MORGAN STANLEY

Ticker: MS CUSIP: 617446448 Class: COM

Empirical Finance, LLC's Holding History (CIK: 0001572838)

Note: Option positions (PUT/CALL) are excluded.

Q4 2025

Shares 66,424 Value ($000) $11,792 Avg Close $166.47 Range $150.92 - $182.34

Q3 2025

Shares 62,219 Value ($000) $9,890 Avg Close $146.45 Range $133.51 - $162.99

Q2 2025

Shares 45,122 Value ($000) $6,356 Avg Close $120.96 Range $92.37 - $140.07

Q1 2025

Shares 44,847 Value ($000) $5,232 Avg Close $125.91 Range $106.95 - $139.08

Q4 2024

Shares 44,285 Value ($000) $5,568 Avg Close $119.51 Range $99.47 - $132.53

Q3 2024

Shares 44,955 Value ($000) $4,686 Avg Close $96.90 Range $87.77 - $104.37

Q2 2024

Shares 44,150 Value ($000) $4,291 Avg Close $90.80 Range $80.57 - $98.76

Q1 2024

Shares 48,371 Value ($000) $4,555 Avg Close $83.21 Range $78.09 - $89.78

Q4 2023

Shares 46,840 Value ($000) $4,368 Avg Close $74.81 Range $65.08 - $88.18

Q3 2023

Shares 46,859 Value ($000) $3,827 Avg Close $80.29 Range $75.13 - $87.80

Q2 2023

Shares 42,912 Value ($000) $3,665 Avg Close $78.37 Range $74.18 - $83.63

Q1 2023

Shares 38,568 Value ($000) $3,386 Avg Close $84.81 Range $74.44 - $91.99

Q4 2022

Shares 37,255 Value ($000) $3,167 Avg Close $76.80 Range $66.82 - $85.98

Q3 2022

Shares 34,673 Value ($000) $2,740 Avg Close $75.24 Range $63.87 - $82.59

Q2 2022

Shares 29,288 Value ($000) $2,228 Avg Close $72.42 Range $64.03 - $81.68

Q1 2022

Shares 27,758 Value ($000) $2,426 Avg Close $84.62 Range $72.05 - $96.45

Q4 2021

Shares 24,895 Value ($000) $2,444 Avg Close $86.77 Range $81.94 - $91.95

Q3 2021

Shares 18,363 Value ($000) $1,787 Avg Close $85.71 Range $74.82 - $91.84

Q2 2021

Shares 14,509 Value ($000) $994 Avg Close $73.70 Range $65.34 - $81.12

Q1 2021

Shares 14,509 Value ($000) $994 Avg Close $65.58 Range $57.28 - $74.24

Q4 2020

Shares 14,509 Value ($000) $994 Avg Close $48.82 Range $39.28 - $58.80

Q3 2020

Shares 10,353 Value ($000) $501 Avg Close $42.54 Range $38.81 - $46.02

Q2 2020

Shares 3,426 Value ($000) $405 Avg Close $35.21 Range $25.96 - $43.57

Q1 2020

Shares 7,432 Value ($000) $253 Avg Close $39.15 Range $22.66 - $47.65

Q4 2019

Shares 4,916 Value ($000) $251 Avg Close $39.09 Range $32.28 - $42.57

Q4 2016

Shares 869 Value ($000) $37 Avg Close $29.14 Range $23.75 - $33.99

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2025	66,424	$11,792	$166.47	$150.92 - $182.34
Q3 2025	62,219	$9,890	$146.45	$133.51 - $162.99
Q2 2025	45,122	$6,356	$120.96	$92.37 - $140.07
Q1 2025	44,847	$5,232	$125.91	$106.95 - $139.08
Q4 2024	44,285	$5,568	$119.51	$99.47 - $132.53
Q3 2024	44,955	$4,686	$96.90	$87.77 - $104.37
Q2 2024	44,150	$4,291	$90.80	$80.57 - $98.76
Q1 2024	48,371	$4,555	$83.21	$78.09 - $89.78
Q4 2023	46,840	$4,368	$74.81	$65.08 - $88.18
Q3 2023	46,859	$3,827	$80.29	$75.13 - $87.80
Q2 2023	42,912	$3,665	$78.37	$74.18 - $83.63
Q1 2023	38,568	$3,386	$84.81	$74.44 - $91.99
Q4 2022	37,255	$3,167	$76.80	$66.82 - $85.98
Q3 2022	34,673	$2,740	$75.24	$63.87 - $82.59
Q2 2022	29,288	$2,228	$72.42	$64.03 - $81.68
Q1 2022	27,758	$2,426	$84.62	$72.05 - $96.45
Q4 2021	24,895	$2,444	$86.77	$81.94 - $91.95
Q3 2021	18,363	$1,787	$85.71	$74.82 - $91.84
Q2 2021	14,509	$994	$73.70	$65.34 - $81.12
Q1 2021	14,509	$994	$65.58	$57.28 - $74.24
Q4 2020	14,509	$994	$48.82	$39.28 - $58.80
Q3 2020	10,353	$501	$42.54	$38.81 - $46.02
Q2 2020	3,426	$405	$35.21	$25.96 - $43.57
Q1 2020	7,432	$253	$39.15	$22.66 - $47.65
Q4 2019	4,916	$251	$39.09	$32.28 - $42.57
Q4 2016	869	$37	$29.14	$23.75 - $33.99