Institutional holders report Landstar (LSTR) stakes under five percent

Rhea-AI Filing Summary

Morgan Stanley and Atlanta Capital Management Company, LLC report updated institutional ownership positions in Landstar Inc. common stock. Morgan Stanley reports beneficial ownership of 1,508,015 shares, representing 4.4% of the class. Atlanta Capital reports 1,293,829 shares, representing 3.8% of the class.

Both firms state they have ceased to be beneficial owners of more than five percent of Landstar’s common stock. The securities are described as acquired and held in the ordinary course of business, not for the purpose of changing or influencing control of the company.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 12)

LANDSTAR SYSTEM INC

(Name of Issuer)

Common Stock

(Title of Class of Securities)

515098101

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 515098101

1

Names of Reporting Persons

Morgan Stanley

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,324,624.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,442,838.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,508,015.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.4 %

12

Type of Reporting Person (See Instructions)

HC, CO

Comment for Type of Reporting Person: As of the date hereof, Morgan Stanley has ceased to be the beneficial owner of more than five percent of the class of securities.

SCHEDULE 13G

CUSIP No. 515098101

1

Names of Reporting Persons

Atlanta Capital Management Company, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,143,731.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,234,946.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,293,829.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

3.8 %

12

Type of Reporting Person (See Instructions)

IA, CO

Comment for Type of Reporting Person: As of the date hereof, Atlanta Capital Management Company, LLC has ceased to be the beneficial owner of more than five percent of the class of securities.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: LANDSTAR SYSTEM INC
(b)	Address of issuer's principal executive offices: 13410 SUTTON PARK DRIVE SOUTH, JACKSONVILLE, FL, 32224
Item 2.
(a)	Name of person filing: 1: Morgan Stanley 2: Atlanta Capital Management Company, LLC
(b)	Address or principal business office or, if none, residence: 1: 1585 Broadway, New York, NY 10036 ;2: 1075 Peachtree Street, Suite 2100, Atlanta, GA 30309
(c)	Citizenship: 1: Delaware 2: Delaware
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 515098101
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: See the response(s) to Item 9 on the attached cover page(s).
(b)	Percent of class: 4.4 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See the response(s) to Item 5 on the attached cover page(s).
	(ii) Shared power to vote or to direct the vote: See the response(s) to Item 6 on the attached cover page(s).
	(iii) Sole power to dispose or to direct the disposition of: See the response(s) to Item 7 on the attached cover page(s).
	(iv) Shared power to dispose or to direct the disposition of: See the response(s) to Item 8 on the attached cover page(s).
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. See Exhibit 99.2
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11. * In Accordance with the Securities and Exchange Commission Release No. 34-39538 (January 12, 1998) (the "Release"), this filing reflects the securities beneficially owned, or that may be deemed to be beneficially owned, by certain operating units (collectively, the "MS Reporting Units") of Morgan Stanley and its subsidiaries and affiliates (collectively, "MS"). This filing does not reflect securities, if any, beneficially owned by any operating units of MS whose ownership of securities is disaggregated from that of the MS Reporting Units in accordance with the Release.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Morgan Stanley

Signature:	Chris O'Hara
Name/Title:	Authorized Signatory, Morgan Stanley
Date:	02/12/2026

Atlanta Capital Management Company, LLC

Signature:	Kelly Williams
Name/Title:	Authorized Signatory, Atlanta Capital Management Company, LLC
Date:	02/12/2026

Exhibit Information

EXHIBIT NO. EXHIBITS ------------------ ------------------------------------ 99.1 Joint Filing Agreement 99.2 Item 7 Information * Attention. Intentional misstatements or omissions of fact constitute federal criminal violations (see 18 U.S.C. 1001).

FAQ

What change in ownership does this Schedule 13G/A report for LSTR?

The filing shows Morgan Stanley and Atlanta Capital now each own under five percent of Landstar Inc. common stock. Morgan Stanley holds 1,508,015 shares (4.4%), while Atlanta Capital holds 1,293,829 shares (3.8%), reflecting reduced institutional stakes below the five percent threshold.

How many Landstar (LSTR) shares does Morgan Stanley beneficially own?

Morgan Stanley reports beneficial ownership of 1,508,015 Landstar Inc. common shares, representing 4.4% of the outstanding class. All reported shares are held with shared voting and dispositive power, and Morgan Stanley indicates it no longer owns more than five percent of the company’s common stock.

What is Atlanta Capital’s reported stake in Landstar (LSTR)?

Atlanta Capital Management Company, LLC reports beneficial ownership of 1,293,829 Landstar Inc. common shares, equal to 3.8% of the class. The firm holds only shared voting and dispositive power and confirms it has ceased to be a beneficial owner of more than five percent of the shares.

Are Morgan Stanley and Atlanta Capital seeking control of Landstar (LSTR)?

The filing states the securities were acquired and are held in the ordinary course of business, not to change or influence control of Landstar Inc. It also notes they are not held in connection with any transaction intended to affect control, aside from activities tied to certain nomination rules.

What type of reporting persons are involved in this Landstar (LSTR) filing?

Morgan Stanley is classified as a parent holding company or control person (HC), while Atlanta Capital Management Company, LLC is classified as an investment adviser (IA). Both entities file jointly to disclose their beneficial ownership positions in Landstar Inc. common stock as institutional investors.

What is the key date referenced in this Landstar (LSTR) Schedule 13G/A?

The statement identifies December 31, 2025 as the relevant date of the event requiring the filing. As of that date, both Morgan Stanley and Atlanta Capital indicate that they were beneficial owners of less than five percent of Landstar Inc.’s outstanding common stock.