MORGAN STANLEY DIRECT LENDIN

Ticker: MSDL CUSIP: 61774A103 Class: COM SHS

MERCER GLOBAL ADVISORS INC /ADV's Holding History (CIK: 0000853758)

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

Q4 2025

Shares 14,902 Value ($000) $246 Avg Close $16.42 Range $15.24 - $17.38

Q3 2025

Shares 14,539 Value ($000) $234 Avg Close $17.18 Range $15.53 - $18.77

Q2 2025

Shares 14,539 Value ($000) $272 Avg Close $17.74 Range $16.13 - $18.75

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2025	14,902	$246	$16.42	$15.24 - $17.38
Q3 2025	14,539	$234	$17.18	$15.53 - $18.77
Q2 2025	14,539	$272	$17.74	$16.13 - $18.75