Our 80,000 people are what makes Morgan Stanley's culture and drives us to be excellent on behalf of our clients, to be prudent fiduciaries of capital, and to maintain a keen awareness of the road we have traveled to achieve the firm we have today.

Jan 16, 2024 / receipt, needs a key / Ted Pick, CEO | earnings call 2024-01-16 | transcript 133ff267-cf98-43db-8479-be3b289f088a | chars 11272-11520 | segment 11

We continue to focus on the levers within our control with an eye towards expense management.

Apr 19, 2023 / receipt, needs a key / James Gorman, CEO | earnings call 2023-04-19 | transcript b1463a0b-0c1d-4c9f-8f87-910a9c030a14 | chars 2762-2855 | segment 2

Given the broader market uncertainty and the inflationary environment, expense management remains a priority, although we continue to prioritize investments in our long-term goals.

Apr 19, 2023 / receipt, needs a key / Sharon, CFO | earnings call 2023-04-19 | transcript b1463a0b-0c1d-4c9f-8f87-910a9c030a14 | chars 4747-4927 | segment 4

We'll get a little tighter in the expense management, the wealth business. I know Andy and his team were already focused on that.

Apr 19, 2023 / receipt, needs a key / James Gorman, CEO | earnings call 2023-04-19 | transcript b1463a0b-0c1d-4c9f-8f87-910a9c030a14 | chars 20200-20329 | segment 20

And we came in and we took a look, a hard look, and we continue to do so, individual product by product, investment by investment, project by project, to understand where are the potential growths and expenses coming from. How are we thinking about balancing, as James said, that near-term investment, making sure that we need to get done certain things. We always need to ensure that as we invest also with a longer-term horizon, the right controls are in place as we continue to grow the business efficiently. But are there projects that can be delayed that we might be doing on the margin? So I'd say that that work is in flight, has been in flight. It's not new information, and it's certainly something that we're keeping our eyes on.

Jul 14, 2022 / receipt, needs a key / James, CFO | earnings call 2022-07-14 | transcript ee07edad-1a3f-49e6-9c24-b1def627c102 | chars 32239-32978 | segment 33

And then the market and business development expenses has really been driven by just the lack of travel, the lack of conferences, things being converted to virtual. And we would expect that to remain muted for a while.

Oct 15, 2020 / receipt, needs a key / CFO, CFO | earnings call 2020-10-15 | transcript 8a928e3c-fdcd-4874-853d-e606802278a0 | chars 23125-23343 | segment 23

To the extent that a Director of a Fund is employed by the Adviser, that Director will receive no compensation or expense reimbursement from the Fund for their services as a Director.

filing / May 6, 2026 / receipt

To the extent that a Director of a Fund is employed by the Adviser, that Director will receive no compensation or expense reimbursement from the Fund for their services as a Director.

filing / May 6, 2026 / receipt

To the extent that a Director of a Fund is employed by the Adviser, that Director will receive no compensation or expense reimbursement from the Fund for their services as a Director.

filing / May 6, 2026 / receipt

To the extent that a Director of a Fund is employed by the Adviser, that Director will receive no compensation or expense reimbursement from the Fund for their services as a Director.

filing / May 6, 2026 / receipt