# MORGAN STANLEY DISTRIBUTION, INC. X-17A-5 (2026-02-27) — Broker-dealer annual report

- Company: MORGAN STANLEY DISTRIBUTION, INC.
- Form: X-17A-5
- Filed: 2026-02-27
- Accession: 0001193125-26-082639
- CIK: 886116
- File #: 8-44766
- Website: deloitte.com

Original filing: https://www.sec.gov/Archives/edgar/data/886116/000119312526082639/d88246dfull.pdf

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**Deloitte & Touche LLP** 30 Rockefeller Plaza New York, NY 10112 USA Tel: +1 (212) 492-4000 www.deloitte.com

# REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Stockholder of Morgan Stanley Distribution, Inc.:

# Opinion on the Financial Statement

We have audited the accompanying statement of financial condition of Morgan Stanley Distribution, Inc. (the "Company") as of December 31, 2025, and the related notes (collectively referred to as the "financial statement"). In our opinion, the financial statement presents fairly, in all material respects, the financial position of the Company as of December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

# Basis for Opinion

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

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statement is free of material misstatement, whether due to error or fraud.

Our audit included performing procedures to assess the risks of material misstatement of the financial statement, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statement. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statement. We believe that our audit of the financial statement provides a reasonable basis for our opinion.

February 2ϳ, 2026

We have served as the Company's auditor since 1997.

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| ((-8-32%04%-(-2'%4-8%0                                                 | <br>         |
| )8%-2)()%62-2+7                                                        | <br><br>     |
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| !   | ;:@5:31:@0121>>10?-81?/4->31                   | !  | ";>3-:'@-:81E:B1?@91:@"-:-3191:@:/                                                                              |
|-----|------------------------------------------------|----|-----------------------------------------------------------------------------------------------------------------|
|     | 4512;<1>-@5:301/5?5;:9-71>                     | !! | ";>3-:'@-:81E'95@4->:1E!!                                                                                       |
|     | 121>>10/;995??5;:-??1@?                        |    | %>;<>51@->E//;A:@?;2>;71>	1-81>?                                                                                |
| !   | 5:-:/5-8//;A:@5:3'@-:0->0?;->0                 | !  | '1/A>5@51?D/4-:31/@                                                                                             |
|     | 5:-:/5-8:0A?@>E&13A8-@;>EA@4;>5@E              | !  | )<br>'<br>'1/A>5@51?-:0D/4-:31;995??5;:                                                                         |
| /72 | )8@59-@1%->1:@-:05@?/;:?;850-@10?A.?505->51? ! |    | '1/A>5@51?:B1?@;>%>;@1/@5;:;><;>-@5;:                                                                           |
| !   | :@1>:-8&1B1:A1'1>B5/1                          | #! | ):5@10'@-@1?;291>5/-C45/45:/8A01?@41<br>5?@>5/@;2;8A9.5-%A1>@;&5/;-:0@41)<br>'<br><br>@1>>5@;>51?-:0<;??1??5;:? |
| !   | ";>3-:'@-:81E5?@>5.A@5;::/                     | #! | //;A:@5:3<>5:/5<81?31:1>-88E-//1<@105:@41<br>):5@10'@-@1?;291>5/-                                               |


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