Morgan Stanley 424B Filings

Morgan Stanley Finance LLC is offering $3,149,000 of Trigger Autocallable GEARS linked to the S&P 500® Index, due March 20, 2031, fully guaranteed by Morgan Stanley. The Securities have a $10 issue price and a five-year term. They are automatically called if the S&P 500® closes at or above the Autocall Barrier on the Observation Date, paying a fixed Call Price of $11.33 per $10 (based on a 13.30% per annum Call Return Rate). If not called, maturity payoffs depend on the Final Level versus the Initial Level and a Downside Threshold set at approximately 75% of the Initial Level. An Upside Gearing of 1.50 magnifies positive returns if held to maturity. Payments are unsecured, subject to issuer and guarantor credit risk, and investors may lose a significant portion or all principal.

Morgan Stanley Finance LLC is offering Jump Securities with an Auto-Callable Feature due April 4, 2029, fully guaranteed by Morgan Stanley. The securities pay no interest and begin quarterly automatic redemption consideration after a 1-year non-call period. If, on any quarterly determination date beginning April 7, 2027, each underlying stock closes at or above its respective call threshold (100% of initial share price), the securities will be redeemed for an early redemption payment that implies approximately a 29.30% per annum return. If not called, a positive payment at maturity of $1,879 per $1,000 security applies only if each final share price is at or above its respective downside threshold (70% of initial share price). If any underlying stock is below its downside threshold at maturity, investors receive an amount tied 1-to-1 to the worst performing underlying stock and may lose more than 30% or all principal. The underlying stocks are Apollo Global Management (APO), Blackstone (BX) and KKR (KKR). The estimated value on the pricing date was approximately $956.40 per security; the issue price is $1,000, which includes commissions and structuring costs.

Morgan Stanley Finance LLC offers Autocallable Notes linked to the S&P 500® Index due March 28, 2029. The notes pay no interest, have principal at risk and are fully and unconditionally guaranteed by Morgan Stanley. The Initial Level and actual Call Return Rate will be set on the Trade Date, March 23, 2026. Annual Observation Dates begin March 29, 2027; if the Index closes at or above the Initial Level on any Observation Date the notes are automatically called and investors receive principal plus a fixed Call Return (based on a Call Return Rate in the range 10.25% to 10.75% per annum). If not called and the Final Level is below the Initial Level at maturity, repayment will be reduced proportionally to the Index decline. Issue Price is $10.00 with a minimum investment of $1,000; estimated Trade Date value is approximately $9.631. All payments are subject to issuer credit risk and there may be limited secondary market liquidity.

Morgan Stanley Finance LLC priced an offering of auto-callable, principal-at-risk market-linked securities linked to the lowest performing of the Nasdaq-100 Index, Dow Jones Industrial Average and the S&P 500. The face amount is $1,000 per security, the pricing date is March 27, 2026, original issue date April 1, 2026 and the stated maturity is April 1, 2031.

The securities carry annual calculation days beginning April 1, 2027, and automatic call payments (examples: $1,109 on the 1st calculation day up to $1,545 on the final calculation day). The securities pay no interest; if any underlying’s ending level on the final calculation day is below its threshold (set at 70% of its starting level), the maturity payment equals the face amount times the lowest performing underlying’s performance factor, and investors can lose more than 30%, possibly all, of principal. The estimated value on the pricing date is approximately $951.00 per security (within $51.00 of that estimate). Commissions of up to $28.25 per security are disclosed; proceeds to issuer per security are shown as $971.75. Purchases bear issuer credit risk and complex product, market, liquidity and tax risks.

Morgan Stanley Finance LLC is offering principal-at-risk, S&P 500®-linked securities with a $1,000 face amount per security, priced at $1,000 to the public. The terms include a 150% participation rate, a buffer equal to 10% (threshold = 90% of the starting level) and a multiplier of approximately 1.1111. The maximum return will be determined on the pricing date and will be at least $151.50 per security (at least 15.15%), and the securities mature on September 30, 2027 (calculation day September 27, 2027).

The cover shows agent commissions of $23.25 per security and net proceeds to the issuer of $976.75 per security. The estimated value on the pricing date is approximately $964.70 per security, or within $35.00 of that estimate. All payments are subject to Morgan Stanley's credit risk and the securities do not pay interest; investors may lose some or all of principal if the ending level is below the threshold.

Morgan Stanley Finance LLC is offering market-linked, principal-at-risk securities due April 14, 2027, fully guaranteed by Morgan Stanley. Each security has a face amount of $1,000, a current estimated value of $962.70 on the pricing date, and a contingent fixed return to be set on the pricing date (at least 5.00%). Maturity payoff depends on the lowest performing of the Nasdaq-100, Dow Jones Industrial and S&P 500, with a threshold at 59% of each starting level; if the lowest performing underlying closes below its threshold, investors are exposed to downside and may lose more than 41% of face amount, and possibly all. The price to public is $1,000 per security, agent commission up to $23.25, and proceeds to the issuer per security of $976.75. The securities do not pay interest, are not FDIC insured, and all payments are subject to Morgan Stanley credit risk.

Morgan Stanley Finance LLC is offering Market Linked Securities—auto-callable, principal-at-risk notes linked to the lowest performing of the Dow Jones Industrial Average, the S&P 500® Equal Weight Index and the Russell 2000® Index due April 23, 2032.

The face amount is $1,000 per security; the pricing date is April 20, 2026 and the original issue date is April 23, 2026. The issuer estimates the securities’ value at approximately $981.30 (within $55.00) on the pricing date. The notes are auto-callable on specified calculation days beginning October 25, 2027, pay increasing call premiums if every underlying meets its call threshold (95% or 90% of starting levels depending on date), and expose holders to a downside threshold equal to 75% of each starting level at maturity. All payments are subject to Morgan Stanley’s credit risk.

Morgan Stanley Finance LLC offers callable contingent income securities with a stated principal amount of $1,000 per security and a contingent annual coupon of 10.00%. The securities are fully and unconditionally guaranteed by Morgan Stanley and mature on March 29, 2029.

The contingent coupon is payable only if the closing level of each underlier (the Nasdaq-100® Technology Sector Index, the Russell 2000® Index and the S&P 500® Index) is at or above its coupon barrier (70% of initial level) on each observation date. If the final level of any underlier is below its downside threshold (65% of initial level), principal at maturity is reduced pro rata to the performance of the worst performing underlier. The notes can be redeemed beginning on June 29, 2026 if a risk neutral valuation model indicates redemption is economically rational; redemption ends future payments.

Morgan Stanley Finance LLC is offering principal-at-risk, contingent income memory auto-callable securities due March 27, 2031, fully guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and a contingent coupon of 9.90% per annum payable only if the S&P® 500 Futures 40% Intraday 4% Decrement VT Index meets the coupon barrier on observation dates. The securities can auto-redeem on scheduled redemption dates if the underlier meets a call threshold (90% of the initial level). At maturity, if the final level is below the downside threshold (60% of the initial level), principal is reduced pro rata by the index decline; if at or above that threshold, investors receive the stated principal. All payments are subject to issuer credit risk and there may be limited secondary-market liquidity.

Morgan Stanley Finance LLC offers Trigger Jump Securities linked to the Russell 2000® Index due April 3, 2031, fully guaranteed by Morgan Stanley. Each security has a $1,000 stated principal and a fixed $563 upside payment if the final index value is greater than or equal to the initial index value. The securities pay no interest and have a 80% downside threshold: if the index declines more than 20%, maturity payment equals $1,000 multiplied by the index performance factor and may be less than $800 or zero. Valuation date is March 31, 2031, pricing date is March 31, 2026, original issue date is April 6, 2026, and the issuer estimated value on the pricing date was approximately $949.40 per security.

Morgan Stanley Finance LLC proposes an offering of Structured Investments—Enhanced Buffered Jump Securities—due June 24, 2027. Each security has a $1,000 stated principal amount and is linked to the S&P 500® Index.

Key economic terms: an upside payment of $74 per security (7.40%), a buffer equal to 15% of the initial level, and a minimum payment at maturity of 15% of principal. The strike date and pricing date are March 20, 2026

The observation date is June 21, 2027 (subject to postponement) and original issue date is March 25, 2026. Estimated value on the pricing date is approximately $969.20 per security. Payments depend on the final closing level of the underlier; downside risk exposes investors to dollar-for-dollar losses beyond the 15% buffer, and all payments are subject to Morgan Stanley credit risk.

Morgan Stanley Finance LLC is offering Buffered PLUS notes due March 30, 2028 linked to the Russell 2000® Index with a stated principal amount of $1,000 per security. The notes provide 150% leverage on positive index performance up to a $1,295.50 maximum payment (129.55% of principal), a 10% buffer and a 10% minimum payment at maturity. Payments depend solely on the closing index level on the observation date and are subject to Morgan Stanley Finance LLC credit risk and the guaranty of Morgan Stanley.

Morgan Stanley Finance LLC is offering Buffered PLUS principal-at-risk securities linked to the S&P 500® Index with a $1,000 stated principal per security. The notes have a 200% leverage factor, a 20% buffer, a maximum payment of $1,105.50 (110.55% of principal) and a minimum payment of 20% of principal.

The pricing and strike dates are March 23, 2026, original issue date is March 26, 2026, the observation date is September 23, 2027 and maturity is September 28, 2027. The estimated value on the pricing date is approximately $967.10 per security. All payments are subject to Morgan Stanley Finance LLC credit risk and guaranteed by Morgan Stanley.

Morgan Stanley Finance LLC is offering Buffered PLUS principal-at-risk securities tied to a basket of global equity indices and an ETF, with a $1,000 stated principal amount per security. The securities mature on September 29, 2027, have a 200% leverage factor for upside, a 20% buffer and a maximum payment at maturity of $1,112.50 per security.

Payments depend on the final level of the underlier measured on the observation date of September 24, 2027. The estimated value at pricing was approximately $964.90 per security; all payments are subject to issuer and guarantor credit risk.

Morgan Stanley Finance LLC is offering Trigger PLUS structured notes due March 27, 2031, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and an original issue price of $1,000.

The securities provide a leveraged upside equal to 182% of the underlier’s appreciation if the final level exceeds the initial level, return of principal at maturity if the final level is between the initial level and the 70% downside threshold, and full downside exposure (1% loss per 1% underlier decline) if the final level is below the downside threshold. The underlier is the S&P 500® Futures Excess Return Index. The strike and pricing date are March 24, 2026, with an observation date of March 24, 2031 ("subject to postponement for non-trading days and certain market disruption events"). The estimated value on the pricing date is approximately $932.80 per security.

Morgan Stanley Finance LLC is offering Buffered PLUS principal-at-risk securities fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and an original issue price of $1,000. The securities pay no interest and mature on April 5, 2028.

Payments at maturity depend on the worst performing of the EURO STOXX 50® (SX5E) and the MSCI EAFE® (MXEA). The securities provide a 125% leverage factor on upside, a 25% buffer (75% buffer level), and a 25% minimum payment at maturity. The estimated value on the pricing date is approximately $979.40. All payments are subject to Morgan Stanley Finance LLC and Morgan Stanley credit risk; loss of principal is possible if the worst performing underlier falls below the buffer.

Morgan Stanley Finance LLC is offering principal-at-risk, auto-callable securities due March 23, 2029, fully guaranteed by Morgan Stanley, linked to the common stock of The Goldman Sachs Group, Inc.. The issue price is $1,000 per security with an estimated value of approximately $970 on the pricing date.

The notes pay a contingent coupon at an annual rate of 12.55% on scheduled coupon dates only if the underlier’s closing level on each observation date is at or above a coupon barrier equal to 70% of the initial level. The securities will auto-redeem early if the closing level on a redemption determination date is at or above the call threshold of 100% of the initial level, beginning with the first redemption determination date of September 21, 2026. If not auto‑redeemed, maturity payoff depends on the final level relative to a downside threshold at 70% of the initial level; below that threshold the principal is reduced pro rata and could be zero.

Morgan Stanley Finance LLC offers Structured Investments — Enhanced Buffered Jump Securities with downside risk and a fixed upside payment, fully and unconditionally guaranteed by Morgan Stanley.

Each security has a $1,000 stated principal amount, an $227.50 upside payment (22.75%), a buffer level of 85% (buffer amount 10%), a downside factor of 1.1765, an observation date of March 30, 2027, and a maturity date of April 2, 2027. The estimated value on the pricing date was approximately $959.70 per security and the issue price is $1,000 with an agent commission of $10 per security.

Morgan Stanley Finance LLC offers Digital S&P 500® Index-Linked Notes due (preliminary pricing supplement subject to completion). Each note has a $1,000 face amount and an estimated trade-date value of approximately $994.90. The notes pay no interest and are fully guaranteed by Morgan Stanley.

At maturity, each note will pay a capped upside if the Final Underlier Level is ≥ 87.50% of the Initial Underlier Level (a Maximum Settlement Amount expected between $1,127.20 and $1,149.60 per $1,000). If the Final Underlier Level is below that threshold, losses apply pro rata (you could lose some or all principal). All payments are subject to issuer credit risk and determinations by MS & Co. as calculation agent.

Morgan Stanley Finance LLC is offering principal-at-risk, contingent-coupon, auto-callable securities linked to the S&P® 500 Futures 40% Intraday 4% Decrement VT Index with a stated principal amount of $1,000 per security and an aggregate offering of $750,000. The notes pay a contingent annual coupon of 15.10% on observation dates when the underlier is at or above a coupon barrier of 1,791.72 (70% of the initial level), and may automatically redeem early if the underlier is at or above the call threshold of 2,559.60 (100% of the initial level) on any redemption determination date starting September 16, 2026. If not redeemed and the final level is below the downside threshold of 1,535.76 (60% of the initial level), principal at maturity is reduced pro rata (final level / initial level). All payments are subject to issuer and guarantor credit risk; estimated value at pricing was $940.00 per security.

Morgan Stanley Finance LLC is offering principal-at-risk step-down jump securities linked to the common stock of Blackstone Inc., fully and unconditionally guaranteed by Morgan Stanley. The securities are issued at a stated principal amount of $1,000 per security and an aggregate principal amount of $650,000. The original issue price is $1,000 with an estimated value on the pricing date of $963.10. The securities feature automatic early redemption on specified determination dates beginning on March 23, 2027 if the closing level of the underlier meets call threshold levels; specified early redemption payments are $1,204.50 and $1,409.00. If not redeemed, payment at maturity on March 21, 2029 is $1,613.50 if the final level is at or above the downside threshold of $64.272 (60% of the initial level $107.12), otherwise the payment equals principal times the performance factor and may be significantly less or zero. All payments are subject to Morgan Stanley’s credit risk. The securities do not pay interest and investors do not participate in upside beyond the fixed payments.

Morgan Stanley Finance LLC is offering principal-at-risk, auto-callable securities due March 29, 2029, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and an estimated value on the pricing date of approximately $955.10. The securities pay no interest, may automatically redeem early starting on March 30, 2027 if each underlier meets its call threshold, and return a fixed early redemption payment schedule if called. At maturity investors receive either a fixed positive payment of $1,427.50, the stated principal, or a reduced principal tied to the worst performing underlier down to zero if that underlier falls below its downside threshold (70% of initial level). The securities are linked to the Dow Jones Industrial Average, the Nasdaq-100 Index®, and the Russell 2000® Index and expose holders to issuer credit risk and index performance of the worst performing underlier.

Morgan Stanley Finance LLC is issuing principal-at-risk, auto-callable structured notes due March 21, 2029, linked to the worst performing of Apple Inc. and Amazon.com, Inc. Each note has a $1,000 stated principal amount and an issue price of $1,000 per security.

The securities pay no interest, carry full credit exposure to Morgan Stanley, and may auto-redeem on specified determination dates beginning March 23, 2027 for fixed early redemption payments that escalate to $1,641.67 by February 16, 2029. If not redeemed, maturity outcomes range from $1,660.00 to a principal loss tied to the worst performing underlier with a 70% downside threshold.

Morgan Stanley Finance LLC priced principal-at-risk, auto-callable notes issued March 19, 2026. The securities are unsecured obligations of MSFL, fully guaranteed by Morgan Stanley, sold at a stated issue price of $1,000 per security with an aggregate principal amount of $420,000.

The notes reference the SPDR^® Gold Trust (GLD) and the VanEck^® Semiconductor ETF (SMH). Key economic terms: estimated value on the pricing date $936.20, participation rate 150%, early redemption payment $1,450 if both underliers meet 100% call thresholds on the first determination date (March 23, 2027), and final maturity on March 21, 2029. If not auto-redeemed, payoff depends on the worst performing underlier versus its initial level and a downside threshold at 60% of the initial level; losses can be up to the full principal and could be zero. All payments are subject to Morgan Stanley credit risk.

Morgan Stanley Finance LLC is offering contingent income, memory buffered, auto-callable principal-at-risk securities linked to the common stock of Broadcom Inc. The securities have a $1,000 stated principal amount, a contingent coupon at an annual rate of 15.72%, an initial level of $321.31, coupon barrier and buffer levels of $216.884 (approximately 67.50% of the initial level), observation dates through March 30, 2027, and a maturity date of April 2, 2027.

The notes pay contingent coupons only if the underlier’s closing level meets the coupon barrier on each observation date, may be automatically redeemed early if the underlier meets the call threshold, and at maturity expose investors to downside beyond the 32.50% buffer with a downside factor of 1.4814% per 1% decline beyond the buffer. All payments are subject to issuer and guarantor credit risk.

Morgan Stanley Finance LLC offers principal‑at‑risk securities totaling $250,000, fully guaranteed by Morgan Stanley. The securities are $1,000 each and pay a contingent coupon at an annual rate of 10.25% only if the closing level of the Nasdaq‑100® Technology Sector (NDXT), Russell 2000® (RTY) and S&P 500® (SPX) are each at or above their coupon barrier levels on the applicable observation dates. The coupon barrier and downside threshold for each index are 60% of its initial level. If not called and the final level of any underlier is below its downside threshold, the maturity payment equals the stated principal multiplied by the performance factor of the worst performing underlier, which could result in a loss of principal and could be zero. The notes may be called beginning September 21, 2026 if a risk neutral valuation model indicates it is economically rational; if called, holders receive the stated principal plus any contingent coupon for the related period. All payments are subject to Morgan Stanley's credit risk.

Morgan Stanley Finance LLC priced Principal at Risk securities linked to the Roundhill Magnificent Seven ETF. The securities have a $1,000 stated principal amount, an original issue price of $1,000 and an estimated value of $961 on the pricing date. The securities mature on March 20, 2031 with the observation date on March 17, 2031.

The payout at maturity is threefold: if the final level is above the initial level (initial level $60.88), investors receive principal plus 100% upside up to a maximum upside payment $2,757.50; if the final level is between the initial level and the buffer level $45.66 (75% of initial), investors receive principal plus an absolute return up to 25%; if the final level is below the buffer, investors suffer losses beyond the 25% buffer with a minimum payment at maturity of 25% of principal. All payments are subject to issuer credit risk and the guarantee of Morgan Stanley.

Morgan Stanley Finance LLC priced $8,500,000 aggregate principal of Structured Investments Jump Securities with an auto-callable feature, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and an issue price of $1,000; estimated value on the pricing date was $939.20 per security.

The securities reference the Nasdaq-100® Technology Sector Index (NDXT) and the S&P 500® Index (SPX) and are linked to the worst performing underlier. Automatic early redemption begins on the first determination date March 18, 2027, with fixed early redemption payments that rise across up to 16 determination dates. Downside protection is limited: the downside threshold for each underlier is 90% of its initial level, and investors may lose their principal if the worst performing underlier falls below that level at maturity on March 20, 2031.

Morgan Stanley Finance LLC is offering Contingent Income Auto-Callable Securities linked to JPMorgan Chase & Co. common stock, fully and unconditionally guaranteed by Morgan Stanley. The issue is $1,000 per security with an aggregate principal amount of $443,000. The securities pay a contingent coupon at an annual rate of 12.10% only when the underlier meets the coupon barrier on observation dates, feature automatic early redemption if the underlier reaches the call threshold, and expose investors to full downside below a 75% downside threshold. All payments are subject to issuer credit risk.

Morgan Stanley Finance LLC priced contingent income auto-callable securities totaling $1,777,000, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and an original issue price of $1,000.

The securities reference the worst performing of the Dow Jones Industrial Average, the Nasdaq-100® Technology Sector and the Russell 2000® Index. They pay a contingent coupon at an annual rate of 9.80% only if the closing level of each underlier is at or above its coupon barrier on an observation date. The notes are automatically redeemed early if all underliers meet or exceed their call thresholds on a redemption determination date; otherwise, at maturity investors either receive principal if each underlier is at or above its 70% downside threshold or suffer a loss tied to the worst performing underlier (losses of 1% in principal per 1% decline).

Morgan Stanley Finance LLC offers principal-at-risk notes linked to Microsoft stock, guaranteed by Morgan Stanley. The offering comprises $1,000 per security with an aggregate principal of $3,325,000, issued at $1,000 (estimated value $965 on pricing). The notes mature March 21, 2029 and feature a contingent coupon at an annual rate of 10.25%, paid only if the underlier meets a coupon barrier of $299.963 (approximately 75% of the initial level) on observation dates. The notes are automatically callable if the underlier is at or above the call threshold of $399.95 (100% of the initial level) on redemption determination dates; otherwise investors face principal loss pro rata if the final level is below the downside threshold of $299.963. All payments are subject to issuer and guarantor credit risk.

Morgan Stanley Finance LLC is offering Buffered PLUS principal-at-risk securities due April 1, 2031, 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 $961.80.

The payout depends on a performance-allocation basket of the DAX, IBEX 35 and CAC 40 measured on the observation date March 27, 2031. A 20% buffer protects against losses up to that threshold; if the basket performance factor is positive investors receive principal plus a leveraged upside (leverage factor 111.60%); if the basket performance factor falls below the buffer, investors incur a proportional loss. The minimum payment at maturity is 20% of principal.

Morgan Stanley Finance LLC is offering an aggregate principal amount of $639,000 of Structured Investments — Buffered Participation Securities tied to the MSCI EAFE Index, with a stated principal amount of $1,000 per security. The securities mature on March 16, 2028 and are fully and unconditionally guaranteed by Morgan Stanley.

Key economic terms: participation rate of 100%, a buffer equal to 10% of the initial level (initial level 2,901.06), and a minimum payment at maturity of 10% of the stated principal. If the final level is below the buffer, holders lose 1% for each 1% decline beyond the buffer. The estimated value on the pricing date was $976.90 per security; issue price is $1,000.

Morgan Stanley Finance LLC is offering Trigger Autocallable GEARS linked to the S&P 500® Index that mature on March 20, 2031, guaranteed by Morgan Stanley. The securities have an Initial Level of 6,699.38, an Autocall Barrier equal to that level, a Downside Threshold of 5,024.54 (approximately 75% of the Initial Level), Upside Gearing of 1.50, and an annual Call Return Rate of 13.30%. If the Observation Date Closing Level on March 23, 2027 is at or above the Autocall Barrier, the issuer will automatically call and pay a fixed Call Price of $11.33 per $10 Security. If not called, maturity outcomes depend on the Final Level on the Final Valuation Date (March 17, 2031): positive Underlying Return yields leveraged upside at maturity; negative returns can cause partial or total loss of principal if the Final Level is below the Downside Threshold. Issue Price is $10.00 (estimated value on Trade Date ~$9.903); minimum investment is 100 Securities. All payments are subject to Morgan Stanley credit risk and other risks described in the preliminary pricing supplement.

Morgan Stanley Finance LLC priced $1,850,000 aggregate of Structured Investments — Principal at Risk securities fully and unconditionally guaranteed by Morgan Stanley. The notes have a March 16, 2028 maturity and $1,000 stated principal amount per security.

The underlier is a basket (Apollo, Blackstone, Ares, KKR; equal 25% weights) with an initial level of 100, a buffer of 15% (buffer level 85), a downside factor of 1.1765, a participation rate of 150%, an upside payment of $535, and an automatic early redemption if the first determination date closes at or above the call threshold of 100, in which case the early redemption payment is $1,267.50 per security on the early redemption date. The estimated value on the pricing date was $971 per security.

Morgan Stanley Finance LLC is offering $220,000 aggregate principal amount of Structured Investments — Buffered Participation Securities linked to the worst performing of the Dow Jones Industrial Average, the Nasdaq-100 Index and the S&P 500 Index.

Each $1,000 security pays no interest, has a 100% participation rate, a 30% buffer, a maximum payment at maturity of $1,152 and a minimum payment at maturity of 30%. The securities observe levels on April 12, 2027 and mature on April 15, 2027. Payments are based solely on the worst performing underlier and are subject to Morgan Stanley Finance LLC credit risk and Morgan Stanley’s guarantee.

Morgan Stanley Finance LLC is offering structured, principal‑at‑risk auto‑callable notes fully and unconditionally guaranteed by Morgan Stanley with a $1,000 stated principal amount per security and an aggregate offering of $500,000. The securities were priced at $1,000 with an estimated value on the pricing date of $977.60.

The notes reference the S&P 500® Index with an initial/strike level of 6,672.62. They feature automatic early redemption on the first determination date March 25, 2027 if the closing level is at or above the call threshold (100% of the initial level), producing an early redemption payment of $1,122.20 per security on March 30, 2027. If not called, maturity is March 16, 2028 with payoffs that (a) provide 150% participation in upside if the final level exceeds the initial level, (b) return principal if the final level is between 100% and 80% of the initial level, or (c) deliver a proportionate loss below the 80% downside threshold (payment could be zero). All payments are subject to Morgan Stanley's credit risk.

Morgan Stanley Finance LLC is offering Principal at Risk structured notes due April 3, 2031 linked to the worst performing of the Dow Jones Industrial Average, the S&P 500® and the Russell 2000®. The notes have a $1,000 stated principal amount and an estimated value on the pricing date of $942.40 per security.

The securities can be automatically redeemed starting with the first determination date on April 7, 2027 for fixed early redemption payments that increase through the term (examples: $1,108.50, $1,217.00, $1,325.50, $1,434.00). At maturity investors may receive a fixed positive return, the stated principal amount, or a loss tied 1:1 to the worst performing underlier if that underlier falls below a 70% downside threshold of its initial level.

Morgan Stanley Finance LLC is offering Principal-at-Risk Contingent Income Auto-Callable Securities with an aggregate principal amount of $260,000. Each security has a stated principal amount of $1,000 and an issue price of $1,000; the estimated value on the pricing date was $971.50 per security.

The notes pay a contingent coupon at an annual rate of 8.45% on observation dates only if the closing level of each underlier (the Dow Jones Industrial, Russell 2000® and S&P 500®) is at or above its coupon barrier (approximately 65% of initial levels). The securities are automatically redeemed if, on a redemption determination date, each underlier is at or above its call threshold (100% of initial levels). If not redeemed, maturity payment depends on the worst performing underlier and can result in a loss of principal equal to the percentage decline of that underlier.

Morgan Stanley Finance LLC is offering structured, principal‑at‑risk securities linked to the worst performing of the Russell 2000® and the S&P 500® Index. Each security has a stated principal amount of $1,000, an upside payment of $165 (16.50%) and a 20% buffer.

If on the observation date the final level of each underlier is at or above its buffer level, holders receive principal plus the upside payment; if the worst performing underlier is below its buffer, holders lose 1% of principal for each 1% decline beyond the buffer, subject to a minimum payment of $200 (20%). The observation date is March 13, 2028 with maturity on March 16, 2028. The pricing date and strike date are March 13, 2026. The estimated value on the pricing date was $972.90 per security and the aggregate principal offered is $1,065,000.

All payments are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley; market value before maturity and payment at maturity are subject to issuer credit risk, index volatility and the calculation agent’s determinations. The agent is Morgan Stanley & Co. LLC and placement agents receive up to $15 per security in fees.

Morgan Stanley Finance LLC is offering principal-at-risk, auto-callable structured notes due March 14, 2031, fully guaranteed by Morgan Stanley. The offering registers an aggregate principal amount of $500,000 at an issue price of $1,000 per security.

The securities are linked to the S&P 500® Index and the Dow Jones Industrial Average and reference the worst performing underlier. An automatic early redemption can occur on the first determination date March 16, 2027 for an early redemption payment of $1,150 if both underliers meet their call threshold levels. At maturity, investors may receive the stated principal plus an upside payment equal to 170% of the worst underlier's appreciation, the stated principal only, or a reduced payment proportional to the worst underlier's decline if it falls below its 70% downside threshold. Estimated value on the pricing date was $981.90 per security. All payments are subject to issuer credit risk.

Morgan Stanley Finance LLC priced $332,000 of Structured Investments Buffered Participation Securities, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and pays no interest; maturity is March 16, 2028 with the observation date of March 13, 2028.

At maturity the payment depends on the MSCI Emerging Markets Index performance: full principal plus upside up to a $1,652.50 cap if the final level is above the initial level, full principal if the final level is within the 10% buffer, and a proportional loss beyond the buffer down to a 10% minimum payment. All payments are subject to Morgan Stanley credit risk.

Morgan Stanley Finance LLC is offering structured, principal-at-risk, auto-callable securities guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and is linked to the worst performing of the Russell 2000® and the S&P 500®. The securities feature automatic early redemption on specified determination dates with fixed early redemption payments of $1,132.50 on April 12, 2027 and $1,265.00 on April 5, 2028, a maturity payment of $1,397.50 if both underliers meet call thresholds, and downside protection only to 60% of initial levels, below which investors suffer pro rata losses in the worst performing underlier.

Estimated per-security value on the pricing date is approximately $977.70. The offering discloses that investors bear issuer credit risk, will not receive interest, and will not participate in upside beyond the fixed payoffs. Aggregate principal amount and final pricing details are to be set on the pricing date.

The Bearish Dual Directional Trigger PLUS are unsecured, principal‑at‑risk notes issued by Morgan Stanley Finance LLC and guaranteed by Morgan Stanley. The offering aggregates $26,250,000 and has a stated principal amount of $1,000 per note. The notes mature on April 16, 2027 with valuation on April 13, 2027. They provide 200% leveraged inverse exposure to the S&P 500® Index below the initial index value (initial index value 6,632.19) capped at a $1,300 maximum payment. If the final index value is between the initial value and the trigger level (114% / 7,560.697), investors receive an unleveraged positive return up to 14%. If the index appreciates above the trigger level, investors lose 1% of principal for each 1% index gain; payments can be below $860 and may be zero. Estimated value on pricing date: $973.30. All payments are subject to issuer credit risk; the notes are not listed and there is no minimum payment at maturity.

Morgan Stanley Finance LLC prices Structured Investments Buffered Participation Securities linked to the S&P 500® Index. The offering comprises $634,000 aggregate principal of $1,000‑denominated, principal‑at‑risk notes with a two‑year term maturing on March 16, 2028. The securities pay no interest, provide a 10% buffer (90% buffer level) and 100% participation in upside subject to a $1,310.50 maximum payment (131.05% of principal). If the final index level is below the buffer level, investors lose 1% for each 1% decline beyond the buffer, with a 10% minimum payment of principal. All payments are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley; returns depend on the closing index level on the observation date and are subject to issuer credit risk and other stated limitations.

Morgan Stanley Finance LLC offers Principal-at-Risk, contingent-income, memory auto-callable securities linked to Vertiv Holdings Co Class A common stock, fully and unconditionally guaranteed by Morgan Stanley. The offering is in $1,000 denominations with an aggregate principal amount of $500,000 and an issue price of $1,000 per security.

The securities mature on March 15, 2029 (final observation date March 12, 2029). They pay a contingent coupon at an annual rate of 16.00% only when the underlier meets the coupon barrier ($135.03, 50% of the initial level) on observation dates. Automatic early redemption can occur if the underlier is at or above the call threshold ($270.06, 100% of the initial level) on a redemption determination date. At maturity, if the final level is below the downside threshold ($108.024, 40% of the initial level), payment equals the stated principal multiplied by the performance factor and may be significantly less than principal, possibly zero. All payments are subject to issuer and guarantor credit risk.

Morgan Stanley Finance LLC is offering principal-at-risk, auto-callable structured notes due April 3, 2031 linked to the worst performing of the Russell 2000® and the S&P 500®. The stated principal and issue price are $1,000 per security and the estimated value on the pricing date is approximately $944.70.

The notes pay no regular interest, can be automatically redeemed beginning with the first determination date on April 7, 2027 for early redemption payments that rise across eight potential dates (the first is at least $1,098 per security). At maturity investors receive a fixed positive return if both underliers meet call thresholds, the stated principal if both remain at or above 70% of initial levels, or a loss equal to the worst-performing underlier’s percentage decline (potentially zero recovery).

Morgan Stanley Finance LLC priced $1,368,000 of contingent income auto-callable principal-at-risk securities. Each security has a stated principal of $1,000, an issue price of $1,000, an estimated value on the pricing date of $941.50, and an aggregate principal amount of $1,368,000.

The securities pay a contingent coupon at an annual rate of 9.05% only if, on each observation date, the closing level of each underlier (the Dow Jones Industrial Average, the Nasdaq-100® Technology Sector and the Russell 2000®) is at or above its coupon barrier (70% of initial level). Automatic early redemption can occur on specified redemption determination dates beginning March 15, 2027, and final maturity is December 18, 2030. If not redeemed and the final level of any underlier is below its downside threshold (70% of initial level), payment at maturity will reflect the performance of the worst performing underlier and may result in a loss of principal, potentially to zero.

Morgan Stanley Finance LLC priced a primary offering of principal-at-risk Buffered Participation Securities with an aggregate principal amount of $471,000 (stated principal $1,000 per security) due March 18, 2031, fully and unconditionally guaranteed by Morgan Stanley.

The notes link to the worst performing of the Dow Jones Industrial Average and the S&P 500® Index, carry a 100% participation rate, a buffer of 25% (buffer level ~75% of initial levels) and a minimum payment at maturity of 25% of principal. Payment depends on closing index levels on the observation date March 13, 2031 and is subject to issuer credit risk, model valuation assumptions and hedging/secondary-market constraints.