Morgan Stanley 424B Filings

The pricing supplement amends terms for Morgan Stanley Finance LLC PLUS notes due April 24, 2031, fully guaranteed by Morgan Stanley. Each security has a $1,000 stated principal and pays a leveraged upside based on the worst performing of QQQ, XLK and SMH; downside exposure is wholly to principal. The leverage factor is 180.50%. The estimated value on the pricing date was approximately $961.50. Payments at maturity depend on closing levels on the observation date of April 21, 2031, and there is no minimum payment; holders bear issuer credit risk.

Morgan Stanley Finance LLC is offering $5,131,400 of Capped Trigger GEARS linked to the Russell 2000® Index, fully and unconditionally guaranteed by Morgan Stanley. The securities have an Issue Price of $10.00 and an estimated Trade Date value of $9.609 per Security. They provide leveraged upside (Upside Gearing 1.5) subject to a Maximum Gain of 65.50% (maximum payment $16.55 per $10 Security) and a Downside Threshold of 2,035.247 (approximately 75% of the Initial Level). If the Final Level on the Final Valuation Date is below the Downside Threshold, holders will suffer principal losses proportionate to the negative Underlying Return; if the Final Level is at or above the Downside Threshold but the Underlying Return is non-positive, holders receive principal only at maturity. Trade Date: April 15, 2026; Settlement Date: April 17, 2026; Final Valuation Date: April 15, 2030; Maturity Date: April 17, 2030 (subject to postponement).

Morgan Stanley Finance LLC is offering $2,243,300 of Capped Trigger GEARS linked to the Russell 2000® Index, fully and unconditionally guaranteed by Morgan Stanley. Each Security has an Issue Price of $10.00 and a 4-year term maturing April 17, 2030, with upside gearing of 1.5 and a capped Maximum Gain of 80.50%.

The Securities provide leveraged exposure to positive Index returns up to the cap but feature a Downside Threshold at 75% of the Initial Level; if the Final Level is below that threshold investors can lose a significant portion or all of principal. Payments (including contingent principal repayment) are subject to Morgan Stanley's credit risk and apply only at maturity.

Morgan Stanley is offering four tranches of notes totaling $10.0 billion across maturities 2030, 2032 and 2037. The offering includes a $500,000,000 floating rate tranche due April 10, 2030 and three fixed/floating tranches totaling $9.5 billion that pay fixed interest initially and convert to Compounded SOFR-based floating rates during later periods.

The notes are callable under make-whole and other optional redemption provisions beginning on specified dates (first call windows generally starting October 19, 2026) and use Compounded SOFR (with specified spreads) as the floating benchmark; tax and SOFR transition risks are disclosed.

Morgan Stanley Finance LLC is offering $24,563,100 of Trigger Autocallable GEARS, five‑year, principal‑at‑risk securities due April 17, 2031, fully and unconditionally guaranteed by Morgan Stanley. Returns are linked to a weighted basket of five global indices with an Autocall Barrier at 100 and Downside Threshold at 75.

If the Basket meets the Autocall Barrier on the Observation Date, investors receive $10 plus a fixed Call Return (14.00% per annum, Call Price $11.40). If not called, a positive Basket Return is multiplied by an Upside Gearing of 1.94 at maturity; if the Final Basket Level is below 75% of the Initial Basket Level, investors suffer principal losses proportionate to the negative Basket Return. All payments are subject to MSFL/Morgan Stanley credit risk.

Morgan Stanley Finance LLC is offering structured, principal‑at‑risk notes due April 25, 2031 that are fully and unconditionally guaranteed by Morgan Stanley. The notes have a $1,000 stated principal amount and an issue price of $1,000 per security. They pay a contingent coupon at an annual rate of 12.15% only if the underlier meets the coupon barrier on observation dates, and feature an automatic early redemption if the underlier is at or above the call threshold on a redemption determination date. The underlier is the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index. Key structural terms: coupon barrier = 70% of the initial level, call threshold = 100% of the initial level, buffer level = 85% of the initial level (buffer amount = 15%), minimum payment at maturity = 15% of principal, final observation date = April 22, 2031, maturity date = April 25, 2031. The preliminary estimated value on the pricing date is approximately $945.30 per security. All payments are subject to Morgan Stanley’s credit risk.

Morgan Stanley Finance LLC is offering contingent income, auto-callable principal-at-risk notes linked to the common stock of Eli Lilly and Company, fully and unconditionally guaranteed by Morgan Stanley. The notes pay a 15.50% annual contingent coupon only when the underlier meets observation-date barriers and can auto-redeem early if the call threshold is met.

The notes have a $1,000 stated principal per security, an estimated value on the pricing date of approximately $986.10, a final observation date of May 24, 2027 and a maturity of May 27, 2027. If the final level is below the downside threshold (68% of the initial level), investors will suffer principal losses proportional to the underlier’s decline. All payments are subject to issuer and guarantor credit risk.

Morgan Stanley Finance LLC is offering contingent income auto-callable securities due May 27, 2027 linked to Eli Lilly & Company common stock. Each security has a $1,000 stated principal amount and a contingent coupon quoted at 13.10% per annum.

The notes pay coupons only if the underlier’s closing level on each observation date is at or above a coupon barrier of 68% of the initial level and will auto-redeem early if the underlier is at or above a call threshold of 100% on any redemption determination date. If not redeemed and the final level is below the downside threshold of 68%, principal at maturity is reduced by the performance factor (final/initial level). Estimated value on the pricing date was approximately $971.50 per security.

Morgan Stanley Finance LLC offers callable, principal-at-risk notes with an 11.05% contingent coupon. The securities have a stated principal amount of $1,000 per security, a pricing and strike date of April 24, 2026, an original issue date of April 29, 2026 and a maturity date of October 28, 2027. Coupons of 11.05% per annum are payable for an interest period only if the closing level of each underlier (the Nasdaq-100® Technology Sector, Russell 2000®, and S&P 500®) is at or above its coupon barrier (70% of initial level) on the related observation date. If any underlier is below its downside threshold (70% of initial level) at final observation, principal at maturity is reduced pro rata to the worst performing underlier. The notes are unsecured obligations of MSFL and are fully and unconditionally guaranteed by Morgan Stanley; all payments remain subject to Morgan Stanley’s credit risk. The issuer may redeem early on specified redemption dates beginning April 29, 2027, conditional on a risk neutral valuation model determination.

Morgan Stanley Finance LLC is offering Trigger PLUS principal-at-risk securities due May 2, 2031, fully guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and pays at maturity based on the performance of the worst performing of the EURO STOXX 50® Index and the iShares® MSCI EAFE ETF. The securities provide a 192% leveraged upside if the worst performing underlier finishes above its initial level, return only principal if the worst performing underlier finishes at or above 70% of its initial level, and expose investors to a pro rata loss of principal if the worst performing underlier finishes below 70% of its initial level. All payments are subject to Morgan Stanley’s credit risk. The pricing date and strike date are April 28, 2026, the observation date is April 28, 2031 (subject to postponement), and maturity is May 2, 2031. The estimated value on the pricing date was approximately $954.80 per security.

Morgan Stanley Finance LLC offers contingent income auto-callable securities due October 28, 2027 linked to the worst performing of the S&P 500, Russell 2000 and Nasdaq-100. The notes pay a contingent coupon at an annual rate of 6.25% per annum only if each underlier meets coupon barrier tests on observation dates and are automatically redeemed if all underliers meet call thresholds on a redemption determination date. The securities are principal at risk: downside threshold levels are 70% of initial levels, call thresholds are 92.75%, and coupon barriers are 75%. Stated principal amount is $1,000 per security and the estimated value on the pricing date is approximately $962.90. All payments are subject to the issuer’s and guarantor’s credit risk; investors do not participate in any upside of the underliers.

Morgan Stanley Finance LLC is offering Buffered PLUS principal-at-risk notes due May 5, 2032, fully and unconditionally guaranteed by Morgan Stanley. The notes have a $1,000 stated principal amount, pay no interest and return depends on the worst performing of the Dow Jones Industrial and the S&P 500. The notes provide a 10% buffer, a 129% leverage factor on upside and a 10% minimum payment at maturity. The estimated value on the pricing date was approximately $938.30 and the agent’s commission is $32.50 per security. All payments are subject to issuer and guarantor credit risk.

Morgan Stanley Finance LLC is offering structured, principal-at-risk notes called Trigger PLUS due May 3, 2030, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and an issue price of $1,000. The payout at maturity is tied to the performance of the worst performing of the Dow Jones Industrial Average and the S&P 500 over the term. If the worst performing underlier finishes above its initial level, investors receive principal plus a leveraged upside equal to 141.50% times the underlier’s percent gain. If the worst performing underlier finishes between its initial level and a downside threshold equal to 75% of its initial level, investors receive only principal. If the worst performing underlier finishes below that downside threshold, investors lose an amount proportionate to the decline of that underlier and could lose their entire investment. The document discloses an estimated value on the pricing date of approximately $975.00 per security and states that all payments are subject to Morgan Stanley’s credit risk.

Morgan Stanley Finance LLC is offering Trigger PLUS principal-at-risk securities due May 5, 2031, linked to the worst performing of the Dow Jones Industrial Average and the S&P 500 Index. Each security has a stated principal of $1,000 and an issue price of $1,000. The securities pay no interest; at maturity investors either receive the stated principal plus a 131% leverage on the appreciation of the worst performing underlier, receive only the stated principal if the worst performer finishes between its initial level and a 75% downside threshold, or suffer losses equal to the full percentage decline of the worst performing underlier (no minimum payment). Estimated value on the pricing date is approximately $944.40 per security. Agent commissions total $30 per security and selected dealers may receive up to $8.50 structuring fees. All payments are subject to issuer and guarantor credit risk and other detailed legal and tax qualifications described in the supplements.

Morgan Stanley Finance LLC offers contingent income securities linked to the worst performing of the S&P 500® and Russell 2000® indices with a stated principal amount of $1,000 per security. The securities pay an 8.00% annual contingent coupon on each observation date only if both underliers are at or above 75% of their initial levels. At maturity, if both underliers are at or above their 75% downside thresholds, investors receive the stated principal; otherwise the payment equals the stated principal multiplied by the performance factor of the worst performing underlier, exposing investors to full or near‑total loss of principal. Estimated value on pricing date: approximately $958.00 (issue price $1,000). All payments are subject to Morgan Stanley’s credit risk and the calculation agent is Morgan Stanley & Co. LLC.

Morgan Stanley Finance LLC is offering principal‑at‑risk, contingent‑coupon, auto‑callable securities backed by The Hershey Company common stock and fully guaranteed by Morgan Stanley. The securities pay a 10.00% annual contingent coupon on observation dates when the underlier is at or above the coupon barrier, are callable if the underlier meets the call threshold on any redemption determination date, and mature on May 3, 2027. Key numeric terms set on the strike date include an initial level of $193.5909, a coupon barrier/downside threshold of $116.4062 (≈60.13% of initial), and an issue price of $1,000 per security (estimated value on the pricing date ≈ $983). If not auto‑redeemed and the final level is below the downside threshold, payment at maturity equals principal × (final level/initial level), which could result in a substantial loss or total loss of principal. All payments are subject to Morgan Stanley’s credit risk. Additional distribution fees reduce proceeds to the issuer to $990 per $1,000 security.

Morgan Stanley Finance LLC priced Principal at Risk auto-callable securities due May 20, 2027, fully guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount and an issue price of $1,000. The securities pay a contingent coupon at an annual rate of 8.44% only if the S&P 500® closing level on each observation date is at or above the coupon barrier level. The initial and call threshold level is 7,022.95 and the coupon barrier/downside threshold level is 5,267.213 (approximately 75% of the initial level). If not auto-redeemed and the final level is below the downside threshold, maturity payment equals stated principal multiplied by the performance factor (final level / initial level), which could result in substantial principal loss or a zero payout. Estimated value on the pricing date was approximately $985.20 per security; placement/agent fees up to $10.42 per security apply.

Morgan Stanley Finance LLC (MSFL) prices fixed rate callable notes due April 30, 2030 fully and unconditionally guaranteed by Morgan Stanley. The notes pay 4.300% per annum, semi‑annual, with an original issue price of $1,000 per note and an estimated value on the pricing date of $984.30 per note.

The notes include an issuer call that may redeem in whole on specified dates—April 30, 2027 and October 30, 2027—if a risk neutral valuation model run by the calculation agent determines redemption is "economically rational." Redemption pays 100% of principal plus accrued interest. All payments are subject to Morgan Stanley credit risk.

Morgan Stanley Finance LLC is offering fixed rate callable notes due April 30, 2032 with a stated principal and issue price of $1,000 per note and a fixed interest rate of 4.600% per annum, payable semi‑annually beginning October 30, 2026. The notes are fully and unconditionally guaranteed by Morgan Stanley. The notes may be redeemed in whole (but not in part) on specified redemption dates if a risk neutral valuation model determination made by the calculation agent indicates redemption is economically rational; redemption price equals 100% of principal plus accrued interest. The pricing supplement estimates the note value at approximately $980.10 per note on the pricing date. Proceeds will be used for general corporate purposes.

Morgan Stanley Finance LLC is offering fixed rate callable notes due April 29, 2033, fully guaranteed by Morgan Stanley. The notes bear interest at 4.700% per annum paid semi‑annually and have a stated principal of $1,000 per note. The notes may be redeemed in whole (not in part) on specified dates if a risk neutral valuation model determines redemption is economically rational; redemption dates include April 29, 2027 and October 29, 2027. The issuer estimates the value on the pricing date at approximately $976.60 per note, while the issue price is $1,000 per note. All payments are subject to Morgan Stanley’s credit risk and the notes will not be listed on any exchange.

Morgan Stanley Finance LLC is offering fixed rate callable notes due April 30, 2031 with a stated principal and issue price of $1,000 per note. The notes pay 4.500% per annum, semi‑annual, and are callable on certain redemption dates if a risk neutral valuation model determines redemption is economically rational. The estimated value on the pricing date is approximately $983.60 per note. Proceeds will be used for general corporate purposes. All payments are subject to the issuer’s credit risk and the notes will not be listed on any exchange.

Morgan Stanley Finance LLC is offering S&P 500® Index-linked digital notes due in roughly 17–20 months, fully guaranteed by Morgan Stanley. Each $1,000 face amount may pay a capped Maximum Settlement Amount (expected $1,116.80–$1,137.40) if the final index level is ≥87.50% of the initial level; otherwise principal is reduced and could be lost. The estimated Trade Date value is approximately $996.60 per note. Payments are unsecured and subject to Morgan Stanley's credit risk; no interest, no listing, limited liquidity, and the Calculation Agent is MS & Co.

MOrgan Stanley Finance LLC priced Trigger Jump Securities tied to Tesla, Inc. common stock due November 3, 2027. Each security has a stated principal of $1,000 and offers a fixed upside payment of $437.10 (43.71%) if the final share price is greater than or equal to the initial share price. The securities pay no interest, carry a downside threshold of 65% of the initial share price 35% decline exposes investors to 1:1 losses), and use a valuation date of October 29, 2027. The issuer estimates the pricing-date value at $967.90. Payments at maturity depend solely on the closing price on the valuation date and are subject to issuer and guarantor credit risk and calculation-agent adjustments.

Morgan Stanley Finance LLC offers a pricing supplement for Dual Directional Trigger PLUS linked to the VanEck® Gold Miners ETF due November 3, 2027. Each Trigger PLUS has a stated principal of $1,000, a 200% leverage to upside (capped at $1,464.20) and an 80% trigger level.

The notes pay no interest; if the final share price is above the initial price you receive principal plus 200% of the gain up to the cap. If the share price falls but remains ≥80% of the initial price, you receive a positive return equal to the absolute decline (up to +20%). If the share price falls below the trigger, losses are pro rata and you may lose your entire investment. Estimated value on the pricing date is about $957.30. All payments are subject to issuer credit risk and there is no listing or minimum payment.

Morgan Stanley Finance LLC is offering structured, unsecured Jump Notes due May 1, 2031, fully and unconditionally guaranteed by Morgan Stanley. The notes reference four equity underliers (Alphabet Class C, Broadcom, NVIDIA, Meta Class A) and pay no interest. They feature an automatic early redemption on the first determination date (May 5, 2027) if each underlier is at or above a 90% call threshold, in which case investors receive an early redemption payment of $1,111.50 per $1,000 note. If not auto‑redeemed, maturity payoffs depend on the worst performing underlier: investors receive the stated principal only if any final level is equal to or below its initial level, or the stated principal plus an upside payment calculated as $1,000 × 150% × the percent change of the worst performing underlier if all final levels exceed initial levels. The issuer estimates the notes' value on the pricing date at $944.20 per note. All payments are subject to Morgan Stanley's credit risk; the notes are not secured, listed, or FDIC insured.

Morgan Stanley Finance LLC is offering Principal at Risk structured notes tied to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index, issued with a stated principal amount of $1,000 per security and an original issue price of $1,000. The securities mature on May 1, 2031 and include an automatic early redemption feature beginning with the first determination date on April 29, 2027 that can produce fixed early redemption payments shown in the table (up to $1,900 on the fourth early redemption). If not redeemed early, maturity payments depend on the final index level: $2,125 if the final level meets or exceeds the call threshold, $1,000 if the final level is at or above an 85% buffer, and a downside formula with a 15% buffer and a 15% minimum payment if the final level is below the buffer. The estimated value on the pricing date was approximately $904.20, and all payments are subject to issuer and guarantor credit risk.

Morgan Stanley Finance LLC (guaranteed by Morgan Stanley) offers Digital EURO STOXX® Banks Index-Linked Notes with principal at risk. Each note has a Face Amount of $1,000, does not pay interest and pays at maturity an amount tied to the EURO STOXX® Banks Index performance from the Trade Date to the Determination Date (expected 16–19 months).

If the Final Underlier Level is ≥ 80% of the Initial Underlier Level, holders receive a capped Maximum Settlement Amount (expected $1,149.90–$1,175.90 per $1,000). If the Final Underlier Level is < 80%, the Cash Settlement Amount is reduced by a formula using a Buffer Rate of 125%, and investors can lose some or all principal. Estimated value on the Trade Date is approximately $981.90 per note. All payments are subject to issuer credit risk and no listing or FDIC insurance applies.

Morgan Stanley Finance LLC (guaranteed by Morgan Stanley) offers Capped Leveraged Buffered Basket-Linked Notes with a $1,000 face amount tied to a weighted basket of five international indices (EURO STOXX 50, TOPIX, FTSE 100, SMI, S&P/ASX 200). The notes provide 150% upside participation up to a capped Maximum Settlement Amount (expected $1,216.15–$1,253.65 per $1,000) and a 10.00% buffer that protects against losses up to 10.00% of the initial basket level; losses greater than 10.00% reduce principal pro rata under a Buffer Rate of ~111.11%. The estimated trade-date value is approximately $975.80 per note. All payments are subject to issuer credit risk, the notes pay no interest, are not listed, and may have limited secondary market liquidity.

Morgan Stanley Finance LLC is offering principal-at-risk, auto-callable structured notes due April 23, 2030, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and an estimated pricing-date value of approximately $975.60. The notes pay no interest, may redeem early if both underliers meet call thresholds on specified determination dates, and at maturity pay either a fixed positive amount, return of principal, or a principal value tied to the worst-performing underlier (with full loss possible if the worst underlier falls below its downside threshold).

Morgan Stanley Finance LLC (guaranteed by Morgan Stanley) is offering principal-at-risk, auto-callable structured securities linked to the worst performing of the Russell 2000® and S&P 500® indices. Each security has a $1,000 stated principal amount, a pricing/strike date of April 17, 2026, an original issue date of April 22, 2026, and a maturity date of April 23, 2030. The securities pay no interest, may be automatically redeemed on specified determination dates for fixed cash amounts (approximately 12.55% per annum when triggered) and expose investors to a loss of principal if the worst performing underlier falls below its downside threshold (set at 70% of initial level). The estimated value on the pricing date is approximately $955.70 per security and the offering includes dealer compensation of $20 plus a structuring fee of up to $8.

Morgan Stanley Finance LLC is offering Trigger Jump Securities linked to NVIDIA Corporation common stock that mature on November 3, 2027. Each security has a stated principal of $1,000 and pays no interest; investors receive either principal plus a fixed $380.20 upside payment, principal only, or a reduced cash amount depending on NVIDIA's closing price on the valuation date.

The upside payment equals 38.02% of principal if the final share price is greater than or equal to the initial share price. A downside threshold is set at 70% of the initial share price: if the final share price is below that level, payments fall 1:1 with the percentage decline and may be less than $700 or zero. Payments are unsecured obligations of MSFL and are guaranteed by Morgan Stanley; all payouts are subject to Morgan Stanley's credit risk. The pricing date was April 30, 2026, original issue date May 5, 2026, and MS estimates the securities' value on the pricing date at approximately $967.90.

Morgan Stanley Finance LLC is offering Trigger Jump Securities linked to Alphabet Inc. Class A common stock due November 3, 2027. Each security has a $1,000 stated principal amount and offers a fixed $323 upside payment (32.30%) if the final share price is greater than or equal to the initial share price. If the final share price is between the initial price and 80% of the initial price, holders receive $1,000. If the final share price is below 80% of the initial price, the maturity payment equals $1,000 times the share performance factor (final/initial), which could be less than $800 or zero. Payments depend on Morgan Stanley's credit; estimated value on the pricing date was approximately $967.20.

Morgan Stanley Finance LLC is offering Performance Leveraged Upside Securities (PLUS) linked to the EURO STOXX 50® Index maturing August 4, 2027. Each PLUS has a $1,000 stated principal and provides 300% leveraged upside subject to a maximum payment at maturity of $1,219.60. If the index falls, holders lose principal on a 1:1 basis and could lose their entire investment. The pricing date is April 30, 2026, the original issue date is May 5, 2026, and the issuer’s estimated value on the pricing date was approximately $967.20 per PLUS. All payments are unsecured and subject to Morgan Stanley’s credit risk.

Morgan Stanley Finance LLC priced a preliminary offering of Trigger Jump Securities linked to the common stock of Amazon.com, Inc. The notes have a $1,000 stated principal amount, mature on November 3, 2027, and pay no interest. Investors receive an upside payment of $338.40 per security ( 33.84%) if the final share price is greater than or equal to the initial share price. If the final share price is between the initial price and an 80% threshold, holders receive the $1,000 principal. If the final share price is below 80% of the initial price, the maturity payment equals $1,000 × (final share price / initial share price), which can result in losses greater than 20% or a total loss. The valuation date is October 29, 2027. The issuer is Morgan Stanley Finance LLC, guaranteed by Morgan Stanley, and all payments are subject to the issuer’s and guarantor’s credit risk. Proceeds are for general corporate purposes.

Morgan Stanley Finance LLC priced Structured Investments Jump Notes linked to the worst-performing of four stocks (Broadcom, Amazon, Microsoft, Tesla). The notes have a $1,000 stated principal amount per note, an original issue price of $1,000, and an estimated value on the pricing date of $944.10. The notes are non‑interest‑paying, auto‑callable on the first determination date of May 5, 2027 for an early redemption payment of $1,151.50, and mature on May 1, 2031. The participation rate is 150% and payments are based on the worst performing underlier. All payments are unsecured and subject to Morgan Stanley's credit risk; the notes are fully and unconditionally guaranteed by Morgan Stanley.

Morgan Stanley Finance LLC is offering structured, principal‑at‑risk notes — Buffered Jump Securities with an auto‑call feature — due October 19, 2027, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and an estimated value on the pricing date of approximately $992.40. The notes can automatically redeem early on specified determination dates for fixed cash payments (approximately a 17.15% per annum return on the early redemption dates listed). At maturity investors either receive a fixed positive payment, the stated principal, or a reduced principal tied to the worst performing underlier after a 20% buffer and a downside factor of 1.25, exposing holders to potential loss of principal.

Morgan Stanley Finance LLC (guaranteed by Morgan Stanley) is offering Performance Leveraged Upside Securities (PLUS) linked to the Russell 2000® Index due August 4, 2027. Each PLUS has a stated principal amount of $1,000, a 300% leverage factor for upside and a maximum payment at maturity of $1,217.80 per PLUS.

The PLUS pay no interest, are principal‑at‑risk (you lose 1% of principal for each 1% decline in the index), and have an estimated value on the pricing date of approximately $969.40. Issue price is $1,000 (includes a $17.50 sales commission and a $5 structuring fee). All payments are subject to Morgan Stanley’s credit risk; investors may lose their entire investment.

Morgan Stanley Finance LLC priced contingent income auto-callable notes linked to the worst performing of the Dow Jones Industrial Average and the S&P 500®. Each note has a stated principal amount of $1,000, an original issue date of May 4, 2026 and matures on June 4, 2027. The notes pay a contingent coupon at an annual rate of 8.75% only if both underliers meet coupon barrier tests on observation dates, are subject to automatic early redemption on specified dates, and expose investors to loss of principal if the worst performing underlier falls below a 75% downside threshold. Estimated value on the pricing date was approximately $986.30 per security.

Morgan Stanley Finance LLC priced auto-callable, principal‑at‑risk notes linked to the worst performing of three ETFs: the State Street SPDR S&P Regional Banking ETF (KRE), iShares Semiconductor ETF (SOXX) and iShares 20+ Year Treasury Bond ETF (TLT). The securities have a $1,000 stated principal, a maturity date of April 22, 2027, and automatic early‑redemption opportunities beginning on the first determination date of July 17, 2026. Investors may receive fixed early redemption payments (illustrated as returns ~16.70% per annum) or a maturity payment of $1,167.00 if upside thresholds are met. If the worst performing underlier finishes below its downside threshold (60% of its initial level), the payment at maturity will reflect the percentage loss of that underlier, potentially resulting in a total loss of principal. All payments are subject to the issuer’s and guarantor’s credit risk and uncertain U.S. federal tax treatment.

Morgan Stanley is offering multiple tranches of global medium-term senior notes due 2030, 2032 and 2037, including a floating rate series due 2030 and three fixed/floating rate series. The notes will be issued in registered form with minimum denominations of $1,000 and pay interest based on Compounded SOFR (with a specified Spread). Redemption provisions include optional make-whole and other issuer call rights on stated dates and at 100% of principal plus accrued interest.

Morgan Stanley Finance LLC is offering U.S. dollar-denominated, EURO STOXX 50® index-linked, principal-at-risk notes due in approximately 19 to 22 months (trade-date determined). Each note has a Face Amount of $1,000. If the Final Underlier Level is ≥ 87.50% of the Initial Underlier Level, holders receive a capped Maximum Settlement Amount (expected $1,150.60–$1,177.10 per $1,000). If the Final Underlier Level is < 87.50%, the Cash Settlement Amount is reduced by the indexed downside formula 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/guarantor credit risk. The estimated Trade Date value is approximately $996.30 per note and proceeds will be used for general corporate purposes.

Morgan Stanley Finance LLC priced $1,940,000 of Contingent Income Auto-Callable Notes due April 16, 2031. The notes are unsecured obligations of MSFL, fully guaranteed by Morgan Stanley, linked to the worst performing of Netflix, Meta Platforms (Class A) and Micron. The notes pay a contingent coupon of 9.50% per annum only if each underlier meets its 75% coupon barrier on observation dates; automatic early redemption occurs if each underlier is at or above its 100% call threshold on any redemption determination date (first possible redemption determination date April 12, 2027). Estimated value on the pricing date was $948.30 per note; issue price was $1,000 per note with agent commissions of $31.25 per note. All payments are subject to the issuer’s and guarantor’s credit risk.

Morgan Stanley Finance LLC priced Principal-at-Risk notes that pay a 7.00% fixed annual coupon and are linked to the S&P U.S. Equity Momentum 40% VT 4% Decrement Index. The securities have a $1,000 stated principal amount, aggregate issuance of $2,166,000 and an observation date of April 10, 2031 with maturity on April 16, 2031. They include an automatic early redemption feature if the underlier closes at or above the call threshold (initial level 1,147.17) on a redemption determination date. If not called, a buffer equal to 15% applies: investors receive full principal at maturity only if the final level is at or above the buffer level (975.095); otherwise principal is reduced pro rata subject to a 15% minimum payment. All payments are subject to issuer and guarantor credit risk and U.S. federal income tax treatment is uncertain.

Morgan Stanley Finance LLC priced a principal-at-risk structured note called Trigger PLUS due April 17, 2031. Each security has a stated principal of $1,000, an estimated value on the pricing date of $969.30, and aggregate issuance of $1,711,000. The return is linked to the worst performing of the EURO STOXX 50® Index and the iShares® MSCI EAFE ETF, with a 200% leverage factor on positive performance and a 70% downside threshold that determines whether principal is preserved. If the worst performing underlier falls below its downside threshold, investors lose principal on a 1% loss-for-1% decline basis; there is no minimum payment. All payments are subject to MSFL's credit risk and are unconditionally guaranteed by Morgan Stanley.

Morgan Stanley Finance LLC priced Principal at Risk Enhanced Trigger Jump Securities due May 13, 2027, fully guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and an upside payment of $112 (11.20%) payable at maturity if both underliers meet their downside thresholds.

Payoff is tied to the worst performing of the Russell 2000® and S&P 500®. If the final level of either underlier is below its downside threshold (70% of its initial level), the payment equals the stated principal multiplied by the worst performing underlier’s performance factor, and could be significantly less than principal or zero. Estimated value on the pricing date was $991.80 per security. All payments are subject to issuer and guarantor credit risk.

Morgan Stanley Finance LLC priced Principal at Risk notes tied to Amazon.com, Inc. stock. The securities have a stated principal amount of $1,000 per security, an original issue price of $1,000 and an aggregate principal amount of $1,300,000. The notes mature on October 14, 2027 and pay a fixed $200 upside payment (20%) at maturity if the final level of the underlying is greater than or equal to the downside threshold; otherwise payment at maturity equals the stated principal multiplied by the final/initial level (full downside exposure, no minimum).

The initial level is $238.38 (strike date April 10, 2026), the downside threshold is $166.866 (70% of initial level), the observation date is October 11, 2027, and estimated value on the pricing date was $974.40 per security. All payments are unsecured and guaranteed by Morgan Stanley and are subject to the issuer's credit risk. Commissions of $23.50 per security were paid to selected dealers.

Morgan Stanley Finance LLC is offering contingent income auto-callable securities linked to the VanEck® Gold Miners ETF with a stated principal amount of $1,000 per security and an aggregate principal amount of $1,101,000. The securities mature on October 14, 2027 and may be automatically redeemed early if the underlier is at or above the call threshold of $99.39 on scheduled redemption determination dates. They pay a contingent coupon at an annual rate of 12.50% only when the underlier’s closing level on an observation date is at or above the coupon barrier of $64.604 (approximately 65% of the initial level). If not auto-redeemed, a final payment at maturity equals the stated principal if the final level is at or above the downside threshold ($64.604); otherwise the payment equals the stated principal multiplied by the performance factor (final level / initial level), exposing investors to full downside and possible loss of principal. The issue price is $1,000 with an estimated value on the pricing date of $955 and a dealer commission of $15 per security.

Morgan Stanley Finance LLC priced a $403,000 aggregate offering of Buffered PLUS principal‑at‑risk securities due April 16, 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 reference the Dow Jones Industrial Average and the S&P 500® Index and determine payment at maturity by the performance of the worst performing underlier, with a 121% leverage factor, a 15% buffer, and a minimum payment at maturity of 15% of stated principal. The pricing date and strike date are April 10, 2026, original issue date is April 15, 2026, observation date is April 10, 2031 and maturity is April 16, 2031. The estimated value on the pricing date was $953.40 per security; agent commissions of $37.50 per security reduce proceeds to the issuer.

Morgan Stanley Finance LLC priced $2,350,000 of callable, principal-at-risk notes (Callable Contingent Income Securities) due April 13, 2029, issued at $1,000 per security and fully and unconditionally guaranteed by Morgan Stanley. The notes pay a contingent coupon of 11.85% per annum on each interest period only if the closing level of each underlier meets its coupon barrier (70% of initial). The notes are linked to the worst performing of the XLI Fund, NDXT Index and RTY Index, use a downside threshold of 65% of initial for maturity protection, and permit issuer call beginning January 14, 2027 based on a risk neutral valuation model. All payments are subject to issuer credit risk.