Morgan Stanley 424B Filings

Morgan Stanley Finance LLC amended a pricing supplement for market-linked notes due April 16, 2031, fully guaranteed by Morgan Stanley. The notes pay no interest, have a participation rate of 111% in upside tied to the S&P 500® Futures Excess Return Index, and return stated principal at maturity unless the index finishes above the initial level of 550.19.

The issue price is $1,000 per note (estimated value $944.40), aggregate principal is $390,000, and agent commissions are $37.50 per note. Payments are subject to Morgan Stanley's credit risk, no exchange listing, and tax treatment as contingent payment debt instruments.

Morgan Stanley Finance LLC offers Dual Directional Trigger PLUS principal-at-risk securities due June 3, 2030 that are fully and unconditionally guaranteed by Morgan Stanley. The notes return no interest and expose investors to loss of principal based on the worst performing of the Nasdaq-100® Technology Sector and the Russell 2000® Index on the observation date.

The securities pay the stated principal plus a leveraged upside if both underliers finish above their initial levels; if the worst performing underlier finishes between its initial level and a 70% downside threshold, investors may receive a limited positive return via a 50% absolute return participation feature (capped effectively at 15%). If the worst performing underlier is below its 70% downside threshold, investors suffer a pro rata loss of principal (1% loss of principal for each 1% decline), with no minimum payment. All payments are subject to MSFL and Morgan Stanley credit risk.

Morgan Stanley Finance LLC is offering structured, principal‑at‑risk, contingent income auto‑callable securities linked to the common stock of Philip Morris International Inc. The notes have a $1,000 stated principal amount per security, a contingent coupon at an annual rate of 13.95%, a maturity date of June 11, 2027 and a final observation date of June 8, 2027. The contingent coupon is paid only if the closing level of the underlier is at or above the coupon barrier level (set at 77% of the initial level) on each observation date; early automatic redemption occurs if the closing level is at or above the call threshold (100% of the initial level) on any redemption determination date. If the securities are not called and the final level is below the downside threshold (set at 77% of the initial level), investors suffer a loss proportional to the decline in the underlier and could lose their entire investment. All payments are subject to issuer and guarantor credit risk. The pricing/strike date was May 8, 2026, original issue date May 13, 2026, and the issuer’s estimated value on pricing was approximately $982.60 per security.

Morgan Stanley Finance LLC offers Buffered PLUS principal-at-risk securities due November 18, 2027, fully and unconditionally guaranteed by Morgan Stanley. These notes reference the worst performing of the iShares Russell Mid‑Cap ETF (IWR) and the S&P 500 Index (SPX) and pay no interest.

At maturity the payment depends on the worst performing underlier: investors receive the stated principal plus a 120% leverage on positive performance subject to a $1,227.50 maximum payment, receive principal if the worst underlier finishes no worse than a 20% buffer, or lose 1% for each 1% decline beyond the buffer (subject to a 20% minimum payment).

Morgan Stanley Finance LLC offers contingent income auto-callable securities tied to Philip Morris International Inc. common stock. Each note has a stated principal amount of $1,000, an annual contingent coupon of 11.40%, and an estimated pricing-date value of approximately $967.40. The notes can be automatically redeemed if the underlier meets the 100% call threshold on specified redemption determination dates beginning November 9, 2026, pay contingent coupons only when the underlier is at or above a coupon barrier level equal to 77% of the initial level, and mature on June 11, 2027. If not auto-redeemed, principal is returned only if the final level is at or above the downside threshold (also 77%); otherwise investors bear losses proportionate to the decline in the underlier.

Morgan Stanley Finance LLC is offering market-linked notes due November 20, 2029, linked to an equally weighted basket of the EURO STOXX 50® (50%) and the Tokyo Stock Price Index (TOPIX®) (50%). Each note has a $1,000 principal amount, an estimated pricing-date value of $944.00, and an upside participation rate of at least 110% to be set on the pricing date. The notes pay at maturity an amount tied to the quarterly arithmetic average of closing levels (quarterly averaging on the 15th of Feb/May/Aug/Nov) and return principal at maturity (subject to issuer credit risk). The notes are unsecured obligations of MS Finance LLC, fully and unconditionally guaranteed by Morgan Stanley, not listed, and include distribution commissions of up to $33.25 per note. Terms are subject to the pricing-date finalization and postponement mechanics described in the supplement.

Morgan Stanley Finance LLC priced a structured, market-linked note offering of $1,142,000 aggregate principal in notes with a $1,000 stated principal amount per note, fully and unconditionally guaranteed by Morgan Stanley. The notes pay no interest, mature on April 14, 2031, and return principal at maturity plus an upside payment equal to the stated principal amount multiplied by a participation rate of 126.50% times the underlier percent change, provided the final level of the S&P 500® Futures Excess Return Index exceeds the initial level of 547.66 (strike date April 8, 2026). The estimated value on the pricing date was $968.00 per note; all payments are subject to issuer credit risk and the notes will not be listed on any exchange.

Morgan Stanley Finance LLC offers structured, principal‑at‑risk notes — Buffered Jump Securities with an auto‑callable feature — tied to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index. The notes have a $1,000 stated principal amount per security, automatic early‑redemption opportunities beginning May 11, 2027, and a scheduled maturity of May 13, 2031. Payments depend on the index closing levels relative to a call threshold and an 85% buffer level; if the final level is below the buffer, holders lose 1% for each 1% decline beyond the buffer, subject to a minimum payment of 15% of principal. All payments are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley and are subject to Morgan Stanley’s credit risk.

Morgan Stanley Finance LLC is offering Structured Investments — Enhanced Buffered Jump Securities linked to the Russell 2000® Index with a stated principal amount of $1,000 per security. The securities mature on November 29, 2029 with an observation date of November 26, 2029.

At maturity, if the final level is at or above the buffer level (85% of the initial level), holders receive the stated principal plus a fixed upside payment of $291 (29.10%). If the final level is below the buffer level, holders lose 1% of principal for each 1% decline beyond the 15% buffer, subject to a minimum payment at maturity of 15% of principal. The document states an estimated value on the pricing date of approximately $957.70 per security and that all payments are subject to the issuer and guarantor credit risk.

Morgan Stanley Finance LLC priced Dual Directional Buffered Jump Securities due May 30, 2031, unsecured notes fully and unconditionally guaranteed by Morgan Stanley that reference the S&P 500® Futures Excess Return Index. Each security has a stated principal amount of $1,000 and an upside payment of $512 (51.20% of principal). The securities pay no interest, include a 15% buffer (buffer level = 85% of the initial level) and a minimum payment at maturity of 15% of principal. The pricing and strike dates are May 26, 2026, original issue date May 29, 2026, observation date May 27, 2031 (subject to postponement) and maturity May 30, 2031. The estimated value on the pricing date was approximately $950.00 per security. All payments are subject to issuer and guarantor credit risk; investors may lose a significant portion of principal if the final level is below the buffer.

Morgan Stanley Finance LLC priced contingent-income, principal-at-risk securities that are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000, a contingent annual coupon of 8.00%, automatic early-redemption tests beginning on February 8, 2027, and a final maturity of May 9, 2031. Coupons are paid only if the underlier meets a coupon barrier (55% of the initial level) on observation dates; an early redemption occurs if the underlier meets a call threshold (82% of the initial level). If not redeemed and the final level is below the downside threshold (55% of the initial level), payment at maturity is reduced pro rata to the underlier performance. The preliminary pricing shows an estimated value on the pricing date of approximately $908.20 per security. All payments are subject to Morgan Stanley credit risk.

Morgan Stanley Finance LLC priced Principal at Risk securities linked to the S&P 500® Futures Excess Return Index. Each note has a $1,000 stated principal amount and matures on May 30, 2031. The securities offer a capped upside (a $470 per-security upside payment and a $1,500 maximum payment) and a 15% buffer against index losses; if the final index level on the observation date is below the buffer level, investors lose 1% for each 1% decline beyond that buffer, subject to a 15% minimum payment.

Payments depend solely on the index closing level on the observation date and are unsecured obligations of MSFL, fully guaranteed by Morgan Stanley. The estimated value on the pricing date was approximately $948.00 per security, below the $1,000 issue price, reflecting issuance and hedging costs. All payments are subject to Morgan Stanley’s credit risk and the offering involves limited liquidity and complex tax treatment.

Morgan Stanley Finance LLC is offering structured, principal-at-risk notes due June 17, 2027 linked to the worst performing of the Dow Jones Industrial Average, Russell 2000® and S&P 500®. Each security has a $1,000 stated principal amount and a fixed $102 upside payment payable at maturity if each underlier is at or above its downside threshold.

If any underlier finishes below its downside threshold (set at 75% of its initial level), the holder’s payment equals the stated principal multiplied by the worst performing underlier’s performance factor, producing a proportional loss (there is no minimum payment). All payments are unsecured obligations of MSFL and are unconditionally guaranteed by Morgan Stanley; the securities do not pay interest and carry issuer credit risk.

Morgan Stanley Finance LLC is offering contingent income, auto-callable notes due June 11, 2027, linked to the common stock of The Goldman Sachs Group, Inc. Each note has a stated principal amount of $1,000 and an estimated value on the pricing date of approximately $972.20. The notes pay a contingent coupon of 12.50% per annum on observation dates when the closing level of the underlier is at least 72% of the initial level. The notes are unsecured obligations of MSFL and are fully guaranteed by Morgan Stanley. If not auto-redeemed, repayment at maturity depends on the final level versus a 72% downside threshold; declines below that level produce proportional principal losses, potentially to zero. All payments are subject to issuer credit risk.

Morgan Stanley Finance LLC offers Structured Investments — Dual Directional Buffered Participation Securities due November 4, 2027 that are unsecured notes of MSFL and fully guaranteed by Morgan Stanley. Each security has a stated principal of $1,000 and an issue price of $1,000.

At maturity the payout is linked to the worst performing of the Dow Jones Industrial Average and the S&P 500 on the observation date. The securities feature a 15% buffer, 100% upside participation subject to a $1,275 maximum, and a 15% minimum payment at maturity. Estimated value on the pricing date is approximately $987.20. All payments are subject to issuer and guarantor credit risk.

Morgan Stanley Finance LLC is offering structured, principal‑at‑risk notes linked to the worst performing of the Russell 2000® and S&P 500® Indexes. Each security has a $1,000 stated principal amount and pays a fixed $100 upside if both underliers finish at or above their downside thresholds.

If the final level of either underlier is below its downside threshold (70% of its initial level), the maturity payment equals the stated principal multiplied by the performance factor of the worst performing underlier, so investors can lose up to 100% of principal. All payments are subject to Morgan Stanley Finance LLC’s and Morgan Stanley’s credit risk. Key dates: strike and pricing May 15, 2026, original issue date May 20, 2026, observation date June 15, 2027, maturity June 21, 2027. The estimated value on the pricing date was approximately $986.30 per security.

Morgan Stanley Finance LLC priced contingent income auto-callable securities linked to The Goldman Sachs Group, Inc. The notes have a $1,000 stated principal amount, pay a contingent coupon at an annual rate of 15.00% only if the underlier meets the coupon barrier on observation dates, and mature on June 11, 2027. The securities may be automatically redeemed early if the underlier meets the call threshold on any redemption determination date; otherwise, at maturity investors either receive principal if the final level is at or above the downside threshold (72% of the initial level) or a reduced payment equal to the stated principal multiplied by the performance factor (final level/initial level), which could result in a loss of principal. All payments are unsecured and subject to Morgan Stanley and MSFL credit risk. The estimated value on the pricing date was approximately $987.10 per security.

Morgan Stanley Finance LLC is offering Dual Directional Buffered PLUS notes due August 5, 2027, fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount and an original issue price of $1,000. The payoff is linked to the worst performing of the Dow Jones Industrial Average and the S&P 500® Index on the observation date, with a 105% leverage factor on upside, a 100% absolute return participation rate for limited depreciation returns, a 10% buffer (90% buffer level), and a 10% minimum payment at maturity. The securities pay no interest and expose investors to principal loss if the worst performing underlier falls below the buffer; all payments are subject to issuer credit risk. The estimated value on the pricing date was approximately $985.90 per security.

Morgan Stanley Finance LLC is offering Auto-Callable Trigger PLUS notes due May 5, 2031, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and may be automatically redeemed on the first determination date for an $1,150 early redemption payment. If not called, maturity payouts depend on the performance of a five-index basket: positive participation equals 161.50% of upside, a full return of $1,000 is paid if the final basket value is at or above the downside threshold level of 75 (75% of the initial basket value), and losses below that threshold expose investors on a 1-to-1 basis (payment could be less than 75% of principal or zero). The pricing date is April 30, 2026 (original issue date May 5, 2026), and the preliminary estimated value on the pricing date is approximately $963.40 per security. The offering includes agent commissions and a structuring fee; proceeds are for general corporate purposes. All payments are subject to issuer and guarantor credit risk.

Morgan Stanley Finance LLC is offering $6,566,000 of Buffered Digital MSCI EAFE® Index-Linked Notes due August 27, 2027, fully and unconditionally guaranteed by Morgan Stanley. The notes pay no interest; principal is at risk and final payment depends on the MSCI EAFE® Index performance from the trade date to the determination date. If the Final Underlier Level is ≥ 90% of the Initial Underlier Level, investors receive the Maximum Settlement Amount of $1,132.80 per $1,000 face amount. If the Final Underlier Level is < 90%, the Cash Settlement Amount is reduced by a formula using a Buffer Rate of approximately 111.11%, and investors could lose some or all principal. The estimated value on the trade date is $993.40 per note; all payments are subject to issuer credit risk.

Morgan Stanley Finance LLC priced market-linked notes tied to the EURO STOXX 50® Index. The notes have a stated principal amount of $1,000 per note and aggregate principal of $100,000. They pay no interest, carry a 100% participation rate in any upside at the observation date, and repay the stated principal at maturity unless the final level exceeds the initial level of 5,860.32. The notes were issued at $1,000 with an estimated value of $937.30 on the pricing date and include a dealer commission of $40 per note. All payments are unsecured obligations of MSFL and are fully guaranteed by Morgan Stanley; payments are subject to the issuers' credit risk.

Morgan Stanley Finance LLC is offering structured, variable-income auto-callable notes due May 1, 2031, fully and unconditionally guaranteed by Morgan Stanley. The notes are sold at a stated principal of $1,000 per note (aggregate $1,028,000) and have a variable coupon that will be either 0.25% or 8.00% per annum depending on monthly observation-date tests against coupon barrier levels (70% of initial levels) and call threshold levels (90% of initial levels). The notes pay the higher coupon only when the closing level of each underlier (PLTR, UNH, ORCL) is at or above its coupon barrier on an observation date and will be automatically redeemed early if each underlier is at or above its call threshold on a redemption determination date. The estimated value on the pricing date was $952.40 per note; purchasers bear issuance costs including an agent commission of $38.50 per note. All payments are subject to Morgan Stanley's credit risk; the notes are unsecured and will not be listed.

Morgan Stanley Finance LLC priced a primary offering of principal-at-risk, fixed-income structured notes: Buffered Auto-Callable Securities due May 1, 2031, fully guaranteed by Morgan Stanley. The offering consists of $3,041,000 aggregate principal in $1,000 denominations and carries a 7.00% annual fixed coupon paid monthly.

The securities can be automatically redeemed beginning on the first redemption determination date if the underlier (the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index) is at or above the call threshold (initial level 1,306.82). If not called, maturity payoffs depend on the final level versus a buffer level of 1,110.797 (85% of initial), exposing investors to losses beyond the 15% buffer with a minimum payment at maturity of 15% of principal. All payments are subject to issuer and guarantor credit risk.

Morgan Stanley Finance LLC priced $1,168,000 of market-linked notes due May 2, 2030. The notes pay no interest and are linked to the worst performing of the Dow Jones Industrial Average and the S&P 500, with a participation rate of 100% and a maximum payment at maturity of $1,320 per $1,000 note. The stated issue price is $1,000 per note, the issuer received $965 per note after a $35 selling commission, and the estimated value on the pricing date was $956.50 per note. All payments are unsecured obligations of Morgan Stanley Finance LLC and fully guaranteed by Morgan Stanley; holders remain exposed to Morgan Stanley credit risk.

Morgan Stanley Finance LLC priced $9,655,000 of Structured Investments Enhanced Buffered Jump Securities due November 1, 2027, fully guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount and an $133 fixed upside payment if the S&P 500® closing level on the observation date is at or above the buffer level. The notes provide a 15% buffer (buffer level ≈ 6,097.824) and apply a downside factor of 1.1765 to losses beyond that buffer; investors may lose up to their entire principal. The estimated value on pricing was $979.40 per security and the issue price includes placement and structuring costs.

Morgan Stanley Finance LLC priced a contingent-income, principal-at-risk note linked to the worst performing of the Nasdaq-100 and Russell 2000. The notes have a $1,000 stated principal amount, $15,000,000 aggregate issuance and an estimated value of $954.60 on the pricing date.

The securities pay a contingent coupon at an annual rate of 5.50% on each coupon date only if both underliers are at or above their coupon barrier levels on the related observation dates; automatic early redemption is possible on scheduled redemption determination dates if both underliers are at or above their call thresholds. At maturity investors receive principal only if both underliers are at or above their buffer levels (80% of initial); otherwise the payment equals the stated principal multiplied by the worst performing underlier's performance factor plus the 20% buffer, subject to a 20% minimum payment. All payments are subject to issuer and guarantor credit risk and tax treatment is described as uncertain.

Morgan Stanley Finance LLC priced Contingent Income Auto-Callable Notes due May 3, 2029 linked to the worst performing of the Dow Jones Industrial Average, EURO STOXX 50 and Russell 2000. The securities carry a stated principal amount of $1,000 per security, an aggregate issue of $271,000, and an estimated value on the pricing date of $957.20 per security.

They pay a contingent coupon at an annual rate of 9.75% only if each underlier is at or above its coupon barrier on observation dates, feature automatic early redemption on specified redemption determination dates if all underliers meet call thresholds, and expose investors to principal loss at maturity if the worst performing underlier falls below a 70% downside threshold.

Morgan Stanley Finance LLC is offering Trigger Absolute Return Step Securities linked to a weighted basket of international indices. Each Security has a $10 principal amount and an Issue Price of $10.00; the issuer estimates the Trade Date value at $9.402 per Security. The five-year notes mature on April 30, 2031 and pay at maturity either (i) $10 plus a return equal to the greater of the Step Return of 40.00% or the Basket Return if the Final Basket Level is at or above the Step Barrier (100), (ii) $10 plus the Contingent Absolute Return if the Final Basket Level is below the Step Barrier but at or above the Downside Threshold (75), or (iii) $10 plus the Basket Return (which may be negative) if the Final Basket Level is below the Downside Threshold, potentially resulting in a substantial loss of principal. All payments are unsecured obligations of MSFL and are fully and unconditionally guaranteed by Morgan Stanley; payments depend on the issuer’s creditworthiness. Trade Date: April 28, 2026; Settlement Date: April 30, 2026.

The pricing supplement offers Dual Directional Trigger PLUS notes issued by Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, linked to the worst performing of the Dow Jones Industrial Average and the Nasdaq-100 Index. The securities have a $1,000 stated principal amount, mature on May 2, 2029, and pay no interest. Payouts at maturity depend on the worst performing underlier: leveraged upside of 110% if the final level is above its initial level; a capped positive return via a 50% absolute return participation rate if declines remain above a 70% downside threshold; otherwise, holders suffer losses pro rata (1% loss per 1% index decline) and could lose their entire principal. All payments are subject to issuer credit risk and the estimated value on the pricing date was $945.90 per security.

Morgan Stanley Finance LLC priced market-linked notes due May 3, 2030, fully guaranteed by Morgan Stanley. The notes link to the worst performing of the Russell 2000® Index and the EURO STOXX 50® Index, pay no periodic interest and have a participation rate of 102%. The stated principal amount is $1,000 per note and the aggregate principal amount offered is $151,000. Investors receive the stated principal amount at maturity and, if the worst performing underlier finishes above its initial level, an upside payment equal to the stated principal amount multiplied by the participation rate and the percent appreciation of the worst performing underlier. All payments are subject to the issuers and guarantors credit risk; the notes are unsecured and will not be listed on an exchange.

Morgan Stanley Finance LLC priced Principal at Risk notes linked to the S&P 500® Index. The securities have a $1,000 stated principal amount, an original issue price of $1,000 and an aggregate principal amount of $1,224,000. The observation date is April 28, 2031 with maturity on May 1, 2031. Returns vary by final index level: investors receive principal plus upside (100% participation) capped at $1,640 per security if the index rises; if the index declines but stays above the 15% buffer, investors receive the stated principal plus a positive absolute-return payment (100% participation) up to 15%; if the index falls below the 15% buffer, investors incur 1% principal loss for each 1% decline beyond the buffer, subject to a minimum payment of 15% of principal. Payments are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley and are subject to issuer credit risk and tax uncertainty.

Morgan Stanley Finance LLC is offering Trigger Step Securities due April 30, 2031, fully guaranteed by Morgan Stanley. Each $10 Security links to the least performing of the S&P 500® and EURO STOXX 50® indices. If both Underlyings finish at or above their Step Barriers, holders receive principal plus the greater of a 65.00% Step Return or the Least Performing Underlying’s return. If either Underlying closes below its Downside Threshold (75% of its Initial Level), holders suffer a principal loss proportional to the Least Performing Underlying’s decline. Trade Date is April 28, 2026, Settlement Date April 30, 2026, Final Valuation Date April 28, 2031 and Maturity Date April 30, 2031. The Issue Price is $10.00, estimated Trade Date value is $9.436 per Security, and total offered principal is $19,916,200. All payments are subject to Morgan Stanley’s credit risk and the contingent repayment of principal applies only at maturity.

Morgan Stanley Finance LLC is offering $2,000,000 of Capped GEARS linked to the Invesco KBW Bank ETF with a June 30, 2027 maturity, fully and unconditionally guaranteed by Morgan Stanley. Each $10 Security has 3.0 Upside Gearing and a Maximum Gain of 21.75% ($12.175 payoff). The Securities repay principal only at maturity and expose holders to full downside of the Underlying Return; estimated trade‑date value was $9.617 per Security and the Issue Price is $10. These are unsecured debt obligations subject to Morgan Stanley credit risk and limited liquidity.

Morgan Stanley Finance LLC is offering structured Step-Up Jump Notes fully guaranteed by Morgan Stanley, with a stated principal of $1,000 per note and an aggregate principal amount of $125,000. The notes pay no interest, are auto-callable beginning on April 27, 2027, and mature on May 2, 2033. Automatic early redemption will occur if the BlackRock Adaptive U.S. Equity 5% Index meets or exceeds annual call thresholds; the participation rate is 100%, and the estimated value on the pricing date was $947.00 per note. All payments are subject to issuer credit risk.

Morgan Stanley Finance LLC priced market-linked notes—structured, principal-return notes linked to an equally weighted basket of the EURO STOXX 50® and the Tokyo Stock Price Index due November 20, 2029. The notes have a $1,000 principal amount, an estimated value at pricing of $944.00 per note, and an upside participation rate of at least 110% (to be set on the pricing date).

The notes pay at maturity based on the average ending level calculated from quarterly calculation days; if that average is greater than the 100.00 starting level you receive $1,000 plus the positive return multiplied by the participation rate; if not, you receive $1,000 (subject to issuer credit risk). The document discloses fees (agent commissions up to $33.25 per note) and tax, liquidity and issuer-credit risks.

Morgan Stanley Finance LLC is offering Dual Directional Trigger PLUS notes due May 1, 2031, linked to the worst performing of the Nasdaq-100® Technology Sector Index and the Russell 2000® Index. 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 $941.20. The payment at maturity depends on the worst performing underlier: upside is leveraged (132.50%), an absolute-return participation feature applies at 50% when declines stay above a 70% downside threshold, and full principal loss can occur if the worst performing underlier falls below that threshold. Aggregate principal offered is $115,000 and agent commissions are $36.25 per security. All payments are subject to issuer and guarantor credit risk.

Morgan Stanley Finance LLC priced a structured note: a Dual Directional Trigger PLUS due May 1, 2031 linked to the S&P 500® Futures Excess Return Index. The securities have a $1,000 stated principal amount and an estimated value of $938.60 on the pricing date.

At maturity the payoff is threefold: if the final level > initial level you receive principal plus 161% of appreciation; if final level ≤ initial but ≥ downside threshold you receive principal plus an absolute-return payout with a 50% participation rate (capped effectively at 20%); if final level < downside threshold (60% of initial), you lose principal proportionally and could lose all. Payments are unsecured and guaranteed by Morgan Stanley and are subject to credit risk.

Morgan Stanley Finance LLC (guaranteed by Morgan Stanley) is offering Principal at Risk structured notes linked to the worst performing of the S&P 500®, EURO STOXX 50® and Russell 2000® indices. 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 $937.20. The notes can be automatically redeemed on the first determination date for an early redemption payment of $1,255 if each index is at or above its call threshold. If not redeemed, maturity payouts depend on the worst performing underlier: investors may receive principal plus a 150% participation rate on upside, return of principal only, or a loss proportional to the decline of the worst underlier down to zero. All payments are subject to Morgan Stanley’s credit risk and the offering includes dealer commissions of $40 per security.

Morgan Stanley Finance LLC priced contingent-income, principal-at-risk notes — Structured Investments: Contingent Income Memory Buffered Auto-Callable Securities due May 1, 2031, fully guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and 10.15% annual contingent coupon payable only if observation-date conditions are met. The offering totals $1,474,000 aggregate principal and had an estimated value of $902.50 per security on the pricing date. The notes are auto-callable starting on the first redemption determination date if the underlier closes at or above the call threshold (initial level 1,306.82). At maturity, if the final level is below the buffer level 1,110.797 (85% of initial), principal is reduced by the underlier decline beyond the 15% buffer, subject to a 15% minimum payment. All payments are subject to issuer and guarantor credit risk; these securities do not pay regular interest and may provide little or no coupons over their term.

Morgan Stanley Finance LLC priced Enhanced Buffered Jump Securities tied to the S&P 500® Index. The offering totals $1,319,000 in aggregate principal, with a stated principal of $1,000 per security and an original issue price of $1,000 per security. The securities mature on May 2, 2028 with an observation date of April 27, 2028.

The notes provide a fixed upside payment of $155 (15.50%) if the final level is at or above the buffer level, and a 10% buffer (buffer level 6,456.519 from initial level 7,173.91). If the final level is below the buffer, investors lose 1% for each 1% decline beyond the 10% buffer, subject to a minimum payment of 10% of principal. All payments are subject to issuer and guarantor credit risk.

Morgan Stanley Finance LLC priced Trigger PLUS notes due May 1, 2031 that are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and pays at maturity based on the performance of the worst performing of the Dow Jones Industrial Average and the S&P 500.

If the worst performing underlier finishes above its initial level, investors receive principal plus 125% leveraged upside. If the worst performing underlier finishes between its initial level and its 70% downside threshold, investors receive principal. If the worst performing underlier finishes below its downside threshold, investors lose 1% of principal for each 1% decline (the payment could be zero). All payments are subject to Morgan Stanley's credit risk. The securities were issued at $1,000 with an estimated value on the pricing date of $946.70.

Morgan Stanley Finance LLC is offering structured, principal‑at‑risk notes tied to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index with an aggregate principal amount of $194,000 and a stated principal amount of $1,000 per security. The securities mature on May 1, 2031, carry an estimated value on the pricing date of $900.60 per security and include an automatic early redemption feature with fixed early redemption payments and a buffer of 15% (buffer level 1,081.523) against declines in the underlier. If not called, maturity payoffs are tiered: $2,125 if the final level is at or above the call threshold (1,272.38), the stated principal if the final level is at or above the buffer, and a proportional loss beyond the buffer subject to a 15% minimum payment. All payments are unsecured and subject to Morgan Stanley and MSFL credit risk.

Morgan Stanley Finance LLC is offering Principal at Risk Buffered Jump Securities due June 6, 2029 linked to the worst performing of Apple, Microsoft and NVIDIA common stock. The issue size is $3,305,000 in aggregate at a stated principal amount of $1,000 per security.

The securities feature a 20% buffer, a 250% participation rate in upside of the worst performing underlier, an early redemption payment of $1,537.50 if all underliers meet their 100% call thresholds on the first determination date (first determination date: May 4, 2027; early redemption date: May 7, 2027), and a minimum payment at maturity equal to 20% of principal. Estimated value on the pricing date was $967.20 per security. All payments are subject to Morgan Stanley Finance LLC’s and Morgan Stanley’s credit risk.

Morgan Stanley Finance LLC priced principal‑at‑risk structured notes — contingent‑income, buffered auto‑callable securities linked to the worst performer of Cleveland‑Cliffs (CLF), Centene (CNC) and Cloudflare (NET). Each security has a $1,000 stated principal amount and $1,000 issue price. Investors may earn a 20.00% annual contingent coupon on each observation date only if every underlier meets its coupon barrier. The notes feature automatic early redemption if all underliers meet call thresholds on a redemption determination date and a 20% buffer at maturity, with a 20% minimum payment. All payments are subject to issuer credit risk; estimated value on pricing date was $903.00 per security.

Morgan Stanley Finance LLC priced market-linked notes linked to the S&P 500® Index with an aggregate principal amount of $1,575,000. The notes have a $1,000 stated principal amount per note, pay no interest, and mature on May 2, 2029. At maturity investors receive principal and an upside payment equal to the 100% participation in index appreciation subject to a $1,175 maximum payment per $1,000 note (117.50%). The notes are unsecured obligations of MSFL and are fully guaranteed by Morgan Stanley; all payments are subject to Morgan Stanley’s credit risk. The estimated value on the pricing date was $967.20 per note, and selected dealers receive a $30 commission per note.

Morgan Stanley Finance LLC priced principal-at-risk structured notes offering: Buffered Jump Securities with Auto-Callable Feature linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index. The issue is $1,000 per security, aggregate $1,858,000, original issue price $1,000 and estimated value on the pricing date $905.40. The securities may be automatically redeemed on scheduled determination dates if the underlier meets the call threshold level of 1,306.82. If not called, maturity on May 1, 2031 pays either $1,862.50, $1,000, or a reduced principal tied to index performance net of a 15% buffer, subject to a 15% minimum payment.

Morgan Stanley Finance LLC is offering Principal at Risk contingent‑coupon auto‑callable securities tied to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index. The issue aggregates $250,000 at $1,000 per security, with maturity on May 1, 2031. The securities pay a contingent coupon at an annual rate of 9.50% on observation dates when the index is at or above the coupon barrier (65% of the initial level). Automatic early redemption can occur beginning on April 27, 2027 if the index meets the call threshold (initial level 1,306.82), in which case holders receive principal plus payable contingent coupons. At maturity holders receive principal if the final level is at or above the buffer level (85% = 1,110.797); if below the buffer, investors suffer losses dollar‑for‑dollar beyond the 15% buffer subject to a 15% minimum payment. All payments are subject to issuer and guarantor credit risk.

Morgan Stanley Finance LLC is offering principal‑at‑risk notes due June 2, 2027, guaranteed by Morgan Stanley. The securities have a stated principal amount of $1,000 per security and an aggregate principal amount of $2,571,000. At maturity investors receive the stated principal plus a fixed upside payment of $136.50 (13.65%) only if the final level of each underlier is at or above its downside threshold (approximately 85% of the initial level). If the final level of either underlier is below its downside threshold, payment is the stated principal multiplied by the performance factor of the worst performing underlier, and investors may lose some or all principal. The securities are linked to the Russell 2000® and S&P 500® indices; initial levels were RTY 2,788.189 and SPX 7,173.91 as of the strike date. The estimated value on the pricing date was $977.20 per security and the issue price was $1,000 (agent commission $15).

Morgan Stanley Finance LLC priced a $410,000 aggregate offering of structured, dual‑direction market‑linked notes due May 1, 2031, fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount and an original issue price of $1,000.

The notes pay no interest and tie payout to the worst performing of the Dow Jones Industrial Average and the S&P 500® Index measured on the observation date. Upside participation is 100% of the appreciation of the worst performing underlier, capped at a maximum maturity payment of $1,405 per note. If the worst performing underlier declines but remains at or above its 80% knock‑out level, investors receive a positive return based on the absolute value of that decline; if the worst performing underlier is below its knock‑out level at observation, investors receive only the stated principal.