Morgan Stanley (MS) 424B Filings

Morgan Stanley Finance LLC offers Trigger Autocallable Contingent Yield Notes due March 20, 2031, fully guaranteed by Morgan Stanley, with principal at risk. The Securities pay a Contingent Coupon of 10.60% per annum payable quarterly ($0.265 per $10 Security) only when each of the S&P 500®, Russell 2000® and MSCI EAFE® indices closes at or above its Coupon Barrier on an Observation Date. The Initial Underlying Values are SPX 6,699.38, RTY 2,503.292 and MXEA 2,917.13, with Coupon Barriers/Downside Thresholds set at approximately 75% (SPX 5,024.54; RTY 1,877.469; MXEA 2,187.85). The securities are automatically callable beginning June 16, 2026 if all three Underlyings close at or above their Initial Underlying Values on an Observation Date; if called, holders receive principal plus that quarter’s Contingent Coupon. If not called, final repayment at maturity is $10 if all Final Underlying Values are at or above their Downside Thresholds; otherwise payment equals $10×(1+Underlying Return of the Least Performing Underlying), exposing investors to potentially substantial or total principal loss tied to the Least Performing Underlying. Trade/Settlement dates: Trade Date March 17, 2026; Settlement March 20, 2026. All payments are subject to Morgan Stanley credit risk; estimated Trade Date value ≈ $9.661 per Security.

Morgan Stanley Finance LLC offers Trigger Autocallable Contingent Yield Notes totaling $9,162,600, fully and unconditionally guaranteed by Morgan Stanley. The Securities pay a Contingent Coupon of 10.00% per annum (equal to $0.25 per quarter if payable), are callable beginning September 14, 2026, have Trade Date March 13, 2026, Settlement Date March 18, 2026 and Maturity Date March 18, 2031. Payments and coupons depend on quarterly Observation Date closing prices of the least performing of the Invesco S&P 500® Equal Weight ETF (RSP) and Invesco QQQ Trust, Series 1 (QQQ). Key numeric terms: RSP Initial $193.52, Coupon Barrier $135.46, Downside Threshold $116.11; QQQ Initial $593.72, Coupon Barrier $415.60, Downside Threshold $356.23. Investors face principal loss if the least performing underlying closes below its Downside Threshold at maturity; the estimated value on the Trade Date was $9.836 per Security.

Morgan Stanley Finance LLC is offering $19,560,000 of Trigger Autocallable GEARS linked to a weighted basket of eight alternative-asset managers. The securities have a $10 principal amount and Issue Price $10.00 with an estimated Trade Date value of $9.192 per Security.

The Securities are automatically callable if the Observation Date Closing Basket Level on March 15, 2027 is at or above the Autocall Barrier of 100; the Call Return Rate is 20.00% per annum (Call Price = $12.00 per $10). If not called, maturity is March 18, 2031 and upside exposure uses an Upside Gearing of 2.20; a Final Basket Level below the Downside Threshold of 75 can produce a substantial loss of principal. Minimum purchase is 100 Securities.

Morgan Stanley (MS) is offering Dual Directional Buffered PLUS notes issued by Morgan Stanley Finance LLC with a stated principal amount of $1,000 per security. The securities reference the Dow Jones Industrial Average and the Russell 2000® Index, have a strike and pricing date of March 31, 2026, an observation date of September 30, 2027 and a maturity date of October 5, 2027.

Key economics: a 175% leverage factor, a maximum upside payment of $1,230 (123% of principal), a 15% buffer (buffer level = 85% of initial), a 100% absolute return participation rate, and a minimum payment at maturity equal to 15% of principal. Payments are based solely on the worst performing underlier and are subject to Morgan Stanley’s credit risk.

Morgan Stanley Finance LLC is offering principal‑at‑risk, auto‑callable structured securities with a stated principal amount of $1,000 per security. The securities price at issuance is $1,000 with an issue date of March 25, 2026 and a maturity date of March 25, 2031.

The notes reference the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index, feature automatic early redemption opportunities beginning on March 23, 2027 with preset early redemption payments (approximately 17.50% per annum equivalent), a buffer of 15%, and a minimum payment at maturity of 15% of stated principal. The estimated value on the pricing date is approximately $906.70 per security. All payments are unsecured obligations of MSFL and are guaranteed by Morgan Stanley and are subject to the issuer’s credit risk.

Morgan Stanley Finance LLC is offering contingent income principal-at-risk securities due March 23, 2029, fully and unconditionally guaranteed by Morgan Stanley. Each note has a stated principal amount of $1,000 and a contingent annual coupon of 10.05%, payable only when the closing level of each underlier meets its coupon barrier on observation dates. The securities are linked to the worst performing of the Dow Jones Industrial Average, the Nasdaq-100® Technology Sector and the Russell 2000® Index; both the coupon barrier level and the downside threshold level are set at 70% of each underlier’s initial level. If any underlier is below its downside threshold on the final observation date, the maturity payment will equal the stated principal multiplied by the performance factor of the worst performing underlier and could be significantly less than, or equal to zero, of the stated principal. The estimated value on the pricing date was approximately $974.40 per security.

Morgan Stanley Finance LLC priced a $500,000 aggregate offering of Buffered PLUS notes due March 17, 2031, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and was issued at $1,000 per security.

The notes link to the EURO STOXX 50® Index with an initial level of 5,748.89 and a leverage factor of 117.25% for upside participation. They include a 35% buffer (buffer level ~3,736.779) and a minimum payment at maturity of 35% of principal. Estimated value on the pricing date was $930.20 per security; agent commissions of $42.50 per security reduce proceeds to the issuer.

Morgan Stanley Finance LLC is offering Structured Investments — Principal at Risk securities with an auto‑callable feature due March 16, 2028, 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 estimated value on the pricing date is approximately $970.90.

The securities reference a four‑stock basket (Apollo, Blackstone, Ares, KKR) and include an automatic early redemption on the first determination date March 29, 2027 if the closing level meets the call threshold of 100, yielding an early redemption payment of $1,262.50. If not called, the final determination date is March 13, 2028 with payoff mechanics that include a 150% participation rate, a 15% buffer (buffer level = 85), a downside factor of 1.1765 and an upside payment of $525. All payments are subject to the issuer and guarantor credit risk. Minimum ticket size is $10,000 and placement fees may be up to $15 per $1,000.

Morgan Stanley Finance LLC is offering principal-at-risk, auto-callable notes due March 22, 2029, fully guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and an estimated value on the pricing date of approximately $962.90. The notes reference the S&P 500® Index, provide no interest, and expose investors to loss of principal if the final index level falls below a downside threshold equal to 70% of the initial level. The call threshold equals 100% of the initial level; automatic early redemption can occur on determination dates beginning with the first determination date of March 24, 2027, producing predefined early redemption payments of $1,087.50 and $1,175.00 on the two scheduled early redemption dates. If not called, the payment at maturity will be $1,262.50 if the final level is at or above the call threshold, the stated principal if the final level is at or above the downside threshold, or the stated principal multiplied by the performance factor if below the downside threshold. All payments are subject to Morgan Stanley credit risk and tax treatment is uncertain.

Morgan Stanley Finance LLC priced a primary offering of Trigger PLUS principal‑at‑risk securities linked to the VanEck® Semiconductor ETF, with an aggregate principal amount of $3,084,000. Each security has a stated principal amount of $1,000, an issue price of $1,000, an estimated value on the pricing date of $964.40, a 200% leverage factor, a downside threshold at 90% of the initial level, and a capped maximum payment of $1,380 per security.

The securities pay no interest, may return the stated principal only if the underlier does not fall below the downside threshold at observation, provide leveraged upside subject to the cap, and expose investors to credit risk of Morgan Stanley and potential total loss of principal.

Morgan Stanley Finance LLC offers leveraged buffered MSCI EAFE® index-linked notes fully guaranteed by Morgan Stanley, via a preliminary pricing supplement dated March 13, 2026. Each note has a Face Amount of $1,000. The notes provide 160% Upside Participation up to a Maximum Settlement Amount expected between $1,240.16 and $1,282.40 per $1,000. A 15.00% buffer protects the face amount for declines up to 15.00%; declines beyond the buffer expose investors to proportional principal loss and potentially a total loss. The estimated value on the Trade Date is approximately $989.30. The Determination Date and Stated Maturity Date will be set on the Trade Date (expected term ~22–25 months); all payments are subject to issuer credit risk.

Morgan Stanley Finance LLC is offering principal-at-risk, market-linked securities fully guaranteed by Morgan Stanley. The securities have a face amount of $1,000 per security, a current estimated value of approximately $958.30 per security on the pricing date, and a price to public of $1,000 per security.

The notes are linked to the lowest performing of the OIH, XOP and XLE ETFs, carry a participation rate of at least 228.00% (to be set on the pricing date), and mature on March 29, 2029. If the lowest performing underlying closes below its 85% threshold on the calculation day, investors may lose more than 15% and could lose their entire investment. The participation rate, starting prices, threshold prices and final estimated value will be determined on the pricing date.

Morgan Stanley Finance LLC offers principal-at-risk, contingent-income, memory auto-callable securities linked to Cloudflare, Inc. class A common stock with a $1,000 stated principal per security and maturity on March 30, 2028. The securities pay a contingent coupon set on the pricing date at an annual rate between 18.50% and 19.50%, payable only if the underlier meets the coupon barrier (60% of the initial level) on observation dates. The securities are automatically redeemable beginning with the first redemption determination date on September 28, 2026 if the closing level meets the call threshold (100% of the initial level). At maturity, if the final level is below the downside threshold (60% of the initial level), principal is reduced by the underlier’s percentage decline and could be zero; investors do not participate in upside of the underlier. All payments are subject to Morgan Stanley’s credit risk. The issuer’s estimated value on the pricing date is approximately $951.10 per security.

Morgan Stanley Finance LLC offers U.S. dollar Digital EURO STOXX 50® Index‑Linked Notes due in roughly 25–28 months from the trade date, fully and unconditionally guaranteed by Morgan Stanley. Each Face Amount is $1,000. If the Final Underlier Level is ≥ 85% of the Initial Underlier Level, holders receive a Maximum Settlement Amount expected to be between $1,166.60 and $1,195.90 per note. If the Final Underlier Level is below 85%, the Cash Settlement Amount declines proportionally and could result in a total loss of principal. The estimated trade‑date value is approximately $989.30 per note. All payments are subject to issuer credit risk and the notes will not be listed.

Morgan Stanley Finance LLC priced callable Principal at Risk securities due September 23, 2027. Each note has a $1,000 stated principal amount and an issue price of $1,000; the estimated value at pricing was approximately $985.10. The notes pay a contingent coupon at an annual rate of 14.25% only if the closing level of each underlier meets its coupon barrier on the observation dates. Coupon barrier and downside threshold levels are set at 70% of each underlier’s initial level. If any underlier is below its downside threshold on the final observation date, principal is reduced in proportion to the decline of the worst performing underlier (a 1% loss in the worst underlier equals a 1% loss in principal). The securities may be called beginning on the first redemption date, June 25, 2026, if a risk neutral valuation model indicates redemption is economically rational; underlyings are the Dow Jones Industrial Average, Nasdaq-100® Technology Sector Index and Russell 2000®. All payments are subject to Morgan Stanley’s credit risk and U.S. federal income tax treatment is described as uncertain.

Morgan Stanley Finance LLC is offering $2,500,000 aggregate principal amount of principal-at-risk notes due September 14, 2028. Each $1,000 security pays a fixed coupon of 9.50% per annum and is linked to the worst performing of the Dow Jones Industrial Average and Microsoft Corporation stock. At maturity investors receive principal if both underliers are at or above their downside threshold levels (70% of initial levels); if the worst performing underlier is below its threshold, principal is reduced proportionately and could be zero. The estimated value on the pricing date was $991.90 per security. All payments are unsecured obligations of MSFL and are fully guaranteed by Morgan Stanley; payments remain subject to issuer credit risk.

Morgan Stanley Finance LLC is offering Structured Investments—Buffered Jump Securities with an auto-callable feature, fully guaranteed by Morgan Stanley. The issue price is $1,000 per security with an aggregate principal amount of $8,332,000. The estimated value on the pricing date was $970.40 per security.

The securities pay no interest and can be automatically redeemed on the first determination date March 24, 2027 for an early redemption payment of $1,249 if the underlier closing level is ≥ the call threshold (100). Maturity is March 16, 2028; payment at maturity depends on the final level relative to the initial level (100) and a 15% buffer. The participation rate is 150% and the downside factor is 1.1765. All payments are subject to issuer credit risk.

Morgan Stanley Finance LLC is offering structured, auto-callable jump notes with an aggregate principal amount of $360,000 issued at $1,000 per note and an estimated value of $962.20 on the pricing date. The notes mature on March 14, 2031 and are fully guaranteed by Morgan Stanley.

The notes pay no interest, can be automatically redeemed beginning on March 16, 2027 if the underlier meets a call threshold of 2,689.608, and offer fixed early redemption payments of $1,100 to $1,400 on successive annual opportunities. If not redeemed early, a payment at maturity equal to a fixed positive return (approximately 10.00% per annum) will be made only if the final level is at or above the call threshold; otherwise investors receive the stated principal amount.

Morgan Stanley Finance LLC is issuing Auto-Callable Trigger PLUS notes linked to the Tokyo Stock Price Index (TOPIX) due March 15, 2029, with an aggregate principal amount of $3,340,000 and a stated principal amount of $1,000 per security.

The securities pay no interest, carry principal-at-risk and are automatically redeemed on the first determination date if the index closing value is greater than or equal to the initial index value for an early redemption payment of $1,197.50 per security. If not redeemed, maturity payouts depend on the final index value: upside participation of 125% of index appreciation above the initial index value, full return at maturity if the final index value is at or above the downside threshold of 3,144.023 (≈85% of the initial index value), or a loss 1-to-1 below that threshold. The estimated value on the pricing date was $962.50 per security. All payments are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley; payments remain subject to the credit risk of Morgan Stanley.

Morgan Stanley Finance LLC priced a structured, principal‑at‑risk note—auto‑callable securities linked to the worst performing of the Dow Jones Industrial Average, Nasdaq‑100 and Russell 2000. The issue is fully and unconditionally guaranteed by Morgan Stanley and has a stated principal amount of $1,000 per security with an aggregate principal amount of $472,000.

The securities can automatically redeem on specified determination dates beginning March 15, 2027 for preset early redemption payments (ranging from $1,170 to $1,425). At maturity on March 15, 2029, payments depend on whether each underlier meets a call threshold (100% of initial level) or a downside threshold (70% of initial level). If the worst performing underlier falls below its downside threshold, investors lose 1% of principal for each 1% decline in that underlier.

Morgan Stanley Finance LLC is offering Trigger PLUS principal‑at‑risk securities due March 14, 2031, fully and unconditionally guaranteed by Morgan Stanley. The offering is for an aggregate principal amount of $100,000 in $1,000 denominations.

Each security has an issue price of $1,000 and an estimated value on the pricing date of $916.90. Returns are linked to the SPDR® Gold Trust (ticker GLD) with an initial level of $476.24 (strike/price date March 11, 2026), a leverage factor of 125%, a maximum payment of $1,900 (190% of principal) and a downside threshold equal to 65% of the initial level. If the final level is below that threshold, investors lose principal on a 1:1 basis; there is no guaranteed minimum. All payments are subject to Morgan Stanley's credit risk.

Morgan Stanley Finance LLC priced a structured, principal-at-risk note offering totaling $15,825,000. Each security has a $1,000 stated principal amount, an issue date of March 16, 2026 and matures on March 17, 2027.

The notes are auto-callable beginning with a first determination date of June 11, 2026; automatic early redemption occurs if the closing level of each underlier meets its call threshold on a determination date. Early redemption payments range from $1,045 to $1,165 per security across nine scheduled determination dates. If not called, maturity payments depend on the worst-performing underlier: full upside payment of $1,180 if each final level is at or above its upside threshold (90% of initial level), return of principal if final levels are at or above downside thresholds (60% of initial level), or a pro rata loss tied to the worst performing underlier if any final level is below its downside threshold. All payments are subject to MS and MSFL credit risk.

Morgan Stanley Finance LLC is offering contingent income memory auto-callable securities linked to the Class A common stock of Workday, Inc. The securities have a $1,000 stated principal and an issue price of $1,000 per security and are scheduled to mature on March 30, 2028 with a final observation date of March 27, 2028.

The notes pay a contingent coupon that will be set between 14.50% and 15.50% per annum (actual rate determined on the pricing date) on observation dates if the closing level of the underlier meets the coupon barrier. The securities are automatically redeemed if the underlier equals or exceeds the call threshold on any redemption determination date. Investors face full principal risk if the final level is below the downside threshold; the preliminary estimated value on the pricing date is approximately $952.40 per security.

Morgan Stanley Finance LLC is offering Principal-at-Risk securities with an aggregate principal amount of $1,974,000, fully and unconditionally guaranteed by Morgan Stanley.

The securities pay no interest and return either the stated principal plus a fixed upside payment of $109.10 per security (10.91%) if the final level of each underlying index is at or above its downside threshold, or a cash payment equal to the stated principal multiplied by the performance factor of the worst performing underlier if either underlier is below its downside threshold. The initial levels were 6,775.80 for the S&P 500® and 2,542.895 for the Russell 2000®, the downside thresholds are 75% of those initial levels, the stated principal per security is $1,000, the issue price is $1,000 and the estimated value on the pricing date is $980.00 per security. The securities mature on April 15, 2027 and the observation date is April 12, 2027.

Morgan Stanley Finance LLC is offering principal‑at‑risk, contingent‑coupon, auto‑callable securities linked to Tesla, Inc. common stock. 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 14.00% to 15.00% only if the underlier meets the coupon barrier on observation dates. The estimated value on the pricing date is approximately $956.70 per security.

The notes can be automatically redeemed beginning with the first redemption determination date if the closing level of Tesla common stock is at or above the call threshold (100% of the initial level). The coupon barrier and downside threshold are each 60% of the initial level. If the final level is below the downside threshold at maturity, investors bear the full downside (payment equals stated principal × performance factor) and could lose their entire investment. All payments are subject to the issuer’s and guarantor’s credit risk.

Morgan Stanley Finance LLC is offering Trigger Autocallable GEARS linked to a weighted basket of eight alternative‑asset manager stocks. Each Security has a $10 Principal Amount, an indicative Upside Gearing of 2.10–2.20, an Autocall Barrier of 100, a Downside Threshold of 75 and a Call Return Rate of 20.00% per annum. Trade Date is March 13, 2026, Settlement March 18, 2026, Observation Date March 19, 2027 and Maturity March 18, 2031. If the Basket meets the Autocall Barrier on the Observation Date the Securities are automatically called for $12.00 per $10 Security; if not called, payoff at maturity depends on Basket Return, upside gearing if positive, or potential principal loss if the Final Basket Level is below 75.

Morgan Stanley Finance LLC (guaranteed by Morgan Stanley) priced structured, principal‑at‑risk notes linked to the common stock of Oracle Corporation. The notes have a $1,000 stated principal per security, a contingent coupon to be set on pricing (range disclosed 16.75% to 17.75% per annum), automatic early‑call feature beginning on September 28, 2026, and maturity on March 30, 2028.

Coupons pay only if the underlier meets the coupon barrier (set at 60% of the initial level); early redemption occurs if the underlier meets the call threshold (set at 100% of the initial level). At maturity, if the final level is below the downside threshold (60% of initial), principal is reduced pro rata (performance factor = final level / initial level).

Morgan Stanley Finance LLC priced contingent income, auto-callable notes due March 30, 2028 linked to the common stock of Netflix, Inc. The notes have a $1,000 stated principal per security and an original issue price of $1,000 per security; the estimated value on the pricing date is approximately $955.00. The securities pay a 11.25% to 13.25% annual contingent coupon (rate fixed on the pricing date) only if the closing level of the underlier meets or exceeds a coupon barrier set at 65% of the initial level on observation dates. The notes are automatically redeemed early if the underlier’s closing level equals or exceeds a call threshold of 100% of the initial level on redemption determination dates, in which case holders receive principal plus the related contingent coupon. At final maturity, if the final level is below a downside threshold of 65% of the initial level, holders bear loss pro rata (payment = principal × final level/initial level). All payments are subject to the issuer’s and guarantor’s credit risk.

Morgan Stanley Finance LLC offers Principal at Risk notes — contingent income memory auto-callable securities linked to the common stock of Arista Networks, Inc. The securities are issued at an $1,000 original issue price per security and are fully and unconditionally guaranteed by Morgan Stanley.

The notes pay a contingent coupon (annual range 15.00 to 16.00 to be set on the pricing date) only if the underlier meets the coupon barrier on observation dates, feature automatic early redemption if the underlier meets the call threshold on redemption determination dates, and expose investors to full downside risk at maturity if the final level is below the downside threshold. The strike date is March 27, 2026, original issue date is March 31, 2026, and maturity is March 30, 2028.

Morgan Stanley Finance LLC is offering principal-at-risk, auto-callable structured notes due March 22, 2029, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and an estimated value near $960.50 on the pricing date. The notes reference the worst-performing of Amazon, Meta (Class A) and Microsoft and feature a 300% participation rate in upside of the worst underlier, an automatic early redemption on the first determination date with an early redemption payment of $1,505, and downside exposure below each underlier’s 60% downside threshold. Payments depend on final levels of the underliers; holders may lose up to their entire principal and are subject to Morgan Stanley’s credit risk.

Morgan Stanley Finance LLC priced a $2,151,000 offering of market‑linked, auto‑callable, principal‑at‑risk securities due March 15, 2029, fully guaranteed by Morgan Stanley. The securities have a face amount of $1,000 per security, an estimated value of $964.00 on the pricing date and contingent quarterly coupons at a 12.90% per annum rate.

The securities pay contingent coupons only if the lowest performing underlying (S&P 500®, Russell 2000® or EURO STOXX 50®) stays at or above 75% of its starting level on every eligible trading day during an observation period; they are callable beginning approximately six months after issuance and expose holders to full downside of the lowest performing underlying at maturity.

Morgan Stanley Finance LLC is offering structured, principal‑at‑risk notes due March 22, 2029 that are fully and unconditionally guaranteed by Morgan Stanley. The securities have a $1,000 stated principal amount and an original issue price of $1,000 per security; the estimated value on the pricing date was approximately $952.10.

The notes are linked to the worst performing of the iShares® Core S&P Small‑Cap ETF and the S&P 500® Index, feature automatic early redemption beginning on the first determination date of March 24, 2027, and offer fixed early redemption payments that correspond to about 10.50% per annum if call conditions are met. At maturity the payout is either a fixed positive amount, the stated principal amount, or a loss tied to the worst performing underlier (potentially resulting in complete loss of principal).

Morgan Stanley Finance LLC priced a preliminary pricing supplement for fixed income, principal-at-risk, buffered auto-callable securities linked to the Class A common stock of Bloom Energy Corporation. The securities have a stated principal amount of $1,000 per security and an estimated value on the pricing date of approximately $928.90.

The securities pay a fixed coupon at an annual rate of 14.50%, payable monthly. They are subject to automatic early redemption if the closing level of the underlier is greater than or equal to the call threshold (set at 100% of the initial level) on any redemption determination date beginning September 30, 2026. If not called, investors receive principal at maturity only if the final level is at or above the buffer level (80% of the initial level); otherwise payment at maturity is reduced by 1% for each 1% decline beyond the buffer, subject to a 20% minimum payment of stated principal.

Morgan Stanley Finance LLC priced a Preliminary Pricing Supplement for a Trigger PLUS linked to the worst performing of Ecolab Inc. and Waste Management, Inc. The securities have a stated principal amount of $1,000 per security, a leverage factor of 218% and mature on March 23, 2029.

At maturity the payout is tied to the worst performing underlier: if both final levels exceed their initial levels investors receive principal plus 218% of the worst underlier’s appreciation; if each final level is between the initial level and a 70% downside threshold investors receive principal; if either final level is below its 70% threshold investors suffer a loss equal to the percentage decline of the worst performing underlier. The estimated value on the pricing date is approximately $984.50 per security.

Morgan Stanley Finance LLC is offering Principal-at-Risk, contingent-income auto-callable securities linked to the Class A common stock of Bloom Energy Corporation. Each security has a stated principal amount of $1,000, an original issue price of $1,000, and an estimated value on the pricing date of approximately $918.20. The pricing and strike date are April 1, 2026, the original issue date is April 7, 2026, the final observation date is April 2, 2029, and the maturity date is April 5, 2029.

Payments are contingent: a high annual contingent coupon of 45.00% is payable only if the underlier meets the coupon barrier on observation dates. The notes auto-redeem if the underlier meets the call threshold on specified redemption determination dates. If the final level is below the downside threshold (set at 50% of the initial level), investors suffer proportional principal loss. All payments are subject to Morgan Stanley credit risk.

Morgan Stanley Finance LLC priced a preliminary offering of buffered, auto-callable Principal at Risk securities linked to the common stock of The Goldman Sachs Group, Inc. The securities have a $1,000 stated principal per security, a strike and pricing date of March 27, 2026, an original issue date and maturity date of April 1, 2026 and April 1, 2031, respectively.

The notes feature automatic early redemption if the closing level of the underlier is at or above the call threshold on scheduled determination dates (first determination date: April 5, 2027), fixed early redemption payments shown per determination date, an 85% buffer level (buffer amount: 15%), and a minimum payment at maturity of 15% of stated principal. Payments are unsecured obligations of MSFL and are fully and unconditionally guaranteed by Morgan Stanley and are subject to issuer credit risk.

Morgan Stanley Finance LLC is offering structured, principal‑at‑risk notes due March 22, 2029, fully guaranteed by Morgan Stanley. The notes pay no interest and return either the stated principal plus a fixed $312.50 upside payment if each underlier’s final level is at or above a 70% downside threshold, or a loss equal to the full percentage decline of the worst performing underlier. The securities are linked to the S&P 500®, Nasdaq‑100® and Russell 2000® indices, use the worst performing underlier to determine payoff, and carry full credit exposure to Morgan Stanley. The issue price is $1,000 per security; estimated value on the pricing date was approximately $971.60.

Morgan Stanley Finance LLC offers principal-at-risk structured notes — Jump Securities with an auto-callable feature due April 1, 2031. Each security has a $1,000 stated principal amount and an issue price of $1,000; estimated value on the pricing date is approximately $945.10. The notes are linked to the S&P 500® Index and the Dow Jones Industrial Average and are fully guaranteed by Morgan Stanley.

The notes pay no interest and may be automatically redeemed early if both underliers meet call thresholds (set at 100% of initial levels) on a determination date; fixed early redemption payments correspond to an approximate return of 11.25% per annum on the stated principal for specified dates. At maturity the payout depends on the worst performing underlier: full principal plus upside if both finish above initial levels, principal only if both finish at or above the 70% downside thresholds, or a loss proportional to the decline of the worst performing underlier (possible total loss).

Morgan Stanley Finance LLC is offering principal‑at‑risk, auto‑callable notes linked to the common stock of Blackstone Inc. Each security has a $1,000 stated principal amount and a fixed coupon of 14.10% per annum. The securities may be automatically redeemed early if the closing level of the underlier is greater than or equal to the call threshold of $102.12 on any redemption determination date; the first such determination date is March 11, 2027. If not called, maturity is March 16, 2028 with the observation date of March 13, 2028. A downside threshold is set at $61.272 (60% of the initial level); if the final level is below that threshold, payment at maturity will be the stated principal multiplied by the performance factor and could be significantly less than the principal or zero. The securities are unsecured obligations of MSFL and are fully guaranteed by Morgan Stanley; all payments are subject to the issuer’s credit risk. The estimated value on the pricing date is approximately $978.40 per security.

Morgan Stanley Finance LLC is offering Principal at Risk structured notes—“Structured Investments Jump Securities with Auto-Callable Feature”—due March 24, 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 $941.90.

The notes are linked to the worst performing of the Dow Jones Industrial Average, the Nasdaq-100 Index® and the S&P 500® Index. They feature automatic early redemption beginning on the first determination date March 25, 2027, fixed early redemption payments listed for each determination date, and downside protection limited to a 70% downside threshold per underlier; if the worst performing underlier finishes below that threshold, the payment at maturity falls in direct proportion to that underlier’s performance and could be zero. All payments are subject to the issuer’s and guarantor’s credit risk.

Morgan Stanley Finance LLC priced an offering of market-linked, auto-callable principal-at-risk securities fully guaranteed by Morgan Stanley with a face amount of $1,000 per security and total price to public of $1,143,000. The securities pay a contingent coupon of 10.28% per annum quarterly if the lowest performing of the three underlyings stays at or above 70% of its starting level on each eligible trading day during an observation period. The securities mature on March 15, 2029 unless automatically called after an initial six-month non-call period; estimated value on the pricing date was $959.80 per security. Investors bear downside exposure to the lowest performing of the S&P 500®, Russell 2000® and EURO STOXX 50® and will not participate in upside beyond contingent coupons.

Morgan Stanley Finance LLC priced a preliminary offering of Principal at Risk dual‑underlier notes linked to the Dow Jones Industrial Average and the S&P 500. Each security has a $1,000 stated principal amount, an estimated value on the pricing date of approximately $981.20, a strike/pricing date of March 19, 2026, an observation date of March 20, 2028 and a maturity date of March 23, 2028.

The payment at maturity is tied to the worst performing underlier. Upside participation is 100%; an absolute‑return feature applies when declines remain within a 15% buffer (capped effectively at a positive return of 15%). If the worst performing underlier closes below the 85% buffer level, investors incur a proportional loss (1% loss per 1% decline beyond the buffer), subject to a minimum payment at maturity of 15% of principal. All payments are subject to issuer and guarantor credit risk.

Morgan Stanley Finance LLC offers $8,373,000 of Buffered PLUS principal-at-risk securities, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000, a September 16, 2027 maturity and pays no interest; payoff at maturity depends on a basket underlier with a 10% buffer, a 125% leverage factor and a maximum payment of $1,160.50 per security.

The securities are for investors willing to risk principal for leveraged upside subject to a capped return and a downside loss beyond the buffer; all payments are subject to Morgan Stanley’s credit risk.

Morgan Stanley Finance LLC is offering Principal at Risk contingent income auto-callable securities due March 22, 2029, 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 pay a contingent coupon at an annual rate of 10.50% 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 may occur on specified redemption determination dates starting March 19, 2027 if each underlier is at or above its call threshold (100% of initial level). At maturity, if the final level of any underlier is below its downside threshold (70% of initial level), payment equals principal × performance factor of the worst performing underlier and could be significantly less than the stated principal, possibly zero.

Morgan Stanley Finance LLC prices callable, principal-at-risk structured notes due March 22, 2028 fully and unconditionally guaranteed by Morgan Stanley. The notes pay a 11.10% contingent annual coupon only if each underlier meets its coupon barrier on observation dates and are linked to the worst performing of the Nasdaq-100 Technology Sector, Russell 2000 and the State Street Utilities Select Sector SPDR ETF.

The securities feature a 20% buffer and a 20% minimum payment at maturity; if the worst performing underlier finishes below the buffer, investors lose 1% of principal for each 1% decline beyond the buffer. Beginning June 23, 2026, the notes are callable on specified redemption dates if a risk-neutral valuation model indicates redemption is economically rational; all payments remain subject to Morgan Stanley credit risk.

Morgan Stanley Finance LLC is offering Structured Investments Enhanced Trigger Jump Securities due April 15, 2027, fully and unconditionally guaranteed by Morgan Stanley. The offering aggregates $1,000,000 of securities at an issue price of $1,000 per security and an estimated value on the pricing date of $983.10 per security.

Each security returns $112 (an 11.20% upside payment) at maturity if the final level of the worst performing underlier is at or above its downside threshold (70% of the initial level). If the worst performing underlier finishes below its downside threshold, holders lose 1% of principal for each 1% decline in that underlier; there is no minimum payment and full loss of principal is possible. Payments depend on closing levels on the observation date (April 12, 2027) and are subject to issuer credit risk and the calculation agent’s determinations.

Morgan Stanley Finance LLC issues Structured Investments — Buffered Jump Securities with an auto-call feature due March 16, 2028. Each security has a $1,000 stated principal amount, an estimated value of approximately $971.70 on the pricing date, and an original issue date of March 18, 2026.

Key economics: call threshold = 100% (first determination date March 25, 2027); early redemption payment = $1,267.50; participation rate = 150%; buffer = 15%; downside factor = 1.1765; upside payment = $535. Payments are unsecured, guaranteed by Morgan Stanley and subject to issuer credit risk.

Morgan Stanley Finance LLC is offering $1,329,000 of principal-at-risk, auto-callable structured notes fully and unconditionally guaranteed by Morgan Stanley. The notes have a $1,000 stated principal amount and may automatically redeem early if each underlying closes at or above its call threshold on a determination date.

The notes are linked to the worst performing of the Dow Jones Industrial Average, Nasdaq-100® and Russell 2000®. They pay no periodic interest, provide a 150% participation rate in upside of the worst performing underlier, and expose holders to full downside below a 70% downside threshold. Early redemption payments are fixed at $1,161 on March 17, 2027 and $1,322 on March 16, 2028. The estimated value on the pricing date was $955.20 per security and the issue price is $1,000 per security.

Morgan Stanley Finance LLC is offering Structured Investments — Contingent Income Memory Auto-Callable Securities linked to Citigroup Inc. common stock, due April 2, 2029. Each security has a stated principal amount of $1,000 and a contingent coupon to be set on the pricing date (announced range 10.00%–11.00% per annum). The securities may auto-redeem on designated redemption determination dates if the underlier meets the call threshold; if not redeemed, maturity pay depends on the final level versus a downside threshold (both thresholds set as percentages of the initial level and subject to strike-date determination). Coupons pay only when the underlier equals or exceeds the coupon barrier on observation dates; unpaid coupons may be paid later only if future observation dates meet the barrier. All payments are subject to Morgan Stanley and MSFL credit risk, and investors may lose principal if the final level is below the downside threshold. Terms are subject to standard postponement rules for non-trading days and market disruption events.