Morgan Stanley 424B Filings

Morgan Stanley Finance LLC offers $1,000,000 of contingent income memory auto-callable securities due March 23, 2028, fully and unconditionally guaranteed by Morgan Stanley. The securities pay a contingent coupon at an annual rate of 17.00% only if observation-date closing levels meet the coupon barrier.

Key terms include an initial level of $113.53, a call threshold at $113.53 (100% of initial), a coupon barrier and downside threshold at $56.765 (50% of initial), automatic early redemption on specified dates, an issue price of $1,000 and an estimated pricing-date value of $981.70.

Morgan Stanley Finance LLC priced $1,274,000 of Principal at Risk auto-callable securities linked to Halliburton Company common stock, with a stated principal amount of $1,000 per security. The securities issue on March 23, 2026 and mature on March 23, 2028.

The securities pay a contingent coupon at an annual rate of 12.15% on scheduled coupon dates only if the closing level of the underlier is at or above the coupon barrier of $21.732 (60% of the initial level). They are callable on specified redemption determination dates beginning September 18, 2026 if the closing level meets or exceeds the call threshold of $36.22. At maturity, if the final level is below the downside threshold of $21.732, investors receive a principal payment equal to the stated principal multiplied by the performance factor (final level/initial level), exposing them to full downside loss and possible zero recovery. All payments are subject to Morgan Stanley's credit risk. The estimated value on the pricing date was $960.80 per security, and the issue price was $1,000 with agent commissions and fees disclosed.

Morgan Stanley Finance LLC priced $7,264,000 of principal-at-risk, contingent income auto-callable securities due April 22, 2027, fully guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount, an issue price of $1,000, an estimated value on the pricing date of $967.50, and an aggregate agent commission of $108,960.

The notes pay a contingent coupon at an annual rate of 10.15% only if both underliers meet coupon barrier tests on observation dates. They are linked to the worst performing of the Nasdaq-100® Technology Sector (NDXT) and the S&P 500® Index (SPX), have a coupon/downside barrier at 75% of initial levels, and may auto-redeem on scheduled dates beginning September 18, 2026. Principal is at risk: if the worst performing underlier finishes below the downside threshold at maturity, payment is reduced pro rata and could be zero. All payments are subject to Morgan Stanley credit risk.

Morgan Stanley Finance LLC is offering principal‑at‑risk, auto‑callable structured notes due March 28, 2031. Each security has a stated principal amount of $1,000 and is linked to the worst performing of the Nasdaq‑100, S&P 500 and Dow Jones Industrial indices.

The notes can be automatically redeemed on scheduled determination dates beginning April 1, 2027, with fixed early redemption payments that imply approximately 13.10% per annum. At maturity holders may receive $1,655.00 if all underliers meet call thresholds, the stated principal if underliers remain above 70% of initial levels, or a loss proportional to the decline of the worst performing underlier (downside threshold = 70%). Estimated value on the pricing date is approximately $974.40. All payments are obligations of MSFL and fully guaranteed by Morgan Stanley and are subject to credit risk.

Morgan Stanley Finance LLC is offering principal-at-risk, auto-callable structured notes fully and unconditionally guaranteed by Morgan Stanley. The notes have a $1,000 stated principal amount per security and aggregate principal amount of $1,914,000. The original issue price is $1,000 with an estimated value on the pricing date of $948.50.

The securities are linked to the worst performing of the EURO STOXX 50® and the S&P 500®. First automatic early redemption may occur on March 24, 2027, with scheduled determination dates thereafter; final maturity is March 21, 2031. Call threshold levels equal initial levels and downside threshold levels equal 70% of initial levels. Early redemption payments provide an approximate 11.20% per annum return on the scheduled dates; if not called, payments at maturity depend on underlier performance and can result in partial or total loss of principal.

Morgan Stanley Finance LLC is offering Principal at Risk structured notes with an aggregate principal amount of $2,237,000, fully and unconditionally guaranteed by Morgan Stanley. The notes mature on March 23, 2032 and feature automatic early redemption beginning at the first determination date of March 19, 2027.

Each $1,000 security will pay an early redemption payment if the closing level of the S&P® 500 Futures 40% Intraday 4% Decrement VT Index is ≥ the call threshold level of 2,475.71 on a determination date. If not redeemed, maturity payouts range from a fixed payment of $2,380.00 (if final level ≥ call threshold) to return of principal (if final level ≥ downside threshold 1,237.855), or a loss proportionate to index decline if final level is below the downside threshold; losses could be total principal loss. All payments are subject to Morgan Stanley's credit risk.

Morgan Stanley Finance LLC is offering $795,000 of principal-at-risk, Broadcom (AVGO)‑linked auto-callable securities due April 2, 2027. Each security has a $1,000 issue price and an estimated value on the pricing date of $983.60.

The notes pay a contingent coupon at an annual rate of 15.72% on observation dates only if the closing level of Broadcom is at or above the coupon barrier of $216.884 (≈67.50% of the initial level). The initial level is $321.31; the final observation date is March 30, 2027. The securities are automatically redeemed if Broadcom’s closing level meets or exceeds the call threshold of $321.31 on a redemption determination date. At maturity investors receive principal only if the final level is at or above the buffer level of $216.884; otherwise losses are amplified by a downside factor of 1.4814.

Morgan Stanley Finance LLC priced a $374,000 offering of Principal at Risk Securities fully guaranteed by Morgan Stanley. The securities are issued at $1,000 per security with an estimated value on the pricing date of $967.30. The notes pay no interest and return either the stated principal plus a fixed upside payment of $312.50 (31.25%) if the worst performing underlier is at or above its downside threshold, or an amount equal to the stated principal multiplied by the performance factor of the worst performing underlier if that underlier is below its downside threshold. The downside threshold for each index is 70% of its initial level. Strike and pricing date: March 18, 2026; observation date: March 19, 2029; maturity date: March 22, 2029. All payments are subject to Morgan Stanley's credit risk.

Morgan Stanley Finance LLC offers callable contingent income securities linked to the common stock of Micron Technology, Inc. The notes have a $1,000 issue price and an estimated value of approximately $965.70 on the pricing date. They pay a contingent coupon at an annual rate of 25.35% only if the closing level of Micron is at or above a coupon barrier equal to 50% of the initial level on each observation date. The securities are callable beginning September 29, 2026 based on a risk‑neutral valuation model and mature on September 29, 2027. At maturity holders receive principal if the final level is at or above a downside threshold equal to 50% of the initial level; if the final level is below that threshold, investors incur losses proportionate to the decline in the underlier and could lose their entire investment. All payments are subject to Morgan Stanley’s credit risk and the securities do not participate in upside of the underlier.

Morgan Stanley Finance LLC priced auto-callable, principal-at-risk securities linked to the common stock of Broadcom Inc. The securities pay a contingent coupon of 14.50% per annum, are callable beginning after a six-month non-call period, have a face amount of $1,000, and mature on March 23, 2028.

The starting price is $315.93 (pricing date March 18, 2026), the coupon threshold is $189.558 (60% of starting price) and the downside threshold is $157.965 (50% of starting price). The estimated value on the pricing date was $969.40 per security and the price to public was $1,000 per security.

Morgan Stanley Finance LLC is offering principal-at-risk, auto-callable notes linked to Amazon.com, Inc. common stock. Each security has a $1,000 stated principal amount, an annual contingent coupon of 11.32%, a pricing/strike date of March 26, 2026 and a maturity date of September 30, 2027.

The coupon is payable only if the closing level of the underlying stock meets or exceeds a coupon barrier equal to 60% of the initial level on each observation date. The notes are automatically redeemed if the closing level equals or exceeds the call threshold (100% of the initial level) on any redemption determination date. If not redeemed, final principal at maturity is full principal if the final level is at or above the downside threshold (60% of initial level); if below, payment equals principal multiplied by final/initial level and could be zero. Estimated value on pricing date was approximately $977.70 per security. All payments are subject to Morgan Stanley credit risk.

Morgan Stanley Finance LLC offers Buffered Participation Securities due July 1, 2027, fully guaranteed by Morgan Stanley, linked to the worst performing of the Dow Jones Industrial Average and the S&P 500® Index.

Each security has a $1,000 stated principal amount, an issue price of $1,000, a 15% buffer (buffer level = 85% of initial level), a 100% participation rate, a maximum payment of $1,226 (122.60% of principal) and a minimum payment of 15% of principal. Payments at maturity are determined solely by the final closing levels on the observation date June 28, 2027, and investors bear full credit risk of MSFL and Morgan Stanley.

Morgan Stanley Finance LLC is offering Principal at Risk structured notes due April 5, 2029, fully guaranteed by Morgan Stanley, issued at a stated principal amount of $1,000 per security. The securities feature an auto-call on specified determination dates and fixed early redemption payments reflecting approximately 14.20% per annum. If not called, maturity payoffs depend on the worst performing of the Nasdaq-100, Russell 2000 and S&P 500: $1,426.00 if all underliers meet call thresholds, $1,000 if each is at or above a 70% downside threshold, or a reduced principal tied to the worst performing underlier (possible total loss). The preliminary estimated value on the pricing date is approximately $959.30 per security. All payments are subject to Morgan Stanley's credit risk and the securities do not pay interest or participate in underlying appreciation.

Morgan Stanley Finance LLC is offering Trigger PLUS principal-at-risk securities due March 28, 2030, fully guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and a leverage factor of 287.50% applied to the performance of the worst performing of three underliers (APO, BX, KKR).

At maturity the payoff is: principal plus leveraged upside if each underlier finishes above its initial level; principal only if each underlier finishes at or above its 80% downside threshold; otherwise investors lose an amount equal to the percentage decline of the worst performing underlier. Estimated value on pricing date: approximately $892.60 per security.

Morgan Stanley Finance LLC prices Principal-at-Risk Buffered Jump Securities due March 30, 2028, fully and unconditionally guaranteed by Morgan Stanley. The securities are issued at a $1,000 stated principal amount per security and include an automatic early redemption feature with fixed early redemption payments that rise across periodic determination dates.

If not called, maturity payoffs depend on the worst performing of the S&P 500® Index and the Dow Jones Industrial Average: investors receive $1,190.00 if both underliers meet call thresholds, the stated principal if final levels are at or above 85% buffer levels, or a reduced payment that loses 1% of principal for each 1% decline below the buffer of the worst performing underlier, subject to a 15% minimum payment at maturity.

Morgan Stanley Finance LLC offers Variable Income Auto-Callable Notes due March 31, 2031, linked to the worst performing of four stocks: Palantir (PLTR), NVIDIA (NVDA), Tesla (TSLA) and Alphabet (GOOG). Each note has a $1,000 stated principal and an issue price of $1,000 per note; estimated value on the pricing date is approximately $943.60 per note.

The notes pay a monthly variable coupon of either 0.25% (lower) or 9.40% (higher) depending on observation-date checks. Coupon barrier levels are set at 80% of each initial level; automatic early redemption is possible on scheduled redemption determination dates beginning March 29, 2027 if each underlier is at or above its 90% call threshold. The payoff is based on the worst performing underlier; no participation in underlier appreciation. All payments are subject to Morgan Stanley's credit risk and the notes will not be listed on an exchange.

Morgan Stanley Finance LLC is offering Structured Investments—Enhanced Buffered Jump Securities due May 28, 2027, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and an upside payment of $86 (8.60%) if the worst performing index is at or above its buffer level (85% of initial) on the observation date. If the worst performing underlier falls below the buffer, investors lose 1% of principal for each 1% decline beyond the 15% buffer, subject to a minimum payment of 15% of principal. The securities are linked to the Dow Jones Industrial Average and the S&P 500 Index, are unsecured obligations of MSFL, and all payments are subject to Morgan Stanley's credit risk. The estimated value on the pricing date is approximately $970.30 per security.

Morgan Stanley Finance LLC offers principal-at-risk, contingent-income, memory auto-callable securities with a $1,000 stated principal amount per security and a 12.15% per annum contingent coupon. The securities mature on March 29, 2029 and reference the worst performing of the Nasdaq-100® Technology Sector (NDXT), Russell 2000® (RTY) and S&P 500® (SPX) indices.

The securities pay contingent coupons only if each underlier is at or above its coupon barrier (80% of initial) on observation dates, can auto-redeem on scheduled redemption determination dates beginning June 26, 2026 if each underlier is at or above its call threshold (100% of initial), and at maturity return principal only if each underlier is at or above its downside threshold (60% of initial). If any underlier is below its downside threshold at maturity, payment equals the stated principal multiplied by the worst-performing underlier's performance factor, potentially resulting in a significant loss of principal or zero recovery. The pricing date and strike date are March 26, 2026, original issue date is March 31, 2026, and the document reports an estimated value on the pricing date of approximately $983.70 per security.

Morgan Stanley Finance LLC prices contingent income memory securities due April 7, 2031, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and a contingent coupon of 9.00% per annum, payable only if each underlier meets its coupon barrier on observation dates. The securities are linked to the worst performing of the S&P 500, Nasdaq-100 Technology Sector and Russell 2000, pay principal at maturity only if all underliers are at or above their 70% downside thresholds, and expose investors to full principal loss proportional to the worst underlier if thresholds are breached. Estimated value on the pricing date is approximately $965.00 per security.

Morgan Stanley Finance LLC priced a preliminary pricing supplement for a principal-at-risk, auto-callable structured note linked to the worst performing of NVIDIA, Taiwan Semiconductor (ADS), and Alphabet class A. The notes have a $1,000 stated principal amount and an estimated value on the pricing date of approximately $931.90.

The securities have a strike/pricing date of March 26, 2026, an original issue date of March 31, 2026, a final determination date of March 26, 2029, and maturity on March 29, 2029. They pay no regular interest, include an automatic early redemption on the first determination date (March 29, 2027) for an early redemption payment of $1,515.50 if each underlier meets its 100% call threshold, and a 300% participation rate for upside at maturity based on the worst performing underlier.

The payoff is worst‑performer focused: investors either receive the early redemption payment, the stated principal (if final levels are above 50% downside thresholds but not above initial levels), or a reduced payment proportional to the worst performing underlier (potentially zero). All payments are subject to Morgan Stanley Finance LLC’s and Morgan Stanley’s credit risk.

Morgan Stanley Finance LLC offers Trigger Callable Contingent Yield Notes linked to the least performing of the S&P 500®, Russell 2000® and EURO STOXX 50® due March 24, 2031. The Securities pay a quarterly Contingent Coupon at a 10.60% per annum rate if, on each quarterly Observation Date, all three Underlyings close at or above their respective Coupon Barriers. Beginning on June 25, 2026, the issuer may call the notes on quarterly Call Dates if a risk‑neutral valuation model indicates calling is economically rational; called securities pay the Principal Amount plus any Contingent Coupon due on the related Observation Date. If not called, maturity payout is $10 × (1 + Index Return of the Least Performing Underlying); each Underlying’s Coupon Barrier is approximately 70% of its Initial Underlying Value and the Downside Threshold is approximately 60% of its Initial Underlying Value. Issue Price is $10.00 (estimated Trade Date value ~$9.691). These Securities expose investors to principal loss tied to the Least Performing Underlying and to Morgan Stanley’s credit risk.

Morgan Stanley Finance LLC offers principal-at-risk, contingent-income, memory auto-callable securities linked to Broadcom Inc. common stock. The securities are offered at a stated principal amount of $1,000 per security and an issue price of $1,000 per security, with an estimated value of approximately $978.60 on the pricing date.

The notes pay a contingent coupon at an annual rate of 16.36% on coupon payment dates only if the closing level of the underlier meets or exceeds a coupon barrier set at 55% of the initial level. Automatic early redemption occurs if the closing level equals or exceeds a call threshold of 100% of the initial level on any redemption determination date. At maturity, if the final level is below the downside threshold of 55% of the initial level, payment equals $1,000 × (final level / initial level), exposing investors to full downside, including possible loss of principal. All payments are subject to Morgan Stanley's credit risk.

Morgan Stanley Finance LLC is offering Contingent Income Auto-Callable Securities due April 1, 2027, linked to the common stock of Microsoft Corporation. Each security has a $1,000 stated principal and an issue price of $1,000. Investors may earn a contingent quarterly coupon at an annual rate of 10.12% (approximately $25.30 per quarter) only for determination dates when the underlying stock closes at or above a downside threshold equal to 70% of the initial share price. If any of the first three determination dates has a closing price at or above the initial share price, the securities will be automatically redeemed early for principal plus the contingent coupon. If not redeemed and the final share price is below the downside threshold, maturity payment will decline 1-to-1 with the stock and may be less than 70% of principal or zero. Payments are unsecured obligations of MSFL and are fully guaranteed by Morgan Stanley; all payments are subject to issuer credit risk.

Morgan Stanley Finance LLC is offering structured, principal‑at‑risk notes—Dual Directional Jump Securities due March 29, 2029—linked to the worst performing common stock of Microsoft, Broadcom and Micron. The original issue price is $1,000 per security and the estimated value on the pricing date is approximately $936.40. The notes carry an automatic early redemption feature on the first determination date (March 25, 2027) for an early redemption payment of $1,432 if each underlier meets its call threshold. Payment at maturity depends on the worst performing underlier, with upside participation of 225% and an absolute return participation rate of 100%. All payments are subject to Morgan Stanley’s credit risk and the securities do not guarantee principal or pay interest.

Morgan Stanley Finance LLC priced Principal at Risk securities with a $1,000 original issue price that pay a contingent coupon and are fully guaranteed by Morgan Stanley. The securities mature on March 2, 2028, reference the Dow Jones Industrial Average, Nasdaq-100 Technology Sector and Russell 2000, and pay a 10.00% per annum contingent coupon only if each underlier meets its coupon barrier on observation dates. The securities are callable beginning on July 2, 2026 based on a risk-neutral valuation model determination. At maturity investors receive principal only if each underlier is at or above a 65% downside threshold; otherwise the payment equals the stated principal multiplied by the worst-performing underlier's performance factor, which could result in a total loss of principal.

Morgan Stanley Finance LLC is offering principal‑at‑risk callable contingent income securities due March 24, 2031, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and an annual contingent coupon of 12.00% payable only if each of the three underliers meets its coupon barrier on scheduled observation dates. Coupon barrier levels are set at 70% of initial levels and downside threshold levels at 60%. The securities are linked to the worst performing of the EURO STOXX 50®, Nasdaq‑100® and Russell 2000®; principal is at risk and may decline pro rata with the worst underlier at maturity. The issuer may call the securities on specified redemption dates beginning September 24, 2026, based on a risk‑neutral valuation model; if called, no further payments will be made.

Morgan Stanley Finance LLC is pricing contingent income, buffered auto-callable notes due April 1, 2031, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and a contingent annual coupon of 11.45% payable only if the basket closing level meets the 80% coupon barrier on observation dates. The notes may be automatically redeemed beginning with the first redemption determination date on March 29, 2027 if the basket equals or exceeds the call threshold of 100% of the initial level; early redemption pays principal plus the related contingent coupon. At maturity, if not called and the final level is below the 80% buffer, investors lose 1% of principal for each 1% decline beyond the buffer, subject to a 20% minimum payment. The underlier is a four-stock equal-weight basket (NVDA, PLTR, TSLA, TSM) with multipliers and initial component levels to be set on the March 27, 2026 strike date. All payments are subject to issuer credit risk and the estimated pricing-date value is approximately $927.60 per security.

Morgan Stanley Finance LLC is offering structured, principal-at-risk, auto-callable securities due March 30, 2028, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and an estimated value on the pricing date of approximately $978.20.

The securities reference three underliers: the Dow Jones Industrial Average, the Nasdaq-100® Technology Sector, and the Russell 2000® Index. Automatic early redemption may occur on up to four determination dates beginning April 5, 2027, with fixed early redemption payments of $1,205.00, $1,256.25, $1,307.50 and $1,358.75. If not redeemed, the maturity payment is $1,410.00 if all underliers meet call thresholds; otherwise payment depends on downside thresholds (70% of initial level) and the worst-performing underlier, with potential loss of principal.

Morgan Stanley Finance LLC offers Contingent Income Buffered Auto-Callable Securities due April 1, 2031, fully and unconditionally guaranteed by Morgan Stanley. The securities have a stated principal of $1,000 per security and an estimated pricing-date value of approximately $927.50 per security.

The notes pay a contingent coupon at an annual rate of 13.15% on each coupon payment date only if the closing level of the basket underlier is at or above the coupon barrier level of 80% on the related observation date. The basket (four equally weighted components) will have an initial level of 100. The securities automatically redeem early if the underlier is at or above the call threshold of 100% on a redemption determination date; otherwise, at maturity investors receive principal only if the final level is at or above the buffer level of 80%. If the final level is below 80%, investors lose 1% of principal for each 1% decline beyond the 20% buffer, subject to a minimum payment of 20% of principal.

Morgan Stanley Finance LLC is offering principal-at-risk, auto-callable notes due March 24, 2031 that are fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and an issue price of $1,000. The securities pay a contingent coupon at an annual rate of 11.15% only if the closing level of the S&P® 500 Futures 40% Intraday 4% Decrement VT Index is at or above the coupon barrier level on each observation date.

The initial level (strike) was 2,468.39, the coupon barrier and downside threshold are 1,481.034 (60% of the initial level). If not auto‑redeemed, maturity payoff is $1,000 if the final level is ≥ downside threshold; if below, payment equals $1,000 × (final level / initial level), exposing investors to full downside including potential loss of principal. Estimated value on the pricing date was approximately $902.60 per security.

Morgan Stanley Finance LLC is offering principal-at-risk, contingent-income auto-callable securities linked to Meta Platforms, Inc. class A common stock. The securities have a $1,000 stated principal per security, an issue price of $1,000, an estimated value on the pricing date of approximately $973.10, and a maturity date of March 30, 2028. Investors may receive a contingent coupon at an annual rate of 11.50% on scheduled coupon payment dates only if the closing level of Meta is at or above the coupon barrier (60% of the initial level) on the related observation date. The securities are automatically redeemed early if Meta’s closing level is at or above the call threshold (100% of the initial level) on any redemption determination date, in which case holders receive principal plus any payable contingent coupons. If not redeemed and the final level is below the downside threshold (60% of the initial level), investors suffer a proportional loss to principal at maturity. All payments are subject to Morgan Stanley and MSFL credit risk. Commissions include $17.50 per security plus a $1 structuring fee.

Morgan Stanley Finance LLC priced Dual Directional Buffered Participation Securities linked to the S&P 500® Index with a $1,000 stated principal amount per security and a maturity date of March 23, 2028. The securities pay no interest and are fully guaranteed by Morgan Stanley. Key economic terms: 100% upside participation capped at a $1,211 maximum payment (121.10% of principal); a 20% buffer (buffer level = 80% of initial level); and a downside factor of 1.25 (investors lose 1.25% of principal for each 1% decline beyond the buffer). Estimated value on the pricing date was approximately $980.20 per security. Issue price is $1,000 with agent commissions of $15 and proceeds to issuer of $985 per security. All payments are subject to issuer and guarantor credit risk; holders may lose some or all principal.

Morgan Stanley Finance LLC is offering principal-at-risk, auto-callable securities linked to Bloom Energy Corporation Class A common stock. Each security has a $1,000 stated principal amount, an issue price of $1,000, and a maturity date of March 29, 2029. The securities pay a contingent coupon at an annual rate of 40.50% on scheduled coupon payment dates only if the closing level of the underlier meets or exceeds the coupon barrier (set at 50% of the initial level). The securities may be automatically redeemed early if the underlier meets a call threshold (100% of the initial level) on any redemption determination date, in which case holders receive principal plus any payable contingent coupons. If not redeemed and the final level is below the downside threshold (50% of the initial level), the payment at maturity equals the stated principal multiplied by the performance factor and could be significantly less than principal or zero. All payments are subject to Morgan Stanley’s credit risk. The document states an estimated value on the pricing date of approximately $948.60 per security.

Morgan Stanley Finance LLC is offering Buffered PLUS principal-at-risk securities linked to the iShares MSCI EAFE ETF. Each security has a $1,000 stated principal amount, an original issue price of $1,000, and an estimated value on the pricing date of approximately $984.80. The securities mature on March 22, 2029 with an observation date of March 19, 2029.

If the ETF final level exceeds the initial level of $96.52, holders receive principal plus a 150% leverage on appreciation subject to a $1,502 maximum payment. If the final level is between the initial level and the buffer level of $86.868 (90% of initial), holders receive the stated principal. If the final level is below the buffer, holders lose 1% of principal for each 1% decline beyond the 10% buffer; the minimum payment at maturity is 10% of principal.

All payments are subject to Morgan Stanley’s credit risk; the securities pay no interest and include issuance, structuring and hedging costs within the issue price.

Morgan Stanley Finance LLC is offering principal‑at‑risk, buffered jump securities due March 23, 2028, fully guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and an estimated value on the pricing date of approximately $973.40.

The underlier is a 4‑stock basket (APO, BX, ARES, KKR) equally weighted. Key economic terms: participation rate 150%, upside payment $502, buffer level 85% (buffer amount 15%), downside factor 1.1765. Automatic early redemption occurs if the first determination date closing level ≥ call threshold (100%), for an early redemption payment of $1,251 on April 6, 2027. All payments are subject to Morgan Stanley’s credit risk and investors may lose their entire investment.

Morgan Stanley Finance LLC is offering Principal-at-Risk PLUS securities that pay no interest and are fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and matures on March 22, 2029. Payment at maturity is determined solely by the performance of the worst performing of three ETFs: Invesco QQQ Trust (QQQ), iShares Semiconductor ETF (SOXX) and State Street Technology Select Sector ETF (XLK).

If the final level of each underlier is higher than its initial level, holders receive principal plus a leveraged upside equal to 190% of the worst-performing underlier’s gain. If any underlier is at or below its initial level, the maturity payment equals the stated principal multiplied by the worst-performing underlier’s performance factor; there is no minimum payment and investors could lose their entire principal. The document shows initial levels for the underliers ($589.93 QQQ, $336.59 SOXX, $137.60 XLK) and an estimated value on the pricing date of approximately $970.90 per security. All payments are subject to Morgan Stanley’s credit risk.

Morgan Stanley Finance LLC priced a series of Enhanced Buffered Jump Securities due June 24, 2027, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and an estimated value on the pricing date of approximately $985.10.

The securities pay no interest and provide a fixed upside payment of $96.50 (9.65%) if the final level of the Russell 1000® Value Index on the observation date is greater than or equal to the buffer level of 1,790.960 (approximately 85% of the initial level). If the final level is below the buffer level, investors lose 1% of principal for each 1% decline beyond the 15% buffer, subject to a minimum payment at maturity of 15% of stated principal. The initial level (closing level on the strike date) was 2,107.012.

Morgan Stanley Finance LLC offers Principal at Risk PLUS securities due March 23, 2028 linked to the worst performing of Invesco QQQ (QQQ), iShares Semiconductor ETF (SOXX) and State Street Technology Select Sector SPDR ETF (XLK). Each security has a stated principal amount of $1,000 and an initial estimated value of approximately $981.10 on the pricing date.

If all underliers finish above their initial levels, holders receive principal plus a leveraged upside equal to 194% of the appreciation of the worst performing underlier. If any underlier finishes at or below its initial level, payoff equals the stated principal multiplied by the worst performing underlier's performance factor, with no minimum payment and the potential to lose the entire principal. All payments are subject to the issuer's and guarantor's credit risk.

Morgan Stanley Finance LLC is offering Step Down Trigger Autocallable Notes due March 25, 2031, fully guaranteed by Morgan Stanley. Each Security has a $10.00 principal amount and a minimum investment of $1,000. The notes are automatically callable on semi-annual Observation Dates beginning March 30, 2027 if each underlying (the Nasdaq-100, S&P 500 and EURO STOXX 50) closes at or above its Initial Underlying Value; call payouts use a fixed Call Return Rate of 15.70% per annum with specified Call Prices up to $17.85 at maturity.

If the notes are not called, repayment at maturity depends on the Least Performing Underlying versus a Downside Threshold equal to 85% of its Initial Underlying Value. If the Least Performing Underlying is below that threshold at the Final Observation Date, holders will receive $10 multiplied by (1 + Underlying Return) for the Least Performing Underlying and may lose a substantial portion or all of principal. Estimated value on the Trade Date is approximately $9.917 per Security.

Morgan Stanley Finance LLC is offering market-linked, auto-callable securities due April 13, 2032 with a face amount of $1,000 per security. The pricing date is April 8, 2026, and the issuer estimates the securities’ value at approximately $983.10 per security on the pricing date.

The securities pay a specified call premium if, on any calculation day beginning October 13, 2027, each underlying (Dow Jones Industrial Average, S&P 500® Equal Weight Index and Russell 2000® Index) closes at or above its call threshold (initially 95% of starting levels, later 90%). If not called, maturity payments depend on the lowest performing underlying; downside threshold levels equal 75% of starting levels, exposing investors to >25% principal loss and possibly total loss.

Morgan Stanley Finance LLC offers market‑linked, principal‑at‑risk securities fully guaranteed by Morgan Stanley. Each security has a $1,000 face amount, a current price to public of $1,000, estimated value on the pricing date of $963.40, and proceeds to the issuer of $976.75 per security.

The securities pay a contingent fixed return of at least 6.00% if the lowest performing underlying (NDX, INDU or SPX) has an ending level on the calculation day that is greater than or equal to its threshold level (64% of its starting level). If the lowest performing underlying closes below its threshold, the maturity payment equals $1,000 plus $1,000 times the lowest performing underlying return, which can result in losses greater than 36.00% or a total loss. Key dates: pricing date April 2, 2026, original issue date April 8, 2026, calculation day April 9, 2027, maturity date April 14, 2027.

Morgan Stanley Finance LLC is offering principal-at-risk, auto-callable structured notes due March 22, 2029, fully guaranteed by Morgan Stanley, with an aggregate principal amount of $250,000 and a stated principal amount of $1,000 per security. The notes reference the State Street® Industrial Select Sector SPDR® ETF (XLI) with an initial level of $166.50 and a downside threshold equal to 70% of that level ($116.55). Automatic early redemption begins at the first determination date on March 24, 2027, offering fixed early redemption payments that imply approximately 10.00% per annum. If not called, maturity payments vary: $1,300 if the final level is at or above the call threshold, the stated principal if the final level is between the call and downside thresholds, or a loss proportional to the ETF decline if the final level is below the downside threshold. All payments are subject to issuer and guarantor credit risk; the estimated value on the pricing date was $961.50 per security and the issue price is $1,000 (agent commission $22.50 per security).

Morgan Stanley Finance LLC is offering $1,000,000 aggregate Face Amount of Digital Basket‑Linked Notes due April 15, 2027, fully and unconditionally guaranteed by Morgan Stanley. The notes pay no interest; maturity payment depends on an equally weighted basket of six alternative‑asset managers measured from the Strike Date: March 13, 2026 to the Determination Date: April 13, 2027. If the Final Basket Level is ≥ 85.00% of the Initial Basket Level, each $1,000 note pays the Threshold Settlement Amount of $1,245.50. If below 85.00%, holders suffer a pro rata loss calculated using the Buffer Rate (~117.65%); full principal loss is possible. Estimated value on the trade date is $961.50 per note; agent commission is $10.90 per note and proceeds to issuer are $989.10 per note. All payments are subject to issuer and guarantor credit risk; the notes are unsecured, not listed, and not FDIC insured.

Morgan Stanley Finance LLC is offering Structured Investments—Buffered Jump Securities—linked to the Russell 2000® Index with a $2,250,000 aggregate size and a $1,000 stated principal per security. The securities mature on March 21, 2028 and are fully guaranteed by Morgan Stanley.

The notes feature an automatic early redemption if the closing level on the first determination date (March 29, 2027) is greater than or equal to the call threshold (initial level 2,503.292), in which case holders receive an early redemption payment of $1,152.20 on April 1, 2027. If not redeemed, maturity payoffs depend on the final level versus the initial level: upside participation at a 125% rate, a 15% buffer protecting against limited downside, and a downside factor of 1.1764% applied beyond the buffer. The estimated value on the pricing date was $979.10 and the issue price was $1,000 with $15 in agent fees per security.

Morgan Stanley Finance LLC prices Structured Investments Jump Securities (auto-call) with aggregate principal amount $947,000, fully and unconditionally guaranteed by Morgan Stanley. The securities are principal‑at‑risk notes linked to the S&P 500® Index with a $1,000 stated principal amount per security and automatic early redemption opportunities beginning on March 24, 2027.

If not called, maturity payments on March 22, 2029 pay $1,262.50 if the final level is at or above the call threshold (initial level 6,716.09), return the stated principal if the final level is at or above the downside threshold (4,701.263, 70% of initial level), or decline pro rata below principal if the final level is below the downside threshold. All payments are subject to issuer credit risk; the estimated value on pricing date was $966.60 per security.

Morgan Stanley Finance LLC offers $1,000,000 aggregate of Structured Investments — Buffered Jump Securities — fully and unconditionally guaranteed by Morgan Stanley. The securities have a $1,000 stated principal amount and may auto-redeem on March 29, 2027 for an early redemption payment of $1,108 if the MSCI EAFE® Index is at or above the call threshold (initial level 2,942.98). If not redeemed, maturity is March 22, 2028. Payment mechanics: 150% participation in upside if final level exceeds the initial level; a 15 buffer protects against losses up to that amount; declines beyond the buffer reduce principal at a 1.1765 downside factor. All payments are subject to issuer credit risk and the securities do not pay interest; estimated value on the pricing date was $974.30 per security.

Morgan Stanley Finance LLC priced Buffered Jump Securities (auto-callable) linked to the MSCI AC Asia ex Japan Index, with a $1,000 stated principal amount per security and $1,500,000 aggregate issuance. The securities may auto‑redeem on the first determination date for an early redemption payment of $1,150 if the underlier is at or above the call threshold of 973.63. If not redeemed, maturity payoff depends on the final index level relative to the initial level (initial level 973.63) and a buffer of 15%, with a downside factor of 1.1765 and a participation rate of 150%. All payments are subject to issuer and guarantor credit risk; the estimated value at issuance was $967.50 per security.

Morgan Stanley Finance LLC is offering $620,000 aggregate principal amount of Structured Investments — Buffered Jump Securities with an auto-callable feature, fully and unconditionally guaranteed by Morgan Stanley, due March 21, 2028.

The notes are principal‑at‑risk: participation is 150%, the buffer is 15% and the downside factor is 1.1765. An early redemption can occur if the underlier equals or exceeds the call threshold of 100 on the first determination date, producing an early redemption payment of $1,262.50 per security. The stated principal amount per security and issue price are $1,000; the issuer received $610,700 net of agent commissions of $9,300. The estimated value on the pricing date was $969.10.

Morgan Stanley Finance LLC offers Structured Investments — Enhanced Buffered Jump Securities due April 8, 2027. The offering is for $1,000 stated principal per security with an aggregate principal amount of $2,050,000.

Payment at maturity depends on a four-stock basket observation on April 5, 2027. If the final level is >= the buffer level of 85%, holders receive the stated principal plus a fixed $240 upside payment (24.00%). If the final level is < the buffer level, holders lose 1.1765% of principal for each 1% decline beyond the 15% buffer (downside factor 1.1765), with no minimum payment and potential loss of the entire investment.

The securities were priced at an issue price of $1,000 with an estimated value of $959.90 on the pricing date, include agent commissions of $10 per security, and provide $990 proceeds to the issuer per security.