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)
x ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2015
OR
¨ TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________________ to __________________
Commission file number 033-63026
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
1585 Broadway
New York, NY 10036
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 22, 2016 | | By: | /s/ Nancy Rutecki |
| | | | | (Signature) |
| | | | Name: | Nancy Rutecki |
| | | | Title: | Morgan Stanley Head of Retirement |
| | | | | Programs, US HR Regulatory |
| | | | | Governance and HR M&A |
| | Morgan Stanley
401(k) Plan Employer ID No: 20-8764829 Plan Number: 003 Financial Statements at December 31, 2015 and
2014, and for the Year Ended December 31, 2015,
Supplemental Schedule at December 31, 2015, 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, 2015 and 2014 | 2 |
| | |
| Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 2015 | 3 |
| | |
| Notes to Financial Statements at December 31, 2015 and 2014, and for the Year Ended December 31, 2015 | 4–17 |
| | |
| SUPPLEMENTAL SCHEDULE: | |
| | |
| Form 5500, Schedule H, Line 4i — Schedule of Assets (Held at End of Year) at December 31, 2015 | 19–51 |
| | |
| 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 Administrator of the
Morgan Stanley 401(k) Plan
New York, New York
We have audited the accompanying statements of net assets available for benefits of the Morgan Stanley 401(k) Plan (Plan) as of December 31, 2015 and 2014, and the related statement of changes in net assets available for benefits for the year ended December 31, 2015. These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2015 and 2014, and the changes in net assets available for benefits for the year ended December 31, 2015 in conformity with U.S. generally accepted accounting principles.
The supplemental Schedule H, Line 4i – Schedule of Assets (Held at End of Year) as of December 31, 2015 has been subjected to audit procedures performed in conjunction with the audit of the Morgan Stanley 401(k) Plan financial statements. The supplemental schedule is the responsibility of the Plan’s management. Our audit procedures included determining whether the information presented in 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 conformity 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, the supplemental schedule is fairly stated in all material respects in relation to the financial statements as a whole.
/s/ Crowe Horwath LLP
Crowe Horwath LLP
New York, New York
June 22, 2016
MORGAN STANLEY 401(k) PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
AT DECEMBER 31, 2015 AND 2014
| ASSETS: | | 2015 | | 2014 |
| Participant-directed investments, at fair value | | $ | 7,776,317,719 | | | $ | 7,940,478,063 | |
| Receivables: | | | | | | | | |
| Employer contributions | | | 255,776,230 | | | | 251,565,625 | |
| Notes receivable from participants | | | 98,791,764 | | | | 97,182,449 | |
| Receivables for securities sold, and other | | | 64,533,024 | | | | 37,261,107 | |
| Total Receivables | | | 419,101,018 | | | | 386,009,181 | |
| Total Assets | | | 8,195,418,737 | | | | 8,326,487,244 | |
| LIABILITIES: | | | | | | | | |
| Participant-directed derivative investments | | | 2,703,702 | | | | 3,828,701 | |
| Payables for securities purchased and other | | | 124,953,191 | | | | 90,010,546 | |
| Total Liabilities | | | 127,656,893 | | | | 93,839,247 | |
| NET ASSETS AVAILABLE FOR BENEFITS | | $ | 8,067,761,844 | | | $ | 8,232,647,997 | |
| See notes to the financial statements. | | | | | | | | |
MORGAN STANLEY 401(k) PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS FOR THE YEAR ENDED DECEMBER 31, 2015
| ADDITIONS: | | |
| Net investment income (loss) : | | |
| Net depreciation in fair value of investments | | $ | (436,740,998 | ) |
| Dividends and interest | | | 80,359,287 | |
| Net investment income (loss) | | | (356,381,711 | ) |
| Contributions: | | | | |
| Employer contributions | | | 255,776,230 | |
| Participant contributions | | | 441,790,435 | |
| Rollover contributions | | | 38,837,886 | |
| Total contributions | | | 736,404,551 | |
| Interest income on notes receivable from participants | | | 4,082,777 | |
| Total additions | | | 384,105,616 | |
| DEDUCTIONS: | | | | |
| Benefits paid to participants | | | 542,523,159 | |
| Administrative fees | | | 6,468,610 | |
| Total deductions | | | 548,991,769 | |
| NET DECREASE IN NET ASSETS AVAILABLE FOR BENEFITS | | | (164,886,153 | ) |
| NET ASSETS AVAILABLE FOR BENEFITS | | | | |
| Beginning of year | | | 8,232,647,997 | |
| End of year | | $ | 8,067,761,844 | |
See notes to the financial statements.
Morgan stanley 401(k) PLAN
NOTES TO FINANCIAL STATEMENTS
AT DECEMBER 31, 2015 AND 2014, AND FOR THE YEAR ENDED DECEMBER 31, 2015
| 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 & Co. LLC is a limited liability company whose sole member is Morgan Stanley Domestic Holdings, Inc. (the “Plan Sponsor”) - a corporation wholly owned by Morgan Stanley Capital Management, LLC, a limited liability company whose sole member is Morgan Stanley (the “Company”). The Company’s Chief Human Resources Officer or his or her delegate (the “Plan Administrator”) has the authority to control and manage the operation and administration of the Plan, make rules and regulations and take actions to administer the Plan. The Plan Administrator has delegated certain operational and administrative responsibilities to certain employees in the Company’s Human Resources department.
All of the Plan’s investments are held in a trust account (“trust account”) at The Northern Trust Company, N.A. (the “Trustee”).
Eligibility — U.S. benefits-eligible employees, generally defined as full-time and part-time employees (regularly scheduled to work at least 50% of the Company’s standard work week) of participating companies are eligible to participate in the Plan upon hire. Part-time employees regularly scheduled to work less than 50% of the Company’s standard work week are eligible to participate after completing one year of service and attaining age 21.
Eligible participants who terminate employment and are later rehired by a participating company may participate in the Plan immediately upon rehire. 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.
Employee Contributions — Eligible participants may elect to contribute before-tax or Roth after-tax contributions of 1% to 30% of eligible pay subject to Code limits ($18,000 for 2015). Those participants who have attained at least age 50 by the end of the year may elect an additional before-tax or Roth after-tax “Catch-Up Contribution” of 1% to 30% of eligible pay, subject to Code limits ($6,000 for 2015).
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 2015, employees who earned less than $277,713 during 2014). 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 or Release, become totally and permanently disabled 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: The Plan-provided Company Match for 2015 was one dollar for each dollar of before-tax or Roth after-tax contributions eligible participants contributed to the Plan, up to a maximum of 4% of eligible pay, up to the Code limit of $265,000. The maximum Company Match for 2015 was limited to $10,600. The Company Match is made at the discretion of the Plan Sponsor.
The 2015 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 2015 Company Match was $211,617,672, of which $4,525,082 was covered by forfeitures held by the trust account. The contribution was recorded as Employer contributions receivable at December 31, 2015 and paid in cash by the Company to the Plan in January 2016. The 2014 Company Match was $205,902,559 of which $5,400,124 was covered by forfeitures held by the trust account. The contribution was recorded as Employer contributions receivable at December 31, 2014 and paid in cash by the Company to the Plan in January 2015.
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 2015 Fixed Contribution of $18,179,321 was recorded as Employer contributions receivable at December 31, 2015 and paid in cash by the Company in January 2016. The 2014 Fixed Contribution of $19,670,077 was recorded as Employer contributions receivable at December 31, 2014 and paid in cash by the Company in January 2015.
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 may be available for up to 10 Plan Years, beginning with the 2011 Plan year, as determined by the Plan Sponsor, in its discretion.
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 2015 Citi Pension Transition Contribution of $2,563,913 was recorded as
Employer contributions receivable at December 31, 2015 and paid in cash by the Company in January 2016. The 2014 Citi Pension Transition Contribution of $2,759,824 was recorded as Employer contributions receivable at December 31, 2014 and paid in cash by the Company in January 2015.
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 as determined by the Plan Sponsor in its discretion, beginning with the 2011 Plan Year.
The Morgan Stanley Transition Contribution is based on a formula generally intended to provide 80% of (1) minus (2):
1. Under the Plan provisions in effect in 2010:
The estimated value of the benefit the employee would have earned under the Pension Plan (or what the employee would have received as a Retirement Contribution in the Plan), plus
The Company Match the employee would have received had the employee contributed 6% of eligible pay to the Plan (regardless of how much the employee actually contributed).
2. Under the Plan provisions in effect during the applicable Plan year:
The maximum Company Match available under the Plan (regardless of how much the employee actually contributed), plus
The employee’s Fixed Contribution for the Plan year, if applicable.
The 2015 Morgan Stanley Transition Contribution of $27,940,406 was recorded as Employer contributions receivable at December 31, 2015 and paid in cash by the Company in January 2016. The 2014 Morgan Stanley Transition Contribution of $28,633,289 was recorded as Employer contributions receivable at December 31, 2014 and paid in cash by the Company in January 2015.
Participant Accounts — Individual accounts are maintained for each Plan participant. Each participant’s account is credited with the participant’s contributions, allocations of the 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, 2015, the Plan offered 10 mutual funds, 14 commingled or collective trust funds, one employer stock fund, and nine separately managed 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.
Forfeitures — 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. The loan is secured by the balance in the participant’s account and bears 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. A participant may only have one outstanding loan at a time. Loans become due on termination of employment, except in the case of Release, in which case a participant may continue repayments for up to 12 months.
Domestic Relations Orders — Generally, participants who submit a domestic relations order for qualification incur a $750 qualification fee which is paid from the participant’s and alternate payee’s accounts.
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.
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, Computershare, via its Direct Registration System service.
Plan Termination — Although it has not expressed any intent to do so, the Plan Sponsor 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 on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America.
Use of Estimates — The preparation of financial statements requires Plan management to make estimates and assumptions regarding the valuation of certain financial instruments that affect the reported amounts of net assets available for benefits and changes therein. Actual results could differ from the estimates and assumptions used.
Administrative Expenses — Administrative expenses of the Plan are paid by the Plan, unless paid by the Plan Sponsor, as provided in the Plan document. The Plan Sponsor is under no obligation to pay the Plan’s administrative expenses.
Payment of Benefits — Benefit payments to participants are recorded upon distribution. Amounts allocated to participants who elected to withdraw from the Plan during the years ended December 31, 2015 and 2014 generally were paid prior to the respective 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. 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.
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 the investments are reflected in Net investment income (loss)—Net depreciation in fair value of investments, and include the Plan’s gains and losses on investments bought and sold as well as held during the year. Management fees and operating expenses charged to each of the investment options under the Plan are deducted from income earned and are not separately reflected on the statement of changes in net assets available for benefits. Consequently, management fees and operating expenses are reflected as a reduction of investment return for such 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 maximizes the use of relevant observable inputs and minimizes the use of unobservable inputs by requiring that 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 were developed based on the best information available in the circumstances. The hierarchy is broken down into three levels based on the observability of inputs as follows:
Level 1 — Valuations based on quoted prices in active markets for identical assets or liabilities that the Plan has the ability to access. Valuation adjustments and block discounts are not applied to Level 1 instruments. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these 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, for example, 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 at 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 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, for disclosure purposes, the level of the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
For assets and liabilities that are transferred between Levels in the fair value hierarchy during the period, fair values are ascribed as if the assets or liabilities had been transferred at the beginning of the period.
Notes Receivable from Participants — Notes receivable from participants are measured at their unpaid principal balance. Interest is repaid monthly and any delinquent interest payments at December 31, 2015 and 2014 were not significant. Delinquent participant loans are recorded as distributions based on the terms of the Plan document.
New Accounting Pronouncements — In May 2015, the Financial Accounting Standards Board (“FASB”) issued an accounting update that removed the requirement to categorize within the fair value hierarchy investments for which the fair value is measured at net asset value per share, or its equivalent,
using the practical expedient. The Plan early adopted this guidance, as is permitted, and applied this guidance retrospectively having no effect on the Plan’s net assets available for benefits or changes therein. (see Note 6)
In July 2015, the FASB issued an accounting update that eliminated disclosures concerning individual investments that represent 5% or more of a plan’s net assets and the breakout of net appreciation/ depreciation by investment type. It also allows the reporting of investments within the fair value hierarchy by general type rather than by classes of investments. Plan investments measured at fair value are to be presented by general type rather than significant class. The Plan early adopted this guidance, as is permitted, and applied this guidance retrospectively having no effect on the Plan’s net assets available for benefits or changes therein. (see Note 6)
Reclassifications – Certain reclassifications have been made to prior-period amounts to conform with the current year’s presentation.
| 3. | DERIVATIVE INSTRUMENTS AND REPURCHASE AGREEMENTS |
Derivative instruments are permitted in the Plan’s separately managed account (“Separate Account”) portfolio 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 forward foreign currency contracts.
Market risk arises from adverse changes in the fair value of these contracts.
Futures and Options — The trust account held certain futures contracts on Eurodollars in separately managed accounts at December 31, 2015 within the PIMCO Real Return Portfolio and PIMCO Core Fixed Income Portfolio and at December 31, 2014 within the PIMCO Real Return Portfolio. 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 received or paid 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, 2015 and 2014 was not significant and the changes in fair value are accounted for as part of Net depreciation 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, 2015 and 2014, the investment assets held by the Plan included positions in several interest rate swaps, where fixed rates
were paid to counterparties in exchange for floating rates, and credit default swaps. These assets were held within the PIMCO Core Fixed Income Portfolio, PIMCO Real Return Portfolio and BlueBay Emerging Market Select Debt Fund separately managed accounts at December 31, 2015 and the PIMCO Core Fixed Income Portfolio and PIMCO Real Return Portfolio separately managed accounts at December 31, 2014. The Plan also held several positions in inflation swaps at December 31, 2015 and 2014 within the PIMCO Real Return separately managed account. The fair value of these investments at December 31, 2015 and 2014 was not significant and the changes in fair value are accounted for as part of Net depreciation in fair value of investments in the Statement of changes in net assets available for benefits.
Forward Foreign Currency Contracts — 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 the PIMCO Real Return Portfolio, BlueBay Emerging Market Select Debt and the Artisan Non-U.S. Growth separately managed account funds at December 31, 2015, and the PIMCO Real Return Portfolio, Pyramis Small Cap and Artisan Non-U.S. Growth separately managed account funds at December 31, 2014. The fair value of these investments at December 31, 2015 and 2014 was not significant and the changes in fair value are accounted for as part of Net depreciation in fair value of investments in the Statement of changes in net assets available for benefits.
Securities sold under agreements to repurchase (“repurchase agreements”) — The investment manager, PIMCO, entered into several repurchase agreements. There were no repurchase agreements at December 31, 2015. The fair value of these investments at December 31, 2014 was not significant and the changes in fair value are accounted for as part of net depreciation in fair value of investments in the statement of changes in net assets available for benefits.
| 4. | EXEMPT PARTY-IN-INTEREST TRANSACTIONS |
There were 34 and 33 investment options, respectively, available in the Plan at December 31, 2015 and 2014, of which six were managed by Morgan Stanley Investment Management, 27 and 26, respectively, were managed by third parties and one of which was an employer stock fund (the Morgan Stanley Stock Fund). All party-in-interest investment options are in the Morgan Stanley Stock Fund, Northern Trust Short-Term Investment Fund, the funds managed by Morgan Stanley Investment Management, an affiliate of the Plan Sponsor, and funds issued by PIMCO, Blackrock, Systematic and BNY Mellon.
At December 31, 2015 and 2014, the Plan held 45,917,472 shares and 46,867,537 shares, respectively, of Morgan Stanley common stock with a fair value of $1,460,634,784 and $1,818,460,436, respectively and had net realized gains of $24,319,568 during 2015. The Plan earned dividend income of $25,444,661 on Morgan Stanley common stock for the year ended December 31, 2015. Eligible participants have the opportunity to elect to receive current cash payment of the dividends paid on the Morgan Stanley Stock Fund held within the Plan to the extent provided in the Plan.
At December 31, 2015 and 2014, the Plan held investments in Registered Investment Companies issued by Morgan Stanley Investment Management with a fair value of $1,797,994,369 and $1,753,616,814, respectively and had net realized gains of $82,890,263 during 2015.
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.
At December 31, 2015 and 2014, the Plan held notes receivable from participants for participant loans of $98,791,764 and $97,182,449, respectively, which are considered party-in-interest transactions.
| 5. | FEDERAL INCOME TAX STATUS |
The Internal Revenue Service determined and informed the Plan Sponsor by a letter dated February 21, 2014, 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, 2015 and 2014, 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 it is no longer subject to income tax examinations for years prior to 2012.
| 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 (“RIC’s”) – Mutual funds are registered with the Securities and Exchange Commission (“SEC”) 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 Foreign 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. With the exception of the BlackRock Liquidity Funds - FedFund Institutional Portfolio investment option which has no restrictions on sales, the Plan generally prohibits the sale of these investment options within 30 days of a purchase into that investment option.
Separately Managed Accounts – The Plan holds investments in the Morgan Stanley Stock Fund (“the Fund”) holding Morgan Stanley common stock and containing a short-term investment fund to facilitate participant transactions in to and out of the Fund. There are no unfunded commitments and no restricted redemption notice periods. 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.
The remaining 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 account. Separate Accounts are administered and supervised by investment managers who decide how to invest
funds contributed by investors. At December 31, 2015 and 2014, the Plan’s Separate Accounts consisted of the Systematic Mid Cap Value Fund, the Shenkman Capital High Yield Bond Fund, the T. Rowe Price U.S. Large-Cap Value Fund, the PIMCO Core Fixed Income Fund, the PIMCO Real Return Fund, the BlueBay Emerging Market Select Debt Fund, the Pyramis Select International Small Cap Fund and the Artisan International Growth Fund. In addition, the Royce Special Equity Fund transitioned from a mutual fund to a separately managed account in June 2015. The Trustee is responsible for determining the Separate Accounts’ fair value. Terms of the agreements with the investment managers (“Investment Management Agreements”) for the Separate Accounts permit the termination of the Investment Management Agreements and the distribution of the Separate Accounts’ securities at fair value. There were no unfunded commitments and no restricted redemption notice periods. 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 measured at fair value 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 a recognized exchange. 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 securities
Government 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 where valuation adjustments are not applied, 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 identical or comparable securities. The fair value of agency mortgage pass-through pooled securities is model driven based on spreads of the comparable To Be Announced security. For index linked securities, the market price is adjusted daily by the appropriate index factor. The fair value of municipal and provincial government securities is determined using recently executed transactions, market quotations and pricing models that factor in, where applicable, interest rates, bonds or CDS spreads and volatility. Callable agency-issued debt securities, agency mortgage pass-through pooled securities, index linked securities, and municipal and provincial 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, observable 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 valuation 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 investments
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 entail material subjectivity and the pricing inputs are 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 investments are categorized in Level 2 of the fair value hierarchy.
Collective Trust Funds – Each investment is administered and supervised by their respective investment managers 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 by the investment managers at NAV’s and recent transaction prices and therefore are not required to be categorized by levels of the fair value hierarchy. If there is a fee accrual, the Trustee is responsible for determining the fair value. At December 31, 2015 and 2014, the Plan held investments in funds managed by BlackRock, Inc., Mellon and Northern Trust. 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 the funds managed by 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.
The following tables set forth by level within the fair value hierarchy the Plan’s investment and derivative instrument assets and liabilities at fair value at December 31, 2015 and 2014. There were no transfers of investments between levels for either year.
| | | Plan's Investment Assets and Liabilities at Fair Value at December 31, 2015 | | |
| | | 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 | | $ | 2,521,704,617 | | | $ | 31,294,547 | | | $ | - | | | $ | 2,552,999,164 | |
| Separately Managed Accounts | | | | | | | | | | | | | | | | |
| Corporate equities | | | 2,513,465,218 | | | | 2,412,371 | | | | - | | | | 2,515,877,589 | |
| Cash and cash equivalents | | | 28,629,842 | | | | - | | | | - | | | | 28,629,842 | |
| Government securities | | | 153,939,016 | | | | 106,344,662 | | | | - | | | | 260,283,678 | |
| Corporate debt instruments | | | - | | | | 147,233,093 | | | | - | | | | 147,233,093 | |
| Derivative investments | | | - | | | | 3,324,703 | | | | - | | | | 3,324,703 | |
| | | | 2,696,034,076 | | | | 259,314,829 | | | | - | | | | 2,955,348,905 | |
| Collective Trust Funds (a) | | | | | | | | | | | | | | | 2,267,969,650 | |
| | | | | | | | | | | | | | | | |
| Participant-directed investments | | | | | | | | | | | | | | $ | 7,776,317,719 | |
| Investment Liabilities: | | | | | | | | | | | | | | | | |
| Participant-directed derivative investments | | $ | (100,459 | ) | | $ | (2,603,243 | ) | | $ | - | | | $ | (2,703,702 | ) |
| (a) | In accordance with a change in accounting guidance, certain investments that are measured at fair value using net asset value per share 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. |
| | | Plan's Investment Assets and Liabilities at Fair Value at December 31, 2014 | | |
| | | 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 | | $ | 2,639,535,636 | | | $ | 38,141,317 | | | $ | - | | | $ | 2,677,676,953 | |
| Separately Managed Accounts | | | | | | | | | | | | | | | | |
| Corporate equities | | | 2,720,006,798 | | | | 1,144,158 | | | | - | | | | 2,721,150,956 | |
| Cash and cash equivalents | | | 25,127,818 | | | | - | | | | - | | | | 25,127,818 | |
| Government securities | | | 148,116,304 | | | | 102,363,943 | | | | - | | | | 250,480,247 | |
| Corporate debt instruments | | | - | | | | 145,923,342 | | | | - | | | | 145,923,342 | |
| Derivative investments | | | - | | | | 2,443,864 | | | | - | | | | 2,443,864 | |
| Repurchase agreements | | | - | | | | 23,900,000 | | | | - | | | | 23,900,000 | |
| | | | 2,893,250,920 | | | | 275,775,307 | | | | - | | | | 3,169,026,227 | |
| Collective Trust Funds (a) | | | | | | | | | | | | | | | 2,093,774,883 | |
| | | | | | | | | | | | | | | | | |
| Participant-directed investments | | | | | | | | | | | | | | $ | 7,940,478,063 | |
| Investment Liabilities: | | | | | | | | | | | | | | | | |
| Participant-directed derivative investments | | $ | (610,004 | ) | | $ | (3,218,697 | ) | | $ | - | | | $ | (3,828,701 | ) |
| (a) | In accordance with a change in accounting guidance, certain investments that are measured at fair value using net asset value per share 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. |
Until January 6, 2015, affiliates of the Plan held ownership interests in a foreign entity that was determined to be an associated entity of Crowe Horwath LLP (“Crowe”), the Plan’s independent registered public accounting firm, for purposes of applying the independence rules of the Securities and Exchange Commission. All outstanding shares of the foreign entity were acquired by a private company through a binding share purchase transaction on January 6, 2015. The Plan did not at any time hold an ownership interest in Crowe. After review of the facts and circumstances, Crowe has concluded that it was and is capable of exercising objective and impartial judgment on all matters encompassed within audit engagements for the Plan’s financial statements, and that a reasonable investor with knowledge of all relevant facts and circumstances would reach the same conclusion. Plan management and those charged with Plan governance have reviewed the facts and circumstances, and determined that a reasonable investor with knowledge of all the relevant facts and circumstances would conclude that Crowe was and is capable of exercising objective and impartial judgment during the audits of the Plan’s financial statements.
SUPPLEMENTAL SCHEDULE
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, 2015
| | | | | (e) |
| | (b) | (c) | (d) | Current |
| (a) | Identity of Issuer | Description of Investment | Cost** | Value |
| | Registered Investment Companies | | | |
| * | MSIF | Cap Growth; 16,381,049 shares | $ | 664,087,748 |
| * | MSIF | Emerging Mkts I Fund; 13,510,095 shares | | 265,878,670 |
| * | MSIF | Mid Cap Growth; 8,342,097 shares | | 273,787,645 |
| * | MSIF | International Equity I; 18,423,979 shares | | 278,202,095 |
| * | MSIF | Small Company Growth I; 10,010,043 shares | | 137,838,296 |
| * | Blackrock | Liquidity Fds; 640,368,276.37 shares | | 640,368,276 |
| * | MSIF | Global Real Estate I Fund; 16,484,728 shares | | 178,199,915 |
| * | PIMCO | Low Duration Open End Fund; 5,129,771.95 shares | | 50,579,551 |
| * | PIMCO | Foreign Bond Fund; 3,461,786.18 shares | | 31,294,547 |
| | Eaton Vance | Global Macro Absolute Ret Fund; 3,620,157.02 shares | | 32,762,421 |
| | Corporate equities | | | |
| | 5Th 3Rd Bancorp Com | 284,000 Shares of Common Stock | | 5,708,400 |
| | Aalberts Inds Eur0.25 | 10,300 Shares of Common Stock | | 355,695 |
| | Aareal Bank Ag Npv | 23,148 Shares of Common Stock | | 732,745 |
| | Abbvie Inc Com Usd0.01 | 59,800 Shares of Common Stock | | 3,542,552 |
| | Ablynx N.V. Npv | 22,300 Shares of Common Stock | | 385,291 |
| | Actelion Ltd Chf0.50 (Regd) | 15,914 Shares of Common Stock | | 2,219,375 |
| | Activision Blizzard Inc Com Stk | 18,670 Shares of Common Stock | | 722,716 |
| | Adecco Sa Chf1 (Regd) | 14,346 Shares of Common Stock | | 987,452 |
| | Adelaide Brighton Npv | 72,813 Shares of Common Stock | | 251,632 |
| | Adr Baidu Inc Sponsored Adr | 28,620 Shares of Common Stock | | 5,410,325 |
| | Adr Grifols S A | 34,664 Shares of Common Stock | | 1,123,114 |
| | Adr Grupo Televisa Sa | 83,872 Shares of Common Stock | | 2,282,157 |
| | Adr Royal Dutch Shell Plc | 120,300 Shares of Common Stock | | 5,508,537 |
| | Aeon Delight Co.Ltd. | 20,500 Shares of Common Stock | | 662,060 |
| | Aeon Financial Service Co Ltd | 14,500 Shares of Common Stock | | 328,584 |
| | Aercap Holdings N.V. Eur0.01 | 18,665 Shares of Common Stock | | 805,581 |
| | Aes Corp | 832,700 Shares of Common Stock | | 7,968,939 |
| | Aetna Inc | 55,000 Shares of Common Stock | | 5,946,600 |
| | Aia Group Ltd Npv | 870,600 Shares of Common Stock | | 5,234,732 |
| | Aker Solutions Asa | 36,500 Shares of Common Stock | | 124,947 |
| | Albemarle Corp Com | 31,190 Shares of Common Stock | | 1,746,952 |
| | Albioma | 10,300 Shares of Common Stock | | 167,274 |
| | Alexandria Real Estate Equities Inc | 19,820 Shares of Common Stock | | 1,790,935 |
| | Allergan Plc. | 10,987 Shares of Common Stock | | 724,263 |
| | Allergan Plc. | 5,646 Shares of Common Stock | | 1,764,375 |
| | Allianz Se (Se Societas Europeae) | 8,307 Shares of Common Stock | | 1,475,858 |
| | Allison Transmission Holding | 79,965 Shares of Common Stock | | 2,070,294 |
| | Alstria Office Rei Npv (Br) | 38,900 Shares of Common Stock | | 520,396 |
| | Alten Npv | 20,200 Shares of Common Stock | | 1,171,990 |
(continued)
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, 2015
| | | | | (e) |
| | (b) | (c) | (d) | Current |
| (a) | Identity of Issuer | Description of Investment | Cost** | Value |
| | Corporate equities (continued) | | | |
| | Amer Sports Corp Ser'A'Npv | 30,800 Shares of Common Stock | $ | 902,363 |
| | Ameren Corp Com | 34,325 Shares of Common Stock | | 1,483,870 |
| | American Airlines Inc | 15,095 Shares of Common Stock | | 639,273 |
| | American Eagle Outfitters Inc | 116,650 Shares of Common Stock | | 1,808,075 |
| | American Express Co | 113,700 Shares of Common Stock | | 7,907,835 |
| | Ameriprise Finl Inc | 54,200 Shares of Common Stock | | 5,767,964 |
| | Amgen Inc Com | 44,644 Shares of Common Stock | | 7,247,061 |
| | Amplifon | 95,100 Shares of Common Stock | | 825,941 |
| | Amsurg Corp | 19,075 Shares of Common Stock | | 1,449,700 |
| | Anheuser-Busch Inbev | 7,547 Shares of Common Stock | | 937,886 |
| | Anixter Intl Inc | 37,100 Shares of Common Stock | | 2,240,469 |
| | Aon Plc | 16,138 Shares of Common Stock | | 1,488,085 |
| | Apache Corp | 147,400 Shares of Common Stock | | 6,554,878 |
| | Applied Indl Technologies Inc | 125,000 Shares of Common Stock | | 5,061,250 |
| | Applied Materials Inc | 279,000 Shares of Common Stock | | 5,208,930 |
| | Arcadis Nv | 32,900 Shares of Common Stock | | 663,500 |
| | Arkema | 9,568 Shares of Common Stock | | 671,330 |
| | Ashmore Group | 93,100 Shares of Common Stock | | 351,832 |
| | Asml Holding | 33,585 Shares of Common Stock | | 3,011,704 |
| | Asos Plc | 5,400 Shares of Common Stock | | 274,667 |
| | Atos | 3,525 Shares of Common Stock | | 296,572 |
| | Atresmedia Corp | 66,000 Shares of Common Stock | | 705,487 |
| | Autoliv Inc | 13,843 Shares of Common Stock | | 1,761,860 |
| | Avx Corp | 759,200 Shares of Common Stock | | 9,216,688 |
| | Azbil Corp | 18,700 Shares of Common Stock | | 484,230 |
| | B & M | 160,195 Shares of Common Stock | | 672,209 |
| | Babcock Intl Group | 50,725 Shares of Common Stock | | 759,598 |
| | Balfour Beatty | 88,500 Shares of Common Stock | | 352,449 |
| | Baloise Holding | 5,690 Shares of Common Stock | | 725,319 |
| * | Bank New York Mellon | 266,400 Shares of Common Stock | | 10,981,008 |
| | Bank Of America Corp | 872,600 Shares of Common Stock | | 14,685,858 |
| | Bankinter | 70,500 Shares of Common Stock | | 501,167 |
| | Bassett Furniture Inds Inc | 2,800 Shares of Common Stock | | 70,224 |
| | Baxalta Inc | 132,600 Shares of Common Stock | | 5,175,378 |
| | Bayer Ag | 49,566 Shares of Common Stock | | 6,235,083 |
| | Bba Aviation Plc | 333,300 Shares of Common Stock | | 928,955 |
| | Bca Pop Emilia Rom E | 41,500 Shares of Common Stock | | 317,373 |
| | Bed Bath & Beyond Inc | 153,000 Shares of Common Stock | | 7,382,250 |
| | Befimmo Sca | 15,162 Shares of Common Stock | | 905,876 |
| | Beiersdorf Ag | 23,343 Shares of Common Stock | | 2,134,087 |
| | Beijing Ent Water | 334,000 Shares of Common Stock | | 234,011 |
(continued)
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, 2015
| | | | | (e) |
| | (b) | (c) | (d) | Current |
| (a) | Identity of Issuer | Description of Investment | Cost** | Value |
| | Corporate equities (continued) | | | |
| | Berry Plastics Group Inc | 39,580 Shares of Common Stock | $ | 1,432,004 |
| | Boeing Co | 70,000 Shares of Common Stock | | 10,121,300 |
| | Boston Scientific Corp | 95,820 Shares of Common Stock | | 1,766,921 |
| | Bowl Amer Inc | 27,100 Shares of Common Stock | | 379,400 |
| | Bqe Cant Vaudoise | 820 Shares of Common Stock | | 521,409 |
| | Brammer Ord | 47,000 Shares of Common Stock | | 126,251 |
| | Britvic Ord | 83,202 Shares of Common Stock | | 892,144 |
| | Bt Group Ord | 150,400 Shares of Common Stock | | 1,045,639 |
| | Buckle Inc | 127,000 Shares of Common Stock | | 3,909,060 |
| | Cairn Homes | 52,900 Shares of Common Stock | | 68,671 |
| | Cal Maine Foods Inc | 88,000 Shares of Common Stock | | 4,077,920 |
| | Canadian Pac Ry Ltd | 3,666 Shares of Common Stock | | 467,782 |
| | Canadian Pac Ry Ltd | 66,900 Shares of Common Stock | | 8,536,440 |
| | Capcom Co Ltd | 30,700 Shares of Common Stock | | 746,988 |
| | Capella Ed Co | 57,100 Shares of Common Stock | | 2,639,162 |
| | Carlisle Companies Inc | 11,000 Shares of Common Stock | | 975,590 |
| | Carnival Corp Com | 177,700 Shares of Common Stock | | 9,681,096 |
| | Carnival Plc | 37,715 Shares of Common Stock | | 2,149,037 |
| | Castellum Ab | 43,400 Shares of Common Stock | | 621,353 |
| | Cbre Group Inc | 47,385 Shares of Common Stock | | 1,638,573 |
| | Cbs Corp | 14,415 Shares of Common Stock | | 679,379 |
| | Cdn Nat Res Ltd | 261,200 Shares of Common Stock | | 5,701,996 |
| | Celanese Corp | 17,260 Shares of Common Stock | | 1,162,116 |
| | Celanese Corp | 165,500 Shares of Common Stock | | 11,143,115 |
| | Centene Corp | 13,440 Shares of Common Stock | | 884,486 |
| | Centerpoint Energy Inc | 81,700 Shares of Common Stock | | 1,500,012 |
| | Central Stl & Wire Co | 524 Shares of Common Stock | | 285,590 |
| | Challenger Ltd | 83,777 Shares of Common Stock | | 531,501 |
| | Chevron Corp | 17,200 Shares of Common Stock | | 1,547,312 |
| | Childrens Pl Inc | 145,000 Shares of Common Stock | | 8,004,000 |
| | Chiyoda Corp | 32,000 Shares of Common Stock | | 245,530 |
| | Cirrus Logic Inc | 32,075 Shares of Common Stock | | 947,175 |
| | Cisco Systems Inc | 253,600 Shares of Common Stock | | 6,886,508 |
| | Citigroup Inc | 123,100 Shares of Common Stock | | 6,370,425 |
| | Coca Cola Co | 68,800 Shares of Common Stock | | 2,955,648 |
| | Coca-Cola East Jp | 50,800 Shares of Common Stock | | 824,743 |
| | Cognizant Tech Solutions Corp | 40,755 Shares of Common Stock | | 2,446,115 |
| | Comcast Corp | 151,838 Shares of Common Stock | | 8,568,218 |
| | Compugroup Medical | 23,900 Shares of Common Stock | | 877,535 |
| | Corelogic Inc | 9,740 Shares of Common Stock | | 329,796 |
| | Croda Intl | 24,583 Shares of Common Stock | | 1,102,204 |
(continued)
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, 2015
| | | | | (e) |
| | (b) | (c) | (d) | Current |
| (a) | Identity of Issuer | Description of Investment | Cost** | Value |
| | Corporate equities (continued) | | | |
| | Croda Intl | 24,300 Shares of Common Stock | $ | 1,089,516 |
| | Crown Hldgs Inc | 11,525 Shares of Common Stock | | 584,318 |
| | Css Inds Inc | 122,000 Shares of Common Stock | | 3,462,360 |
| | Cts Eventim | 7,290 Shares of Common Stock | | 290,949 |
| | Dah Sing Financial | 67,600 Shares of Common Stock | | 337,993 |
| | Daiichikosho Co | 19,700 Shares of Common Stock | | 786,886 |
| | Dairy Crest Group | 86,818 Shares of Common Stock | | 870,135 |
| | Daiwa Office Investment Corp | 100 Shares of Common Stock | | 543,663 |
| | Dana Hldg Corp | 48,500 Shares of Common Stock | | 669,300 |
| | Dbv Technologies | 6,200 Shares of Common Stock | | 447,410 |
| | DCC | 9,300 Shares of Common Stock | | 775,831 |
| | De Longhi | 23,500 Shares of Common Stock | | 706,361 |
| | Delphi Automotive | 40,925 Shares of Common Stock | | 3,508,500 |
| | Dentsply Intl Inc | 8,000 Shares of Common Stock | | 486,800 |
| | Deutsche Wohnen | 6,700 Shares of Common Stock | | 186,431 |
| | Deutz Ag | 38,900 Shares of Common Stock | | 155,971 |
| | Devon Energy Corp | 10,005 Shares of Common Stock | | 320,160 |
| | Devry Education Group | 3,300 Shares of Common Stock | | 83,523 |
| | Dgb Financial Group | 17,568 Shares of Common Stock | | 150,576 |
| | Diageo PLC | 5,753 Shares of Common Stock | | 157,419 |
| | Dowa Holdings Co Ltd | 106,000 Shares of Common Stock | | 771,902 |
| | Dte Energy Co | 27,500 Shares of Common Stock | | 2,205,225 |
| | Du Pont E I De Nemours & Co | 88,200 Shares of Common Stock | | 5,874,120 |
| | Dufry | 10,965 Shares of Common Stock | | 1,314,486 |
| | Dupont Fabros Tech Inc | 49,085 Shares of Common Stock | | 1,560,412 |
| | E Trade Finl Corp | 96,550 Shares of Common Stock | | 2,861,742 |
| | Elementis | 115,800 Shares of Common Stock | | 391,022 |
| | Elringklinger | 9,300 Shares of Common Stock | | 237,411 |
| | Endurance Specialty Holdings Ltd | 14,230 Shares of Common Stock | | 910,578 |
| | Energen Corp | 27,840 Shares of Common Stock | | 1,141,162 |
| | Enersys | 60,000 Shares of Common Stock | | 3,355,800 |
| | Entergy Corp | 72,754 Shares of Common Stock | | 4,973,463 |
| | Epr Pptys | 13,530 Shares of Common Stock | | 790,829 |
| | Ethan Allen Interiors Inc | 37,800 Shares of Common Stock | | 1,051,596 |
| | Euler Hermes Group | 4,500 Shares of Common Stock | | 433,059 |
| | Eurocommercial | 12,276 Shares of Common Stock | | 530,683 |
| | Euronav | 27,100 Shares of Common Stock | | 373,283 |
| | Exedy Corp | 15,200 Shares of Common Stock | | 371,613 |
| | Exelon Corp | 57,870 Shares of Common Stock | | 1,607,050 |
| | Exelon Corp | 181,100 Shares of Common Stock | | 5,029,147 |
| | Exxon Mobil Corp | 123,900 Shares of Common Stock | | 9,658,005 |
(continued)
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, 2015
| | | | | (e) |
| | (b) | (c) | (d) | Current |
| (a) | Identity of Issuer | Description of Investment | Cost** | Value |
| | Corporate equities (continued) | | | |
| | Fagron | 18,700 Shares of Common Stock | $ | 143,416 |
| | Fidessa Group | 12,400 Shares of Common Stock | | 366,075 |
| | Finecobank | 54,673 Shares of Common Stock | | 452,859 |
| | Finish Line Inc | 269,100 Shares of Common Stock | | 4,865,328 |
| | Finmeccanica Spa | 10,900 Shares of Common Stock | | 152,745 |
| | Firstenergy Corp | 258,200 Shares of Common Stock | | 8,192,686 |
| | Flexsteel Inds Inc | 20,400 Shares of Common Stock | | 901,272 |
| | Fortune R/Est Inv | 271,000 Shares of Common Stock | | 279,037 |
| | Fp Corp | 26,800 Shares of Common Stock | | 976,915 |
| | Fuchs Petrolub Se | 20,800 Shares of Common Stock | | 982,884 |
| | G8 Education Ltd | 72,315 Shares of Common Stock | | 187,828 |
| | Gam Holding Ltd | 40,871 Shares of Common Stock | | 681,864 |
| | Gca Savvian Corp | 55,900 Shares of Common Stock | | 579,005 |
| | Gea Group Ag | 16,059 Shares of Common Stock | | 652,439 |
| | Gem Diamonds | 84,900 Shares of Common Stock | | 164,551 |
| | Gen Mtrs Co | 157,300 Shares of Common Stock | | 5,349,773 |
| | General Electric Co | 630,363 Shares of Common Stock | | 19,635,807 |
| | Genting Hong Kong | 974,000 Shares of Common Stock | | 311,680 |
| | Gfk Se | 6,700 Shares of Common Stock | | 224,860 |
| | Gilead Sciences Inc | 34,400 Shares of Common Stock | | 3,480,936 |
| | Global Pmts Inc | 12,245 Shares of Common Stock | | 789,925 |
| | Globus Med Inc | 58,970 Shares of Common Stock | | 1,640,545 |
| | Glory Ltd | 21,500 Shares of Common Stock | | 667,546 |
| | Gmo Internet Inc | 37,900 Shares of Common Stock | | 504,724 |
| | Gn Store Nord | 15,500 Shares of Common Stock | | 282,708 |
| | Goldcrest Co Ltd | 10,100 Shares of Common Stock | | 185,552 |
| | Grand City Propert | 41,060 Shares of Common Stock | | 954,068 |
| | Great Portland Estates | 55,100 Shares of Common Stock | | 672,434 |
| | Grifols Sa | 20,108 Shares of Common Stock | | 931,181 |
| | Hamakyorex Co Ltd | 8,000 Shares of Common Stock | | 150,630 |
| | Harris Corp | 16,385 Shares of Common Stock | | 1,423,857 |
| | Hartford Finl Svcs Group Inc | 6,110 Shares of Common Stock | | 265,541 |
| | Haulotte Group | 20,382 Shares of Common Stock | | 306,874 |
| | Haverty Furniture Cos Inc | 127,900 Shares of Common Stock | | 2,742,176 |
| | Hawkins Inc | 78,900 Shares of Common Stock | | 2,822,253 |
| | Henkel Ag & Co | 11,502 Shares of Common Stock | | 1,289,445 |
| | Hess Corp | 32,875 Shares of Common Stock | | 1,593,780 |
| | Hess Corp | 111,200 Shares of Common Stock | | 5,390,976 |
| | Hikma Pharmaceutic | 32,952 Shares of Common Stock | | 1,117,549 |
| | Hitachi Cap Corp | 19,600 Shares of Common Stock | | 533,605 |
| | Hooker Furniture Corp | 69,100 Shares of Common Stock | | 1,744,084 |
(continued)
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, 2015
| | | | | (e) |
| | (b) | (c) | (d) | Current |
| (a) | Identity of Issuer | Description of Investment | Cost** | Value |
| | Corporate equities (continued) | | | |
| | Hubbell Inc | 58,400 Shares of Common Stock | $ | 5,900,736 |
| | Hulic Company Ltd | 19,300 Shares of Common Stock | | 171,509 |
| | Hurco Co | 47,400 Shares of Common Stock | | 1,258,944 |
| | Hyundai Wia Corp | 6,090 Shares of Common Stock | | 581,707 |
| | Ig Group Hldgs | 33,700 Shares of Common Stock | | 398,605 |
| | Ihi Corporation | 229,100 Shares of Common Stock | | 641,811 |
| | Ill Tool Wks Inc | 55,700 Shares of Common Stock | | 5,162,276 |
| | Imperial Brands | 32,667 Shares of Common Stock | | 1,726,824 |
| | Inchcape Ord | 35,500 Shares of Common Stock | | 410,739 |
| | Incitec Pivot | 327,344 Shares of Common Stock | | 943,110 |
| | Informa Plc | 46,862 Shares of Common Stock | | 423,398 |
| | Infosys Limited | 67,667 Shares of Common Stock | | 1,133,422 |
| | Ingenico Group | 1,705 Shares of Common Stock | | 215,774 |
| | Integrated Device Technology Inc | 28,480 Shares of Common Stock | | 750,448 |
| | Intercontl Hotels | 35,478 Shares of Common Stock | | 1,389,895 |
| | Intermediate Capital Group | 38,742 Shares of Common Stock | | 358,028 |
| | Internet Comm | 30,500 Shares of Common Stock | | 611,547 |
| | Interpump Group | 14,140 Shares of Common Stock | | 219,959 |
| | Intl Cons Airl Di | 286,090 Shares of Common Stock | | 2,574,283 |
| | Intl Paper Co | 18,025 Shares of Common Stock | | 679,543 |
| | Intl Paper Co | 188,300 Shares of Common Stock | | 7,098,910 |
| | Invesco Ltd | 118,600 Shares of Common Stock | | 3,970,728 |
| | Invesco Ltd | 56,220 Shares of Common Stock | | 1,882,246 |
| | Ipsos | 15,000 Shares of Common Stock | | 345,769 |
| | Iress Limited | 59,892 Shares of Common Stock | | 435,744 |
| | Itt Corporation | 40,640 Shares of Common Stock | | 1,476,045 |
| | James Hardie Industries | 68,901 Shares of Common Stock | | 875,752 |
| | Japan Tobacco Inc | 83,877 Shares of Common Stock | | 3,117,453 |
| | Johnson & Johnson | 116,000 Shares of Common Stock | | 11,915,520 |
| | Johnson Ctl Inc | 147,900 Shares of Common Stock | | 5,840,571 |
| | Johnson Matthey | 71,386 Shares of Common Stock | | 2,795,584 |
| | Jpmorgan Chase & Co | 318,403 Shares of Common Stock | | 21,024,150 |
| | Jungheinrich Non-Vtg Prf | 11,000 Shares of Common Stock | | 911,015 |
| | Juniper Networks Inc | 82,300 Shares of Common Stock | | 2,271,480 |
| | Jyske Bank | 6,800 Shares of Common Stock | | 308,929 |
| | Kaiser Alum Corp | 30,100 Shares of Common Stock | | 2,518,166 |
| | Kar Auction Svcs Inc | 4,580 Shares of Common Stock | | 169,597 |
| | Kb Insurance Co Ltd | 9,992 Shares of Common Stock | | 248,831 |
| | Kbr Inc | 107,245 Shares of Common Stock | | 1,814,585 |
| | Kelly Services Inc Cl | 50,900 Shares of Common Stock | | 822,035 |
| | Kepco Plant Service & Engineering C 3,361 Shares of Common Stock | | 255,110 |
(continued)
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, 2015
| | | | | (e) |
| | (b) | (c) | (d) | Current |
| (a) | Identity of Issuer | Description of Investment | Cost** | Value |
| | Corporate equities (continued) | | | |
| | Kintetsu World Exp | 26,600 Shares of Common Stock | $ | 473,646 |
| | Kohls Corp | 108,758 Shares of Common Stock | | 5,180,144 |
| | Konecranes Oyj | 12,200 Shares of Common Stock | | 303,491 |
| | Korean Reinsurance | 47,384 Shares of Common Stock | | 571,817 |
| | Kudelski Sa | 25,810 Shares of Common Stock | | 372,582 |
| | Kuoni Reisen Hldg | 1,410 Shares of Common Stock | | 393,701 |
| | Lam Resh Corp | 11,585 Shares of Common Stock | | 920,081 |
| | Las Vegas Sands Corp | 77,200 Shares of Common Stock | | 3,384,448 |
| | Level 3 Communications Inc | 47,190 Shares of Common Stock | | 2,565,248 |
| | Liberty Global Plc -Series C | 91,048 Shares of Common Stock | | 3,712,027 |
| | Liberty Global | 56,092 Shares of Common Stock | | 2,376,057 |
| | Liberty Ppty | 64,380 Shares of Common Stock | | 1,998,999 |
| | Lifestyle Internat | 262,000 Shares of Common Stock | | 350,228 |
| | Linde Ag | 21,367 Shares of Common Stock | | 3,107,949 |
| | Lloyds Banking | 1,712,987 Shares of Common Stock | | 1,844,851 |
| | Loews Corp | 117,400 Shares of Common Stock | | 4,508,160 |
| | Lonza Group | 1,404 Shares of Common Stock | | 228,764 |
| | L'Oreal | 6,193 Shares of Common Stock | | 1,044,774 |
| | Lowes Cos Inc | 159,600 Shares of Common Stock | | 12,135,984 |
| | Lvmh Moet Hennessy Louis Vuitton | 6,515 Shares of Common Stock | | 1,025,493 |
| | Marcus & Millichap Inc | 34,900 Shares of Common Stock | | 1,016,986 |
| | Marsh & Mclennan Co'S Inc | 197,453 Shares of Common Stock | | 10,948,769 |
| | Mattel Inc | 248,700 Shares of Common Stock | | 6,757,179 |
| | Mediaset | 212,131 Shares of Common Stock | | 883,038 |
| | Medtronic | 136,192 Shares of Common Stock | | 10,475,889 |
| | Medtronic | 93,063 Shares of Common Stock | | 7,158,406 |
| | Meggitt | 71,127 Shares of Common Stock | | 392,813 |
| | Meitec Corporation | 18,300 Shares of Common Stock | | 632,084 |
| | Melia Hotels Intl | 59,600 Shares of Common Stock | | 788,576 |
| | Mellanox Technologies Ltd | 16,360 Shares of Common Stock | | 689,410 |
| | Mercialys | 8,800 Shares of Common Stock | | 178,140 |
| | Merck & Co Inc New | 208,990 Shares of Common Stock | | 11,038,852 |
| | Meredith Corp | 183,000 Shares of Common Stock | | 7,914,750 |
| | Metlife Inc | 234,900 Shares of Common Stock | | 11,324,529 |
| | Mgm Resorts International | 100,620 Shares of Common Stock | | 2,286,086 |
| | Micro Focus International | 32,000 Shares of Common Stock | | 752,279 |
| | Microsoft Corp | 304,261 Shares of Common Stock | | 16,880,400 |
| | Miller Herman Inc | 16,300 Shares of Common Stock | | 467,810 |
| | Minerals Technologies Inc | 23,400 Shares of Common Stock | | 1,073,124 |
| | Misumi Group Inc | 52,500 Shares of Common Stock | | 735,816 |
| | Miura Co Ltd | 41,500 Shares of Common Stock | | 594,410 |
(continued)
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, 2015
| | | | | (e) |
| | (b) | (c) | (d) | Current |
| (a) | Identity of Issuer | Description of Investment | Cost** | Value |
| | Corporate equities (continued) | | | |
| | Mlp Ag | 37,600 Shares of Common Stock | $ | 149,901 |
| | Mlp Lazard Ltd | 20,245 Shares of Common Stock | | 911,227 |
| * | Morgan Stanley | 45,917,472 Shares of Employer Common Stock | | 1,460,634,784 |
| | Nagaileben Co | 26,500 Shares of Common Stock | | 456,445 |
| | National Presto Inds Inc | 44,500 Shares of Common Stock | | 3,687,270 |
| | Neenah Paper Inc | 119,780 Shares of Common Stock | | 7,477,865 |
| | Nestle Sa | 56,936 Shares of Common Stock | | 4,240,338 |
| | Newell Rubbermaid Inc Com | 16,270 Shares of Common Stock | | 717,182 |
| | Newfield Exploration | 41,775 Shares of Common Stock | | 1,360,194 |
| | News Corp | 140,600 Shares of Common Stock | | 1,878,416 |
| | Ngk Insulators Ltd | 113,100 Shares of Common Stock | | 2,589,280 |
| | Nhk Spring Co Ltd | 59,300 Shares of Common Stock | | 602,391 |
| | Nihon Parkerizing | 66,700 Shares of Common Stock | | 689,207 |
| | Nippon Seiki Co | 14,000 Shares of Common Stock | | 323,072 |
| | Nippon Shokubai Co | 2,400 Shares of Common Stock | | 168,985 |
| | Nippon Thompson Co | 63,000 Shares of Common Stock | | 275,997 |
| | Novartis | 25,573 Shares of Common Stock | | 2,217,519 |
| | Nrg Energy Inc | 47,745 Shares of Common Stock | | 561,959 |
| | Nucor Corp | 22,080 Shares of Common Stock | | 889,824 |
| | Nufarm | 100,838 Shares of Common Stock | | 613,329 |
| | Nuflare Technology | 3,400 Shares of Common Stock | | 156,582 |
| | Nxp Semiconductors N V | 36,700 Shares of Common Stock | | 3,091,975 |
| | Obic Co Ltd | 16,000 Shares of Common Stock | | 856,561 |
| | Oc Oerlikon Corp | 23,810 Shares of Common Stock | | 212,887 |
| | Occidental Petroleum Corp | 117,500 Shares of Common Stock | | 7,944,175 |
| | Okinawa Cellular | 4,600 Shares of Common Stock | | 125,807 |
| | Okinawa Elec Power | 19,300 Shares of Common Stock | | 504,580 |
| | Olympus Corp | 63,900 Shares of Common Stock | | 2,549,732 |
| | Ono Pharmaceutical | 7,500 Shares of Common Stock | | 1,352,301 |
| | Orange | 72,021 Shares of Common Stock | | 1,211,491 |
| | Oriental Watch Hld | 274,000 Shares of Common Stock | | 40,657 |
| | Orion Corp | 459 Shares of Common Stock | | 456,436 |
| | Orion Corp | 16 Shares of Common Stock | | 15,911 |
| | Osram Licht | 17,985 Shares of Common Stock | | 757,844 |
| | Ottogi Corp | 929 Shares of Common Stock | | 970,556 |
| | Oxford Instruments | 12,200 Shares of Common Stock | | 137,919 |
| | Park Electrochemical Corp | 195,700 Shares of Common Stock | | 2,947,242 |
| | Partners Group Hlg | 4,130 Shares of Common Stock | | 1,490,472 |
| | Pccw Limitedv | 549,000 Shares of Common Stock | | 322,310 |
| | Pennon Group | 28,900 Shares of Common Stock | | 366,749 |
| | Pepsico Inc | 84,406 Shares of Common Stock | | 8,433,848 |
(continued)
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, 2015
| | | | | (e) |
| | (b) | (c) | (d) | Current |
| (a) | Identity of Issuer | Description of Investment | Cost** | Value |
| | Corporate equities (continued) | | | |
| | Pernod Ricard Npv | 11,802 Shares of Common Stock | $ | 1,348,718 |
| | Pfizer Inc | 566,160 Shares of Common Stock | | 18,275,645 |
| | Pg& E Corp | 301,400 Shares of Common Stock | | 16,031,466 |
| | Pg& E Corp | 25,885 Shares of Common Stock | | 1,376,823 |
| | Philip Morris Intl | 114,600 Shares of Common Stock | | 10,074,486 |
| | Phoenix Satellite | 1,262,000 Shares of Common Stock | | 296,361 |
| | Pinnacle Foods Inc | 34,280 Shares of Common Stock | | 1,455,529 |
| | Pkc Group Oyj | 4,800 Shares of Common Stock | | 84,836 |
| | Playtech Plc Ord | 62,702 Shares of Common Stock | | 769,367 |
| | Precision Drilling Corporation | 266,075 Shares of Common Stock | | 1,048,336 |
| | Premier Oil | 82,300 Shares of Common Stock | | 58,831 |
| | Procter & Gamble | 114,609 Shares of Common Stock | | 9,101,101 |
| | Prosegur Seguridad | 118,900 Shares of Common Stock | | 548,935 |
| | Prysmian Spa | 7,800 Shares of Common Stock | | 171,666 |
| | Psp Swiss Property | 2,976 Shares of Common Stock | | 261,626 |
| | Pvh Corp | 14,405 Shares of Common Stock | | 1,060,928 |
| | Pvtpl Dell Inc | 357,500 Shares of Common Stock | | 4,915,625 |
| | Pz Cussons | 71,400 Shares of Common Stock | | 299,713 |
| | Qualcomm Inc | 114,400 Shares of Common Stock | | 5,718,284 |
| | Raffles Medical | 159,755 Shares of Common Stock | | 468,460 |
| | Ramirent Oyj | 64,600 Shares of Common Stock | | 452,629 |
| �� | Raytheon Co | 47,000 Shares of Common Stock | | 5,852,910 |
| | Redrow | 95,900 Shares of Common Stock | | 664,472 |
| | Regal Beloit Corp | 29,700 Shares of Common Stock | | 1,738,044 |
| | Regus PLC | 267,100 Shares of Common Stock | | 1,311,737 |
| | Renaissance Re Hldgs Ltd Com | 7,135 Shares of Common Stock | | 807,611 |
| | Restaurant Group | 53,400 Shares of Common Stock | | 539,531 |
| | Rexel | 98,782 Shares of Common Stock | | 1,317,729 |
| | Ricoh Leasing | 13,300 Shares of Common Stock | | 417,370 |
| | Rightmove | 7,800 Shares of Common Stock | | 474,227 |
| | Roche Hldgs | 14,983 Shares of Common Stock | | 4,137,164 |
| | Royal Caribbean Cruises | 15,813 Shares of Common Stock | | 1,600,434 |
| | Rpc Group | 31,500 Shares of Common Stock | | 386,744 |
| | S.W. Airl Co | 223,400 Shares of Common Stock | | 9,619,604 |
| | Saf Holland | 64,900 Shares of Common Stock | | 880,556 |
| | Samchuly Bicycle | 34,333 Shares of Common Stock | | 505,091 |
| | San-Ai Oil Co | 128,000 Shares of Common Stock | | 1,052,346 |
| | Sartorius Stedim | 2,800 Shares of Common Stock | | 1,074,916 |
| | Sato Holdings | 22,800 Shares of Common Stock | | 454,882 |
| | Sats Ltd | 249,700 Shares of Common Stock | | 675,888 |
| | Sba Communications Corp | 10,105 Shares of Common Stock | | 1,061,732 |
(continued)
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, 2015
| | | | | (e) |
| | (b) | (c) | (d) | Current |
| (a) | Identity of Issuer | Description of Investment | Cost** | Value |
| | Corporate equities (continued) | | | |
| | Scansource Inc | 79,700 Shares of Common Stock | $ | 2,567,934 |
| | Scholastic Corp | 182,000 Shares of Common Stock | | 7,017,920 |
| | Schweitzer-Mauduit Intl | 118,000 Shares of Common Stock | | 4,954,820 |
| | Scor Se | 10,600 Shares of Common Stock | | 397,375 |
| | Sdl Ord | 19,900 Shares of Common Stock | | 122,309 |
| | Seek Limited | 18,767 Shares of Common Stock | | 209,997 |
| | Segro PLC | 86,036 Shares of Common Stock | | 544,516 |
| | Seobu T&D | 24,801 Shares of Common Stock | | 461,099 |
| | Servicemaster Global Hldgs Inc | 49,065 Shares of Common Stock | | 1,925,311 |
| | Shanks Group | 343,500 Shares of Common Stock | | 488,565 |
| | Ship Healthcare Holdings Inc | 15,300 Shares of Common Stock | | 382,834 |
| | Sika Ag | 110 Shares of Common Stock | | 397,802 |
| | Skyworks Solutions Inc | 13,205 Shares of Common Stock | | 1,014,540 |
| | Sl Green Rlty Corp | 15,445 Shares of Common Stock | | 1,744,976 |
| | Smartone Telecom | 567,000 Shares of Common Stock | | 863,287 |
| | Spar Nord Bank | 42,100 Shares of Common Stock | | 373,825 |
| | Sparebank | 31,700 Shares of Common Stock | | 140,748 |
| | St James'S Place | 29,700 Shares of Common Stock | | 441,250 |
| | Standard Mtr Prods Inc | 240,000 Shares of Common Stock | | 9,132,000 |
| | Stanley Black & Decker Inc | 11,225 Shares of Common Stock | | 1,198,044 |
| | Sthree Ord | 109,800 Shares of Common Stock | | 527,580 |
| | Sumitomo Real Est | 11,400 Shares of Common Stock | | 263,926 |
| | Sun Hung Kai Co | 450,000 Shares of Common Stock | | 296,123 |
| | Sun Tr Banks Inc | 55,705 Shares of Common Stock | | 2,386,402 |
| | Sundrug Co Ltd | 14,300 Shares of Common Stock | | 929,598 |
| | Sunstone Hotel Invs Inc | 88,321 Shares of Common Stock | | 1,103,129 |
| | Suruga Bank | 36,000 Shares of Common Stock | | 752,051 |
| | Swedbank Ag | 60,818 Shares of Common Stock | | 1,349,732 |
| | Swedish Orphan Biovitrum | 104,700 Shares of Common Stock | | 1,671,603 |
| | Synchrony Finl | 50,245 Shares of Common Stock | | 1,527,950 |
| | Syngenta | 9,590 Shares of Common Stock | | 3,758,399 |
| | Taylor Wimpey | 142,800 Shares of Common Stock | | 427,470 |
| | Te Connectivity Ltd | 104,900 Shares of Common Stock | | 6,777,589 |
| | Te Connectivity Ltd | 15,067 Shares of Common Stock | | 973,479 |
| | Tecan Group Ag | 5,030 Shares of Common Stock | | 818,568 |
| | Technicolor | 49,028 Shares of Common Stock | | 398,378 |
| | Techtronic | 360,000 Shares of Common Stock | | 1,467,843 |
| | Tegna Inc | 49,685 Shares of Common Stock | | 1,267,961 |
| | Telenet Grp Hldg | 21,425 Shares of Common Stock | | 1,158,346 |
| | Teleperformance Societe Europ. | 6,600 Shares of Common Stock | | 555,642 |
| | Tencent Hldgs | 204,200 Shares of Common Stock | | 4,018,051 |
(continued)
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, 2015
| | | | | (e) |
| | (b) | (c) | (d) | Current |
| (a) | Identity of Issuer | Description of Investment | Cost** | Value |
| | Corporate equities (continued) | | | |
| | Teradyne Inc | 226,000 Shares of Common Stock | $ | 4,671,420 |
| | Texas Instruments Inc | 130,900 Shares of Common Stock | | 7,174,629 |
| | Thermo Fisher Corp | 81,400 Shares of Common Stock | | 11,546,590 |
| | Thk Co Ltd | 25,000 Shares of Common Stock | | 469,263 |
| | Tikkurila Oy | 9,300 Shares of Common Stock | | 162,753 |
| | T-Mobile Us Inc | 97,800 Shares of Common Stock | | 3,825,936 |
| | Tokyo Ohka Kogyo | 6,900 Shares of Common Stock | | 221,693 |
| | Tokyo Tatemono Co | 50,500 Shares of Common Stock | | 555,397 |
| | Toyota Motor Corp | 50,400 Shares of Common Stock | | 3,137,248 |
| | Travis Perkins | 18,600 Shares of Common Stock | | 540,889 |
| | Treasury Wine Esta | 143,260 Shares of Common Stock | | 865,099 |
| | Trinity Ind Inc | 39,090 Shares of Common Stock | | 938,942 |
| | Tsutsumi Jewelry | 7,100 Shares of Common Stock | | 147,554 |
| | Twenty-First Centy Fox Inc | 300,600 Shares of Common Stock | | 8,185,338 |
| | Tyco International Plc | 165,000 Shares of Common Stock | | 5,261,850 |
| | Tyson Foods Inc | 115,700 Shares of Common Stock | | 6,170,281 |
| | Ucb | 14,723 Shares of Common Stock | | 1,331,147 |
| | Unifirst Corp Mass | 122,000 Shares of Common Stock | | 12,712,400 |
| | United Arrows Ltd | 24,200 Shares of Common Stock | | 1,050,118 |
| | United Internet Ag | 20,931 Shares of Common Stock | | 1,157,558 |
| | United Technologies Corp | 63,100 Shares of Common Stock | | 6,062,017 |
| | Universal Corp | 19,700 Shares of Common Stock | | 1,104,776 |
| | US Bancorp | 112,335 Shares of Common Stock | | 4,793,334 |
| | Valero Energy Corp | 9,650 Shares of Common Stock | | 682,351 |
| | Valmont Inds Inc | 14,600 Shares of Common Stock | | 1,547,892 |
| | VCA Inc | 30,070 Shares of Common Stock | | 1,653,850 |
| | Viacom Inc | 33,300 Shares of Common Stock | | 1,370,628 |
| | Virgin Money Hldgs | 72,200 Shares of Common Stock | | 405,124 |
| | Vishay Intertechnology Inc | 85,800 Shares of Common Stock | | 1,033,890 |
| | Vonovia Se | 45,217 Shares of Common Stock | | 1,402,354 |
| | Vontobel Hldgs | 11,117 Shares of Common Stock | | 527,530 |
| | Voya Finl Inc | 45,210 Shares of Common Stock | | 1,668,701 |
| | Vulcan Materials Co | 43,100 Shares of Common Stock | | 4,093,207 |
| | Wabco Hldgs Inc | 8,696 Shares of Common Stock | | 889,253 |
| | Waddell & Reed Finl Inc | 104,000 Shares of Common Stock | | 2,980,640 |
| | Wal-Mart Stores Inc | 49,500 Shares of Common Stock | | 3,034,350 |
| | Waters Corp | 6,710 Shares of Common Stock | | 903,032 |
| | Webster Fncl Corp | 40,370 Shares of Common Stock | | 1,501,360 |
| | Weis Mkt Inc | 114,000 Shares of Common Stock | | 5,050,200 |
| | Wells Fargo & Co | 165,304 Shares of Common Stock | | 8,985,925 |
| | Western Union Co | 111,194 Shares of Common Stock | | 1,991,485 |
(continued)
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, 2015
| | | | | (e) |
| | (b) | (c) | (d) | Current |
| (a) | Identity of Issuer | Description of Investment | Cost** | Value |
| | Corporate equities (continued) | | | |
| | Westn Digital Corp | 14,760 Shares of Common Stock | $ | 886,338 |
| | Wienerberger Ag | 46,100 Shares of Common Stock | | 855,840 |
| | Wincor Nixdorf Ag | 9,900 Shares of Common Stock | | 498,734 |
| | Winnebago Inds Inc | 111,100 Shares of Common Stock | | 2,210,890 |
| | Wirecard Ag | 21,511 Shares of Common Stock | | 1,086,584 |
| | Wood Group | 49,600 Shares of Common Stock | | 447,771 |
| | Worldpay Grp PLC | 244,901 Shares of Common Stock | | 1,109,229 |
| | Wpp PLC | 109,147 Shares of Common Stock | | 2,514,426 |
| | Wpx Energy Inc | 110,830 Shares of Common Stock | | 636,164 |
| | Xcel Energy Inc | 55,400 Shares of Common Stock | | 1,989,414 |
| | Xebio Holdings Co | 11,800 Shares of Common Stock | | 224,729 |
| | Xl Group PLC | 207,119 Shares of Common Stock | | 8,114,922 |
| | Xl Group PLC | 23,380 Shares of Common Stock | | 916,028 |
| | Yamazen Corp | 46,000 Shares of Common Stock | | 425,986 |
| | Yuasa Trading Co | 20,800 Shares of Common Stock | | 519,589 |
| | Zodiac Aerospace | 115,790 Shares of Common Stock | | 2,764,074 |
| | Zumtobel Group | 21,000 Shares of Common Stock | | 531,070 |
| | Spark Infr Group | 678,762 Shares; Stapled Securities | | 948,160 |
| | Charter Hall Group | 243,279 Shares; Stapled Securities | | 803,569 |
| | Goodman Group | 96,252 Shares; Stapled Securities | | 439,077 |
| | Investa Office Fd Units | 76,134 Shares; Stapled Securities | | 221,565 |
| | Cash and cash equivalents | | | |
| | Interest-Bearing Cash | USD deposits | | 26,200,155 |
| | Cash | Foreign currency and collaterals | | 939,687 |
| | Credit Suisse | Cash Collateral | | 77,000 |
| | Credit Suisse | Cash Collateral | | 861,000 |
| | Credit Suisse | Cash Collateral | | 461,000 |
| | CSFB | Cash Collateral | | 33,000 |
| | UBS Securities | Cash Collateral | | 58,000 |
| | Government securities | | | |
| | FNMA | 1.625 11-27-2018 Reg | | 705,095 |
| | FNMA | Pool #Ad9083 4Due 07-01-2025 Reg | | 4,687 |
| | FNMA | Pool #Al1378 6Due 02-01-2027 Beo | | 128,041 |
| | FNMA | Gtd Mtg Ah6737 4 2-1-2026 | | 280,897 |
| | FNMA | Gtd Mtg Pool #Ah2090 3.5% 12-01-2020 Beo | | 48,526 |
| | FNMA | Gtd Mtg Pool #Ah9391 4% 03-01-2026 Beo | | 161,933 |
| | FNMA | Gtd Mtg Pool #Ai2095 4% 05-01-2026 Beo | | 639,005 |
| | FNMA | Gtd Mtg Pool #Aj1509 4% 09-01-2041 Beo | | 1,691,285 |
| | FNMA | Gtd Mtg Pool #Ak2411 4% Due 02-01-2042 Beo | | 433,840 |
(continued)
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, 2015
| | | | | (e) |
| | (b) | (c) | (d) | Current |
| (a) | Identity of Issuer | Description of Investment | Cost** | Value |
| | Government securities (continued) | | | |
| | FNMA | Gtd Mtg Pool #Al0846 3.5% 10-01-2026 Beo | $ | 12,815 |
| | FNMA | Pool #Al7632 3.5% 10-01-2030 Beo | | 35,565 |
| | FNMA | Remic Adjustable 12-25-2036 | | 140,272 |
| | FNMA | Pool #Ab0183 5% 02-01-2025 Beo | | 1,878,493 |
| | FNMA | Pool #Ab1609 4% 10-01-2025 Beo | | 843,252 |
| | FNMA | Pool #Ab1981 3.5% 12-01-2020 Beo | | 58,595 |
| | FNMA | Pool #Ab3399 3.5% 08-01-2021 Beo | | 8,095 |
| | FNMA | Pool #Ab9280 4% 05-01-2043 Beo | | 361,320 |
| | FNMA | Pool #Ae7017 3.5% Due 10-01-2020 Reg | | 53,206 |
| | FNMA | Pool #Ao1771 4% 05-01-2042 Beo | | 237,011 |
| | FNMA | Pool #Ap1215 3.5% 06-01-2043 Beo | | 855,790 |
| | FNMA | Pool #Ar8571 3.5% 03-01-2022 Beo | | 66,814 |
| | FNMA | Pool #As0508 3.5% 09-01-2028 Beo | | 33,759 |
| | FNMA | Pool #Aw1134 3.5% 03-01-2024 Beo | | 56,053 |
| | FNMA | Pool #Aw6899 3.5% 07-01-2029 Beo | | 27,491 |
| | FNMA | Pool #Aw8952 3.5% 07-01-2029 Beo | | 37,606 |
| | FNMA | Pool #Ay0557 3.5% 04-01-2022 Beo | | 2,704,707 |
| | FNMA | Pool #Ay3043 3.5% 08-01-2021 Beo | | 118,256 |
| | FNMA | Pool #Ma0424 3.5% 05-01-2020 Beo | | 209,435 |
| | FNMA | Pool #Ma0521 3.5% 09-01-2020 Beo | | 962,958 |
| | FNMA | Pool #Ma0577 3.5% 11-01-2020 Beo | | 719,967 |
| | FNMA | Pool #Ma0598 3.5% 12-01-2020 Beo | | 33,151 |
| | FNMA | Pool #Ma0629 3.5% 01-01-2021 Beo | | 1,706,210 |
| | FNMA | Pool #Ma0654 3.5% 02-01-2021 Beo | | 6,247,581 |
| | FNMA | Pool #Ma0670 3.5% 03-01-2021 Beo | | 98,758 |
| | FNMA | Pool #Ma1732 3.5% 01-01-2024 Beo | | 153,869 |
| | FNMA | Remic Tr 2010-2 Cl-Gf Fltg 12-25-2049 | | 56,345 |
| | FNMA | Ser 2011-40 Cl Sx Var Rt Due 11-25-2040 Beo | | 1,127 |
| | FNMA | Ser 2011-86 Cl Nf Fltg Rt Due 09-25-2041 | | 67,156 |
| | FNMA | Single Family Mortgage 3.5% 15 Yrs Settles Jan | | 10,472,270 |
| | FNMA | Single Family Mortgage 3.5% 30 Yrs Settles Feb | | 13,796,305 |
| | FNMA | Single Family Mortgage 4% 30 Yrs Settles Feb | | 10,033,710 |
| | FNMA | Single Family Mortgage 4.5% 30 Yrs Settles Feb | | (9,704,106) |
| | FNMA | Single Family Mortgage 4.5% 30 Yrs Settles Jan | | (6,479,250) |
| | FNMA | Ser 2007-34 Cl S 04-25-2037 Beo | | 108,820 |
| | FNMA | 2007-15 Cl Ai Var 03-25-2037 | | 30,291 |
| | FNMA | Fnr 2007-56 Gs Flt Rt 06-25-2037 | | 158,101 |
| | FNMA | Fr Cmo 25/03/37 Usd 03-25-2037 | | 16,630 |
| | FNMA | Remic Ser 2005-84 Cl-Sg Flt Rt 10-25-2035 | | 106,875 |
| | FNMA | Remic Tr 2009-87 Cl-Hs Var Rate 11-25-2039 | | 13,812 |
| | FNMA | Ser 2007-32 Cl Sa Fltg Rt 04-25-2037 | | 47,872 |
(continued)
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, 2015
| | | | | | (e) |
| | (b) | | (c) | (d) | Current |
| (a) | Identity of Issuer | | Description of Investment | Cost** | Value |
| | Government securities (continued) | | | | |
| | FNMA | Ser 2007-4 Cl Sl Fltg Rt 02-25-2037 | $ | 9,689 |
| | FNMA | Ser 2007-89 Cl Sd Fltg Rt 09-25-2037 | | 122,359 |
| | FNMA | Remic Tr 2011-60 Cl-Oa Prin Only 08-25-2039 | | 104,081 |
| | FNMA | Ser 2013-M4 Cl X1 Var Rt 02-25-2018 | | 238,003 |
| | GNMA | Pool #Ab9437 3.5 Due 11-15-2042 | | 648,075 |
| | GNMA | Pool #Ak8998 3% 07-15-2045 | | 1,055,019 |
| | GNMA | Pool #Al1871 3% 01-15-2045 | | 938,191 |
| | GNMA | Pool #Al5414 3.5% 02-15-2045 | | 485,235 |
| | GNMA | Pool #Am4137 3.5% 04-15-2045 | | 554,460 |
| | NCUA GTD | Ncua Gtd Nts Tr 2010-R2 Gtd Nt Cl I-A Due 11-06-2017 Reg | | 329,080 |
| | Federal Home Ln Mtg Corp | Federal Home Ln Mtg Corp 3918 Cs Fltg 9-15-2041 | | 22,882 |
| | Federal Home Ln Mtg Corp | Multiclass Ser 3828 Cl Sy 02-15-2041 Fltg | | 3,849 |
| | Federal Home Ln Mtg Corp | Multiclass Ser 3951 Cl Us Fltg 02-15-2040 | | 53,866 |
| | Federal Home Ln Mtg Corp | Multiclass Ser 3147 Cl Ls 04-15-2036 | | 183,453 |
| | Federal Home Ln Mtg Corp | Multiclass Ser 3218 Cl As 09-15-2036 | | 165,613 |
| | Federal Home Ln Mtg Corp | Multiclass Ser 3218 Cl Sa Flg Rt Due 09-15-2036 | | 13,108 |
| | Federal Home Ln Mtg Corp | Discount Nt 01-22-2016 | | 99,993 |
| | Federal Home Ln Mtg Corp | Discount Nt 01-27-2016 | | 99,990 |
| | Federal Home Ln Mtg Corp | Discount Nt 01-29-2016 | | 799,917 |
| | Federal Home Ln Mtg Corp | Discount Nt 01-29-2016 | | 99,990 |
| | FHLMC Preassign | 2.375 01-13-2022 | | | 1,013,892 |
| | Small Business Admin | Gtd Dev Partn Ctf 5.12 Due 11-01-2027 Reg | | 622,290 |
| | United States of America | Tsy Infl Ix N/B Treas Bonds 0.75% 02-15-2045 | | 1,321,271 |
| | United States of America | Treasury Notes 0.25% Tb 01-15-25 Usd1000 A-2025 | | 287,542 |
| | United States of America | Treasury Bds 04-15-2028 | | 7,554,728 |
| | United States of America | Treasury Bds 0.625% Tips Infl Idx 02-15-2043 Usd1000 | | 87,544 |
| | United States of America | Treasury Bds 0.625% Tips Infl Idx 02-15-2043 Usd1000 | | 87,544 |
| | United States of America | Treasury Bds 0.75 Deb Tips 02-15-2042 | | | 2,043,606 |
| | United States of America | Treasury Bds 0.75 Deb Tips 02-15-2042 | | | 1,202,121 |
| | United States of America | Treasury Notes Inflation Index 0.125 Nts 07-15-2024 | | 2,568,545 |
| | United States of America | Treasury Notes Inflation Indexed 0.125 04-15-2018 | | 7,701,880 |
| | United States of America | Treasury Notes 0.125% Infl Idx 04-15-2020 | | 100,268 |
| | United States of America | Treasury Notes 1.25 07-15-2020 | | 3,288,932 |
| | United States of America | Treasury Bds 1.375 02-15-2044 | | | 7,373,999 |
| | United States of America | Treasury Bds 1.375 02-15-2044 | | | 2,596,478 |
| | United States of America | Treasury Bds 2.125 2-15-2041 | | 2,957,638 |
| | United States of America | Treasury Bds Index Linked 1.75 Due 01-15-2028 | | 4,341,723 |
| | United States of America | Treasury Bds Inflation Index Linked 3.875% 04-15-2029 | | 1,985,110 |
| | United States of America | Treasury Infl Nts 0.375% Dtd 07/15/2015 07-15-2025 | | 194,205 |
| | United States of America | Treasury Nts 0.125 04-15-2019 | | | 6,861,674 |
| | United States of America | Treasury Nts 0.125% Index Linked 01-15-2022 | | 203,663 |
(continued)
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, 2015
| | | | | | (e) |
| | (b) | (c) | (d) | Current |
| (a) | Identity of Issuer | Description of Investment | Cost** | Value |
| | Government securities (continued) | | | | |
| | United States of America | Treasury Nts Dtd 00399 04-15-2017 | $ | 104,507 |
| | United States of America | Treasury Nts Dtd 01/15/2013 Tips 01-15-2023 | | | 98,795 |
| | United States of America | Treasury Nts Index Linked 2.375 Due 01-15-2017 | | | 241,704 |
| | United States of America | Treasury Nts Tips .375 07-15-2023 | | 698,889 |
| | United States of America | Treasury Notes Idx Lkd Nt 1.375 Nts Tips 1/15/2020 | | 5,945,212 |
| | United States of America | Treasury Bds Index Linked 2.5 Due 01-15-2029 Reg | | 4,068,302 |
| | United States of America | Treasury Bds Index Linked 2.5 Due 01-15-2029 Reg | | 1,417,344 |
| | United States of America | Treasury Bds Index Linked Notes 2.375 Due 01-15-2027 | | 2,358,698 |
| | United States of America | Treasury Bds Index Linked Notes 2.375 Due 01-15-2027 | | 1,499,750 |
| | United States of America | Treasury Infl Indexed Bonds 2.375 Due 01-15-2025 | | 5,967,326 |
| | United States of America | Treasury Nts Index Linked 1.625 Due 01-15-2018 | | 117,082 |
| | United States of America | Treasury Nts Index Linked 1.875 Due 07-15-2019 | | 14,173,941 |
| | United States of America | Treasury Nts Index Linked 2.00 Due 01-15-2016 | | 359,443 |
| | United States of America | Treasury Nts Inflation Linked 2.50 Due 07-15-2016 | | 8,149,456 |
| | United States of America | Treasury Nts Tips 07-15-2022 | | 8,654,404 |
| | United States of America | Treasury Nts Tips Dtd 07-15-2011 07-15-2021 | | 7,329,143 |
| | United States of America | Treasury Dtd 02/15/2010 02-15-2040 | | 453,451 |
| | United States of America | Treasury Bd 0.625 01-15-2024 | | 5,845,065 |
| | United States of America | Treasury Nts 1.125% Tips 15/1/21 Usd1000 01-15-2021 | | 2,555,679 |
| | United States of America | Treasury Nts Tips Dtd 00340 04-15-2016 | | 214,665 |
| | United States of America | Treasury 02/15/2015 2.5% Due 02-15-2045 Reg | | 1,525,286 |
| | United States of America | Treasury Bds 3% Due 11-15-2044 | | 99,637 |
| | United States of America | Treasury Bds 3% Due 05-15-2045 | | 1,234,333 |
| | United States of America | Treasury Nts Dtd 11/15/2014 2.25% Due 11-15-2024 | | 5,597,155 |
| | United States of America | Treasury Nts Dtd 11/15/2015 2.25% Due 11-15-2025 | | 4,489,979 |
| | United States of America | Treasury Nts Dtd 2.75% Due 02-15-2024 | | 937,442 |
| | United States of America | Treasury Bds 4.375 Due 05-15-2040 | | 1,887,422 |
| | United States of America | Treasury N/B 3.0% 11-15-2045 | | 199,398 |
| | United States of America | Treasury 1.375% Due 09-30-2020 | | 13,856,549 |
| | United States of America | Treasury 1.875% Due 08-31-2022 | | 395,391 |
| | Angola Rep | 9.5% 12/11/2025 | | | 186,500 |
| | Argentina Rep | Due 12-15-2035 | | | 223,301 |
| | Argentina(Rep of) | 0%-Idx Lk 15/12/35 | | | 16,316 |
| | Argentina(Rep of) | Bd 8.28% Due12-31-2049/06-30-2024 | | 277,960 |
| | Argentine Republic | 8.75% 02/06/2017 | | | 144,517 |
| | Argentine Republic | 8.75% 02/06/2017 | | | 220,102 |
| | Bolivarian Rep of Venezuela | 11.75 Due 10-21-2026 | | | 82,325 |
| | Brazil | 6.5% Due 06-10-2019 | | | 97,750 |
| | Brazil Federative Rep | 2.625 Due 01-05-2023 | | | 152,000 |
| | Brazil Federative Rep Global Nt | 5.625% Due 01-07-2041 | | | 256,650 |
| | Brazil(Fed Rep Of) | 10% T-Nts 01/01/18 | | | 960,021 |
(continued)
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, 2015
| | | | | | | (e) |
| | (b) | | | (c) | (d) | Current |
| (a) | Identity of Issuer | | | Description of Investment | Cost** | Value |
| | Government securities (continued) | | | | | |
| | Brazil(Fed Rep of) | 10% T-Nts 01/01/23 | | $ | 410,383 |
| | Brazil(Fed Rep of) | 10% T-Nts 01/01/25 | | | 448,108 |
| | Brazil(Fed Rep of) | 10% T-Nts 01/01/25 | | | 57,945 |
| | Brazil(Fed Rep of) | 5% Bds 27/01/45 | | | 140,552 |
| | Brazil(Fed Rep of) | 7.125 Due 01-20-2037 | | | 18,975 |
| | Brazil(Fed Rep of) | 7.125% Bds 20/01/37 | | | 41,640 |
| | Brazil(Fed Rep of) | 8.25% 20/01/34 | | | 144,750 |
| | Brazil(Federative Rep of) | 10% 01/01/17 | | | | 328,453 |
| | Brazil(Federative Rep of) | 10% 01/01/17 | | | | 1,684,457 |
| | Colombia(Rep of) | 10% Bds 24/07/24 | | | 553,508 |
| | Colombia(Rep of) | 6% Bds 28/04/28 | | | 399,229 |
| | Colombia(Rep of) | 2.625% Due 03-15-2023 | | 237,195 |
| | Colombia(Rep of) | 6.125% Due 01-18-2041/10-20-2009 | | 96,500 |
| | Colombia(Rep of) | 7.5% Bd 26/08/2026 | | | 75,260 |
| | Costa Rica Govt | 7.158% Due 03/12/2045 | | 180,062 |
| | Croatia | 6.0% T-Bond 26/01/2024 | | 339,362 |
| | Croatia | 6.75 Due 11/5/2019 | | | 214,250 |
| | Croatia(Rep of) | 5.5% 04/04/2023 | | | 503,662 |
| | Croatia(Rep of) | 5.5% Snr 04/04/2023 | | | 203,500 |
| | Croatia(Rep of) | 6.75% Bds 05/11/19 | | | 214,730 |
| | Dominican Republic | 5.5% 01-27-2025 | | | 303,187 |
| | Dominican Republic | 5.5% Snr 27/01/2025 | | | 36,765 |
| | Dominican Republic | 5.5% Tbond 27/01/2025 | | 57,750 |
| | Dominican Republic | 5.875 Due 04-18-2024 | | | 64,837 |
| | Dominican Republic | 5.875% Bds 18/04/24 | | | 140,000 |
| | Dominican Republic | 7.45% Nts 30/04/2044 | | | 100,750 |
| | Dominican Republic | Tbond 6.85% Due 27/01/2045 | | 412,162 |
| | Eskom Hldgs Ltd | 6.75% Due 06/08/2023 | | | 174,500 |
| | Eskom Holdings Soc Ltd | 7.125% 11/02/2025 | | | 348,000 |
| | Fed Republic Of Brazil Bnds | 4.25% Due 07/01/2025 | | | 162,862 |
| | Georgia(Repub. Of) | 6.875% Bds 12/4/21 | | | 296,250 |
| | Global Nt | 144A 4.75% Due 01-08-2026 | | 207,409 |
| | Hungary (Republic Of) | 5.75% 22/11/2023 | | | 78,507 |
| | Hungary Govt Bd Tbond | 5.5% 24/06/2025 | | | 314,317 |
| | Hungary Rep | 5.375% Due 03-25-2024 | | 65,700 |
| | Hungary Rep | 5.75 Due 11-22-2023 | | | 69,372 |
| | Hungary(Rep of) | 3% Bds 26/06/24 | | | 184,426 |
| | Hungary(Rep of) | 7% Bds 24/06/22 | | | 232,934 |
| | Hungary(Rep of) | 5.375% Bds 21/02/23 | Usd2000 | | 152,979 |
| | Hungary(Rep of) | 5.75% Bds 22/11/23 | Usd1000 | | 430,593 |
| | Indonesia(Rep of) | Nt 8.375% 15/03/24 | | | 1,271,174 |
(continued)
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, 2015
| | | | | (e) |
| | (b) | (c) | (d) | Current |
| (a) | Identity of Issuer | Description of Investment | Cost** | Value |
| | Government securities (continued) | | | |
| | Indonesia(Rep of) | 11% Bds 15/09/25 | $ | 23,395 |
| | Indonesia(Rep of) | 5.625% Bds 15/05/23 | | 108,624 |
| | Indonesia(Rep of) | 8.375% Bds 15/09/26 | | 300,520 |
| | Indonesia(Rep of) | 5.95% Snr Mtn 08/01/46 | | 361,196 |
| | Islamic Rep of Pakistan | 8.25% 30/09/2025 | | 204,232 |
| | Islamic Rep of Pakistan | 7.25% Due 15/04/2019 | | 204,697 |
| | Italy | Buoni Poliennali Del Tes 15/09/2018 | | 348,076 |
| | Italy(Republic of) | 2.35% Inf Idx Lnk Bds 15/09/2019 | | 2,439,897 |
| | Ivory Coast | 5.75% 31/12/2032 | | 223,618 |
| | Ivory Coast | 6.375% 03/03/2028 | | 800,590 |
| | Jamaica Govt Nt | 6.75% Due 04-28-2028 | | 198,500 |
| | Jamaica Govt Nt | 7.875% Due 07-28-2045 | | 194,500 |
| | Korea | Nt 5.125% Due 06-29-2020 Reg | | 551,913 |
| | Letra Tesouro Nacional | 0% 01/10/16 | | 1,083,671 |
| | Letra Tesouro Nacional | 0% T-Bond 01/01/19 | | 239,672 |
| | Letra Tesouro Nacional | 0.0% T Bond 01/01/2017 | | 1,463,260 |
| | Malaysia (Govt of) | 3.48% Bds 15/03/23 | | 67,620 |
| | Malaysia (Govt of) | 4.378% Bds 29/11/2019 | | 443,704 |
| | Malaysia (Govt of) | 4.498% Nts 15/04/30 | | 161,552 |
| | Malaysia Government | 3.955% 15/09/2025 | | 68,599 |
| | Mex Bonds Desarr | 8.5 Due 11-18-2038 | | 265,177 |
| | Mex Bonds Desarr | 6.5% 10/06/2021 | | 126,396 |
| | Mex Bonds Desarr | 8.0% 07/12/23 | | 1,647,048 |
| | Mex Bonds Desarr | 10.0% 12-05-2024 | | 56,592 |
| | Mexico | 4.375% Due 10-14-2025 | | 197,500 |
| | Mexico(United Mexican States) | 10% 05/12/24 | | 511,223 |
| | Mexico(United Mexican States) | 8% Due12-07-2023 Reg | | 64,943 |
| | Mexico(Utd Mex St) | 6.25% Mbonos 16/6/16 | | 1,056,796 |
| | Mexico(Utd Mex St) | 7.5% Mbonos 03/06/27 | | 567,595 |
| | New Zealand | Bds 20/09/2025 | | 833,568 |
| | Paraguay Rep | 4.625 01-25-2023 | | 223,100 |
| | Pemex Proj Fdg Master Tr | 6.625% Due 06-15-2035 | | 111,719 |
| | Perusahaan | 4.325% Due 05-28-2025 | | 190,760 |
| | Petroleos | 5.5% Due 01-21-2021 | | 100,870 |
| | Petroleos | 5.5% Due 06-27-2044 | | 69,215 |
| | Petroleos De | 6% Due 11-15-2026 | | 809,635 |
| | Petroleos De | 9.75 05-17-2035 | | 46,524 |
| | Petrobras Global | 3% Due 01-15-2019 | | 76,000 |
| | Petrobras Global | Nt Fltg Rate Due 03-17-2017 | | 641,375 |
| | Petrobras Global Fin | Nt Fltg Due 01-15-2019 | | 76,000 |
| | Petrobras Intl Fin | 3.875% Due 01-27-2016 | | 597,600 |
(continued)
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, 2015
| | | | | | (e) |
| | (b) | | (c) | (d) | Current |
| (a) | Identity of Issuer | | Description of Investment | Cost** | Value |
| | Government securities (continued) | | | | |
| | Petrobras Intl Fin | 5.375% Due 01-27-2021 | $ | 475,310 |
| | Petrobras Intl Fin | Nt 3.5 Due 02-06-2017 | | 467,500 |
| | Petroleos De Venez | 5.5% Gtd 12/04/2037 Usd100 | | 23,758 |
| | Petroleos De Venez | 6 Due 05-16-2024 | | 496,113 |
| | Poland(Rep of) | 3.25% | Bds 25/07/25 | | 717,012 |
| | Poland(Rep of) | 5% Bds 25/04/16 | | 639,885 |
| | Rep of Kazakhstan | 5.125% 21/07/2025 | | 197,804 |
| | Rep of Slovenia Rep of | 5.25% | 18/02/2024 | | 503,059 |
| | Rep of Sri Lanka Tbond | 5.875% 25/07/2022 | | 183,199 |
| | Republic of Argentina | 7.0% 17 Apr 2017 | | 345,629 |
| | Republic of Argentina | 8.75% | 07/05/2024 | | 145,127 |
| | Republic of Azerbaijan | 4.75% | Due 18/03/2024 | | 281,136 |
| | Republic of Ecuador | 10.5% | 24/03/2020 | | 360,450 |
| | Republic of Ghana | 10.75% Snr 14/10/2030 | | 574,605 |
| | Republic of Paragu | 6.1% 11/08/2044 | | 192,000 |
| | Republic of Peru | 5.7% Due 08-12-2024 | | 159,678 |
| | Republic of Zambia | 8.97% | 30/07/2027 | | 159,240 |
| | Republic of Zambia | Bnds 8.5% 14/04/2024 | | 159,580 |
| | Republica Oriental Del Uruguay | Nt 5.1% Due 06-18-2050 | | 60,517 |
| | Romania T-Bond | 4.375 Due 08-22-2023 | | 395,561 |
| | Romania(Republic of) | 6.125% 22/01/44 | | 759,780 |
| | Russian Federation | 7.5% Bds 15/03/18 | | 103,033 |
| | Russian Federation | 7.5% Bds 27/02/19 | | 300,924 |
| | Russian Federation | 8.15% | Bds 03/02/2027 | | 356,639 |
| | Russian Federation | 5% Bds 29/04/2020 | | 103,455 |
| | Russian(Fed of) | 7.6% Bds 20/07/22 | | 162,171 |
| | Slovenia(Rep of) | 5.85% | Bds 10/05/2023 | | 228,250 |
| | South Africa(Republic of) | 6.25% | Bds 31/03/36 | | 104,704 |
| | Spain I/L Bond | Bnds 30/11/2030 | | 213,592 |
| | Sri Lanka(Republic | 6.85% | Nts 6.85% 03/11/2025 | | 236,432 |
| | State Treas Rep Poland | 4 Due 01-22-2024 | | 462,880 |
| | Sth Africa(Rep of) | 10.5% | Bds 21/12/2026 | | 1,338,433 |
| | Sth Africa(Rep of) | 7% Snr 28/02/2031 | | 492,295 |
| | Sth Africa(Rep of) | 7.75% | Bds 28/02/23 | | 217,116 |
| | Sth Africa(Rep of) | 8% Snr 31/01/30 | | 97,031 |
| | Thailand(Kingdom) | 3.85% | Bds 12/12/25 | | 555,505 |
| | Thailand(Kingdom) | 4.875% Bds 22/06/29 | | 416,566 |
| | Turkey Government Bond | 9.0% Bds 24-07-2024 | | 203,759 |
| | Turkey(Rep of) | 8% Nts 12/03/25 | | 427,914 |
| | Turkey(Rep of) | 9.5% Bds 12/01/22 | | 143,810 |
| | Turkey(Rep of) | 7.1 % Bds 08/03/23 | | 360,592 |
(continued)
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, 2015
| | | | | | (e) |
| | (b) | | (c) | (d) | Current |
| (a) | Identity of Issuer | | Description of Investment | Cost** | Value |
| | Government securities (continued) | | | | |
| | Turkey(Rep of) | 9.4% Bds 08/07/20 | $ | 287,186 |
| | Turkey(Rep of) | Bds 8.5% Due 10/07/2019 | | 216,069 |
| | UK(Government of) | 0.125% | I/L 22/03/2058 | | 21,393 |
| | UK(Government of) | 0.125% | I/L Gilt 22/3/68 | | 73,582 |
| | UK(Government of) | 0.125% | Idx Lkd 22/03/24 | | 2,678,689 |
| | UK(Government of) | 0.125% | Idx Lkd Gil 3/44 | | 586,600 |
| | UK(Government of) | 0.375% | Idx-Lkd Gilt 22/3/62 | | 160,259 |
| | Ukraine(Rep of) | 7.75% 7.75% 01/09/2019 | | 186,116 |
| | Ukraine(Rep of) | 7.75% Nts 01/09/2025 | | 132,525 |
| | Ukraine(Rep of) | 7.75% Nts 01/09/2027 | | 87,500 |
| | Ukraine(Rep Of) | 31/05/2040 | | 394,065 |
| | United Mexican States | 6.5 06-10-2021 | | 485,182 |
| | United Mexican States | 4.5% Udi Idx 04/12/2025 | | 464,734 |
| | United Mexican States | 4.5% Index Linked Bds22/11/35 | | 1,213,905 |
| | Uruguay(Rep of) | 4.375% | Bds 27/10/27 | | 438,957 |
| | Uruguay(Rep of) | 5.1% Snr Uns Nts 18/06/50 | | 51,757 |
| | Utd Mexican Sts | 4 Due 10-02-2023 | | 688,840 |
| | Waha Aerospace BV | 144A 3.925 Due07-28-2020 | | 362,251 |
| | Bay Area Toll Auth Calif | 7.043% | 04-01-2050 Taxable | | 344,045 |
| | California St | 5.7% 11-01-2021 Taxable | | 117,137 |
| | California St | 7.95 03-01-2036 Taxable | | 118,531 |
| | California St | 7.7% 11-01-2030 Taxable | | 121,086 |
| | Indiana St Fin Auth Rev | 6.596% | 02-01-2039 Taxable | | 956,317 |
| | Los Angeles Cnty Calif Pub Wks | 6.091% 08-01-2022 Taxable | | 469,872 |
| | Metro Wastewtr Reclamation | 5.018% | 04-01-2020 Taxable | | 464,365 |
| | Michigan St Univ Revs | 6.173% | 02-15-2050 Taxable | | 581,345 |
| | New York St Dorm Auth | 5.289% | 03-15-2033 Taxable | | 583,480 |
| | Seminole Cnty Fla Wtr & Swr Rev | 6.443% | 10-01-2040 Taxable | | 455,112 |
| | Texas Transn Commn | 5.028% | 04-01-2026 Taxable | | 571,575 |
| | | | | | |
| | Corporate debt instruments | | | | |
| | Acadia Healthcare | 5.625% | Due 02-15-2023 | | 496,125 |
| | Aecom | 5.75% Due 10-15-2022 | | 721,000 |
| | Aercap Ireland Cap | 4.625% | Due 07-01-2022 | | 353,938 |
| | AES Corp | 7.375 Due 07-01-2021 | | 495,720 |
| | AES Corp | Fltg Rate Due 06-01-2019/06-01-2015 Reg | | 91,750 |
| | Aflac Inc | 6.45% Due 08-15-2040 | | 613,352 |
| | Air Med Merger | 6.375% Due 05-15-2023 | | 400,500 |
| | Alixpartners, Llp | First Liendue 07-22-2022 | | 493,762 |
| | Allflex Hldgs Inc | Term Loan Due 07-19-2021 | | 490,312 |
| | Alliance Data Sys | 5.375% Due 08-01-2022 | | 190,500 |
(continued)
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, 2015
| | | | | (e) |
| | (b) | (c) | (d) | Current |
| (a) | Identity of Issuer | Description of Investment | Cost** | Value |
| | Corporate debt instruments (continued) | | |
| | Alliance Data Sys Corp6 | 6.375 Due 04-01-2020 | $ | 303,000 |
| | Ally Finl Inc | 3.75% Due 11-18-2019 | | 542,437 |
| | Alphabet Hldg Co | 7.75% Due 11-01-2017 | | 268,125 |
| | Altice S A | 7.75 Due 05-15-2022 | | 180,500 |
| | Amaya Holdings | Term B Loan(2Nd Lien) Due 08-01-2022 | | 169,914 |
| | Amc Networks Inc | 7.75 Due 07-15-2021 | | 214,200 |
| | American Express Corp | Fltg Rt Due 09-14-2020 | | 302,560 |
| | Amerigas Fin Corp | Nt 6.75 5-20-2020 | | 607,812 |
| | Ameristar Casinos | 7.5% Due 04-15-2021 | | 781,875 |
| | Amern Bldrs | 5.625% Due 04-15-2021 | | 506,250 |
| | Amern Bldrs | 5.75% Due 12-15-2023 | | 100,750 |
| | Ancestry Com Hldgs LLC | 9.625 Due 10-15-2018 | | 359,525 |
| | Anheuser Busch Inbev | 4.625 Due 02-01-2044 | | 496,970 |
| | Ardagh Packaging | 6.25% Due 01-31-2019 | | 480,000 |
| | Aristocrat Leisure Limited | First Lien Due 10-20-2021 | | 326,591 |
| | Asbury Automotive | 0.066% Due 12-15-2024 | | 206,500 |
| | Ashland Inc | Term Loan Secondlien Due 07-31-2022 | | 472,500 |
| | Asurion Llc | Term Loan Due 05-24-2019 | | 476,649 |
| | Atd Fin Corp | 10.25 % Due 03-01-2022 | | 425,475 |
| | Atwood Oceanics Inc | 6.5 Due 02-01-2020 | | 200,625 |
| | Babson | Nt Cl A-1R Fltg 05-15-2023 | | 497,600 |
| | Banc Amer | Ser 2007-1 CL A1A 1-15-2049 | | 211,677 |
| | Banc Amer | Remic Tr 2010-Uber5 Due 02-17-2051 | | 614,982 |
| | Banc Amer | Remic Tr 2009-Uber2 Coml Mtg Ctf Var 12-24-49 | | 348,425 |
| | Banc Amer | 2012-R5 Ltd Nt Cl A 144A 3C7 Var Rt Due 10-03-2039 Beo | | 345,416 |
| | Banca Monte Dei | 3.625% 01/04/2019 | | 654,437 |
| | Banco Santander | 6.25%-Var Sub Perp Eur | | 407,625 |
| | Bank Amer | 3.3% Due 01-11-2023 | | 295,298 |
| | Bank Amer | 1.75% Due 06-05-2018 | | 596,143 |
| | Bank Amer | 2.625% Due 10-19-2020 | | 592,453 |
| | Bank New York | 2.6% Due 08-17-2020 | | 401,580 |
| | Barclays Bank Plc | 6.5% Fxd Rte Perp Sub Ctg C | | 220,541 |
| | Barclays Bk Plc | 7.625 Due 11-21-2022 | | 683,250 |
| | Barclays Bk Plc | 7.625 Due 11-21-2022 | | 455,500 |
| | Bear Stearns | 2004-10 Cl I2A5 2.896219% Due 01-25-2035 Beo | | 193,788 |
| | Belden Inc | 5.5 Due 09-01-2022 | | 264,688 |
| | Berry Plastics | 5.125% Due 07-15-2023 | | 510,562 |
| | Biz Finance Plc | 9.625% 22/04/2022 | | 269,700 |
| | Bldg Matls Corp | 5.375% Due 11-15-2024 | | 374,063 |
| | Borgata | Term Ln Due 08-15-2018 | | 158,355 |
| | Brand Energy & Infrastructure | 8.5 Due 12-01-2021 | | 344,000 |
(continued)
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, 2015
| | | | | (e) |
| | (b) | (c) | (d) | Current |
| (a) | Identity of Issuer | Description of Investment | Cost** | Value |
| | Corporate debt instruments (continued) | | |
| | Ca Res Corp | 6% Due 11/15/2024 | $ | 114,375 |
| | Cablevision Sys | 5.875% Due 09-15-2022 | | 340,000 |
| | Cablevision Sys | Sr Nt 8 Due 04-15-2020 | | 304,200 |
| | California Res Corp | 5.5% Due 09-15-2021 | | 63,000 |
| | Calpine Corp | 5.5% Due 02-01-2024 | | 176,500 |
| | Calpine Corp | 5.75% Due 01-15-2025 | | 176,500 |
| | Calpine Corp | 7.875% Due 01-15-2023 | | 282,225 |
| | Cantor Fitzgerald | 7.875% Due 10-15-2019 | | 548,755 |
| | Casella Waste Sys Inc | 7.75 Due 02-15-2019 | | 496,250 |
| | Cco Hldgs LLC | 5.125% Due 02-15-2023 | | 325,406 |
| | Cco Hldgs Llc | 5.375% Due 05-01-2025 | | 298,500 |
| | Cco Hldgs LLC | 6.625% Due 01-31-2022 | | 579,562 |
| | Celulosa Arauco Y | 5% Due 01-21-2021 | | 416,936 |
| | Centurylink Inc | 5.8 Due 03-15-2022 | | 229,125 |
| | Cequel Communications Hldgs | Nt 144A 5.125 | | 90,000 |
| | Cequel Communications Hldgs | 6.375 Due 09-15-2020 | | 610,937 |
| | CGG SA | 6.875% Due 01-15-2022 | | 102,500 |
| | Charter Communications Oper Llc | Term Loan E Due 07-01-2020 | | 476,619 |
| | Chesapeake Energy Corp | Fltg Rate Due 04-15-2019 | | 28,000 |
| | Choice Hotels Intl | 5.75% Due 07-01-2022 | | 325,280 |
| | Chs / Cmnty Hlth | 5.125% Due 08-01-2021 | | 248,750 |
| | Chs / Cmnty Hlth | 6.875% Due 02-01-2022 | | 426,938 |
| | CIFC | Rt Due 08-14-2024 | | 1,100,550 |
| | CIFC | Nt Cl A-1-R 01-19-2023 | | 244,480 |
| | Cit Group Inc | 5% Due 08-15-2022 | | 179,704 |
| | Cit Group Inc | 5.25% Due 03-15-2018 | | 554,452 |
| | Citigroup Commercial Mortgage Trust Rt 05-14-2017 | | 452,784 |
| | Citigroup Inc | 2.65% Due 10-26-2020 | | 99,192 |
| | Citizens | 7.125% Due 03-15-2019 | | 424,958 |
| | Clean Hbrs Inc | 5.25% Due 08-01-2020 | | 435,540 |
| | Commercial Mtg | Pass Thru Ctf Cl A-4B Due 12-10-2049 | | 239,979 |
| | Commercial Mtg | Passthru Ctf Cl A-4 5.444 Due 03-10-2039 | | 431,379 |
| | Commercial Mtg | 3.83 Due 07-10-2046 | | 85,456 |
| | Commscope Hldg Co Inc | 6.625 Due 06-01-2020 | | 176,969 |
| | Commscope Inc | 5.5% Due 06-15-2024 | | 285,000 |
| | Communications | 8.25% Due 10-15-2023 | | 169,000 |
| | Consumers Energy | 5.5% Due 08-15-2016 | | 202,227 |
| | Corp Andina De Fomento | 3.95% 15/10/2021 | | 217,862 |
| | Corp Financiera De | 4.75% Due 07-15-2025 | | 221,625 |
| | Cott Beverages Inc | 5.375% Due 07-01-2022 | | 539,000 |
| | CR Agricole SA | 8.125 09-19-2033 | | 440,851 |
(continued)
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, 2015
| | | | | (e) |
| | (b) | (c) | (d) | Current |
| (a) | Identity of Issuer | Description of Investment | Cost** | Value |
| | Corporate debt instruments (continued) | | |
| | Cr Suisse | 6.5 Due 08-08-2023 | $ | 215,500 |
| | Cred Agricole SA | 6.5% 23/12/2049 | | 447,556 |
| | Cred Suis Gp | 3.75% 03-26-2025 03-26-2025 | | 241,821 |
| | Credit Suisse Coml Mtg | Rt Due 01-15-2049 | | 816 |
| | Crestwood Midstream Partners | 6% 12-15-2020 | | 294,000 |
| | Crown Castle Intl | 5.25% Due 01-15-2023 | | 473,062 |
| | Csc Hldgs Llc | 5.25% Due 06-01-2024 | | 175,500 |
| | Csmc Ser | Var Rt Due 09-15-2040 | | 194,268 |
| | Csmc Ser | Var Rt Due 06-10-2049 | | 161,961 |
| | Cwmbs Inc | 2004-Hyb2 Cl 6-A Flt Rt Due 07-20-2034 Beo | | 98,893 |
| | Cyrusone | 6.375% Due 11-15-2022 | | 463,500 |
| | Daimler Fin N | Fltg Rt .8362% Due 03-02-2018 | | 593,197 |
| | Dana Hldg Corp | 5.5% Due 12-15-2024 | | 145,500 |
| | Dana Hldg Corp | 6.75% Due 02-15-2021 | | 333,938 |
| | Darling | 5.375% Due 01-15-2022 | | 517,125 |
| | Davita Healthcare Partners | 5% 05-01-2025 | | 313,625 |
| | Davita Inc | 5.75 Due 08-15-2022 | | 721,000 |
| | Dbubs | Pass Thru Ctf Cl A-2 144A 4.528 07-01-19 | | 419,347 |
| | Dbubs | 3.386% Due 07-10-2044 | | 733,112 |
| | Dealer Tire, LLC | Term Loan B First Lien Due 12-22-2021 | | 470,848 |
| | Dish Dbs Corp | 5% Due 03-15-2023 | | 130,125 |
| | Dish Dbs Corp | 5.875% 11-15-2024 | | 333,750 |
| | Dish Dbs Corp | 5.875% Due 07-15-2022 | | 466,250 |
| | Dole Food Co Inc | 7.25 Due 05-01-2019 | | 445,500 |
| | Donnelley R R | 6% Due 04-01-2024 | | 178,500 |
| | Donnelley R R | 6.5% Due 11-15-2023 | | 439,375 |
| | Dynegy Inc | 5.875% Due 06-01-2023 | | 421,313 |
| | Dynegy Inc New | 7.625% Due 11-01-2024 | | 170,960 |
| | Ecopetrol S A | 5.375% Due 06-26-2026 | | 227,618 |
| | Ed Ln Fdg Master Tr-Ii | Asset Backed Nt A-3L 144A 08-25-2028 | | 186,585 |
| | Efs Volunteer | Var Rt Due 10-25-2021 | | 12,957 |
| | Encana Corp | 6.5% Due 05-15-2019 | | 389,990 |
| | Endeavor Energy Resource | Sr Nt 7 Due 08-15-2021 | | 356,000 |
| | Ensco Plc | 4.7% Due 03-15-2021 | | 80,518 |
| | Entergy Ark Inc | 3.75% Due 02-15-2021 | | 312,111 |
| | Entergy Gulf Sts | 3.95% Due 10-01-2020 | | 315,912 |
| | Equinix Inc | 5.875% Due 01-15-2026 | | 515,000 |
| | Evolution Escr | 7.5% Due 03-15-2022 | | 87,000 |
| | Extended Stay Amer | 2.9575 Due 12-05-2031 Beo | | 400,354 |
| | Felcor Lodging Ltd Partnership | 5.625 Due 03-01-2023 | | 456,750 |
| | First Data Corp | 5.375% Due 08-15-2023 | | 502,500 |
(continued)
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, 2015
| | | | | (e) |
| | (b) | (c) | (d) | Current |
| (a) | Identity of Issuer | Description of Investment | Cost** | Value |
| | Corporate debt instruments (continued) | | |
| | Firstenergy Corp | 4.25 Due 03-15-2023 | $ | 203,478 |
| | Florida Gas Transmission Co | 5.45% Due 07-15-2020 | | 530,849 |
| | Ford Mtr Cr Co LLC | 1.5 Due 01-17-2017 | | 198,598 |
| | Ford Mtr Cr Co LLC | 3.984 Due 06-15-2016 | | 303,330 |
| | Ford Mtr Cr Co LLC | 4.207% Due 04-15-2016 | | 403,203 |
| | Fortress Cr Invt | Cl A Fltg 07-17-2023 | | 241,988 |
| | Fortress Cr Invt | Cl A Fltg 07-17-2023 | | 241,988 |
| | Frontier | 6.25% Due 09-15-2021 | | 84,750 |
| | Fti Consulting Inc | 6% Due 11-15-2022 | | 785,625 |
| | Gannett Co Inc | 5.5% Due 09-15-2024/09-08-2014 | | 500,000 |
| | Genesis Energy Lp | 6.75% Due 08-01-2022 | | 658,750 |
| | Global Partners Lp/Glp | 7.0% Due06-15-2023 | | 410,000 |
| | Goldman Sachs | 3.75% Due 05-22-2025 | | 302,000 |
| | Goldman Sachs | 3.75% Due 05-22-2025 | | 302,000 |
| | Goldman Sachs Fltg | Fltg Rt 1.712% Due 09-15-2020 | | 400,870 |
| | Goldman Sachs Fltg | Fltg Rt 1.712% Due 09-15-2020 | | 300,653 |
| | Goldman Sachs Fltg | Fltg Rt 1.7786% Due 04-23-2020 | | 801,185 |
| | Goodyear Tire | 5.125% Due 11-15-2023 | | 512,500 |
| | Granite Acquisition Inc | Term B Loan (Second Lien) Due 12-19-2022 | | 361,000 |
| | Granite Mtgs | 2003-3 Cl 1B Fltg Rate Due 01-20-2044 | | 708,940 |
| | Graphic Packaging | 4.875% Due 11-15-2022 | | 480,937 |
| | Gray T.V. Inc | 7.5% Due 10-01-2020 | | 924,750 |
| | Grifols Worldwide | 5.25% Due 04-01-2022 | | 525,615 |
| | Group 1 Automotive | 5.25% Due 12-15-2023 | | 495,000 |
| | GS Mtg | 3.849 Due 12-10-2043 | | 43,356 |
| | Gs Mtg | 2004-Cw1 Cl Iia-1 6% Due 04-01-2034 Reg | | 261,094 |
| | Gs Mtg | Passthru Ctf Cl 2A1 Due 11-25-2035 | | 80,089 |
| | GS Mtg | Pass Thru Ctfcl A-2 144A 4.592 10 Aug 2043 | | 644,062 |
| | GS Mtg | Mtg Secs Tr 2010-C2 Var Rt Due 12-10-2043 | | 110,284 |
| | Gs Mtg Secs | 2005-Ar6 Cl 1A1Due 09-25-2035 Reg | | 171,037 |
| | Hallmark Fdg Ltd | 2006-1A Cl A1 Fltg 05-21-2021 | | 281,662 |
| | HCA Hldgs Inc | 6.25% Due 02-15-2021 | | 475,875 |
| | HCA Hldgs Inc | Sr Nt 7.5 Due 02-15-2022 | | 166,125 |
| | Hca Inc | 5.875 Due 05/1/2023 | | 102,500 |
| | Hca Inc | 5.875% Due 2/15/2026 | | 276,031 |
| | Hd Supply Inc | 7.5 Due 07-15-2020 | | 468,000 |
| | Hertz Corp | 6.25 Due 10-15-2022 | | 414,000 |
| | Hertz Corp | 7.375% Due 01-15-2021 | | 259,375 |
| | Holly Energy | 6.5% Due 03-01-2020 | | 495,000 |
| | Hornbeck Offshore | 5.875 Due 04-01-2020 | | 345,000 |
| | HSBC Bank | 29/10/18 | | 1,880,057 |
(continued)
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, 2015
| | | | | (e) |
| | (b) | (c) | (d) | Current |
| (a) | Identity of Issuer | Description of Investment | Cost** | Value |
| | Corporate debt instruments (continued) | | |
| | HSBC Fin Corp | 6.676% Due 01-15-2021 | $ | 2,128,939 |
| | HSBC Fin Corp | Due 06-01-2016 | | 1,018,176 |
| | Hughes Satellite | 6.5% Due 06-15-2019 | | 323,250 |
| | Hughes Satellite | 7.625% Due 06-15-2021 | | 367,820 |
| | Intelsat Jackson | 7.25% Due 04-01-2019 | | 91,750 |
| | Intelsat Jackson Hldgs | 7.25 Due10-15-2020/10-15-2015 | | 437,500 |
| | Intesa Sanpaolo S P A | 2.375 Due 01-13-2017 | | 501,626 |
| | Intl Lease Fin Corp | 6.75 Due 09-01-2016 | | 102,750 |
| | Iron Mountain Inc | 5.75 Due 08-15-2024 | | 675,500 |
| | Isle Capri Casinos | 8.875 Due 06-15-2020 | | 472,500 |
| | J P Morgan | Fltg Rt 2.575104% Due 06-25-2035 | | 36,833 |
| | J P Morgan Chase Coml Mtg | 5.399 Due 05-15-2045 | | 354,048 |
| | J P Morgan Chase Coml Mtg | Ser 2007-L Cl A-3 5.42 01-15-2049 | | 184,823 |
| | J P Morgan Chase Coml Mtg | 4.3877 Due 02-15-2046 | | 521,148 |
| | J P Morgan Chase Coml Mtg | 3.853 Due 6-15-15 | | 10,976 |
| | J P Morgan Chase Coml Mtg | 4.1063 Due 07-15-2046 | | 829,881 |
| | JP Morgan Chase Bank | 8.375% 19/03/2024 | | 353,836 |
| | JP Morgan Chase Bank | 6.125% Due 17/05/2028 | | 342,958 |
| | JP Morgan Chase Bank | 7.0% Due 17/05/2022 | | 300,331 |
| | JP Morgan Chase Bank | 3.9% 07-15-2025 | | 412,209 |
| | JP Morgan Chase Bank | 2.25% Due 01-23-2020 | | 1,574,050 |
| | Jsc Kazmunaygas | 05/05/2020 Usd'Regs' | | 106,167 |
| | Jupiter Res Inc | 8.5 Due 10-01-2022 | | 110,000 |
| | KBC Bank | 8% Sub 25/01/2023 | | 437,020 |
| | Kinder Morgan | 5.95% Due 02-15-2018 | | 922,767 |
| | Klx Inc | 5.875% Due 12-01-2022 | | 475,000 |
| | KVK CLO | CL A 144A 3C7 07-15-2023 | | 438,264 |
| | Lamar Media Corp | 5.875 Snr Nt Due 02-01-2022 | | 472,500 |
| | LCM IX | Cl A Fltg 144A Var Rt 07-14-2022 | | 312,441 |
| | Level 3 Fing Inc | 7 Due 06-01-2020 | | 783,750 |
| | Level 3 Fing Inc | 5.375% Due 08-15-2022 | | 101,500 |
| | Levi Strauss & Co | 5% Due 05-01-2025 | | 373,125 |
| | Levi Strauss & Co | 6.875 Due 05-01-2022 | | 107,000 |
| | Lifepoint Hospitals Inc | 5.5% Due 12-01-2021 Beo | | 483,312 |
| | Live Nation Entmt | 5.375% Due 06-15-2022 | | 443,250 |
| | LLCM | CL AR FLTG RT 10-19-2022 | | 494,850 |
| | Lloyds Banking Gp | 7.625% Undated Nts | | 464,212 |
| | Lloyds Bk Plc | 1.75% Due 05-14-2018 | | 149,676 |
| | Lloyds Bk Plc | 3.5% Due 05-14-2025 | | 50,164 |
| | Mallinckrodt Intl | 4.75% Due 04-15-2023 | | 442,500 |
| | Mauser Industrieverpackungen | Term Loan Due 07-31-2021 | | 528,189 |
(continued)
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, 2015
| | | | | (e) |
| | (b) | (c) | (d) | Current |
| (a) | Identity of Issuer | Description of Investment | Cost** | Value |
| | Corporate debt instruments (continued) | | |
| | Mdc Partners Inc | 6.75 Due 04-01-2020 | $ | 489,250 |
| | Mediacom LLC | 7.25 Due 02-15-2022 | | 521,160 |
| | Medtronic Inc | 4.625% Due 03-15-2045 | | 412,582 |
| | Merrill Lynch | 2004-D Cl A1 09-25-2029 Reg | | 75,231 |
| | Merrill Lynch | 2005-2 Cl 2A Flt Rt Due 10-25-2035 | | 41,189 |
| | Merrill Lynch & Co | 6.875% Due 04-25-2018 | | 551,628 |
| | Montefiore Med Ctr | Taxbl Rev Bd 144A Due 05-20-27 | | 517,050 |
| | Moog Inc | 5.25% Due 12-01-2022 | | 353,500 |
| | Mph Acquisition Hldgs LLC | 6.625 04-01-2022 | | 776,937 |
| | Multi-Color Corp | 6.125% Due 12-01-2022 | | 346,500 |
| | Natl Bk Of | 3.875% Snr 07/10/2016 Eur | | 531,543 |
| | Nbty Inc | Sr Nt 9 Due 10-01-2018 | | 273,345 |
| | Neiman Marcus Group Inc | Term Ln Due 10-25-2020 | | 346,017 |
| | Neptune Finco Corp | 10.125% Due 01-15-2023 | | 312,750 |
| | Neustar Inc | 4.5% Due 01-15-2023 | | 200,250 |
| | Nexstar Broadcasting Inc | 6.875 Due 11-15-2020 | | 606,342 |
| | Nissan Mtr Accep Corp | 1.95 Due 09-12-2017 | | 400,655 |
| | Noble Sovereign Funding | Fltg Due 09-24-2019 Beo | | 323,684 |
| | Nordea Bk Ag | 6.125% Due 12-29-2049 | | 585,870 |
| | Nortek Inc | 8.5% Due 04-15-2021 | | 622,560 |
| | Nrg Energy Inc | 6.25% Due 05-01-2024 | | 84,020 |
| | Nrg Energy Inc | 7.875% Due 05-15-2021 | | 421,875 |
| | Nrg Energy Inc | 8.25% Due 09-01-2020 | | 144,530 |
| | Oasis Pete Inc | 7.25 Due 02-01-2019 | | 670,145 |
| | OBP Depositor LLC | 4.6462 Due 07-15-2045 | | 538,711 |
| | Onex Wizard Acquisition Company | Term Loan Due 03-11-2022 | | 244,049 |
| | Penske Automotive | 5.375% Due 12-01-2024 | | 202,000 |
| | Penske Automotive | 5.75% Due 10-01-2022 | | 385,313 |
| | Pinnacle Entmt Inc | 8.75% Due 05-15-2020 | | 632,039 |
| | Plastipak Hldgs Inc | 6.5% Due 10-01-2021 | | 434,250 |
| | Pride Intl Inc | 6.875% Due 08-15-2020 | | 371,402 |
| | Prologis Lp | 4.25 Due 08-15-2023 | | 631,317 |
| | Pt Pelabuhan Indo | 4.25% Due 05-05-2025 | | 177,670 |
| | Pvtpl 1011778 B C Unlimited Liab | 1011778 B C Unlimited Liability | | 515,000 |
| | Pvtpl Asbury Automotive | 6% Due 12-15-2024/10-28-2015 Beo | | 180,688 |
| | Pvtpl Ashtead Cap | 6.5 Due 07-15-2022 | | 521,250 |
| | Pvtpl Banco Santander Chile | Sr Nt Fltg 144A Var Rt Due 01-19-2016 | | 299,700 |
| | Pvtpl Baytex Energy Corp Sr Nt | 5.625% Due 06-01-2024/06-06-2014 Beo | | 335,000 |
| | Pvtpl Beacon Roofing | 6.375% Due 10-01-2023 | | 534,844 |
| | Pvtpl Berry Plastics | 6% Due 10-15-2022 Beo | | 101,750 |
| | Pvtpl Bombardier Inc | 7.5% Due 03-15-2025 | | 437,500 |
(continued)
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, 2015
| | | | | (e) |
| | (b) | (c) | (d) | Current |
| (a) | Identity of Issuer | Description of Investment | Cost** | Value |
| | Corporate debt instruments (continued) | | |
| | Pvtpl BPCE | 4.625 Due 07-11-2024 Beo | $ | 583,727 |
| | Pvtpl Cable One Inc | 5.75% Due 06-15-2022 Beo | | 373,125 |
| | Pvtpl Commscope Technologies | 6% Due 06-15-2025/06-11-2015 Beo | | 264,688 |
| | Pvtpl Coveris Hldgs | 7.875% Due 11-01-2019 | | 436,250 |
| | Pvtpl Credit Suisse Group | 6.5 Due 08-08-2023 Beo | | 431,000 |
| | Pvtpl Dufry Fin | Nt 5.5 Due 10-15-2020 | | 520,000 |
| | Pvtpl Endo Fin Llc | 5.875% Due 01-15-2023 | | 490,000 |
| | Pvtpl Ferrellgas Fin | 6.75% Due 06-15-2023 | | 489,000 |
| | Pvtpl Frontier Communications | 11% Due 09-15-2025/09-25-2015 Beo | | 123,750 |
| | Pvtpl Goodman Fdg Pty Ltd | Nt 144A6.375% Due 11-12-2020 Beo | | 425,415 |
| | Pvtpl Heinz Hj Co | 3.95% Due 07-15-2025/07-02-2015 Beo | | 706,517 |
| | Pvtpl Ineos Group Hldgs | 6.125 Due 08-15-2018 Beo | | 297,000 |
| | Pvtpl Inmarsat Fin | 4.875% Due 05-15-2022/06-04-2014 Beo | | 536,250 |
| | Pvtpl Intesa Sanpaolo S P A | 6.5 2-24-2021 | | 340,288 |
| | Pvtpl Iron Mountain Inc | 6% Due 10-01-2020/09-29-2015 Beo | | 422,000 |
| | Pvtpl Jaguar Hldg Co | 6.375% Due 08-01-2023 | | 463,125 |
| | Pvtpl Jll/Delta Dutch | Nt Due 05-01-2020 | | 217,125 |
| | Pvtpl Leaseplan Corp | 3 10-23-2017 Reg | | 501,512 |
| | Pvtpl Level 3 Fing Inc | 5.125%Due 05-01-2023/04-28-2015 Beo | | 99,250 |
| | Pvtpl Mallinckrodt Fin/Sb | 5.625% 10-15-2023 | | 332,500 |
| | Pvtpl Mednax Inc | 5.25% Due 12-01-2023/12-08-2015 | | 452,250 |
| | Pvtpl Micron Technology | 5.25% Due 08-01-2023/02-03-2015 | | 224,375 |
| | Pvtpl N Atlc Drilling Ltd | 6.25 Due 02-01-2019 | | 178,500 |
| | Pvtpl Netflix Inc | 5.5% Due 02-15-2022 | | 512,500 |
| | Pvtpl New York Life Globalfdg | 1.95% 02-11-2020 | | 588,210 |
| | Pvtpl Post Holdings Inc | 6.75%Due 12-01-2021/11-18-2013 | | 586,500 |
| | Pvtpl Ppl Energy Supply Llc | 6.5% Due 06-01-2025/05-19-2015 | | 214,500 |
| | Pvtpl Pq Corp | 8.75% Due 11-01-2018/11-01-2015 | | 485,000 |
| | Pvtpl President & Fellows Harvard | 6.5 Due 01-15-2039 | | 827,686 |
| | Pvtpl Prestige Brands Inc | 5.375 Due 12-15-2021 | | 552,000 |
| | Pvtpl Quicken Loans | 5.75% Due 05-01-2025 | | 476,250 |
| | Pvtpl Seadrill Ltd | 5.625 Due 09-15-2017 | | 151,500 |
| | Pvtpl Sensata Technologies | 5% Due 10-01-2025 | | 439,875 |
| | Pvtpl Sinclair T.V Group Inc | 5.625 Due 08-01-2024/07-23-2014 | | 145,875 |
| | Pvtpl Sirius Xm Radio Inc | 5.375% Due 04-15-2025 | | 276,719 |
| | Pvtpl Transdigm Inc | 6.5% Due 05-15-2025/05-14-2015 | | 339,063 |
| | Pvtpl Trinidad Drilling Ltd Sr Nt | 7.875% Due 01-15-2019/01-15-2015 | | 352,000 |
| | Pvtpl Univision Comm Inc | 5.125% Due 05-15-2023 | | 601,562 |
| | Pvtpl Univision Comm Inc | 6.75 Due 09-15-2022 | | 103,625 |
| | Pvtpl Usg Corp | 5.5% Due 03-01-2025 | | 482,125 |
| | Pvtpl Ziggo Bd | 5.875%01-15-2025 | | 463,750 |
(continued)
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, 2015
| | | | | (e) |
| | (b) | (c) | (d) | Current |
| (a) | Identity of Issuer | Description of Investment | Cost** | Value |
| | Corporate debt instruments (continued) | | |
| | Pvtpl1 Nielsen Fin Llc | 5 Due 04-15-2022 | $ | 444,375 |
| | Qep Res Inc | 6.875% Due 03-01-2021 | | 410,000 |
| | Quebecor Media Inc | 5.75% Due 01-15-2023 | | 363,708 |
| | Quintiles | 4.875% Due 05-15-2023 | | 100,500 |
| | Rabobank Nederland | 8.4 Due 29-11-2049 | | 430,874 |
| | Rbscf Tr | Pass Thru Ctf Cl Msci A 144A Var 6-16-2049 | | 236,588 |
| | Rbscf Tr | Pass Thru Ctf Cl Wbcmt A 144A Var Rt 4-16-47 | | 602,135 |
| | Rbssp Resecuritization | 2010-1 Cl 2-A1 144A Var 07-26-2045 Beo | | 276,910 |
| | Renaissance Acquisition Corp | 6.875Bds Due 08-15-2021 | | 344,250 |
| | Rent A Ctr Inc | 6.625 Due11-15-2020 | | 177,975 |
| | Reynolds Group | 5.75 Due 10-15-2020 | | 228,868 |
| | Reynolds Group | 9.875 Due 08-15-2019 | | 135,005 |
| | Reynolds Group Issuer Inc | Due 02-15-2021 | | 120,313 |
| | Rice Energy Inc | 6.25% Due 05-01-2022 | | 288,000 |
| | Sabine Pass Lng | 7.5% Due 11-30-2016 | | 199,000 |
| | Safway Group Hldg | 7% Due 05-15-2018 | | 448,875 |
| | Sally Hldgs Llc | 5.625% Due 12-01-2025 | | 505,000 |
| | Sanchez Energy | 7.75 Due 06-15-2021 | | 91,500 |
| | SBA | 5.75 Due 07-15-2020 | | 780,000 |
| | Scientific Games Intl Inc | 6.25 Due 09-01-2020 Reg | | 235,000 |
| | Signode Indl Group US Inc | 6.375 Due 05-01-2022 | | 850,000 |
| | Sinclair T.V. | 6.125% Due 10-01-2022 | | 736,440 |
| | Sinclair T.V. | 5.375% Due 04-01-2021 | | 100,250 |
| | Sirius Xm Radio Inc | 6 Due 07-15-2024 | | 679,250 |
| | SLM Corp | 6.25 Due 01-25-2016 | | 167,296 |
| | SLM Corp | 8.45% Due 06-15-2018 | | 105,250 |
| | Southern Star Cent Corp | 5.125% Due 07-15-2022 | | 144,375 |
| | Spectrum Brands Inc | 6.375 Due11-15-2020 | | 531,250 |
| | Sprint Corporation | 7.25% Due 09-15-2021 | | 207,543 |
| | Sprint Nextel Corp | 6 Due 11-15-2022 | | 705,000 |
| | Ssb No | 10/03/23 Usd7000 | | 179,000 |
| | State Oil Co | 4.75% Bds 13/03/23 | | 170,103 |
| | State Oil Co | 6.95% 18/03/2030 | | 176,144 |
| | Statoil Asa | 3.125 Due 08-17-2017 | | 615,420 |
| | Std Pac Corp | 5.875% Due 11-15-2024 | | 339,625 |
| | Steelriver Transm Co | 4.71 Due 06-30-2017 | | 150,115 |
| | Structured Adj Rate Mtg | Adj Rate Mtg Ln Tr Due 11-25-2034 | | 483,104 |
| | Structured Adj Rate Mtg | Adj Rate Mtg Ln Tr Due 11-25-2034 | | 66,567 |
| | Structured Asset Secs Corp | 2003-40A Cl 3-A1 Due 01-25-2034 | | 214,456 |
| | Subn Propane | 5.5% Due 06-01-2024 | | 201,250 |
| | Subn Propane | 7.375% Due 08-01-2021 | | 225,600 |
(continued)
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, 2015
| | | | | | (e) |
| | (b) | | (c) | (d) | Current |
| (a) | Identity of Issuer | | Description of Investment | Cost** | Value |
| | Corporate debt instruments (continued) | | | |
| | Summit Matls Llc | 6.125% Due 07-15-2023 | $ | 541,750 |
| | Surgical Care | 6% Due 04-01-2023 | | 414,375 |
| | Sydney Airport Finance | 5.125 Due 02-22-2021 | | 433,457 |
| | Tempur Sealy Intl Inc | 6.875 Due 12-15-2020 | | 445,187 |
| | Tenet Healthcare | 6.75% Due 02-01-2021 | | 475,000 |
| | Tenet Healthcare | 8% Due 08-01-2020 | | 100,250 |
| | Tenet Healthcare Corp | 5.5% 03-01-2019 | | 94,250 |
| | Tenet Healthcare Fltg | Fltg Rt 4.012% Due 06-15-2020 | | 219,375 |
| | Tenneco Inc | 6.875% Due 12-15-2020 | | 481,275 |
| | Terex Corp | 6 Due 05-15-2021 | | 552,000 |
| | Tesoro Logistics Lp/Corp | 6.25% Due 10-15-2022 Beo | | 473,750 |
| | Thc Escr Corp | 6 Due 10-01-2020 | | 105,250 |
| | Thornburg | Pass Thru Ctf Cl 3A-1 Due 09-25-2037 | | 45,847 |
| | Time Warner Inc | 4.9% Due 06-15-2042 | | 376,033 |
| | Times Sqr | Pass Thru Ctf 144A Cl A 5.4 Due 12-13-28 | | 330,991 |
| | T-Mobile USA Inc | 6.125 Due 01-15-2022 | | 256,875 |
| | T-Mobile USA Inc | 6.375% Due 03-01-2025 | | 252,500 |
| | T-Mobile USA Inc | 6.5% Due 01-15-2026 | | 252,373 |
| | T-Mobile USA Inc | 6.542% Due 04-28-2020 | | 260,625 |
| | T-Mobile USA Inc | 6.731% Due 04-28-2022 | | 182,438 |
| | Toledo Edison Co | 7.25% Due 05-01-2020 | | 94,105 |
| | Total CAP | 4.45% Due 06-24-2020 | | 430,522 |
| | Townsquare Media | 6.5% Due 04-01-2023 | | 457,500 |
| | Tronox Fin LLC | 6.375 Due 08-15-2020 | | 105,315 |
| | Twcc Hldg Corp | Term Loan Due 06-26-2020 | | 248,985 |
| | Ubs Ag | 4.75% 22/05/2023 | | 304,933 |
| | UBS Ag Jersey | Brh 22/02/2022 | | 313,869 |
| | Unit Corp | 6.625% Due 05-15-2021 | | 162,000 |
| | United Rentals North Amer Inc | 5.5% Due 07-15-2025 | | 97,000 |
| | United Rentals North Amer Inc | 6.125 Due 06-15-2023 | | 306,750 |
| | Univar Usa Inc | 6.75% Due 07-15-2023 | | 456,250 |
| | Upcb Fin Iv | 75% Due 01-15-2025 | | 801,125 |
| | USI Inc | Term Ln 2013 Due 12-27-2019 | | 467,784 |
| | Venture Vii Cdo Ltd | Var Rt Due 01-20-2022 | | 390,478 |
| | Verizon | 4.672% Due 3/15/2055 | | 672,856 |
| | Verizon | 5.012% Due 8/21/2054 | | 50,358 |
| | Verizon Communications | 5.15 Bds Due 09-15-2023 | | 109,933 |
| | Verizon Communications | 6.55 Bds Due 09-15-2043 | | 94,977 |
| | Vibrant Clo | Cl A-1Ar Fltg 144A Var Rt 07-17-2024 | | 498,050 |
| | Viking Cruises Ltd | 8.5 Due | 10-15-2022 | | 473,750 |
| | Vnesheconombank Via Veb | 6.902% | 09/07/2020 | | 131,949 |
(continued)
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, 2015
| | | | | (e) |
| | (b) | (c) | (d) | Current |
| (a) | Identity of Issuer | Description of Investment | Cost** | Value |
| | Corporate debt instruments (continued) | | |
| | Voya Clo | Cl Ar Fltg Due 10-15-2022 | $ | 297,660 |
| | Voya Clo | Cl A-R Fltg Rt 10-15-2022 | | 199,220 |
| | Vpi Escr Corp | 6.375 Due 10-15-2020 | | 482,500 |
| | Vpii Escr Corp | 7.5 Due 07-15-2021 | | 99,750 |
| | Vrx Escr Corp | 25% Due 04-15-2025 | | 298,988 |
| | Walter Invt Mgmt | 7.875% Due 12-15-2021 | | 296,250 |
| | Wells Fargo | 2004-Aa Tr Mtg Pthru Ctf Cl A-1 Var 12-25-34 Reg | | 90,821 |
| | Wells Fargo | 2005-Ar12 Tr Cl Ii-A-5 4.322 06-25-2035 Reg | | 71,017 |
| | Wells Fargo & Co Fltg | Fltg Rt 1.462% Due 12-07-2020 | | 601,504 |
| | West Corp | 5.375% Due 07-15-2022 | | 237,188 |
| | Weyerhaeuser Co | 7.375% Due 10-01-2019 | | 229,711 |
| | Wideopenwest Fin | 10.25% Due 07-15-2019 | | 802,612 |
| | Wind Acqstn Fin | 6.5% Due 04-30-2020 | | 418,500 |
| | Wmg Acquisition Corp | 6.75 Due 04-15-2022 | | 216,250 |
| | Wmg Acquisition Corp | 6% Due 01-15-2021 | | 502,500 |
| | Xpo Logistics Inc | Term Loan Due 10-27-2021 | | 522,375 |
| | Ypf Sociedad Anonima | 8.875 12-19-2018 | | 40,450 |
| | Ypf Sociedad Anonima | 8.75 Due 4-04-2024 Beo | | 36,860 |
| | Derivative investments | | | |
| | Anz Banking Corp Melbourne | Fx Deal Transacted On 29 Dec, 2015 Usd Nzd Ex.Rate 0.684611 | 3,502 |
| | Anz Banking Corp Melbourne | Fx Deal Transacted On 22 Dec, 2015 Nzd Usd Ex.Rate 1.472140 | 4,438 |
| | Bank Of America, N.A | Fx Deal Transacted On 18 Dec, 2015 Usd Brl Ex.Rate 0.252908 | 43 |
| | Bank Of America, N.A | Fx Deal Transacted On 22 Dec, 2015 Brl Usd Ex.Rate 3.988000 | 2,244 |
| | Bank Of America, N.A | Fx Deal Transacted On 31 Dec, 2015 Usd Brl Ex.Rate 0.256095 | 3,353 |
| | Bank Of America, N.A | Fx Deal Transacted On 25 Nov, 2015 Usd Twd Ex.Rate 0.030816 | 11,339 |
| | Bank Of America, N.A | Fx Deal Transacted On 18 Aug, 2015 Usd Brl Ex.Rate 0.253742 | 20,691 |
| | Bank Of America, N.A | Fx Deal Transacted On 29 Dec, 2015 Usd Eur Ex.Rate 1.099580 | 73,659 |
| | BNP | Purc Protection on People'Srep Of Chin 12-20-2020 510741025 | 6,456 |
| | BNP | Purc Protection on People'Srep Of Chin 12-20-2020 513051519 | 3,673 |
| | BNP | Purc Protection on Russian Fedn 12-20-2020 1516531284 | | 34,555 |
| | BNP | Purc Protection on Russian Fedn 12-20-2020 1517348914 | | 15,297 |
| | BNP | Purc Protection on Russian Fedn 12-20-2020 1517362603 | | 15,112 |
| | BNP | Purc Protection on South Africa Rep 12-20-2020 1517889300 | 12,832 |
| | BNP | Cash Collateral | | 10,000 |
| | BNP | Fx Deal Transacted On 22 Dec, 2015 Usd Myr Ex.Rate | 0.232261 | 27 |
| | BNP | Fx Deal Transacted On 08 Dec, 2015 Usd Eur Ex.Rate | 1.091097 | 28 |
| | BNP | Fx Deal Transacted On 14 Dec, 2015 Myr Usd Ex.Rate | 4.329998 | 71 |
| | BNP | Fx Deal Transacted On 18 Dec, 2015 Usd Brl Ex.Rate 0.253176 | 411 |
| | BNP | Fx Deal Transacted On 22 Dec, 2015 Usd Idr Ex.Rate 0.000072 | 510 |
| | BNP | Fx Deal Transacted On 30 Dec, 2015 Usd Brl Ex.Rate 0.254991 | 565 |
(continued)
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, 2015
| | | | | (e) |
| | (b) | (c) | (d) | Current |
| (a) | Identity of Issuer | Description of Investment | Cost** | Value |
| | Derivative investments (continued) | | | |
| | BNP | Fx Deal Transacted On 30 Nov, 2015 Usd Brl Ex.Rate 0.253832 | $ | 638 |
| | BNP | Fx Deal Transacted On 23 Nov, 2015 Huf Usd Ex.Rate 294.012808 | | 830 |
| | BNP | Fx Deal Transacted On 18 Nov, 2015 Php Usd Ex.Rate 47.420000 | | 899 |
| | BNP | Fx Deal Transacted On 10 Dec, 2015 Usd Zar Ex.Rate 0.064746 | | 977 |
| | BNP | Fx Deal Transacted On 30 Nov, 2015 Usd Myr Ex.Rate 0.234879 | | 1,023 |
| | BNP | Fx Deal Transacted On 30 Nov, 2015 Pln Usd Ex.Rate 4.046700 | | 1,090 |
| | BNP | Fx Deal Transacted On 11 Dec, 2015 Cop Usd Ex.Rate 3286.053316 | | 1,111 |
| | BNP | Fx Deal Transacted On 14 Dec, 2015 Idr Usd Ex.Rate 14288.001590 | | 1,181 |
| | BNP | Fx Deal Transacted On 10 Dec, 2015 Usd Zar Ex.Rate 0.064931 | | 1,524 |
| | BNP | Fx Deal Transacted On 24 Nov, 2015 Huf Usd Ex.Rate 293.053103 | | 1,563 |
| | BNP | Fx Deal Transacted On 18 Nov, 2015 Usd Twd Ex.Rate 0.030455 | | 1,891 |
| | BNP | Fx Deal Transacted On 15 Dec, 2015 Usd Zar Ex.Rate 0.066609 | | 2,345 |
| | BNP | Fx Deal Transacted On 19 Nov, 2015 Usd Huf Ex.Rate 0.003445 | | 2,649 |
| | BNP | Fx Deal Transacted On 23 Nov, 2015 Huf Usd Ex.Rate 293.992803 | | 3,120 |
| | BNP | Fx Deal Transacted On 17 Nov, 2015 Thb Usd Ex.Rate 36.130000 | | 3,483 |
| | BNP | Fx Deal Transacted On 15 Dec, 2015 Usd Zar Ex.Rate 0.066608 | | 3,525 |
| | BNP | Fx Deal Transacted On 01 Dec, 2015 Huf Usd Ex.Rate 293.260000 | | 3,536 |
| | BNP | Fx Deal Transacted On 15 Dec, 2015 Usd Zar Ex.Rate 0.066281 | | 3,765 |
| | BNP | Fx Deal Transacted On 30 Nov, 2015 Huf Usd Ex.Rate 293.770000 | | 3,837 |
| | BNP | Fx Deal Transacted On 10 Dec, 2015 Usd Zar Ex.Rate 0.065914 | | 3,958 |
| | BNP | Fx Deal Transacted On 10 Dec, 2015 Usd Zar Ex.Rate 0.065937 | | 4,012 |
| | BNP | Fx Deal Transacted On 10 Dec, 2015 Usd Zar Ex.Rate 0.065992 | | 4,141 |
| | BNP | Fx Deal Transacted On 22 Dec, 2015 Usd Clp Ex.Rate 0.001436 | | 4,703 |
| | BNP | Fx Deal Transacted On 10 Dec, 2015 Usd Zar Ex.Rate 0.066261 | | 4,767 |
| | BNP | Fx Deal Transacted On 17 Nov, 2015 Inr Usd Ex.Rate 66.740000 | | 4,778 |
| | BNP | Fx Deal Transacted On 25 Nov, 2015 Usd Brl Ex.Rate 0.240952 | | 5,100 |
| | BNP | Fx Deal Transacted On 15 Dec, 2015 Usd Zar Ex.Rate 0.066337 | | 5,173 |
| | BNP | Fx Deal Transacted On 18 Nov, 2015 Usd Krw Ex.Rate 0.000852 | | 5,733 |
| | BNP | Fx Deal Transacted On 03 Dec, 2015 Usd Brl Ex.Rate 0.230276 | | 5,847 |
| | BNP | Fx Deal Transacted On 18 Nov, 2015 Clp Usd Ex.Rate 715.195999 | | 6,079 |
| | BNP | Fx Deal Transacted On 19 Nov, 2015 Pln Usd Ex.Rate 3.979595 | | 6,570 |
| | BNP | Fx Deal Transacted On 25 Nov, 2015 Usd Brl Ex.Rate 0.260457 | | 8,664 |
| | BNP | Fx Deal Transacted On 25 Nov, 2015 Usd Brl Ex.Rate 0.262618 | | 8,897 |
| | BNP | Fx Deal Transacted On 19 Nov, 2015 Clp Usd Ex.Rate 719.749998 | | 11,934 |
| | BNP | Fx Deal Transacted On 09 Dec, 2015 Cop Usd Ex.Rate 3285.000000 | | 15,388 |
| | BNP | Fx Deal Transacted On 04 Dec, 2015 Usd Brl Ex.Rate 0.265160 | | 16,008 |
| | BNP | Fx Deal Transacted On 19 Nov, 2015 Usd Mxn Ex.Rate 0.059789 | | 22,501 |
| | BNP | Fx Deal Transacted On 18 Nov, 2015 Myr Usd Ex.Rate 4.396499 | | 30,561 |
| | BNP | Fx Deal Transacted On 29 Dec, 2015 Usd Brl Ex.Rate 0.257042 | | 57,535 |
| | BNP | Fx Deal Transacted On 25 Nov, 2015 Usd Brl Ex.Rate 0.262563 | | 110,039 |
| | CFBUS | 6M Libor/R 1.6% 31/12/2016 Swu00Bja1 | | 247,424 |
(continued)
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, 2015
| | | | | (e) |
| | (b) | (c) | (d) | Current |
| (a) | Identity of Issuer | Description of Investment | Cost** | Value |
| | Derivative investments (continued) | | | |
| | CFBUS | 3M Libor/R 2.25% 12/16/2022 Swu00D991 | $ | 41,285 |
| | CFBUS | 3M Libor/R 2.75% 12/14/2046 Swu00Fgb3 | | 2,096 |
| | CFBUS | 2.25%/R 3M Libor 06/15/2026 Swu00Fab9 | | 2,017 |
| | Citibank N.A. | Fx Deal Transacted On 25 Nov, 2015 Usd Brl Ex.Rate 0.242283 | | 4,612 |
| | Citibank N.A. | Fx Deal Transacted On 15 Jun, 2015 Usd Brl Ex.Rate 0.300021 | | 7,616 |
| | Citibank N.A. | Fx Deal Transacted On 20 Nov, 2015 Usd Gbp Ex.Rate 1.528642 | | 8,300 |
| | Citibank N.A. | Fx Deal Transacted On 03 Dec, 2015 Usd Gbp Ex.Rate 1.492791 | | 8,947 |
| | Citibank N.A. | Fx Deal Transacted On 11 Dec, 2015 Usd Brl Ex.Rate 0.241826 | | 18,604 |
| | Citibank N.A. | Fx Deal Transacted On 22 Dec, 2015 Usd Gbp Ex.Rate 1.484091 | | 31,316 |
| | Citibank N.A. | Fx Deal Transacted On 12 Jun, 2015 Usd Brl Ex.Rate 0.299383 | | 37,789 |
| | CSFBUS | Sell Protection on CDX | | 11,303 |
| | CSFBUS | Sell Protection on CDX | | 73,300 |
| | Deutsche Bank | Cash Collateral | | 340,000 |
| | Deutsche Bank Ag | Fx Deal Transacted On 23 Nov, 2015 Usd Krw Ex.Rate 0.000861 | | 48 |
| | Deutsche Bank Ag | Fx Deal Transacted On 27 Nov, 2015 Usd Brl Ex.Rate 0.237092 | | 2,426 |
| | Deutsche Bank Ag | Fx Deal Transacted On 15 Dec, 2015 Usd Brl Ex.Rate 0.255199 | | 2,473 |
| | Deutsche Bank Ag | Fx Deal Transacted On 31 Dec, 2015 Usd Brl Ex.Rate 0.256095 | | 3,832 |
| | Deutsche Bank Ag | Fx Deal Transacted On 03 Dec, 2015 Usd Brl Ex.Rate 0.229764 | | 5,283 |
| | Deutsche Bank Ag | Fx Deal Transacted On 25 Nov, 2015 Usd Gbp Ex.Rate 1.507505 | | 104,499 |
| | Goldman Sachs | Sell Protection on GS | | 3,369 |
| | Goldman Sachs Bank Usa. | Fx Deal Transacted On 04 Dec, 2015 Usd Brl Ex.Rate 0.263921 | | 236 |
| | Goldman Sachs Bank Usa. | Fx Deal Transacted On 07 Dec, 2015 Usd Brl Ex.Rate 0.233950 | | 19,776 |
| | Goldman Sachs Bank Usa. | Fx Deal Transacted On 10 Dec, 2015 Usd Mxn Ex.Rate 0.058317 | | 24,685 |
| | HSBC | Cash Collateral | | 260,000 |
| | Hsbc Bank Plc | Fx Deal Transacted On 30 Dec, 2015 Usd Pln Ex.Rate 0.257367 | | 2,403 |
| | Hsbc Bank Plc | Fx Deal Transacted On 18 Nov, 2015 Usd Cny Ex.Rate 0.154870 | | 18,265 |
| | Hsbc Bank Usa, N.A. | Fx Deal Transacted On 18 Dec, 2015 Usd Brl Ex.Rate 0.255297 | | 417 |
| | IRS | CSFPGB2L 6M 3.4%/3MLIBOR | | 9,977 |
| | IRS | GSCMUS33 6M .95%/3MLIBOR | | 6 |
| | IRS | GSCMUS33 6M 1.5%/3MLIBOR | | 500 |
| | IRS | NGFPUS33 6M 1.5%/3MLIBOR | | 588 |
| | IRS | 12.6045%/1Dbzdio Midlgb22 04/01/2021 506029660 | | 45,111 |
| | IRS | 2.3%/Cnrr0 Bnpagb22 20/10/2020 1512943085 | | 5,272 |
| | IRS | 1.86%/6Mwibor Bnpagb22 27/10/2020 1513655237 | | 4,619 |
| | IRS | 6M 2.8725%/3Mlibor Bnpagb22 12/11/2025 1514754714 | | 205,501 |
| | JP Morgan Chase Bank, N.A. | Fx Deal Transacted On 30 Nov, 2015 Jpy Usd Ex.Rate 122.958300 | | 230 |
| | JP Morgan Chase Bank, N.A. | Fx Deal Transacted On 06 Oct, 2015 Usd Krw Ex.Rate 0.000853 | | 990 |
| | JP Morgan Chase Bank, N.A. | Fx Deal Transacted On 23 Nov, 2015 Usd Krw Ex.Rate 0.000861 | | 3,003 |
| | JP Morgan Chase Bank, N.A. | Fx Deal Transacted On 24 Nov, 2015 Usd Cnh Ex.Rate 0.154440 | | 4,672 |
| | JP Morgan Chase Bank, N.A. | Fx Deal Transacted On 22 Dec, 2015 Jpy Usd Ex.Rate 121.006200 | | 5,061 |
| | JP Morgan Chase Bank, N.A. | Fx Deal Transacted On 27 Nov, 2015 Usd Brl Ex.Rate 0.241545 | | 5,397 |
(continued)
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, 2015
| | | | | | (e) |
| | (b) | (c) | | (d) | Current |
| (a) | Identity of Issuer | Description of Investment | | Cost** | Value |
| | Derivative investments (continued) | | | | |
| | JP Morgan Chase Bank, N.A. | Fx Deal Transacted On 03 Dec, 2015 Usd Brl Ex.Rate 0.258124 | $ | 7,022 |
| | JP Morgan Chase Bank, N.A. | Fx Deal Transacted On 11 Nov, 2015 Nzd Usd Ex.Rate 1.533643 | | 10,054 |
| | JP Morgan Chase Bank, N.A. | Fx Deal Transacted On 09 Nov, 2015 Jpy Usd Ex.Rate 123.054429 | | 17,118 |
| | JP Morgan Chase Bank, N.A. | Fx Deal Transacted On 19 Aug, 2015 Usd Brl Ex.Rate 0.252652 | | 17,520 |
| | JP Morgan Chase Bank, N.A. | Fx Deal Transacted On 07 Dec, 2015 Usd Brl Ex.Rate 0.235238 | | 21,582 |
| | JP Morgan Chase Bank, N.A. | Fx Deal Transacted On 05 Mar, 2015 Usd Brl Ex.Rate 0.299940 | | 107,942 |
| | MIDL | Purc Protection on South Africa Rep 12-20-2020 1517343330 | | 20,017 |
| * | Morgan Stanley | Cash Collateral | | | 260,000 |
| | RPI | .32%/Eur Cpi X-Tob Deutgb2L 15/08/2017 Swu09Px98 | | | 710 |
| | RPI | 3.14% Gscmus33 14/01/2030Swu09Rt08 | | | 6,371 |
| | RPI | 3.19% Citius33 15/04/2030Swu015W42 | | | 2,730 |
| | RPI | 3.275% Citius33 15/09/2030 Swu09Hg61 | | | 2,220 |
| | RPI | 3.32% Gscmus33 15/05/2030Swu028W60 | | | 14,250 |
| | RPI | 3.325% Barcgb33 15/08/2030 Swu09Wx69 | | | 9,662 |
| | RPI | 3.325% Citius33 15/08/2030 Swu09Wx85 | | | 14,492 |
| | RPI | 3.325% Gscmus33 15/08/2030 Swu09Wx51 | | | 4,831 |
| | RPI | 3.325% Gscmus33 15/08/2030 Swu09Wx51 | | | 4,831 |
| | RPI | 3.335% Csfpgb2L 15/04/2035 Swu019E10 | | | 314 |
| | RPI | 3.35% Barcgb33 15/05/2030Swu028X93 | | | 21,806 |
| | RPI | 3.35% Citius33 15/05/2030Swu028W29 | | | 8,722 |
| | RPI | 3.3575% Gscmus33 15/04/2035 Swu019E28 | | | 1,158 |
| | RPI | 3.4% Bnpafrpp 15/06/2030 Swu025F16 | | | 5,038 |
| | RPI | 3.4% Gscmus33 15/06/2030 Swu025G15 | | | 5,038 |
| | RPI | 1.01%/Us Cpi Bofaus6Ngfx 10-16-2017 Swu0Am602 | | | 242 |
| | RPI | 1.73%/Us Cpi Bofaus6Ngfx 08-26-2025 Swu0Am446 | | | 606 |
| | Scblgb2L | Fx Deal Transacted On 25 Sep, 2015 Usd Cny Ex.Rate 0.151722 | | 6,116 |
| | Scblgb2L | Fx Deal Transacted On 29 Oct, 2015 Usd Cny Ex.Rate 0.153162 | | 11,515 |
| | Standard Chartered Bank | Fx Deal Transacted On 25 Nov, 2015 Usd Sgd Ex.Rate 0.710302 | | 6,266 |
| | TD Securities | Cash Collateral | | | 270,000 |
| | Toronto Dominion Bank, The | Fx Deal Transacted On 31 Dec, 2015 Usd Brl Ex.Rate | 0.256095 | | 3,962 |
| | Toronto Dominion Bank, The | Fx Deal Transacted On 03 Dec, 2015 Usd Brl Ex.Rate | 0.228623 | | 4,761 |
| | UBS Securities | Cash Collateral | | | 284,000 |
| | Deutsche Bank Ag | Fx Deal Transacted On 29 Dec, 2015 Usd Hkd Ex.Rate | 0.129031 | | 2 |
| | Bnp Paribas Paris | Fx Deal Transacted On 23 Dec, 2015 Usd Myr Ex.Rate | 0.232234 | | 13 |
| | JP Morgan Chase Bank, N.A. | Fx Deal Transacted On 30 Nov, 2015 Jpy Usd Ex.Rate | 122.958300 | | 113 |
| | Deutsche Bank Ag | Fx Deal Transacted On 30 Dec, 2015 Jpy Usd Ex.Rate | 120.542384 | | 250 |
(continued)
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, 2015
| | | | | (e) |
| | (b) | (c) | (d) | Current |
| (a) | Identity of Issuer | Description of Investment | Cost** | Value |
| | Collective trust funds | | | |
| * | BNY Mellon | Mellon S&P 500 Index Non-Lendable Fund; 3,737,815 shares | $ | 800,303,621 |
| * | Blackrock | MSCI ACWI Ex-US Index Non-Lendable Fund; 6,230,709 shares | | 126,637,295 |
| * | Blackrock | Extended Equity Market Lendable Fund; 3,757,552 shares | | 178,276,328 |
| * | Blackrock | Lifepath Index 2020 Non-Lendable Fund; 7,167,011 shares | | 95,807,895 |
| * | Blackrock | Lifepath Index 2060 Non-Lendable Fund; 623,467 shares | | 5,877,865 |
| * | Blackrock | Lifepath Index 2025 Non-Lendable Fund; 9,316,891 shares | | 124,932,062 |
| * | Blackrock | Lifepath Index 2030 Non-Lendable Fund; 9,925,100 shares | | 132,745,235 |
| * | Blackrock | Lifepath Index 2035 Non-Lendable Fund; 15,636,757 shares | | 208,520,850 |
| * | Blackrock | Lifepath Index 2040 Non-Lendable Fund; 7,980,493 shares | | 105,965,790 |
| * | Blackrock | Lifepath Index 2045 Non-Lendable Fund; 7,155,973 shares | | 94,591,950 |
| * | Blackrock | Lifepath Index 2050 Non-Lendable Fund; 5,883,907.38 shares | | 78,713,148 |
| * | Blackrock | Lifepath Index 2055 Non-Lendable Fund; 3,237,813 shares | | 51,875,276 |
| * | Blackrock | Lifepath Index Retirement Non-Lendable Fund; 10,778,908.78 shares | | 149,277,108 |
| * | Blackrock | US Debt Index Non-Lendable Fund; 7,450,323.18 shares | | 99,719,596 |
| * | Northern Trust | Short Term Investment Fund | | 1,550,601 |
| * | Northern Trust | Short Term Investment Fund | | 3,049,972 |
| * | Northern Trust | Short Term Investment Fund | | 9,353,868 |
| * | Systematic | Short Term Investment Fund | | 771,190 |
| | Participant-directed investments at fair value | $ | 7,776,317,719 |
| * | Various Participants | Participant Loans (secured by account, rates ranging from | $ | 98,791,764 |
| | | 4.25% to 10.50% with maturity dates ranging from 2016 to 2030) | | |
| ** | Cost information is not required for Participant-directed investments and therefore is not included. |
See Report of Independent Registered Public Accounting Firm
(concluded)
