc 100,040 Shares of Common Stock     8,709,482
  Microsoft Corp 96,521 Shares of Common Stock     32,461,943
  Mips Mips 9,500 Shares of Common Stock     1,245,492
  Misumi Group Inc 21,800 Shares of Common Stock     893,543
  Mithra Pharmaceuti 18,800 Shares of Common Stock     427,160
  Mitie Group Ord 808,000 Shares of Common Stock     705,885
  Mitsubishi Corp 7,900 Shares of Common Stock     250,539
  Mitsubishi Elec Cp 9,500 Shares of Common Stock     120,323
  Mitsubishi Estate Co Ltd 214,500 Shares of Common Stock     2,970,086
  Mitsubishi Hc Cap. 21,500 Shares of Common Stock     106,235
  Mitsubishi Hvy Ind 6,900 Shares of Common Stock     159,325
  Mitsui Fudosan Co Ltd 153,353 Shares of Common Stock     3,034,300
  Mizuho Financial Group 301,800 Shares of Common Stock     3,834,253
  Mmc Norilsk Nickel Adr 111,296 Shares of Common Stock     3,442,385
  Moelis & Co 64,700 Shares of Common Stock     4,044,397
  Molson Coors Beverage Company 63,785 Shares of Common Stock     2,956,435
  Moneysupermarket.C Ord 176,339 Shares of Common Stock     515,900
  Mongodb Inc 8,220 Shares of Common Stock     4,351,257
  Monro Inc 74,970 Shares of Common Stock     4,368,502
  Montrose Environmental Group Inc 169,551 Shares of Common Stock     11,955,041
  Moog Inc 51,592 Shares of Common Stock     4,177,404
* Morgan Stanley 29,021,541 Shares of Common Stock     2,848,754,465
  Mori Hills Reit 432 Shares of Common Stock     585,604
  Ms&Ad Ins Gp Hldgs 21,300 Shares of Common Stock     656,452
  Msci Inc 12,310 Shares of Common Stock     7,542,214
  Mtu Aero Engines A 9,257 Shares of Common Stock     1,888,555
  Munters Group Ab 82,000 Shares of Common Stock     633,532
  Musti Group Oyj 12,000 Shares of Common Stock     422,493
  N V R Inc 400 Shares of Common Stock     2,363,548
  Nagaileben Co 29,600 Shares of Common Stock     581,950
  Nagarro Se 4,100 Shares of Common Stock     941,829
  Namen-Akt Belimo Holding Ag 2,180 Shares of Common Stock     1,387,697
  Namen-Akt Vz Holding Ag 12,230 Shares of Common Stock     1,312,730
  Natera Inc 122,567 Shares of Common Stock     11,446,532
  National Storage R Reit Stapled Unit 720,649 Shares of Common Stock     1,393,701
  Ncr Corp 23,673 Shares of Common Stock     951,655
  Neogenomics Inc 30,821 Shares of Common Stock     1,051,613
  Nestle Sa 56,395 Shares of Common Stock     7,887,811
  Netapp Inc 66,240 Shares of Common Stock     6,093,418
  Nevro Corp 50,985 Shares of Common Stock     4,133,354
  New World Devel Co 459,750 Shares of Common Stock     1,819,233
  Newcrest Mining Ltd 17,997 Shares of Common Stock     320,314
           
          (continued)

32  -

 

MORGAN STANLEY 401(k) PLAN

Plan Number 003,      Employer Identification Number 20-8764829

FORM 5500, SCHEDULE H, LINE 4i —

SCHEDULE OF ASSETS (HELD AT END OF YEAR)

AT DECEMBER 31, 2021

           
           (e)
  (b) (c)  (d)     Current   
(a) Identity of Issuer Description of Investment  Cost**     Value  
  Corporate equities (continued)        
  News Corp 466,506 Shares of Common Stock     10,407,749
  Nexans Sa 11,400 Shares of Common Stock     1,112,966
  Nextdc Ltd 93,691 Shares of Common Stock     871,230
  Nextera Energy Inc 147,473 Shares of Common Stock     13,768,079
  Ngk Insulators Ltd 8,000 Shares of Common Stock     135,053
  Nice Information S 44,200 Shares of Common Stock     669,274
  Nielsen Holdings Plc 225,548 Shares of Common Stock     4,625,989
  Nihon Parkerizing 47,500 Shares of Common Stock     464,048
  Nippon Accommodati Reit 33 Shares of Common Stock     189,996
  Nippon Steel Corp 13,200 Shares of Common Stock     215,329
  Nippon Telegraph & Telephone Corp 46,900 Shares of Common Stock     1,282,923
  Nisource Inc 154,900 Shares of Common Stock     4,276,789
  Nitto Denko Corp 16,500 Shares of Common Stock     1,273,805
  Nitto Kohki Co Ltd 31,200 Shares of Common Stock     496,090
  Nn Group N.V. 2,568 Shares of Common Stock     139,037
  Nomura Holdings 137,700 Shares of Common Stock     599,923
  Nomura Real Estate Master Fu 536 Shares of Common Stock     753,114
  Northwestern Corp 77,337 Shares of Common Stock     4,420,583
  Novanta Inc Novanta Inc 35,738 Shares of Common Stock     6,301,682
  Novartis Ag 72,321 Shares of Common Stock     6,372,090
  Novo-Nordisk As 27,361 Shares of Common Stock     3,074,857
  Nutanix Inc 188,810 Shares of Common Stock     6,015,487
  Nxp Semiconductors N V 34,265 Shares of Common Stock     7,804,882
  O Reilly Automotive Inc 2,600 Shares of Common Stock     1,836,198
  Obayashi Corp 357,000 Shares of Common Stock     2,759,151
  Oc Oerlikon Corp 74,600 Shares of Common Stock     766,755
  Odfjell Drilling Limited 204,900 Shares of Common Stock     469,363
  Oge Energy Corp 110,357 Shares of Common Stock     4,235,502
  Okinawa Cellular 17,200 Shares of Common Stock     763,250
  Old Rep Intl Corp 96,800 Shares of Common Stock     2,379,344
  Ollies Bargain Outlet Hldgs Inc 74,126 Shares of Common Stock     3,794,510
  Olympus Corp 8,000 Shares of Common Stock     184,065
  On Semiconductor Corp 80,080 Shares of Common Stock     5,439,034
  Ono Pharmaceutical 7,300 Shares of Common Stock     181,050
  Orange SA 325,326 Shares of Common Stock     3,482,441
  Organon & Co 96,500 Shares of Common Stock     2,938,425
  Palo Alto Networks Inc 22,320 Shares of Common Stock     12,426,883
  Panasonic Corp 19,100 Shares of Common Stock     209,817
  Papa Johns Intl Inc 17,139 Shares of Common Stock     2,287,542
  Park 24 Co Ltd 40,100 Shares of Common Stock     548,805
  Park Hotels & Resorts Inc 30,032 Shares of Common Stock     567,004
  Patrizia Ag 44,900 Shares of Common Stock     1,046,736
  Patterson Cos Inc 78,231 Shares of Common Stock     2,296,080
  Pdc Energy Inc 91,415 Shares of Common Stock     4,459,224
  Penta Ocean Const 123,000 Shares of Common Stock     694,282
           
          (continued)

33  -

 

MORGAN STANLEY 401(k) PLAN

Plan Number 003,      Employer Identification Number 20-8764829

FORM 5500, SCHEDULE H, LINE 4i —

SCHEDULE OF ASSETS (HELD AT END OF YEAR)

AT DECEMBER 31, 2021

           
           (e)
  (b) (c)  (d)     Current   
(a) Identity of Issuer Description of Investment  Cost**     Value  
  Corporate equities (continued)        
  Perella Weinberg Partners 166,554 Shares of Common Stock     2,141,884
  Perrigo Company Limited 100,002 Shares of Common Stock     3,890,078
  Persimmon Ord 10,286 Shares of Common Stock     397,894
  Petiq Inc 46,106 Shares of Common Stock     1,047,067
  Pfizer Inc 249,563 Shares of Common Stock     14,736,695
  Philip Morris Intl 142,580 Shares of Common Stock     13,545,100
  Piper Sandler Companies 25,000 Shares of Common Stock     4,462,750
  Planet Fitness Inc 45,362 Shares of Common Stock     4,108,890
  Plymouth Indl Reit Inc 157,467 Shares of Common Stock     5,038,944
  Porsche Auto Hl Se Non Vtg Prf Npv 8,274 Shares of Common Stock     785,103
  Post Hldgs Inc 51,200 Shares of Common Stock     5,771,776
  Potlatchdeltic Corporation 37,870 Shares of Common Stock     2,280,531
  Power Assets Hldgs 13,000 Shares of Common Stock     81,038
  Prima Meat Packers 23,500 Shares of Common Stock     506,917
  Progyny Inc 228,319 Shares of Common Stock     11,495,862
  Prologis Inc 42,841 Shares of Common Stock     7,212,711
  Prosegur Seguridad 198,249 Shares of Common Stock     520,787
  Provident Finl Svcs Inc 91,831 Shares of Common Stock     2,224,147
  Proximus 67,293 Shares of Common Stock     1,311,649
  Prysmian Spa 16,209 Shares of Common Stock     610,313
  Psp Swiss Property 8,338 Shares of Common Stock     1,040,477
  Publicis Groupe Sa 39,009 Shares of Common Stock     2,626,174
  Pva Tepla Ag Ord 19,782 Shares of Common Stock     942,586
  Qiagen Nv 19,725 Shares of Common Stock     1,098,908
  Qualcomm Inc 148,255 Shares of Common Stock     27,111,392
  Quest Diagnostics Inc 44,690 Shares of Common Stock     7,731,817
  Radius Global Infrastructure Inc 266,116 Shares of Common Stock     4,284,468
  Raffles Medical 751,061 Shares of Common Stock     763,234
  Rambus Inc Del 157,239 Shares of Common Stock     4,621,254
  Ranpak Hldgs Corp 130,068 Shares of Common Stock     4,887,955
  Rapid7 Inc 17,373 Shares of Common Stock     2,044,628
  Recordati 13,869 Shares of Common Stock     891,109
  Red Electrica Corp 4,197 Shares of Common Stock     90,803
  Regency Ctrs Corp 26,221 Shares of Common Stock     1,975,752
  Reliance Inds Spon Gdr 42,990 Shares of Common Stock     2,749,211
  Relo Group Inc 36,800 Shares of Common Stock     664,385
  Renasant Corp 115,471 Shares of Common Stock     4,382,124
  Renesas Electronics Corporation 139,400 Shares of Common Stock     1,722,602
  Renewi Plc Ord 143,738 Shares of Common Stock     1,473,768
  Repay Hldgs Corp 229,892 Shares of Common Stock     4,200,127
  Repsol Sa 11,196 Shares of Common Stock     132,872
  Resona Holdings 893,300 Shares of Common Stock     3,470,648
  Rexel 71,182 Shares of Common Stock     1,443,306
  Rexford Indl Rlty Inc 54,730 Shares of Common Stock     4,439,150
  Rhi Magnesita N.V. 9,200 Shares of Common Stock     411,959
           
          (continued)

34  -

 

MORGAN STANLEY 401(k) PLAN

Plan Number 003,      Employer Identification Number 20-8764829

FORM 5500, SCHEDULE H, LINE 4i —

SCHEDULE OF ASSETS (HELD AT END OF YEAR)

AT DECEMBER 31, 2021

           
           (e)
  (b) (c)  (d)     Current   
(a) Identity of Issuer Description of Investment  Cost**     Value  
  Corporate equities (continued)        
  Ricoh Co Ltd 38,900 Shares of Common Stock     361,790
  Rio Tinto Limited 5,541 Shares of Common Stock     403,302
  Rio Tinto Ord 68,410 Shares of Common Stock     4,532,826
  Roche Hldgs Ag Genusscheine 25,782 Shares of Common Stock     10,727,055
  Rocket Pharmaceuticals Inc 73,992 Shares of Common Stock     1,615,245
  Rockwell Automation 48,885 Shares of Common Stock     17,053,533
  Rohm Co Ltd 10,200 Shares of Common Stock     927,394
  Roland Corporation 17,200 Shares of Common Stock     587,000
  Ross Stores Inc 49,740 Shares of Common Stock     5,684,287
  Rwe Ag 7,641 Shares of Common Stock     310,383
  Ryohin Keikaku Co 16,000 Shares of Common Stock     243,706
  S.W. Airl Co 165,842 Shares of Common Stock     7,104,671
  Sabra Health Care Reit Inc 62,054 Shares of Common Stock     840,211
  Safestore Hldgs Ord 92,898 Shares of Common Stock     1,772,884
  Sage Group 218,497 Shares of Common Stock     2,523,212
  Sam Yung Trading 45,641 Shares of Common Stock     554,795
  Samhallsbyggnadsbolaget I Norden Ab 178,306 Shares of Common Stock     1,308,072
  San-Ai Oil Co 77,200 Shares of Common Stock     894,985
  Sandy Spring Bancorp Inc 88,792 Shares of Common Stock     4,269,119
  Sanwa Holdings 44,500 Shares of Common Stock     474,157
  Saul Ctrs Inc 12,396 Shares of Common Stock     657,236
  Sberbank Of Russia Spon Adr 168,409 Shares of Common Stock     2,702,964
  Scentre Group 177,340 Shares of Common Stock     407,435
  Schindler-Hldg Ag 1,775 Shares of Common Stock     478,256
  Schwab Charles Corp 301,075 Shares of Common Stock     25,320,408
  Scout24 Se 7,800 Shares of Common Stock     544,805
  Scsk Corp 23,700 Shares of Common Stock     471,098
  Seacoast Bkg Corp 61,310 Shares of Common Stock     2,169,761
  Seagen Inc 57,419 Shares of Common Stock     8,876,977
  Sealed Air Corp 38,900 Shares of Common Stock     2,624,583
  Seb Sa 21,630 Shares of Common Stock     3,367,417
  Secom Co 1,500 Shares of Common Stock     104,025
  Segro Plc Ord 276,557 Shares of Common Stock     5,380,880
  Sekisui House 41,400 Shares of Common Stock     887,644
  Sekisui House Reit 1,063 Shares of Common Stock     791,100
  Sekisui Jushi Corp 37,100 Shares of Common Stock     673,667
  Sempra 141,962 Shares of Common Stock     18,778,733
  Semrush Hldgs Inc 45,027 Shares of Common Stock     938,813
  Senior 477,700 Shares of Common Stock     951,121
  Service Stream Ltd 1,036,004 Shares of Common Stock     606,348
  Seven & I Holdings 51,300 Shares of Common Stock     2,252,380
  Sgs Sa 469 Shares of Common Stock     1,568,395
  Shangri-La Asia 548,000 Shares of Common Stock     457,586
  Shell Plc 224,963 Shares of Common Stock     4,942,099
  Shift Inc 5,900 Shares of Common Stock     1,222,474
           
          (continued)

35  -

 

MORGAN STANLEY 401(k) PLAN

Plan Number 003,      Employer Identification Number 20-8764829

FORM 5500, SCHEDULE H, LINE 4i —

SCHEDULE OF ASSETS (HELD AT END OF YEAR)

AT DECEMBER 31, 2021

           
           (e)
  (b) (c)  (d)     Current   
(a) Identity of Issuer Description of Investment  Cost**     Value  
  Corporate equities (continued)        
  Shimizu Corp 249,100 Shares of Common Stock     1,542,341
  Shinko Elec Inds 15,300 Shares of Common Stock     729,426
  Ship Healthcare Holdings Inc 38,100 Shares of Common Stock     886,701
  Showa Denko Kk 24,900 Shares of Common Stock     522,196
  Siemens Ag 27,125 Shares of Common Stock     4,709,652
  Signature Bk 16,171 Shares of Common Stock     5,230,833
  Sim Corp 6,100 Shares of Common Stock     666,684
  Simmons 1St Natl Corp 141,939 Shares of Common Stock     4,198,556
  Simon Property Group Inc 5,182 Shares of Common Stock     827,928
  Singapore Technologies Engineering 29,700 Shares of Common Stock     82,834
  Sitc International 159,000 Shares of Common Stock     575,119
  Siteone Landscape Supply Inc 55,892 Shares of Common Stock     13,541,514
  Sl Corporation 36,630 Shares of Common Stock     961,393
  Societe Generale 15,044 Shares of Common Stock     516,748
  Sompo Holdings Inc 10,100 Shares of Common Stock     426,173
  Sonic Automotive Inc 92,999 Shares of Common Stock     4,598,801
  Sonic Healthcare 19,173 Shares of Common Stock     650,010
  Sony Group Corpora 38,600 Shares of Common Stock     4,852,026
  Sosila Logistics R Reit 557 Shares of Common Stock     851,305
  Soulbrain Co Ltd 3,400 Shares of Common Stock     796,551
  South Jersey Inds Inc 85,589 Shares of Common Stock     2,235,585
  South32 Ltd 610,296 Shares of Common Stock     1,779,300
  Southern Co 435,577 Shares of Common Stock     29,871,871
  Southern Co Corporate 65,119 Shares of Common Stock     3,500,146
  Spar Nord Bank As 76,800 Shares of Common Stock     981,687
  Splunk Inc 46,540 Shares of Common Stock     5,385,609
  Sps Comm Inc 71,218 Shares of Common Stock     10,137,882
  Square Enix Holdings Co Ltd 18,200 Shares of Common Stock     932,482
  Ss&C Technologies Hldgs Inc 30,500 Shares of Common Stock     2,500,390
  Sse Plc Ord 35,879 Shares of Common Stock     801,353
  St James'S Place Ord 46,100 Shares of Common Stock     1,051,180
  Stabilus S.A. 13,700 Shares of Common Stock     1,005,666
  Stanley Electric 3,800 Shares of Common Stock     95,004
  Steadfast Group 254,091 Shares of Common Stock     969,869
  Stellantis N.V 123,051 Shares of Common Stock     2,334,932
  Stepan Co 36,012 Shares of Common Stock     4,475,931
  Stepstone Group Inc 241,088 Shares of Common Stock     10,022,028
  Stericycle Inc 128,600 Shares of Common Stock     7,669,704
  Sthree Plc Ord 145,598 Shares of Common Stock     915,032
  Stmicroelectronics 77,608 Shares of Common Stock     3,827,655
  Stockland 162,742 Shares of Common Stock     501,683
  Stora Enso Oyj 5,874 Shares of Common Stock     107,814
  Store Capital Corporation 57,649 Shares of Common Stock     1,983,126
  Subaru Corporation 103,500 Shares of Common Stock     1,848,808
  Sugi Holdings 9,700 Shares of Common Stock     587,113
           
          (continued)

36  -

 

MORGAN STANLEY 401(k) PLAN

Plan Number 003,      Employer Identification Number 20-8764829

FORM 5500, SCHEDULE H, LINE 4i —

SCHEDULE OF ASSETS (HELD AT END OF YEAR)

AT DECEMBER 31, 2021

           
           (e)
  (b) (c)  (d)     Current   
(a) Identity of Issuer Description of Investment  Cost**     Value  
  Corporate equities (continued)        
  Sumco Corporation 52,700 Shares of Common Stock     1,075,006
  Sumitomo Corp 90,500 Shares of Common Stock     1,336,418
  Sumitomo Mitsui Financial Group 32,200 Shares of Common Stock     1,102,554
  Sumitomo Mitsui Trust Holdings Inc 8,500 Shares of Common Stock     283,665
  Sumitomo Realty & Development 18,800 Shares of Common Stock     552,303
  Summit Indl Income Trust Units 114,017 Shares of Common Stock     2,121,205
  Sun Communities Inc 19,449 Shares of Common Stock     4,083,707
  Sun Hung Kai Prop 183,091 Shares of Common Stock     2,221,619
  Sunac Services Hld 491,927 Shares of Common Stock     501,625
  Suncorp Group Ltd 184,446 Shares of Common Stock     1,484,503
  Sunstone Hotel Invs Inc 257,312 Shares of Common Stock     3,018,270
  Suruga Bank 154,200 Shares of Common Stock     680,245
  Svenska Handelsbanken 306,314 Shares of Common Stock     3,310,844
  Swire Pacific 'A' 142,500 Shares of Common Stock     810,625
  Swiss Life Holdings Ag 952 Shares of Common Stock     584,062
  Swiss Re Ag 3,785 Shares of Common Stock     374,948
  Swisscom Ag 1,093 Shares of Common Stock     617,305
  Tabcorp Holdings Ltd 88,229 Shares of Common Stock     322,017
  Tabula Rasa Healthcare Inc 69,260 Shares of Common Stock     1,038,900
  Taisei Corp 77,500 Shares of Common Stock     2,352,156
  Tapestry Inc 195,740 Shares of Common Stock     7,947,044
  Tate & Lyle Ord 67,400 Shares of Common Stock     603,792
  Tc Energy Corporation 176,441 Shares of Common Stock     8,211,564
  Te Connectivity Ltd 58,662 Shares of Common Stock     9,464,527
  Tecan Group Ag 3,520 Shares of Common Stock     2,146,035
  Techtarget Inc 4,560 Shares of Common Stock     436,210
  Tele2 Ab 9,920 Shares of Common Stock     141,451
  Telecom Italia Spa 652,772 Shares of Common Stock     322,321
  Teledyne Technologies Inc 13,990 Shares of Common Stock     6,112,091
  Telefonica Deutsch 181,571 Shares of Common Stock     504,024
  Telefonica Sa 461,825 Shares of Common Stock     2,023,022
  Teradyne Inc 40,490 Shares of Common Stock     6,621,330
  Terreno Rlty Corp 11,807 Shares of Common Stock     1,007,019
  Terumo Corp 18,600 Shares of Common Stock     784,994
  Tesco Ord 176,899 Shares of Common Stock     694,603
  Texas Instruments Inc 83,229 Shares of Common Stock     15,686,170
  Thales Sa 2,011 Shares of Common Stock     171,061
  Thermo Fisher Corp 16,031 Shares of Common Stock     10,696,524
  Tjx Cos Inc 251,293 Shares of Common Stock     19,078,165
  Tokyo Elec Power H 401,600 Shares of Common Stock     1,035,780
  Tokyo Electron 500 Shares of Common Stock     287,786
  Tokyo Ohka Kogyo 11,700 Shares of Common Stock     690,895
  Tokyo Tatemono Co 48,700 Shares of Common Stock     710,486
  Toshiba Corp 26,400 Shares of Common Stock     1,084,382
  Tosoh Corp 5,600 Shares of Common Stock     82,963
           
          (continued)

37  -

 

MORGAN STANLEY 401(k) PLAN

Plan Number 003,      Employer Identification Number 20-8764829

FORM 5500, SCHEDULE H, LINE 4i —

SCHEDULE OF ASSETS (HELD AT END OF YEAR)

AT DECEMBER 31, 2021

           
           (e)
  (b) (c)  (d)     Current   
(a) Identity of Issuer Description of Investment  Cost**     Value  
  Corporate equities (continued)        
  Towngas China Company Limited 1,084,000 Shares of Common Stock     942,693
  Toyo Suisan Kaisha 2,400 Shares of Common Stock     101,602
  Toyota Industries 17,400 Shares of Common Stock     1,388,615
  Toyota Tsusho Corp 1,900 Shares of Common Stock     87,447
  Tradeweb Mkts Inc 55,588 Shares of Common Stock     5,566,582
  Trane Technologies Plc 32,930 Shares of Common Stock     6,652,848
  Transcat Inc 19,128 Shares of Common Stock     1,768,001
  Transdigm Group Inc 12,714 Shares of Common Stock     8,089,664
  Transunion 73,950 Shares of Common Stock     8,768,991
  Travel + Leisure Co 13,859 Shares of Common Stock     765,987
  Treasury Wine Esta 80,911 Shares of Common Stock     728,270
  Triumph Bancorp Inc 38,256 Shares of Common Stock     4,555,524
  Trustmark Corp 67,675 Shares of Common Stock     2,196,731
  Tsubaki Nakashima 68,900 Shares of Common Stock     878,938
  Tsuruha Holdings 7,600 Shares of Common Stock     728,618
  Twilio Inc 23,370 Shares of Common Stock     6,154,256
  Tyson Foods Inc 183,797 Shares of Common Stock     16,019,747
  Ubisoft Entertain 8,900 Shares of Common Stock     435,915
  Ubs Group Ag 96,877 Shares of Common Stock     1,745,838
  Ucb 45,005 Shares of Common Stock     5,135,882
  Ufp Industries Inc 25,939 Shares of Common Stock     2,386,647
  Ugi Corp 71,400 Shares of Common Stock     3,277,974
  Ulta Beauty Inc 21,030 Shares of Common Stock     8,671,510
  Ultra Electronic Holdings Ord 19,500 Shares of Common Stock     839,895
  Ultragenyx Pharmaceutical Inc 17,349 Shares of Common Stock     1,458,877
  Unibail-Rodamco-Westfield 2,567 Shares of Common Stock     179,881
  Unicredit Spa 75,637 Shares of Common Stock     1,164,979
  Uniper Se 52,573 Shares of Common Stock     2,499,056
  Unite Group Ord 154,442 Shares of Common Stock     2,322,988
  United Internet Ag 2,260 Shares of Common Stock     89,798
  United Parcel Svc Inc 158,749 Shares of Common Stock     34,026,261
  United Sts Stl Corp 61,200 Shares of Common Stock     1,457,172
  United Therapeutics Corp Del 4,500 Shares of Common Stock     972,360
  Unvl Music Group 11,302 Shares of Common Stock     318,488
  Urban Edge Pptys 171,547 Shares of Common Stock     3,259,393
  Utd O/S Bank 13,600 Shares of Common Stock     271,364
  Vail Resorts Inc 18,430 Shares of Common Stock     6,043,197
  Value Partners 804,000 Shares of Common Stock     401,160
  Ventas Inc 72,860 Shares of Common Stock     3,724,603
  Veritex Hldgs Inc 106,982 Shares of Common Stock     4,255,744
  Vertex Inc 220,638 Shares of Common Stock     3,501,525
  Viatris Inc 186,900 Shares of Common Stock     2,528,757
  Viavi Solutions Inc 302,021 Shares of Common Stock     5,321,610
  Vicat Sa 18,700 Shares of Common Stock     765,563
  Vici Pptys Inc 84,166 Shares of Common Stock     2,534,238
           
          (continued)

38  -

 

MORGAN STANLEY 401(k) PLAN

Plan Number 003,      Employer Identification Number 20-8764829

FORM 5500, SCHEDULE H, LINE 4i —

SCHEDULE OF ASSETS (HELD AT END OF YEAR)

AT DECEMBER 31, 2021

           
           (e)
  (b) (c)  (d)     Current   
(a) Identity of Issuer Description of Investment  Cost**     Value  
  Corporate equities (continued)        
  Vifor Pharma Ag 763 Shares of Common Stock     135,869
  Vistra Corp 188,300 Shares of Common Stock     4,287,591
  Vistry Group Plc 62,100 Shares of Common Stock     995,878
  Vodafone Group Ord 268,114 Shares of Common Stock     407,669
  Volkswagen Ag Non Vtg Prf 25,627 Shares of Common Stock     5,172,305
  Vonovia Se 99,059 Shares of Common Stock     5,463,520
  Vontier Corp 139,600 Shares of Common Stock     4,289,908
  Wacker Chemie Ag 6,700 Shares of Common Stock     1,002,692
  Walmart Inc 103,387 Shares of Common Stock     14,959,065
  Walt Disney Co 99,581 Shares of Common Stock     15,424,101
  Wartsila 67,071 Shares of Common Stock     942,736
  Waste Connections Inc 44,510 Shares of Common Stock     6,065,378
  Wells Fargo & Co 891,563 Shares of Common Stock     42,777,193
  Welltower Inc 17,629 Shares of Common Stock     1,512,039
  Wesco Intl Inc 55,110 Shares of Common Stock     7,251,925
  Wesfarmers Ltd 11,893 Shares of Common Stock     512,756
  West Fraser Timber Ltd 13,600 Shares of Common Stock     1,296,896
  Westn Digital Corp 27,000 Shares of Common Stock     1,760,670
  Westpac Bkg Corp 16,780 Shares of Common Stock     260,468
  Wetherspoon (J.D) Ord 55,200 Shares of Common Stock     718,498
  Weyerhaeuser Co 18,296 Shares of Common Stock     753,429
  Wh Group Limited 898,500 Shares of Common Stock     563,558
  Whiting Pete Corp 69,492 Shares of Common Stock     4,494,743
  Wienerberger Ag 37,193 Shares of Common Stock     1,367,849
  Wihlborgs Fast. Ab 32,281 Shares of Common Stock     732,342
  Williams Co Inc 131,000 Shares of Common Stock     3,411,240
  Williams Sonoma Inc 35,880 Shares of Common Stock     6,068,384
  Wilmar International Ltd 67,100 Shares of Common Stock     206,056
  Wing Tai Holdings 447,015 Shares of Common Stock     593,522
  Wingstop Inc 8,893 Shares of Common Stock     1,536,710
  Wolters Kluwer 9,600 Shares of Common Stock     1,131,014
  Wood Group (John) Ord 149,800 Shares of Common Stock     387,735
  Xilinx Inc 37,010 Shares of Common Stock     7,847,230
  Xinyi Glass Hldgs 165,000 Shares of Common Stock     412,696
  Yamada Holdings Co 455,300 Shares of Common Stock     1,553,844
  Yamato Holdings 27,600 Shares of Common Stock     647,847
  Yamazen Corp 54,200 Shares of Common Stock     506,441
  Zendesk Inc 86,510 Shares of Common Stock     9,022,128
  Zimmer Biomet Hldgs Inc 111,329 Shares of Common Stock     14,143,236
  Zon Optimus Sgps Sa 106,600 Shares of Common Stock     413,379
  Zoominfo Technologies Inc 97,160 Shares of Common Stock     6,237,672
  Zuken Inc 38,100 Shares of Common Stock     1,224,176
  Zumtobel Group Ag 50,800 Shares of Common Stock     444,827
    Corporate equities total     5,850,149,245
  Cash and cash equivalents        
           
          (continued)

39  -

 

MORGAN STANLEY 401(k) PLAN

Plan Number 003,      Employer Identification Number 20-8764829

FORM 5500, SCHEDULE H, LINE 4i —

SCHEDULE OF ASSETS (HELD AT END OF YEAR)

AT DECEMBER 31, 2021

           
           (e)
  (b) (c)  (d)     Current   
(a) Identity of Issuer Description of Investment  Cost**     Value  
  Cash and cash equivalents (continued)        
  Cash and cash equivalents Foreign currency     91,963,199
    Cash and cash equivalents total     91,963,199
  Government securities        
  Federal Home Loan Banks Disc Nt 02-15-2022 0% Disc Nts     15/02/2022 Usd     25,764,384
  Federal Home Loan Banks Disc Nt              02-14-2022     24,409,431
  Federal Home Loan Banks Disc Nt 03-18-2022 0% Disc Nts     18/03/2022 Usd     22,897,647
  Federal Home Loan Banks Disc Nt 02-16-2022 0% Disc Nts     16/02/2022 Usd     22,079,460
  Federal Home Loan Banks Disc Nt 03-02-2022 0% Disc Nts     02/03/2022 Usd     17,873,561
  Federal Home Loan Banks .04% Due 01-28-2022 Reg     17,302,009
  Federal Home Loan Banks Disc Nt 02-11-2022 0% Disc Nts     11/02/2022 Usd     12,599,727
  Federal Home Loan Banks Fltg Rt Due         12-16-2022 Reg     12,497,595
  Federal Home Loan Banks .04% 01-12-2022     12,219,240
  Federal Home Loan Banks .055% Due 03-22-2022     12,062,535
  Federal Home Loan Banks .035 02-01-2022     11,322,701
  Federal Home Loan Banks Float 09/06/22 09-06-2022     6,525,027
  Federal Home Loan Banks Fltg Rt Due         02-28-2022     6,216,160
  Federal Home Loan Banks Cons Bd Dtd         02/03/2021 Fltg .105% 02-03-2023     6,001,246
  Federal Home Loan Banks .055% Due 05-23-2022Reg     5,686,583
  Federal Home Loan Banks Disc Nt 04-01-2022 0% Disc Nts     01/04/2022 Usd     4,524,005
  Federal Home Loan Banks Disc Nt 01-14-2022 0% Disc Nts     14/01/2022 Usd     3,899,988
  Federal Home