Morgan Stanley 424B Filings

The offering is a Principally at-Risk structured note issued by Morgan Stanley Finance LLC and fully guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000, a participation rate of 200% and is linked to the worst performing of the Dow Jones Industrial, Nasdaq-100 and Russell 2000 indices. The notes are auto-callable on the first determination date (May 14, 2027) for an early redemption payment of $1,235 if each underlier meets its call threshold. If not auto-redeemed, final payoff at maturity (June 12, 2029) depends on the worst performing underlier: investors may receive principal plus an upside payment, only principal, or a reduced principal equal to the performance factor of the worst underlier (losses can be up to 100% of principal). All payments are subject to Morgan Stanley credit risk and U.S. federal tax treatment is described as uncertain in the document.

Morgan Stanley Finance LLC priced a contingent income auto-callable note linked to Eli Lilly common stock. The notes have a $1,000 stated principal per security, aggregate principal of $7,664,000, an annual contingent coupon of 13.10%, and maturity on May 27, 2027. Coupons are paid only if the underlier’s closing level meets the coupon barrier on observation dates; automatic early redemption occurs if the closing level meets the call threshold on any redemption determination date. If not redeemed, principal is repaid at maturity only if the final level is at or above the downside threshold; otherwise payment is reduced pro rata with the underlier and could be zero. All payments are subject to issuer credit risk.

Morgan Stanley Finance LLC priced Principal-at-Risk, auto-callable securities tied to the S&P 500® Futures Excess Return Index. The securities have a $1,000 stated principal amount and an aggregate principal amount of $1,136,000. They may be automatically redeemed on April 27, 2027 if the underlier's closing level is at or above the call threshold of 577.43 (100% of the initial level). If not called, maturity occurs on April 29, 2031 with payoff rules: upside participation at a 200% participation rate when the final level exceeds the initial level; return of principal if final level is between the initial level and the downside threshold of 404.201 (70% of initial); and pro rata loss below that threshold, potentially to zero. The issue price is $1,000 per security and the estimated value on the pricing date was $984.70. All payments are subject to Morgan Stanley's credit risk.

The pricing supplement describes Morgan Stanley Finance LLC's Structured Investments Enhanced Trigger Jump Securities, unsecured notes fully and unconditionally guaranteed by Morgan Stanley. The securities have a $1,000 stated principal amount, issue price $1,000 and mature on May 27, 2027. Payment at maturity depends solely on the worst performing of three underliers: the Invesco S&P 500® Equal Weight ETF, the Nasdaq-100® Index and the Russell 2000® Index. If the final level of each underlier is at or above its 60% downside threshold, holders receive the stated principal plus an $88 upside payment (8.80%). If any underlier is below its downside threshold, holders lose in proportion to the decline of the worst performing underlier and could lose the entire principal. The offering size is $2,151,000 aggregate. All payments are subject to Morgan Stanley's credit risk; the estimated value on pricing date was $989.40 per security.

Morgan Stanley Finance LLC priced Structured Investments Enhanced Buffered Jump Securities linked to Eli Lilly common stock. The securities have a stated principal amount of $1,000 per security, an aggregate principal amount of $4,764,000, and mature on May 12, 2027. The notes pay a fixed upside payment of $176.20 (17.62%) if the final level is at or above a buffer level equal to 85% of the initial level. If the final level is below the buffer level, investors bear losses at a downside factor of 1.1765 per 1% decline beyond the 15% buffer and could lose their entire principal. The estimated value on the pricing date was $981.50 per security and the issue price was $1,000 (agent commission $10; proceeds $990 per security). All payments are subject to issuer and guarantor credit risk.

Morgan Stanley Finance LLC is offering $875,000 in Principal-at-Risk auto-callable notes linked to Eli Lilly common stock. Each security has a stated principal amount of $1,000 and may pay a contingent coupon of 15.50% per annum on specified observation dates if the underlier meets the coupon barrier.

Automatic early redemption can occur on specified dates if the closing level equals or exceeds the call threshold. If not redeemed, maturity payments depend on the final level versus a downside threshold (approximately 68% of the initial level), and investors may lose up to their entire principal. All payments are subject to Morgan Stanley and MSFL credit risk.

Morgan Stanley Finance LLC priced a primary offering of Buffered Jump Securities with an auto-callable feature, fully guaranteed by Morgan Stanley. The securities have a stated principal amount of $1,000 per security, an aggregate principal amount of $1,162,000 and an estimated value on the pricing date of $981.90 per security. The notes reference the Nasdaq-100 and S&P 500 indices, carry a 211.50% participation rate, a 10% buffer (buffer levels at 90% of initial levels) and an early redemption feature that pays $1,100 per security if both underliers meet call thresholds on the first determination date. Principal is at risk at maturity if the worst performing underlier falls below its buffer; minimum payment at maturity is 10% of principal.

Morgan Stanley Finance LLC priced callable contingent income securities with principal at risk, linked to the worst performing of the Nasdaq-100 Technology Sector, Russell 2000 and S&P 500. The notes pay a contingent coupon of 11.05% per annum on each coupon date only if the closing level of each underlier meets its coupon barrier (70% of initial level) on the related observation date. The securities may be called beginning April 29, 2027 if a risk-neutral valuation model determines redemption is economically rational; early calls shorten the term and end future payments. At maturity, if every underlier is at or above its downside threshold (70% of initial), investors receive principal; if any underlier is below that threshold, repayment equals principal × performance factor of the worst performing underlier, exposing investors to full downside and possible loss of principal. All payments are subject to issuer and guarantor credit risk.

Morgan Stanley Finance LLC priced a callable contingent income note series fully guaranteed by Morgan Stanley. The notes have a $1,000 stated principal per security, a 13.40% per annum contingent coupon (paid only if each underlier meets its coupon barrier on observation dates), a May 4, 2026 strike/pricing date and a May 10, 2027 maturity.

The securities reference the Nasdaq-100® Technology Sector, Russell 2000® and S&P 500® and pay at maturity the principal if each final level is at or above its 70% downside threshold; otherwise payment equals principal × performance factor of the worst performing underlier. The notes may be called beginning August 7, 2026 based on a risk neutral valuation model determination; estimated value on pricing date was ~$985.70.

Morgan Stanley Finance LLC priced market-linked notes due May 5, 2031 linked to the S&P 500® Futures Excess Return Index, with a $1,000 stated principal per note and a 128% participation rate. The notes pay no interest and at maturity will return principal plus 128% of any appreciation in the underlier if the final level exceeds the initial level; if the final level is equal to or lower than the initial level, investors receive only the stated principal amount. The observation date is April 30, 2031. The estimated value on the pricing date was approximately $964.80 per note. All payments are subject to MSFL’s and Morgan Stanley’s credit risk; the notes are unsecured, unlisted and may have limited secondary-market liquidity.

Morgan Stanley Finance LLC issued a preliminary pricing supplement for Principal at Risk structured notes due June 21, 2027 (guaranteed by Morgan Stanley) referencing the worst performing of the Russell 2000® and S&P 500® indices.

The securities have a $1,000 stated principal amount per security, an $133.50 upside payment (13.35%) and a downside threshold set at 85% of each initial index level. Key dates: strike/pricing May 15, 2026, original issue May 20, 2026, observation June 15, 2027.

The estimated value on the pricing date is approximately $972.10. Investors face full principal risk if the worst performing underlier falls below the downside threshold; payments are unsecured obligations and subject to Morgan Stanley credit risk.

Morgan Stanley Finance LLC is offering auto-callable principal-at-risk notes due May 6, 2031, fully and unconditionally guaranteed by Morgan Stanley. The notes reference the S&P 500® Futures Excess Return Index, carry a 280% participation rate and may be automatically redeemed on May 13, 2027 if the underlier meets a call threshold set at 110% of the initial level. If not called, payments at maturity depend on the final index level versus a downside threshold of 75% of the initial level; losses may equal 1% for each 1% decline below that threshold. The stated principal amount is $1,000 per security and the estimated value on the pricing date is approximately $976.20. All payments are subject to issuer and guarantor credit risk.

Morgan Stanley Finance LLC offers $1,000,000 of contingent‑coupon, memory auto‑callable notes linked to Intuit Inc. common stock, fully guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount, an annual contingent coupon of 26.50%, and a pricing date of April 24, 2026.

The notes pay contingent coupons only if the underlier’s closing level meets the coupon barrier (65% of the initial level = $249.145) on observation dates. The notes are automatically called if the closing level is at or above the call threshold (initial level = $383.30) on specified redemption determination dates. If not called, maturity is May 11, 2027, and principal repayment depends on the final level relative to the downside threshold (65% = $249.145) — principal can be reduced pro rata down to zero. Estimated value on pricing date: $977.80 per security.

Morgan Stanley Finance LLC is offering Buffered PLUS principal-at-risk securities tied to the S&P 500® Index with a $1,000 stated principal amount per security. The securities provide 150% leveraged upside subject to a $1,121.50 maximum payment and a 10% buffer (buffer level: 6,357.609, initial level: 7,064.01). At maturity on May 26, 2027, investors receive (a) principal plus leveraged upside if the final averaged index level is above the initial level (capped at the maximum payment), (b) the stated principal if the final averaged level is between the buffer level and initial level, or (c) a reduced payment reflecting a 1% loss for each 1% decline beyond the buffer (subject to a minimum payment of 10% of principal). The securities pay no interest, are unsecured obligations of MSFL and are unconditionally guaranteed by Morgan Stanley; all payments are subject to issuer credit risk. This amendment updates the preliminary pricing supplement and gives estimated value on the pricing date as approximately $986.20 per security.

Morgan Stanley Finance LLC priced Contingent Income Auto-Callable Securities linked to Palantir Technologies Inc. class A common stock. The securities have a $1,000 stated principal per note, aggregate offering of $734,000, issue price $1,000 and an estimated value on the pricing date of $970.40. Coupons are contingent and paid only if the underlier meets the coupon barrier on observation dates; an annual contingent coupon rate of 18.65% is stated. The notes are automatically callable if the underlier equals or exceeds the call threshold on redemption determination dates. At maturity investors receive principal only if the final level is at or above the downside threshold; otherwise principal is reduced pro rata with the underlier's decline. All payments are subject to MSFL’s and Morgan Stanley’s credit risk.

Morgan Stanley Finance LLC priced Trigger PLUS principal-at-risk securities due May 3, 2032, guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and an original issue price of $1,000. The securities offer a 130% leverage factor on positive basket performance, a downside threshold of 75, and pay at maturity based solely on the basket closing level on the observation date of April 28, 2032. The preliminary estimated value on the pricing date is approximately $944.50 per security, reflecting issuance and hedging costs embedded in the issue price. These notes pay no interest, can result in full loss of principal if the final level is below the downside threshold, and are subject to Morgan Stanley credit risk and limited secondary-market liquidity.

Morgan Stanley Finance LLC offers Principal-at-Risk auto-callable notes linked to Taiwan Semiconductor Manufacturing Company Limited ADS. The notes have a stated principal amount of $1,000 per security, an estimated value on the pricing date of approximately $984.10, and maturity on May 19, 2027. The securities pay a contingent coupon (annual rate of at least 21.84% before final pricing) only if observation-date closing levels meet the coupon barrier (80% of the initial level). They are automatically redeemable on specified redemption determination dates if the underlier meets the call threshold (100% of the initial level). At maturity, if the final level is below the buffer (80% of initial), principal is reduced by 1.25% per 1% decline beyond the 20% buffer (downside factor 1.25); the payment could be significantly less than principal or zero. All payments are subject to issuer and guarantor credit risk.

The issuer Morgan Stanley Finance LLC is offering principal‑at‑risk, iShares 20+ Year Treasury Bond ETF (TLT)‑linked notes due in approximately 12–14 months. For each $1,000 face amount, the Maximum Settlement Amount will be set on the Trade Date and is expected to be between $1,048.70 and $1,057.20. If the Final Underlier Level is at least 90% of the Initial Underlier Level, holders receive the Maximum Settlement Amount; if the Final Underlier Level is below 90%, the cash payment is reduced by a formula using the Buffer Rate (~111.11%), and investors may lose some or all principal. The notes pay no interest, are unsecured obligations of MSFL, and are fully guaranteed by Morgan Stanley; all payments are subject to issuer credit risk. The issuer estimates the Trade Date value at approximately $982.40 per note (Original Issue Price: $1,000), and selling concessions total $8.80 per note.

Morgan Stanley Finance LLC priced Conditional Lookback Entry Buffered PLUS notes due October 29, 2030, secured by a guarantee of Morgan Stanley. Each security has a stated principal amount of $1,000 and an initial level of 577.43 (strike date April 24, 2026). The notes offer a leveraged upside (152% leverage factor) if threshold levels are met and a 25% buffer (buffer level 433.073) against declines, subject to a 1.3333% downside factor for losses beyond the buffer. A knock-in event (any close below 519.687 during the initial observation period) changes the reference level via a conditional lookback feature and can materially affect payout. All payments are subject to issuer credit risk; estimated value on the pricing date was ~$964 per security.

Morgan Stanley Finance LLC offers Conditional Lookback Entry Trigger PLUS securities due Oct 29, 2030 that reference the S&P 500® Futures Excess Return Index and are fully and unconditionally guaranteed by Morgan Stanley. The notes provide a leveraged upside (leverage factor 164%) and a conditional lookback feature that can adjust the initial reference level (initial level 577.43), but they do not pay interest and principal is at risk.

At maturity payments depend on (1) whether a knock-in event occurred during the initial observation period (knock-in level 519.687 = 90% of the initial level), (2) the final level on the observation date, and (3) comparisons to the upside threshold (606.302) and downside threshold (404.201). The estimated value on the pricing date was approximately $951.00 per security and the stated issue price is $1,000 per security. All payments are subject to the issuer’s credit risk.

Morgan Stanley Finance LLC priced a series of PLUS linked to the Russell 2000® Index maturing June 4, 2027. Each PLUS has a $1,000 stated principal, a 300% leverage factor on upside subject to a maximum payment of $1,194.20, and exposes investors on a 1:1 basis to downside, including total loss.

The offering price is $1,000 per PLUS, the estimated value on the pricing date was approximately $969.00, and all payments are unsecured obligations of MSFL, fully guaranteed by Morgan Stanley.

The issuer Morgan Stanley Finance LLC is offering Principal-at-Risk auto-callable securities linked to the common stock of NVIDIA Corporation. The offering aggregates $17,397,000 at an issue price of $1,000 per security. The securities pay a contingent coupon of 12.32% per annum, are subject to automatic early redemption if the underlier meets the call threshold, and expose investors to potential loss of principal if the final level is below the downside threshold. Pricing and strike date were April 23, 2026, with maturity on October 28, 2027. All payments are subject to MSFL's and Morgan Stanley's credit risk.

Morgan Stanley Finance LLC is offering Principal at Risk structured notes tied to the performance of Amazon.com, Inc. common stock. Each note has a stated principal of $1,000, an upside payment of $138 (13.80%) payable at maturity if the final level is greater than or equal to the downside threshold, and a downside threshold of $178.752 (70% of the initial level).

If the final level on the observation date is at or above the downside threshold, investors receive principal plus the fixed upside payment. If the final level is below that threshold, the payment equals the stated principal multiplied by (final level / initial level), exposing investors to proportional losses of principal (potentially to zero). Key dates include a strike date of April 22, 2026, pricing date April 23, 2026, original issue date April 28, 2026, observation date May 24, 2027, and maturity May 27, 2027. The estimated value on the pricing date was $982.30 per security, below the $1,000 issue price, reflecting issuance and hedging costs.

Morgan Stanley Finance LLC priced contingent income, memory auto-callable securities tied to the S&P 500® Index with $1,000 stated principal per security and $750,000 aggregate principal. The notes pay an 8.64% contingent annual coupon on observation dates only if the index closes at or above the coupon barrier (80% of the initial level). The securities may be automatically redeemed on specified redemption determination dates beginning August 5, 2026 if the index is at or above the call threshold (initial level). At maturity May 10, 2027, investors receive principal only if the final level is at or above the downside threshold (80% of initial level); otherwise payoff equals principal × (final level / initial level), exposing investors to full downside risk. All payments are subject to issuer and guarantor credit risk.

Morgan Stanley Finance LLC priced principal‑at‑risk securities fully and unconditionally guaranteed by Morgan Stanley, $1,000 stated principal per security, aggregate $696,000, maturing July 28, 2027.

Payment at maturity is linked to the worst performing of the Russell 2000® and S&P 500® indices: if both final levels are ≥ their 75% downside thresholds, holders receive the $1,000 stated principal plus an $128.50 upside payment (12.85%); if the worst performing underlier is below its 75% threshold, holders suffer principal loss equal to the worst underlier’s percentage decline (no minimum payment). Estimated value on the pricing date was $984.40; commission was $12.50 per security.

Morgan Stanley Finance LLC is offering Buffered Digital MSCI EAFE® Index-Linked Notes, fully and unconditionally guaranteed by Morgan Stanley. Each note has a Face Amount of $1,000. The Maximum Settlement Amount is expected to be between $1,114.20 and $1,134.30 per note, and the Threshold Level equals 90% of the Initial Underlier Level. The Buffer Rate is approximately 111.11%. The Determination Date is expected to be between 15 and 17 months after the Trade Date; the estimated value on the Trade Date is approximately $993.40 per note. The notes pay no interest, are unsecured, are subject to Morgan Stanley credit risk, and can lose principal if the Final Underlier Level is below the Threshold Level. Additional terms, risks and tax treatment are set forth in the accompanying supplements and prospectus.

Morgan Stanley Finance LLC is offering principal-at-risk notes due June 3, 2027 linked to the worst performing of the Russell 2000® and S&P 500® indices. Each security has a $1,000 stated principal amount and a fixed upside payment of $91 ( 9.10%) payable at maturity if both underliers finish at or above their downside threshold levels. If the final level of either underlier is below its downside threshold (set at 65% of its initial level), the holder suffers a loss proportional to the decline in the worst performing underlier; there is no minimum payment. The pricing date and strike date are April 28, 2026, the observation date is May 28, 2027 (subject to postponement), and the estimated value on the pricing date is approximately $992 per security.

Morgan Stanley Finance LLC priced a structured, principal-at-risk note that is fully guaranteed by Morgan Stanley and linked to the worst performing of three underliers: the State Street^® Energy Select Sector SPDR^® ETF (XLE), the Russell 2000^® Index (RTY) and the State Street^® Technology Select Sector SPDR^® ETF (XLK). Each security has a stated principal amount of $1,000 and an upside payment of $181 (18.10%) payable at maturity if every underlier finishes at or above its 75% downside threshold.

The securities pay no interest and expose investors to full downside of the worst performing underlier on the observation date of June 1, 2027, with maturity on June 4, 2027. Estimated value on the pricing date was approximately $983.80 per security; the original issue price is $1,000, which includes issuance, structuring and hedging costs. All payments are subject to the issuer’s and guarantor’s credit risk.

Morgan Stanley Finance LLC is offering principal-at-risk, contingent income auto-callable securities linked to the common stock of Apple Inc. The notes have a stated principal amount of $1,000 per security, an estimated value on the pricing date of approximately $984.80, and a contingent coupon at an annual rate of 10.00%.

The securities may be automatically redeemed on specified redemption determination dates beginning November 9, 2026 if the closing level of the underlier meets the call threshold (100% of the initial level). Coupons are paid only when the underlier’s closing level on observation dates is at or above the coupon barrier (70% of the initial level). If not auto-redeemed, maturity is June 11, 2027, with a downside threshold of 70% of the initial level and a payment at maturity equal to the stated principal multiplied by the performance factor (final level/initial level) if the final level is below that threshold.

Morgan Stanley Finance LLC amended a preliminary pricing supplement for a contingent income auto-callable principal‑at‑risk note linked to the common stock of Ulta Beauty, Inc. The notes have a $1,000 stated principal per security, an estimated value of approximately $968 on the pricing date and a contingent annual coupon of 12.05%. Key terms: strike/pricing date May 1, 2026, original issue date May 6, 2026, final observation June 1, 2027 and maturity June 4, 2027. Coupons pay only if the underlier meets the coupon barrier (68% of the initial level) on each observation date; automatic early redemption can occur if the closing level meets the call threshold (100% of the initial level) on a redemption determination date. If not called and the final level is below the downside threshold (68% of initial), payment at maturity is reduced by the performance factor and could be zero. All payments are subject to MSFL’s and Morgan Stanley’s credit risk.

Morgan Stanley Finance LLC filed Amendment No. 1 to a preliminary pricing supplement for Principal at Risk contingent income auto-callable securities linked to Ulta Beauty, Inc. common stock. The notes pay a contingent coupon of 14.50% per annum, may auto-redeem on scheduled dates, and repay principal at maturity only if a downside threshold is not breached. The issue price is $1,000 per security; the document lists an estimated value of approximately $982.80 on the pricing date. Key dates include strike/pricing date May 1, 2026, original issue date May 6, 2026, final observation date June 1, 2027 and maturity June 4, 2027. All payments are subject to the issuer and guarantor credit risk and investors may lose some or all principal.

Morgan Stanley Finance LLC is offering principal-at-risk, contingent-coupon, auto-callable securities tied to Caterpillar Inc. common stock. Each security has a $1,000 issue price and may pay a 13.35% annual contingent coupon on scheduled observation dates only if the underlier meets the coupon barrier. The notes can be automatically redeemed early if the underlier meets the call threshold on a redemption determination date; if not redeemed, repayment at maturity depends on the final level relative to a downside threshold and can result in a loss of principal, potentially to zero. All payments are unsecured and subject to Morgan Stanley's credit risk; estimated value on the pricing date was approximately $979.30 per security.

Morgan Stanley Finance LLC priced a preliminary pricing supplement for Structured Investments — Buffered Jump Securities with an auto-callable feature due May 5, 2031, fully and unconditionally guaranteed by Morgan Stanley.

The securities have a stated principal amount of $1,000 per security and an issue price of $1,000. The estimated value on the pricing date is approximately $904.90. The notes include a 15% buffer (buffer level = 85% of initial level) and a call threshold of 90% of the initial level. If not auto‑redeemed, payment at maturity depends on the final level: $1,625 if final level >= call threshold; return of principal if final level >= buffer level; otherwise principal reduced 1% per 1% decline beyond the buffer, subject to a 15% minimum payment.

Morgan Stanley Finance LLC files a preliminary pricing supplement for Principal at Risk notes linked to Broadcom Inc. common stock. The notes have a $1,000 stated principal and an original issue price of $1,000 per security, an estimated value of approximately $977.90 on the pricing date, a contingent coupon at an annual rate of 15.93%, a strike date of April 30, 2026, and mature on November 4, 2027. The securities pay contingent coupons only if the underlier meets the coupon barrier (55% of the initial level) on each observation date, carry an automatic early redemption if the underlier meets the call threshold (100% of the initial level) on a redemption determination date, and expose investors to full downside risk below the downside threshold (55% of the initial level), including potential loss of principal. Coupon and redemption observation dates run from July 30, 2026 through November 1, 2027. All payments are subject to Morgan Stanley and MSFL credit risk and various structural, market, liquidity and tax risks described in the supplement.

Morgan Stanley Finance LLC is offering $2,500,000 aggregate face amount of auto-callable, principal‑at‑risk market linked securities (face amount $1,000 per security) linked to the lowest performing of the Dow Jones Industrial, the Russell 2000® and the S&P 500® Equal Weight Indexes. The pricing date is April 23, 2026 and the stated maturity (if not called) is April 28, 2032. The securities are fully and unconditionally guaranteed by Morgan Stanley, have semiannual calculation days beginning April 28, 2027, discrete call payments (first call payment $1,129.00, final call payment $1,774.00) and a contingent downside that can result in losses greater than 25% of face amount at maturity. The issuer estimates the securities' value on the pricing date at $986.30 per security. All payments are subject to the issuer's credit risk and the securities do not pay interest or dividends.

Morgan Stanley Finance LLC (MS) is offering Principal at Risk auto‑callable notes linked to NVIDIA common stock. The securities have a $1,000 stated principal and issue price, a contingent coupon at an annual rate of 13.05%, observation dates from July 30, 2026 to November 1, 2027, and maturity on November 4, 2027. Payments depend on closing levels of the underlier versus fixed thresholds (call threshold, coupon barrier and downside threshold each set at 100% or 55% of the initial level as described). Estimated value on the pricing date was approximately $979.00 per security. All payments are unsecured and subject to MSFL and Morgan Stanley credit risk.

Morgan Stanley Finance LLC priced Structured Investments — Enhanced Buffered Jump Securities linked to the S&P 500® Index with stated principal amount of $1,000 per security and an upside payment of $88 (8.80%). The securities pay no interest and are fully guaranteed by Morgan Stanley. If the final level on the observation date is below the buffer level (90% of the initial level), investors lose 1.1111% of principal for every 1% decline beyond the 10% buffer; there is no minimum payment and the investment could be worth zero at maturity. The pricing date was April 27, 2026, the strike date was April 24, 2026 (initial level 7,165.08), the observation date is May 7, 2027 and the maturity date is May 12, 2027. The estimated value on the pricing date was approximately $984.00 per security; the issue price is $1,000 (agent commission $10, proceeds to issuer $990).

Morgan Stanley Finance LLC priced $2,000,000 of buffered digital basket-linked notes due January 26, 2028, guaranteed by Morgan Stanley. Each $1,000 note is linked to a five-index basket (EURO STOXX 50, TOPIX, FTSE 100, SMI, S&P/ASX 200) with an initial basket level of 100 and a 5% downside buffer. If the final basket level is ≥100, holders receive at least a $1,157.10 threshold payment; if the final basket level is <95, holders suffer proportional losses, potentially losing their entire principal. Trade date is April 23, 2026, original issue date April 28, 2026, determination date January 24, 2028. Estimated value on the trade date: $976.20 per note. All payments are subject to issuer and guarantor credit risk.

Morgan Stanley Finance LLC is offering structured, principal-at-risk notes fully guaranteed by Morgan Stanley with an aggregate principal amount of $15,350,000. The securities pay a $1,000 issue price per security and carry a contingent annual coupon of 12.10%, payable only if both the Nasdaq-100 and S&P 500 closing levels meet coupon barrier levels on specified observation dates.

The notes are callable beginning on May 27, 2026, mature on January 26, 2027, and feature a 15% buffer and a downside factor of 1.1765; if the worst performing underlier falls below the buffer at maturity, principal is reduced per the stated formula. The estimated value on the pricing date was $991.20 per security.

Morgan Stanley Finance LLC is offering Structured Investments Enhanced Buffered Jump Securities with Downside Factor linked to Credo Technology Group Holding Ltd ordinary shares and fully guaranteed by Morgan Stanley. The securities have a $1,000 stated principal amount, mature on May 10, 2027, and were issued at $1,000 with an estimated value on the pricing date of $954.80. If the final level on the observation date is at or above the buffer level (80% of the initial level), holders receive principal plus a fixed upside payment of $616.20 (61.62%). If the final level is below the buffer level, holders lose 1.25% of principal for every 1% decline beyond the 20% buffer; there is no minimum payment and investors could lose their entire investment. The initial level is $183.32 (strike date closing level), buffer level is $146.656, observation date is May 5, 2027 (subject to postponement), and aggregate issuance was $575,000.

The Morgan Stanley Finance LLC preliminary pricing supplement describes an offering of Principal at Risk structured notes due June 11, 2027, linked to the S&P 500® Index. Each security has a $1,000 stated principal amount and an issue price of $1,000. The securities pay no interest and provide (i) upside participation of 100% subject to a $1,075 maximum payout, (ii) an absolute-return participation feature that yields up to a 19% positive return if the index declines no more than the 19% buffer, and (iii) a downside that absorbs losses beyond the 19% buffer with a 19% minimum payment at maturity. All payments are subject to the issuer's and guarantor's credit risk; the securities are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley.

Morgan Stanley Finance LLC priced $17,136,000 of leveraged buffered S&P 500® index-linked notes ("PLUS") due October 22, 2027, fully and unconditionally guaranteed by Morgan Stanley. The notes pay no interest and return at maturity depends on the S&P 500® performance from the trade date April 22, 2026 to the determination date October 20, 2027. For each $1,000 face amount, investors receive:

• up to a Maximum Settlement Amount of $1,189.45 if the final index level is at or above the Cap Level;
• the $1,000 face amount if the index decline is no greater than 7.50% (the Buffer Amount);
• a reduced cash payment (and possible loss of principal) if the index declines by more than 7.50%, calculated using the Buffer Rate (~108.11%).

The Original Issue Price is $1,000 per note, the estimated value on the trade date is $985.20 per note, and MS & Co. acted as agent with a commission of $11.10 per note.

Morgan Stanley Finance LLC priced $7,113,000 of leveraged buffered MSCI EAFE® Index-linked notes due October 22, 2027, fully and unconditionally guaranteed by Morgan Stanley. The notes offer 200% upside participation in index gains up to a $1,213.20 cap per $1,000 face amount and provide a 7.50% buffer against declines (buffer level 92.50% of the initial index level). If the index falls by more than 7.50%, holders suffer a pro rata loss; there is no minimum payment. Trade Date is April 22, 2026, Original Issue Date April 27, 2026. The issuer estimates the value on the Trade Date at $981.30 per note; price to public is $1,000 with agent commission $11.10 and proceeds to issuer $988.90 per note.

Morgan Stanley Finance LLC is offering Digital Equity-Linked Notes linked to the common stock of ServiceNow, Inc. (Bloomberg: NOW). Each note has a Face Amount of $1,000, a Threshold Level of 80.00% (20.00% buffer) and a capped Maximum Settlement Amount expected between $1,250.50 and $1,294.70 per $1,000 face amount. If the Final Underlier Level is below the Threshold Level at the Determination Date, the payment formula can produce a loss of principal, including a total loss. The notes pay no interest, are unsecured obligations of MSFL and are fully guaranteed by Morgan Stanley; all payments are subject to issuer credit risk. Morgan Stanley estimates the Trade Date value at approximately $976.60 per note and the price to public is $1,000 with agent commissions of $10.90 per note.

Morgan Stanley Finance LLC is offering structured, principal‑at‑risk notes due May 6, 2031, fully guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000, an upside payment of $515 ( 51.50%) and is linked to the worst performing of the iShares MSCI EAFE ETF and the Russell 2000 Futures Excess Return Index. The observation date is April 30, 2031 (strike/pricing April 30, 2026) and the estimated value on the pricing date was approximately $976.90 per security. If the final level of either underlier is below its 65% downside threshold of its initial level, the payment at maturity will equal the stated principal amount multiplied by the performance factor of the worst performing underlier, exposing investors to a potential loss of principal on a 1% for 1% basis, including possible total loss.

Morgan Stanley Finance LLC priced auto-callable Principal-at-Risk notes linked to the S&P 500® Futures Excess Return Index, with a $1,000 stated principal per security and an original issue price of $1,000. The notes pay no interest, may auto‑redeem on the first determination date (May 7, 2027) for an early redemption payment, and mature on May 5, 2031 if not redeemed. At maturity the payout depends on index performance: appreciation is paid at a 274% participation rate if the final level exceeds the initial level; investors receive principal only if the final level is between the downside threshold (70% of the initial level) and the initial level; if the final level is below the downside threshold investors suffer pro rata losses, possibly losing their entire investment. All payments are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley and are subject to Morgan Stanley's credit risk. The estimated value at pricing was approximately $974.50 per security.

The issuer Morgan Stanley Finance LLC is offering structured, principal-at-risk notes linked to the common stock of MP Materials Corp. Each note has a $1,000 stated principal amount and an original issue price of $1,000. The notes mature on October 28, 2027 and pay no interest.

At maturity, if the arithmetic average closing price on the final averaging dates is at least the downside threshold (70% of the initial level), investors receive the $1,000 principal plus a fixed upside payment of $530.60. If the final level is below the threshold, holders incur losses equal to the percentage decline in the underlier; there is no minimum payment and the investment could become worthless. All payments are subject to the issuer’s and guarantor’s credit risk.

Morgan Stanley Finance LLC priced auto-callable, principal-at-risk notes linked to the S&P 500® Futures Excess Return Index with a $1,000 stated principal amount per security. The notes (guaranteed by Morgan Stanley) can auto-redeem on the first determination date for $1,135 if the underlier is at or above the call threshold (100% of the initial level). If not auto-redeemed, maturity payments vary: full principal plus a 200% participation in upside if the final level is above the initial level; full principal if the final level is ≥70% of the initial level; and a pro rata principal loss if the final level is below 70% of the initial level. All payments are subject to issuer credit risk, the estimated value on pricing was approximately $976.40, and the securities do not pay interest.

Morgan Stanley Finance LLC is offering structured, principal‑at‑risk notes called Buffered Jump Securities with an auto‑callable feature, linked to the worst performing of Apple, Microsoft and NVIDIA. Each security has a stated principal amount of $1,000 and an original issue price of $1,000. The notes mature on June 6, 2029 with a final determination date of June 1, 2029. The securities do not pay interest, include a 20% buffer and a 250% participation rate for upside on the worst performing underlier. An automatic early redemption may occur on the first determination date with an early redemption payment of $1,537.50. All payments are subject to issuer and guarantor credit risk.