Morgan Stanley 424B Filings

Morgan Stanley is offering principal-at-risk, contingent-income auto-callable securities issued by Morgan Stanley Finance LLC and fully guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount, a contingent coupon at an annual rate of 10.90%, automatic early redemption opportunities beginning on November 12, 2026, and a maturity date of August 17, 2027

The securities pay a contingent coupon only if the closing level of both underliers (the Nasdaq-100® Technology Sector Index℠ and the Russell 2000® Index) meets or exceeds coupon barrier levels on observation dates. Automatic early redemption occurs if both underliers meet call threshold levels on a redemption determination date; otherwise, at maturity investors either receive principal (if final levels are at or above downside thresholds) or a reduced cash payment tied to the worst performing underlier, potentially resulting in the loss of all principal.

Morgan Stanley Finance LLC is offering Trigger PLUS™ Principal-at-Risk securities due May 6, 2031 that reference the S&P 500® Futures Excess Return Index. Each security has a stated principal amount of $1,000 and an estimated value on the pricing date of approximately $958.20 ("within $40.00 of that estimate"). The securities pay no interest and expose investors to credit risk of Morgan Stanley and principal loss if the underlier’s final level is below the downside threshold (70% of the initial level). Upside is amplified by a 207% leverage factor applied to positive index performance measured from the strike date (May 1, 2026) to the observation date (May 1, 2031).

The securities return the stated principal if the final level is between the downside threshold and the initial level; they return the stated principal plus the leveraged upside payment if the final level is greater than the initial level. If the final level is below the downside threshold, investors suffer losses pro rata with index declines; there is no minimum payment and principal could be lost.

Morgan Stanley Finance LLC offers principal-at-risk, auto-callable structured notes due June 6, 2029 linked to the S&P 500® Futures Excess Return Index. The issue price is $1,000 per security with a 150% participation rate, a 60% downside threshold, and an automatic early redemption opportunity on the first determination date (May 10, 2027) with an early redemption payment of $1,126.50. Payments are unsecured and fully guaranteed by Morgan Stanley; all payments are subject to Morgan Stanley's credit risk and investors may lose their entire investment.

Morgan Stanley Finance LLC is offering Principal at Risk, contingent‑coupon, auto‑callable securities with a stated issue price of $1,000 per security and an estimated value on the pricing date of $901.70. The notes pay a contingent coupon at an annual rate of 11.60% on scheduled coupon dates only if the closing level of the S&P U.S. Equity Momentum 40% VT 4% Decrement Index is at or above the coupon barrier (80% of the initial level) on the related observation date.

The securities can be automatically redeemed beginning on May 6, 2027 if the underlier is at or above the call threshold (100% of the initial level) on a redemption determination date. At maturity (May 6, 2031), if not redeemed, investors receive principal only if the final level is at or above the buffer level (85% of the initial level); otherwise payment equals stated principal times (performance factor + 15%), subject to a minimum payment of 15% of principal. All payments are unsecured and subject to Morgan Stanley credit risk.

Morgan Stanley Finance LLC is offering principal-at-risk structured notes linked to the ordinary shares of Credo Technology Group Holding Ltd. Each note has a stated principal amount of $1,000, an upside payment of $537.50 (53.75% of principal) and a maturity date of June 3, 2027. If the final level on the observation date is below the downside threshold (60% of the initial level), investors lose 1% of principal for each 1% decline in the underlier; there is no minimum payment at maturity. The issue price is $1,000 and the estimated value on the pricing date is approximately $949.60. All payments are subject to issuer and guarantor credit risk, and the securities do not pay interest.

Morgan Stanley Finance LLC offers Principal-at-Risk contingent income Memory Auto-Callable Securities linked to Intuit Inc. common stock. The securities have a stated principal amount of $1,000 per security, a contingent coupon at an annual rate of 26.50%, automatic early redemption opportunities, and maturity on May 11, 2027. The initial level (closing on the strike date) was $383.30; the coupon barrier and downside threshold are both $249.145 (65% of the initial level). If the final level is below the downside threshold, payment at maturity equals the stated principal multiplied by the performance factor (final level/initial level), exposing investors to full principal loss. All payments are subject to the issuer’s and guarantor’s credit risk.

The issuer, Morgan Stanley Finance LLC, is offering $17,789,000 aggregate face amount of Leveraged Buffered S&P 500® Index‑Linked Notes due July 23, 2027, fully and unconditionally guaranteed by Morgan Stanley. Each note has a Face Amount $1,000 and provides 150% Upside Participation in positive S&P 500 performance up to a Maximum Settlement Amount $1,158.40 per $1,000. A 7.50% buffer protects against declines up to that amount; losses occur if the Final Underlier Level is below the Buffer Level (92.50% of the initial level). The Initial Underlier Level is 7,137.90 (S&P 500 Closing Level on the Trade Date: April 22, 2026). The estimated value on the trade date is $986.40 per note and the offering includes an agent commission of $9.20 per note.

Morgan Stanley Finance LLC is offering principal-at-risk, fixed-coupon, buffered auto-callable securities due May 6, 2031, fully guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 per security and pays a fixed coupon of 7.00% per annum. The securities pay monthly coupons, can be automatically redeemed on specified redemption dates beginning with the first redemption determination date of May 3, 2027 if the closing level of the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index is at or above the call threshold (100% of the initial level), and otherwise pay at maturity an amount that protects only a 15% buffer (buffer level 85% of the initial level) subject to a 15% minimum payment. The estimated value on the pricing date was approximately $921.30 per security; the issue price is $1,000 and issuance costs are included in that price. All payments remain subject to the issuer’s and guarantor’s credit risk.

Morgan Stanley Finance LLC priced Principal-at-Risk notes — Structured Investments Buffered Jump Securities with an auto-callable feature due May 6, 2031, 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 offer automatic early redemption if the underlier meets the call threshold on a determination date, with predetermined early redemption payments that correspond to approximately 17.50% per annum (examples show $1,175.00 on the first determination). If not called, maturity payoffs depend on the final level versus a buffer level of 85% of the initial level and include a minimum payment of 15% of principal. The estimated value on the pricing date is approximately $907.40 per security. All payments are subject to the credit risk of MSFL and Morgan Stanley.

Morgan Stanley Finance LLC priced Principal at Risk notes with a stated principal amount of $1,000 per security due May 6, 2031, linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index. The securities pay a contingent coupon at an annual rate of 10.25% if the underlier meets the coupon barrier on observation dates, feature automatic early redemption if the underlier is at or above the call threshold (100% of the initial level) on a redemption determination date, and protect a portion of principal with a 15% buffer (buffer level = 85% of the initial level). If the final level is below the buffer level, payment at maturity equals the stated principal multiplied by (performance factor + buffer amount), subject to a 15% minimum payment at maturity. Estimated value on the pricing date is approximately $903.50 per security. All payments are subject to MSFL and Morgan Stanley credit risk.

Morgan Stanley (MS) is offering $1,831,000 aggregate face amount of Capped Leveraged Basket-Linked Notes due January 7, 2028, issued by Morgan Stanley Finance LLC and fully guaranteed by Morgan Stanley. Each $1,000 note provides 300% upside participation subject to a cap: if the Final Basket Level exceeds the Cap Level of 110.92, the cash payment is limited to a Maximum Settlement Amount of $1,327.60 per $1,000. The notes are principal-at-risk, pay no interest, have an estimated trade-date value of $987.70 per note, and settle based on the performance of a weighted basket of five international indices measured from the trade date (April 21, 2026) to the determination date (January 5, 2028), subject to the issuer’s credit risk and other document terms.

Morgan Stanley Finance LLC offers Principal at Risk structured notes tied to the Nasdaq-100® Technology Sector, issued at $1,000 per security with an aggregate principal amount of $697,000. The notes are fully and unconditionally guaranteed by Morgan Stanley and mature on July 26, 2027.

At maturity investors receive the stated principal plus a fixed $101 upside payment (10.10%) if the final level is at or above a buffer level (~85% of the initial level). If the final level is below the buffer, losses are 1% per 1% decline beyond the 15% buffer, subject to a 15% minimum payment.

Morgan Stanley Finance LLC priced Market-Linked Notes due April 24, 2031, fully and unconditionally guaranteed by Morgan Stanley. The notes have a stated principal amount of $1,000 per note and an aggregate principal amount of $100,000. They pay no interest and provide at‑maturity upside equal to the 200% participation rate applied to the underlier percent change, subject to a $1,520 maximum payment per note.

The underlier is a three-stock basket (Blackstone, KKR, Ares), each weighted one third with initial levels and fixed multipliers set on the pricing date. Payments depend solely on the closing basket level on the observation date of April 21, 2031. All payments are subject to issuer credit risk, the notes are unsecured, not listed, and MS & Co. may not maintain a secondary market.

Morgan Stanley Finance LLC is offering structured, market-linked notes due April 24, 2031, fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount and the payment at maturity is linked to the worst performing of the STOXX Europe 600 Index and the MSCI EAFE Index.

If the final level of each index is greater than its initial level, investors receive the stated principal amount plus an upside payment equal to the stated principal amount times a 142% participation rate times the percentage appreciation of the worst performing index. If the final level of either index is equal to or less than its initial level, investors receive only the stated principal amount. The estimated value on the pricing date was $963.10 per note and the notes are not listed on any exchange.

Morgan Stanley Finance LLC is offering contingent income auto-callable securities linked to Amcor PLC ordinary shares with a stated principal amount of $1,000 per security and an aggregate principal amount of $490,000. The securities pay a contingent coupon at an annual rate of 13.50% only if the underlier's closing level on each observation date is at or above the coupon barrier of $29.181 (71% of the initial level). They are subject to automatic early redemption if the closing level is at or above the call threshold of $41.10 (100% of the initial level) on any redemption determination date, with the first such date on October 21, 2026. If not redeemed, at maturity on May 26, 2027 holders receive the stated principal if the final level is at or above the downside threshold ($29.181); otherwise payment equals the stated principal multiplied by the performance factor and could be significantly less or zero. All payments are subject to the issuer's and guarantor's credit risk. The estimated value on the pricing date was $981.50 per security.

Morgan Stanley Finance LLC is offering Digital S&P 500® Index-Linked Notes (principal at risk) that are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley. Each note has a Face Amount of $1,000 and does not pay interest. The cash payment at maturity (expected ~12–14 months after the trade date) depends on the S&P 500® Index performance from the trade date to the determination date: if the Final Underlier Level is ≥ 90% of the Initial Underlier Level you will receive a capped Maximum Settlement Amount expected to be between $1,085.90 and $1,100.80 per note; if the Final Underlier Level is < 90% you may suffer losses, potentially losing your entire investment. Estimated value on the trade date is approximately $983.90 per note. All payments are subject to issuer credit risk and the notes are not listed or FDIC insured.

Morgan Stanley Finance LLC priced principal-at-risk notes that pay a fixed 9.70% annual coupon and are fully and unconditionally guaranteed by Morgan Stanley. The securities have a stated principal amount of $1,000 per security and an aggregate principal amount of $2,001,000. At maturity investors receive principal only if each underlier's final level is at or above its downside threshold; otherwise payment equals the stated principal multiplied by the performance factor of the worst performing underlier, which can result in a complete loss of principal. The notes reference the iShares Expanded Tech-Software Sector ETF (IGV) and the State Street Technology Select Sector SPDR ETF (XLK); downside thresholds equal 60% of each underlier's initial level. Payments are subject to Morgan Stanley's credit risk and the estimated value on the pricing date was $992.80 per security.

Morgan Stanley Finance LLC priced callable Contingent Income Securities linked to the worst performer of the Dow Jones Industrial Average, Nasdaq-100® Technology Sector and Russell 2000® Index. The notes have a $1,000 stated principal amount, an annual contingent coupon of 12.75% (paid only if all underliers meet coupon barriers on observation dates), a call feature driven by a risk neutral valuation model, and a maturity on February 25, 2028. If any underlier’s final level is below its 70% downside threshold, payment at maturity equals principal × performance factor of the worst performing underlier, exposing investors to potential loss of principal. All payments are subject to Morgan Stanley credit risk.

Morgan Stanley Finance LLC priced Principal at Risk notes linked to Micron Technology common stock. The offering is $500,000 aggregate principal, $1,000 per security, maturing May 25, 2027, and is fully guaranteed by Morgan Stanley.

At maturity, if Micron's closing level on the observation date is at or above the downside threshold ($313.894, ~70% of the initial level), each security pays the $1,000 stated principal plus a fixed $425.30 upside payment. If the final level is below the downside threshold, repayment equals the stated principal multiplied by (final level/initial level), exposing investors to a loss of 1% for each 1% decline in the underlier; there is no minimum payment and principal could be lost. The estimated value on the pricing date was $979.20 and agent commissions were $10.42 per security.

Morgan Stanley Finance LLC priced $1,250,000 of Principal at Risk securities tied to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index. Each $1,000 security can auto-redeem on scheduled determination dates for fixed early redemption payments or pay at maturity based on the final index level, subject to a 15% buffer and a 15% minimum payment. All payments are unsecured and fully guaranteed by Morgan Stanley and remain subject to issuer credit risk.

Morgan Stanley Finance LLC is offering Buffered Jump Securities (auto-callable) due April 25, 2030, fully guaranteed by Morgan Stanley. The stated principal is $1,000 per security with an aggregate principal amount of $530,000. The securities carry a 10% buffer, a 242.50% participation rate on the worst performing underlier, and a minimum payment at maturity of 10% of principal. The first determination date for automatic early redemption is April 28, 2027 with a fixed early redemption payment of $1,100 per security if both underliers meet their call thresholds (100% of initial levels). Initial levels (strike) and call thresholds equal NDX 26,479.47 and SPX 7,064.01 (as of April 21, 2026). Estimated value on the pricing date was $987.50 per security and the issue price is $1,000 (agent commission $7.50 per security). All payments are subject to issuer and guarantor credit risk.

Morgan Stanley Finance LLC offers $500,000 aggregate principal of contingent-income, principal-at-risk notes due April 24, 2031, fully guaranteed by Morgan Stanley. Each security has a stated principal of $1,000, an annual contingent coupon of 12.00%, a 15% buffer and a 15% minimum payment at maturity. The securities are automatically callable beginning with the redemption determination date on April 21, 2027 if the underlier meets the call threshold of 1,252.95. Issue price was $1,000 with an estimated value on the pricing date of $908.20. Coupon payments and early redemption depend on observation and redemption determination dates tied to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index; losses of principal occur if the final level is below the buffer level.

Morgan Stanley Finance LLC offers $1,500,000 aggregate principal amount of Principal at Risk contingent income auto-callable securities, fully and unconditionally guaranteed by Morgan Stanley. The notes have a stated principal amount of $1,000 per security and a contingent coupon at an annual rate of 6.25%.

The securities pay coupons only if each underlier is above its coupon barrier on observation dates, may auto-redeem on specified redemption determination dates, and expose investors to losses tied to the worst performing underlier (S&P 500®, Russell 2000®, Nasdaq-100®). All payments are subject to Morgan Stanley's credit risk.

Morgan Stanley Finance LLC (guaranteed by Morgan Stanley) is offering principal-at-risk, trigger jump securities due May 2, 2031 linked to the worst performing of the EURO STOXX 50 Index, iShares MSCI EAFE ETF and iShares MSCI Emerging Markets ETF. The securities have a $1,000 stated principal amount, pay no interest and include a fixed $500 upside payment plus a leveraged upside return (leverage factor 635%) if the worst performing underlier reaches its upside threshold (150% of initial). If the worst performing underlier falls below its downside threshold (75% of initial), investors lose 1% of principal for each 1% decline; there is no minimum payment. The preliminary estimated value on the pricing date is approximately $933.80 per security. All payments are subject to the issuer’s and guarantor’s credit risk. The document also highlights secondary-market illiquidity, model valuation assumptions, and U.S. federal tax uncertainty including possible application of Section 1260 and Section 871(m).

Morgan Stanley Finance LLC is offering Trigger PLUS principal-at-risk securities due May 5, 2031, linked to the S&P 500® Futures Excess Return Index. Each security has a stated principal amount of $1,000 and a leveraged upside equal to 214.50% of the underlier’s appreciation. At maturity, if the final level > initial level, investors receive principal plus the leveraged upside; if the final level is between the initial level and the 70% downside threshold, investors receive the stated principal; if the final level is below the downside threshold, investors lose 1% of principal for every 1% decline in the underlier and could lose their entire investment. Payments are unsecured obligations of MSFL and are fully and unconditionally guaranteed by Morgan Stanley, and all payments remain subject to Morgan Stanley’s credit risk.

Morgan Stanley Finance LLC is offering principal-at-risk, contingent income auto-callable securities linked to Netflix, Inc. common stock, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and may pay a contingent coupon of 12.50% per annum on specified observation dates if the underlier meets the coupon barrier. The notes feature automatic early redemption if the underlier meets the call threshold on any redemption determination date and a maturity payment that preserves principal only if the final level is at or above the downside threshold (both thresholds are set at 65% of the initial level for the coupon barrier and downside threshold). The preliminary estimated value on the pricing date is approximately $982.80 per security. All payments are subject to Morgan Stanley’s credit risk; if the final level is below the downside threshold, investors may lose a substantial portion or all of principal and may receive no coupons during the term.

Morgan Stanley Finance LLC priced auto-callable, principal-at-risk securities linked to the lowest performing of the Dow Jones Industrial Average, the Russell 2000® Index and the S&P 500® Equal Weight Index. The securities have a face amount of $1,000 per security, an aggregate face amount of $2,500,000, a pricing date of April 21, 2026 and a maturity date of April 26, 2032. The estimated value on the pricing date was $979.80 per security. Semi-annual calculation days begin April 26, 2027; automatic calls occur if each underlying closes at or above its 95% call threshold on a calculation day, producing preset call payments (first call payment $1,129.00, final call payment $1,774.00). If not called, maturity payment depends on the lowest performing underlying; a final decline below 75% of its starting level exposes investors to greater than 25% loss, possibly total loss of principal. The securities do not pay interest, do not pay dividends, and are fully and unconditionally guaranteed by Morgan Stanley. Secondary market liquidity and tax treatment are limited and uncertain.

Morgan Stanley Finance LLC is offering Principal-at-Risk Structured Investments called Buffered Jump Securities linked to the worst performing of the Dow Jones Industrial Average and the Russell 2000® Index. Each security has a $1,000 stated principal amount and was priced on April 29, 2026 with an estimated value of $981.30 on the pricing date. The securities feature an automatic early redemption opportunity at the first determination date (April 30, 2027) for an $1,143 early redemption payment. If not redeemed, maturity is July 5, 2029 and payoffs depend on the worst performing underlier: full principal plus an upside payment (participation rate 150%) if both underliers appreciate; full principal if both final levels are at or above their buffer level (80% of initial); otherwise losses occur beyond the 20% buffer, subject to a minimum payment at maturity of 20% of principal. All payments are unsecured and subject to Morgan Stanley’s credit risk.

Morgan Stanley Finance LLC is offering Principal at Risk Buffered Participation Securities linked to the S&P 500® Index, with a stated principal amount of $1,000 per security and an original issue price of $1,000. The securities pay no interest and mature on November 4, 2027 with an observation date of November 1, 2027. Investors receive 100% participation in positive index performance up to a maximum payment at maturity of $1,146 (114.60% of principal). A 20% buffer protects against losses up to 20% of the initial index level; declines beyond the buffer reduce principal on a 1% for 1% basis, subject to a minimum payment of 20% of principal. Estimated value on the pricing date was approximately $983.20 per security. All payments are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley and are subject to issuer credit risk and other risks described in the supplement.

Morgan Stanley Finance LLC priced Principal at Risk notes linked to the S&P 500® Futures Excess Return Index. Each security has a $1,000 stated principal amount and a fixed $410 upside payment (41%) if the final level is at or above the initial level. The estimated value on the pricing date was approximately $976.80. If the final level is below the downside threshold (80% of the initial level), investors lose 1% of principal for each 1% decline in the underlier; there is no minimum payment and principal can be lost. All payments are unsecured obligations of MSFL and unconditionally guaranteed by Morgan Stanley; credit risk applies.

Morgan Stanley Finance LLC is offering Buffered PLUS principal-at-risk securities due May 5, 2032, linked to the Russell 2000® Index. Each security has a stated principal amount of $1,000 and an original issue price of $1,000.

These notes provide 125% leveraged upside on appreciation of the underlier subject to a $2,090 maximum payment at maturity (209% of principal). They include a 20% buffer (buffer level = 80% of initial level) and a minimum payment at maturity of 20% of principal. The pricing and strike date are April 30, 2026 and the observation date is April 30, 2032. The document states an estimated value on the pricing date of approximately $966.30 per security. All payments are unsecured obligations of MSFL and are fully guaranteed by Morgan Stanley; investors bear credit risk of both entities.

Morgan Stanley Finance LLC (guaranteed by Morgan Stanley) is offering Principal at Risk Contingent Income Auto-Callable Securities linked to Ulta Beauty, Inc. with a stated principal amount of $1,000 per security. The notes pay a contingent coupon only when the underlier's closing level on each observation date is at or above a coupon barrier and can be automatically redeemed early if the closing level is at or above the call threshold on any redemption determination date. The contingent coupon rate is 12.05% per annum. If not auto-redeemed, maturity payments depend on the final level relative to a downside threshold (68% of the initial level): if the final level is below that threshold, principal is reduced pro rata (performance factor = final level / initial level) and could be zero. The pricing date and strike date are May 7, 2026; original issue date is May 12, 2026 and maturity is June 10, 2027. Estimated value on the pricing date is approximately $968.00 per security. All payments are subject to issuer and guarantor credit risk, limited or no secondary market liquidity may exist, and U.S. federal tax treatment is uncertain.

Morgan Stanley Finance LLC offers $571,000 principal amount of auto-callable market-linked securities (571 securities at $1,000 each) linked to the Class A common stock of Oklo Inc., fully guaranteed by Morgan Stanley. The securities pay a contingent coupon of 41.00% per annum on monthly observation dates if the stock closing price meets a 60% threshold ($37.566 from a $62.61 starting price). The securities are callable after an initial six-month non-call period and return either full face amount at maturity or a reduced cash amount tied to the ending stock price; estimated value at pricing was $947.20 per security and all payments are subject to Morgan Stanley credit risk.

Morgan Stanley Finance LLC is offering structured, principal-at-risk notes linked to Ulta Beauty, Inc. common stock that pay a contingent coupon and may auto‑redeem early. The securities have a $1,000 stated principal per security, a contingent coupon at an annual rate of 14.50%, and a final observation date of June 7, 2027.

Coupons are paid only if the underlier meets the coupon barrier on observation dates; early redemption occurs if the underlier meets the call threshold on redemption determination dates. If the final level is below the downside threshold (68% of the initial level), principal is reduced pro rata (performance factor = final level / initial level). All payments are subject to Morgan Stanley credit risk.

Morgan Stanley Finance LLC offers contingent income auto-callable securities linked to the common stock of CVS Health Corporation, fully and unconditionally guaranteed by Morgan Stanley. Each note has an issue price of $1,000 and an estimated value of approximately $968.60 on the pricing date.

The notes pay a contingent coupon of 11.60% per annum only if the closing level of the underlier on each observation date is at or above the coupon barrier level (73% of the initial level). The notes are subject to automatic early redemption if the closing level meets or exceeds the call threshold (100% of the initial level) on any redemption determination date. If not called, maturity is June 10, 2027, with a final observation date of June 7, 2027; if the final level is below the downside threshold (73% of the initial level), payment at maturity equals the stated principal multiplied by the performance factor and could be significantly less than principal or zero.

Morgan Stanley Finance LLC is offering structured, principal-at-risk notes linked to the common stock of NVIDIA Corporation. The notes have a $1,000 stated principal amount, a contingent coupon at an annual rate of 12.70%, automatic early‑redemption tests and a maturity of November 4, 2027. The coupon is paid only if the underlier’s closing level on each observation date is at or above a coupon barrier set at 60% of the initial level, and the securities auto‑redeem if the closing level meets or exceeds a call threshold equal to 100% of the initial level on any redemption determination date. If not redeemed and the final level is below the downside threshold (also 60% of the initial level), investors suffer a pro rata loss equal to the decline in the underlier; payments depend on the closing level on the final observation date. The strike and pricing dates are April 30, 2026 and the estimated value on the pricing date was approximately $967.50 per security. All payments are subject to issuer and guarantor credit risk.

Morgan Stanley Finance LLC offers Structured Investments Enhanced Trigger Jump Securities linked to Amazon.com, Inc. common stock with a stated principal amount of $1,000 per security and maturity on May 27, 2027. The securities pay a fixed $138 upside if the final level is at or above the downside threshold; otherwise investors lose 1% of principal for each 1% decline in the underlier.

The initial level is $255.36 (strike date April 22, 2026) and the downside threshold is $178.752 (70% of initial). Estimated value on the pricing date is approximately $982.50 and all payments are subject to Morgan Stanley's credit risk.

Morgan Stanley Finance LLC priced contingent income auto-callable notes linked to Netflix, Inc. common stock with a stated principal amount of $1,000 per security. The securities pay a contingent coupon (annual rate 11.50%) only if the underlier meets the coupon barrier on observation dates and can be automatically redeemed early if the underlier meets the call threshold on any redemption determination date. The final observation date is June 7, 2027 and maturity is June 10, 2027 (final payment rules are subject to postponement for non-trading days and certain market disruption events). If not auto-redeemed, investors receive principal at maturity only if the final level is at or above the downside threshold (69% of initial level); otherwise payment equals principal × performance factor and could be significantly less or zero. All payments are subject to MSFL/Morgan Stanley credit risk.

Morgan Stanley Finance LLC is offering principal-at-risk, auto-callable securities linked to Amazon.com, Inc. common stock. Each security has a $1,000 stated principal amount and an original issue price of $1,000. The securities pay a 10.80% per annum contingent coupon on coupon payment dates only if the underlier's closing level meets or exceeds the coupon barrier level on the related observation date. The securities may be automatically redeemed early if the closing level meets or exceeds the call threshold on any redemption determination date; otherwise, at maturity investors either receive the stated principal (if the final level is at or above the downside threshold) or an amount equal to the stated principal multiplied by the performance factor, exposing investors to full downside loss if the underlier declines sufficiently. All payments are subject to Morgan Stanley Finance LLC's and Morgan Stanley's credit risk.

Morgan Stanley Finance LLC priced contingent-income, auto-callable notes due May 10, 2027 linked to the S&P 500® Index and fully and unconditionally guaranteed by Morgan Stanley. Each note has 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 $984.60. The securities pay a contingent coupon at an annual rate of 8.64% on observation dates when the underlier is at or above the coupon barrier level (80% of the initial level = 5,710.32), feature automatic early redemption if the underlier is at or above the call threshold (initial level = 7,137.90), and expose investors to full downside risk (payment at maturity equals principal × final/initial level if final level is below the downside threshold). Payments are subject to Morgan Stanley’s credit risk.

Morgan Stanley Finance LLC priced market-linked, contingent fixed return principal-at-risk securities linked to the lowest performing of Microsoft and Amazon common stock, maturing May 12, 2027. Each security has a $1,000 face amount, an illustrative contingent fixed return of 18.60% (to be set at pricing) and an estimated value on the pricing date of $961.60 (within $35).

The payoff: at maturity investors receive $1,000 plus the contingent fixed return if the lowest-performing stock is at or above its starting price; $1,000 if the lowest-performing stock is below its starting price but at or above 60% of starting price; otherwise a downside payment tied to the lowest-performing stock 40% loss, including total loss).

Morgan Stanley Finance LLC offers market-linked, auto-callable principal-at-risk securities due June 6, 2029, fully guaranteed by Morgan Stanley. Each security has a face amount of $1,000, an estimated value on the pricing date of $918.60, and complex payoffs tied to the lowest-performing of BABA ADS, JPM common stock and PFE common stock, with a participation rate of at least 380% and an automatic call feature providing a 50.00% call premium (call payment of $1,500) if all underlyings meet call prices on the call date. All payments are subject to Morgan Stanley’s credit risk; the securities do not pay interest and can result in losses exceeding 40% if the lowest performing underlying falls below its threshold price.

Morgan Stanley Finance LLC priced Principal at Risk notes linked to the worst performing of the Dow Jones Industrial Average, Nasdaq-100 and S&P 500, issued with a $1,000 stated principal per security. The offering aggregates $616,000 and has an observation date of April 21, 2031 and maturity on April 24, 2031. At maturity investors receive either principal plus an upside payment or principal only if underliers remain above their 70% downside thresholds; if the worst performing underlier is below its downside threshold, investors lose 1% per 1% decline in that underlier and could lose their entire principal. The upside payment is $640 per security. All payments are subject to the issuer’s and guarantor’s credit risk.

Morgan Stanley Finance LLC is offering Principal-at-Risk Performance Leveraged Upside Securities (PLUS) linked to the worst performing of QQQ, XLK and SMH, in an aggregate amount of $250,000 at a stated principal amount of $1,000 per security. The securities mature on April 24, 2031 with an observation date of April 21, 2031. If the final level of each underlier is greater than its initial level, investors receive the stated principal plus a leveraged upside payment equal to the stated principal multiplied by a 180.50% leverage factor times the worst performing underlier’s percent change. If any underlier finishes at or below its initial level, payment equals the stated principal multiplied by the performance factor of the worst performing underlier, and investors may lose up to 100% of principal. Estimated value on the pricing date was $962.60 per security; the issue price is $1,000 per security. All payments are subject to Morgan Stanley’s credit risk.

Morgan Stanley Finance LLC offers $1,500,000 of principal-at-risk, auto-callable notes fully and unconditionally guaranteed by Morgan Stanley. The notes have a stated principal amount of $1,000 per security, an issue price of $1,000 and an estimated value on the pricing date of $979.70 per security.

The securities pay a contingent coupon of 8.50% per annum on each coupon payment date only if the closing level of each underlier is at or above its coupon barrier on the related observation date. The notes may be automatically redeemed early if, on a redemption determination date, the closing level of each underlier is at or above its call threshold (100% of initial levels). At maturity, if any underlier’s final level is below its downside threshold (70% of its initial level), the holder receives the stated principal multiplied by the performance factor of the worst performing underlier and may lose a significant portion or all of principal.

Morgan Stanley Finance LLC (guaranteed by Morgan Stanley) is offering leveraged, buffered S&P 500® Index‑linked notes (Face Amount $1,000 each) that do not pay interest and expose investors to principal risk. The notes provide 150% upside participation subject to a Cap Level expected between 112.41% and 114.59%, producing a Maximum Settlement Amount expected between $1,186.15 and $1,218.85 per $1,000 face amount. A Buffer protects declines up to 12.50% (Buffer Level = 87.50% of the Initial Underlier Level); if the S&P 500® falls by more than 12.50%, investors suffer a pro rata loss and could lose their entire investment. The estimated value on the Trade Date is approximately $996.30 per note. The Determination Date, Initial Underlier Level, exact Cap and Maximum Settlement Amount, and the Stated Maturity Date will be set on the Trade Date; the expected term is about 19–22 months from trade date.

Morgan Stanley Finance LLC priced auto-callable, principal-at-risk structured notes due April 27, 2027, fully guaranteed by Morgan Stanley. The securities are issued at $1,000 per security (aggregate $531,000) with an estimated value of $968.10 on the pricing date. Payments depend on the worst-performing of three ETFs: KRE, SOXX and TLT, with an observation date of April 22, 2027. Investors may receive an automatic early redemption on scheduled determination dates for fixed early redemption payments that imply approximately 19.00% per annum. At maturity, if all underliers are at or above their upside thresholds investors receive $1,190.00; if any underlier falls below its downside threshold (60% of its initial level) redemption will reflect the worst-performing underlier and could result in a full loss of principal. All payments are subject to issuer credit risk and the agent will receive a fixed commission of $18.75 per security.

Morgan Stanley Finance LLC is offering contingent income auto-callable notes due November 2, 2027, fully and unconditionally guaranteed by Morgan Stanley. Each note has a stated principal amount of $1,000 and a contingent coupon payable at an annual rate of 9.75% only when the closing level of each underlier meets or exceeds its coupon barrier on observation dates. The notes are linked to the worst performing of the Russell 2000® Index, the S&P 500® Index and the State Street® SPDR® S&P® Regional Banking ETF (KRE). The securities may be automatically redeemed on multiple redemption determination dates beginning July 28, 2026 if all underliers are at or above their call thresholds; otherwise, at maturity investors receive principal only if every underlier is at or above its downside threshold, and will suffer a loss equal to the percentage decline of the worst performing underlier if any underlier is below its downside threshold.

Morgan Stanley Finance LLC priced Dual Directional Trigger Participation Securities due May 12, 2031, linked to the S&P 500® Index, with a stated principal amount of $1,000 per security and an original issue price of $1,000 per security. The securities pay no interest, are principal-at-risk and fully guaranteed by Morgan Stanley. At maturity investors receive either (1) principal plus upside participation (100% participation, capped at $2,260 per security), (2) principal plus a positive return equal to the absolute decline times a 100% participation rate if the final level is ≥ the 70% downside threshold, or (3) a loss proportional to the underlier decline if the final level is below the 70% threshold. Payments depend solely on the closing level on the observation date (May 7, 2031), are subject to Morgan Stanley credit risk, and the estimated value on the pricing date was approximately $973.60 per security.