Morgan Stanley 424B Filings

Morgan Stanley Finance LLC priced a structured note offering — Dual Directional Buffered PLUS due April 4, 2028 — linked to the S&P 500® Index with an aggregate principal amount of $1,075,000 and a stated principal amount of $1,000 per security.

The notes pay no interest and provide: a 200% leverage factor on upside subject to a maximum payoff of $1,165 per security; an absolute-return participation feature that can deliver up to a +10% return when the index decline stays within a 10% buffer; and a downside exposure where losses beyond the buffer reduce principal 1% per 1% index decline, with a minimum payment at maturity of 10% of principal. The securities are unsecured obligations of MSFL, fully guaranteed by Morgan Stanley, and all payments are subject to issuer credit risk.

Morgan Stanley Finance LLC offers $1,210,000 aggregate principal of Principal‑at‑Risk structured notes due March 30, 2028, fully and unconditionally guaranteed by Morgan Stanley. The notes are auto‑callable on the first determination date (April 9, 2027) for an $1,128.40 early redemption payment if the S&P 500® Index closing level is at or above the call threshold (6,368.85, the initial level).

If not redeemed, maturity payoffs depend on the final index level versus the initial level (6,368.85): investors receive principal plus an upside payment when the final level is higher (participation rate 150%), full principal if the final level is at or above the downside threshold (4,776.638, ~75% of initial), and suffer proportional losses below that threshold (payment = principal × final/initial), which could be zero.

Morgan Stanley Finance LLC is offering structured, principal-at-risk notes due May 5, 2031, linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index and fully guaranteed by Morgan Stanley. The notes have a stated principal of $1,000 per security and an estimated value on the pricing date of approximately $934.10 per security.

The notes pay a contingent coupon only when the index closing level on an observation date is at or above a coupon barrier (60% of the initial level). Coupons are annualized at 11.75% to 12.75% (final rate set on the pricing date). The notes feature automatic early redemption if the index meets the call threshold (100% of the initial level) on specified determination dates. At maturity, if not called and the final level is below the downside threshold (60% of the initial level), payment equals $1,000 × (final level / initial level), meaning investors can lose a substantial portion or all principal.

Morgan Stanley Finance LLC is offering Dual Directional Trigger PLUS principal-at-risk notes due May 3, 2029, fully guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and links to the Nasdaq-100 and Russell 2000 indices; payment at maturity depends solely on the worst performing underlier. The notes provide a leveraged upside (leverage factor set on pricing date between 129%–144%), an absolute return participation rate of 50% if the worst underlier declines but stays at or above a 70% downside threshold, and full downside exposure below that threshold (1% loss of principal per 1% underlier decline). The pricing date and strike date are April 30, 2026, the original issue date is May 5, 2026, and the observation date is April 30, 2029. Estimated value on the pricing date was approximately $965.60 per security. All payments are subject to issuer and guarantor credit risk.

Morgan Stanley Finance LLC offers market-linked notes linked to the S&P 500® Futures Excess Return Index with an original issue price of $1,000 per note. The notes pay no periodic interest and at maturity (May 5, 2031) return principal and, if the final index level exceeds the initial level, an upside payment computed using a participation rate to be set on the pricing date.

The pricing date and strike date are April 30, 2026, original issue date is May 5, 2026, and the observation date is April 30, 2031. The estimated value on the pricing date is approximately $963.90 per note. All payments are subject to the issuer’s and guarantor’s credit risk.

Morgan Stanley Finance LLC priced principal-at-risk, contingent-income auto-callable securities linked to the S&P® 500 Futures 40% Intraday 4% Decrement VT Index. Each security has a stated principal amount of $1,000, a contingent coupon to be set on the pricing date (illustrated at 11.25%–12.25% per annum), automatic early redemption opportunities beginning on October 27, 2026, a final observation date of April 28, 2031 and maturity on May 1, 2031. Coupons are paid only if the underlier meets the coupon barrier (illustrated at 60% of initial level) on observation dates; principal protection is conditional, with a downside threshold (illustrated at 60% of initial level) below which investors suffer proportional principal losses. The securities are unsecured obligations of MSFL and are fully guaranteed by Morgan Stanley; all payments are subject to issuer and guarantor credit risk.

Morgan Stanley Finance LLC is offering callable structured notes ("Callable Jump Notes") due May 1, 2031, fully and unconditionally guaranteed by Morgan Stanley, with a stated principal amount of $1,000 per note and a participation feature tied to the S&P 500 Futures Excess Return Index.

The notes pay no regular interest, may be redeemed early on specified redemption dates beginning May 7, 2027 if a risk neutral valuation model determines redemption is economically rational, and at maturity will pay either the stated principal or the stated principal plus an upside payment equal to stated principal × 130% × underlier percent change if the final level exceeds the initial level. All payments are subject to issuer credit risk.

Morgan Stanley Finance LLC priced a preliminary offering of principal-at-risk, auto-callable securities linked to the S&P® 500 Futures 40% Intraday 4% Decrement VT Index, with a $1,000 stated principal amount and an original issue price of $1,000 per security. The estimated value on the pricing date is approximately $895.80 per security. The securities have a first determination date of May 4, 2027 and a final determination date of April 28, 2031 with maturity on May 1, 2031.

The notes pay no interest, are unsecured obligations of MSFL and are fully guaranteed by Morgan Stanley. They feature automatic early redemption if the underlier closes at or above a call threshold (90% of the initial level) on any determination date, fixed early redemption payments corresponding to roughly 15.00% to 16.00 per annum, a downside threshold of 50% of the initial level and a 4.0% per annum daily decrement in the underlier. Payments at maturity depend on the final level and could result in significant loss of principal, including total loss. All payments are subject to Morgan Stanley credit risk.

Morgan Stanley Finance LLC is offering structured, principal‑at‑risk notes with an auto‑callable feature backed by a full guarantee of Morgan Stanley. Each security has a stated principal of $1,000, an illustrative estimated value of approximately $900.30 on the pricing date, a 15% buffer and a minimum payment at maturity of 15% of principal. The securities pay no interest, can be automatically redeemed beginning on April 28, 2027 if the underlier meets the call threshold, and mature on May 1, 2031. All payments are subject to the issuer’s and guarantor’s credit risk.

Morgan Stanley Finance LLC is offering Principal at Risk notes due May 1, 2031 that pay a fixed monthly coupon and are fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and an estimated value on the pricing date of approximately $917.70.

The notes reference the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index. They feature automatic early redemption if the underlier closes at or above the call threshold on any redemption determination date, a 15% buffer (buffer level = 85% of the initial level) and a minimum payment at maturity of 15% of principal. If the final level is below the buffer, investors lose 1% of principal for each 1% decline beyond the buffer. Coupon will be set on the pricing date between 7.00% and 8.00% per annum.

Morgan Stanley Finance LLC priced contingent-income, memory-buffered, auto-callable notes linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index. Each security has a $1,000 stated principal, a pricing/strike date in April 2026 and a maturity on May 1, 2031. The notes pay a contingent coupon (annual rate to be set between 10.15% and 11.15%) only if the underlier meets the coupon barrier on observation dates, include an 85% buffer (15% downside absorbed before principal loss), and a 15% minimum payment at maturity. The securities can be automatically redeemed beginning April 2027 if the underlier equals or exceeds the call threshold (100% of the initial level). All payments are subject to issuer and guarantor credit risk; the document shows an estimated value on the pricing date of approximately $898.00 per security.

Morgan Stanley Finance LLC is offering principal-at-risk structured notes due May 1, 2031 that are fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and pays a contingent coupon (annual rate determined on the pricing date, shown as 11.50%-12.50% range) only when the underlier meets the coupon barrier on observation dates. The notes feature an automatic early redemption if the underlier equals or exceeds the call threshold on a redemption determination date and a buffer that absorbs the first 15% of underlier decline; if the final level is below the buffer level, investors lose 1% of principal for each 1% decline beyond the buffer subject to a 15% minimum payment at maturity. The underlier is the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index, established March 14, 2022, and the estimated value on the pricing date is approximately $896.20 per security.

The Morgan Stanley Finance LLC preliminary pricing supplement describes contingent income, memory buffered auto-callable notes due May 1, 2031, fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 stated principal and an estimated value on the pricing date of approximately $899.50. The notes pay contingent coupons (annual rate to be set between 8.50%–9.50%) only if the underlier meets coupon barrier tests on observation dates, feature automatic early redemption if the underlier is at or above a 90% call threshold on redemption dates, and provide a 20% buffer with a 20% minimum payment at maturity. Investors face principal‑at‑risk, limited upside (no participation in underlier appreciation), credit exposure to Morgan Stanley, and potentially limited secondary market liquidity.

Morgan Stanley Finance LLC priced a preliminary offering of Buffered PLUS principal-at-risk securities linked to the S&P 500® Index with a stated principal amount of $1,000 per security. The securities offer a 300% leverage factor on upside subject to a $1,295 maximum payment at maturity, a 10% buffer and a 10% minimum payment at maturity. The pricing and strike dates are April 29, 2026, the original issue date is May 4, 2026, the observation date is April 30, 2029, and the maturity date is May 3, 2029. The estimated value on the pricing date is approximately $957.00 per security; all payments are subject to issuer and guarantor credit risk and the securities do not pay interest.

Morgan Stanley Finance LLC is offering Trigger PLUS principal-at-risk notes due May 3, 2030 linked to the worst performing of the Dow Jones Industrial Average and the S&P 500® Index. Each security has a $1,000 stated principal amount and pays no interest. At maturity, if the worst performing underlier appreciates, holders receive principal plus a 132% leveraged upside on that underlier's gain; if the worst performing underlier finishes between its initial level and a 70% downside threshold, holders receive only principal; if the worst performing underlier finishes below its downside threshold, holders suffer a pro rata loss of principal (1% loss for each 1% decline), potentially losing their entire investment. The estimated value on the pricing date is approximately $959.10 per security. All payments are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley and remain subject to the issuer’s and guarantor’s credit risk.

Morgan Stanley Finance LLC priced buffered jump securities (principal-at-risk notes) tied to the MSCI Emerging Markets Index. Each security has a $1,000 stated principal amount and an estimated value of $974.20 on the pricing date. The notes can auto-redeem on the first determination date for $1,185.40 if the index is at or above the call threshold of 1,412.19.

If not redeemed, maturity payoffs depend on the final level versus the initial level (1,412.19) and an 85% buffer level (1,200.362). Upside participation is 125% of appreciation; downside exposure applies beyond the 15% buffer with a 1.1765 downside factor, and there is no minimum payment at maturity.

Morgan Stanley Finance LLC prices structured Step-Up Jump Notes due May 4, 2033 linked to the BlackRock Adaptive U.S. Equity 5% Index, fully and unconditionally guaranteed by Morgan Stanley. The notes have a $1,000 stated principal amount per note, do not pay interest, and feature automatic early redemption on annual determination dates beginning April 29, 2027 if the closing level of the underlier meets or exceeds specified call thresholds. Early redemption payments are fixed amounts that target approximately 9.00% per annum for each applicable determination date; if not redeemed, maturity pays the stated principal plus an upside payment equal to 100% participation in any appreciation of the underlier (or only the stated principal if the final level is equal to or below the initial level). The estimated value on the pricing date is approximately $935.10 per note, reflecting issuance, sales and hedging costs borne by investors. All payments are subject to the credit risk of Morgan Stanley and the notes will not be listed on any exchange.

Morgan Stanley Finance LLC offers Buffered PLUS notes due May 3, 2030, fully guaranteed by Morgan Stanley, linked to the worst performing of the Russell 2000® and S&P 500® indices. Each security has a stated principal amount of $1,000. At maturity investors receive either principal plus a leveraged upside (leverage factor set at 120%–125%), principal only if the worst underlier is within a 20% buffer, or a reduced payment equal to the principal multiplied by the performance factor plus the buffer. The securities pay no interest, have a minimum payment at maturity of 20% of principal, and carry issuer credit risk. Pricing and strike dates are April 30, 2026 and original issue date is May 5, 2026. Estimated value on the pricing date was approximately $960.50 per security.

Morgan Stanley Finance LLC (guaranteed by Morgan Stanley) is offering contingent income, buffered auto-callable notes due May 3, 2029 linked to the worst performing of the S&P 500® and Russell 2000® indices. Each security has a $1,000 stated principal amount and an estimated value on the pricing date of approximately $944.20.

The notes pay a 7.60% annual contingent coupon on each coupon payment date only if both underliers are at or above their coupon barrier levels on the related observation dates, feature automatic early redemption beginning on April 29, 2027 if both underliers meet call thresholds, and provide a 15% buffer with a 15% minimum payment at maturity. If the worst performing underlier is below the buffer at maturity, principal is reduced 1% per 1% decline beyond the buffer. All payments are subject to Morgan Stanley’s credit risk and the notes may have limited secondary market liquidity.

Morgan Stanley Finance LLC priced auto-callable principal-at-risk notes linked to the worst performing of the S&P 500® and Russell 2000®. Each security has a $1,000 stated principal, a 150% participation rate in upside, a downside threshold at 70% of initial level and potential full loss of principal if the worst underlier declines below that threshold. The notes may auto-redeem on May 7, 2027 if both underliers meet their call thresholds on the first determination date. Final determination is April 30, 2029 with maturity on May 3, 2029. All payments are subject to issuer and guarantor credit risk.

Morgan Stanley Finance LLC priced a preliminary offering of structured notes called Trigger PLUS, unsecured principal-at-risk securities fully guaranteed by Morgan Stanley, linked to the worst performing of the Dow Jones Industrial Average and the S&P 500. Each security has a $1,000 stated principal amount and an original issue price of $1,000. The securities mature on May 1, 2031 with an observation date of April 28, 2031 and a strike/pricing date of April 27, 2026. At maturity investors receive either the stated principal plus a leveraged upside payment if the worst performing underlier appreciated, the stated principal if the worst performing underlier is at or above a 70% downside threshold, or a loss equal to the full percentage decline of the worst performing underlier if it falls below that 70% threshold; there is no guaranteed interest or minimum payment. The preliminary estimated value on the pricing date is approximately $927.80 per security and the leverage factor will be set between 120% and 130% on the pricing date. All payments are subject to Morgan Stanley’s credit risk.

Morgan Stanley Finance LLC offers Dual Directional Buffered PLUS notes due May 2, 2031, fully guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and an issue price of $1,000. The estimated value on the pricing date is approximately $930.00. Payment at maturity depends on the EURO STOXX 50® closing level on the observation date: upside participation uses a leverage factor determined at pricing (146%–161%); a 15% buffer preserves principal only for declines up to that amount; amounts below the buffer result in proportional principal losses. The securities do not pay interest, have a 15% minimum payment, and expose investors to issuer credit risk, limited secondary market liquidity, tax uncertainty, and model/valuation assumptions disclosed herein.

Morgan Stanley Finance LLC priced a structured, auto-callable market-linked security linked to the lowest performing of the iShares® Silver Trust (SLV) and the VanEck® Gold Miners ETF (GDX). The securities have a face amount of $1,000, an estimated value on the pricing date of $944.40, a contingent coupon rate to be set on the pricing date of at least 20.75% per annum, a pricing date of April 30, 2026 and a scheduled maturity of April 27, 2029. Payments are contingent: quarterly coupon payments are paid only if the lowest performing underlying closes at or above 70% of its starting price on the related calculation day, and at maturity investors are exposed to the full downside of the lowest performing underlying if it is below its downside threshold (70% of starting price). The securities are subject to automatic call beginning after approximately six months, are principal-at-risk instruments and all payments are subject to the issuer’s and guarantor’s credit risk.

Morgan Stanley Finance LLC is offering auto-callable, market-linked securities fully guaranteed by Morgan Stanley that mature on October 28, 2027 and have a face amount of $1,000 per security. The securities pay a contingent coupon (rate at least 12.00% per annum, set on the pricing date) monthly if the lowest-performing underlying (S&P 500®, Russell 2000®, Nasdaq-100®) is at or above 75% of its starting level on each monthly calculation day. Beginning about six months after issuance, the securities may be automatically called on monthly calculation days if each underlying is at or above its starting level, in which case holders receive the face amount plus a final contingent coupon payment. If not called, at maturity investors receive either the face amount (if all underlyings are at or above their 75% downside thresholds) or a reduced cash payment equal to the face amount multiplied by the performance factor of the lowest-performing underlying; losses can exceed 25% and may be total. The pricing date is April 30, 2026, original issue date May 5, 2026, estimated value per security on the pricing date approximately $971.70 (within $35.00).

Morgan Stanley Finance LLC is offering principal‑at‑risk, auto‑callable securities tied to the worst performing common stock of Apple Inc. and Blackstone Inc. The securities have a $1,000 stated principal amount and aggregate principal of $800,000, an estimated value on the pricing date of $960.50 per security, and a contingent coupon at an annual rate of 15.25%. Coupons are paid only if both underliers are at or above their coupon barrier levels on observation dates; the notes are automatically redeemed early if both underliers meet call thresholds on any redemption determination date. At maturity, if the final level of either underlier is below its downside threshold (60% of its initial level), investors suffer a loss equal to the decline in the worst performing underlier and may lose their entire principal. All payments are unsecured and subject to Morgan Stanley's credit risk.

Morgan Stanley Finance LLC is offering Principal at Risk notes—Dual Directional Buffered Jump Securities linked to the worst performing of the Russell 2000® Index and the S&P 500® Index, fully guaranteed by Morgan Stanley. The offering is $2,062,000 aggregate at $1,000 stated principal per security with an estimated value on the pricing date of $973.50 per security. The notes mature on September 30, 2027 and feature a fixed $176.50 upside payment (17.65%) if the worst performing underlier is at or above its initial level, a 15% buffer (85% buffer level), an absolute-return participation feature up to 15%, and a minimum payment at maturity of 15% of principal. All payments are subject to issuer and guarantor credit risk.

The issuer, Morgan Stanley Finance LLC, priced a series of principal‑at‑risk, auto‑callable notes due April 3, 2029 linked to the EURO STOXX 50® Index. The notes have a $1,000 stated principal amount and were sold at par with an estimated value of $966.50 on the pricing date.

The notes pay an early redemption payment of $1,120 if the index closing on the first determination date (April 9, 2027) is at or above the call threshold of 5,505.80 (100% of the initial level). If not called, maturity payoffs depend on final index performance: full principal plus an upside payment equal to the stated principal × 360% × index percent change if the final level is above the initial level; full principal if the final level is between 100% and 80% of the initial level; and a loss proportional to the index decline if the final level is below the downside threshold of 4,404.64 (80% of initial), potentially reducing the payout to zero.

Morgan Stanley Finance LLC priced Principal at Risk callable contingent income securities with a 9.80% annual contingent coupon and $1,000 stated principal per security. The offering aggregates $4,000,000 and was issued at $1,000 (estimated value $986.30). The notes mature on April 2, 2029 and are linked to the worst performing of the Nasdaq-100, Russell 2000 and S&P 500 indices. Coupons are paid only if each underlier meets its coupon barrier (60% of its initial level) on observation dates; a final shortfall below the 60% downside threshold in the worst performing underlier reduces principal pro rata. MSFL is issuer and Morgan Stanley guarantor; all payments remain subject to Morgan Stanley credit risk and the securities may be called early based on a risk-neutral valuation model.

Morgan Stanley Finance LLC is offering Trigger PLUS structured notes due April 1, 2032. The securities are unsecured obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley, with a $1,000 stated principal amount per security and aggregate principal of $2,447,000. The payoff is linked to the S&P 500® Futures Excess Return Index (SPXFP), with an initial level of 514.63 (strike date March 27, 2026) and an observation date of March 29, 2032. If the final level exceeds the initial level, investors receive the stated principal plus a leveraged upside equal to a 200.25% leverage factor times the index percent change. If the final level is between the initial level and the downside threshold of 308.778 (60% of the initial level), investors receive only the stated principal. If the final level is below the downside threshold, investors lose principal on a one-for-one basis and could lose their entire investment. The securities pay no interest, have an estimated value on the pricing date of $936.90 per security, and were issued at an issue price of $1,000 per security with agent commissions of $32.50 per security.

Morgan Stanley Finance LLC priced a $4,310,000 offering of Structured Investments (Buffered Jump Securities) fully and unconditionally guaranteed by Morgan Stanley. The securities have a $1,000 stated principal amount and an estimated value of $967.70 on the pricing date.

Key economics: 150% participation rate, 85 buffer level (15% buffer), downside factor 1.1765, upside payment $490, automatic early redemption if the underlier is >=100 on the April 12, 2027 first determination date with an early redemption payment of $1,245, and maturity on March 30, 2028. Commissions are $15 per security.

Morgan Stanley Finance LLC priced a $1,810,000 offering of market-linked, auto-callable principal-at-risk securities with a face amount of $1,000 per security due April 1, 2031, fully and unconditionally guaranteed by Morgan Stanley. The estimated value on the pricing date was $936.20 per security and the price to public was $1,000 per security.

The securities reference the Nasdaq-100, Dow Jones Industrial and S&P 500 indexes and pay an annualized call premium if, on any calculation day beginning April 1, 2027, each underlying closes at or above its starting level. If not called, maturity payments depend on the lowest performing underlying versus a 70% threshold; declines below that threshold expose investors to more than 30% loss, possibly to zero. All payments are subject to Morgan Stanley credit risk.

Morgan Stanley Finance LLC is offering Principal‑at‑Risk structured notes linked to the S&P 500® Index with an aggregate principal amount of $830,000 and a stated principal amount of $1,000 per security. The notes have an issue price of $1,000, an estimated value on the pricing date of $977.50, a 150% participation rate, a strike/initial level of 6,477.16, a downside threshold at 80% of the initial level (5,181.728), a first determination date for automatic early redemption on April 8, 2027 (early redemption payment $1,132.20), and a maturity date of March 30, 2028. If not auto‑redeemed, payoff at maturity depends on the final level versus the initial and downside thresholds and could result in complete loss of principal. All payments are subject to the issuer and guarantor credit risk.

Morgan Stanley Finance LLC is offering Trigger PLUS notes due June 2, 2027 linked to the iShares® Semiconductor ETF (SOXX). Each note has a $1,000 stated principal amount and a 200% leverage factor on upside, with a maximum payment of $1,350 and a downside threshold at 90% of the initial level.

At maturity investors receive principal plus leveraged upside if the final level exceeds the initial level, full principal if the final level is ≥ the 90% downside threshold, or a loss proportional to the underlier decline if below that threshold. All payments are subject to issuer credit risk.

Morgan Stanley Finance LLC is offering Principal at Risk Buffered Participation Securities with an aggregate principal amount of $495,000, issued at $1,000 per security. The securities mature on July 1, 2027 and are fully and unconditionally guaranteed by Morgan Stanley.

Each security’s payoff is linked to the worst performing of the Dow Jones Industrial Average and the S&P 500® Index. The notes include a 15% buffer, a 100% participation rate up to a $1,226 maximum payment, and a 15% minimum payment. All payments are subject to the issuer’s credit risk; estimated value on the pricing date was $975.90 per security.

Morgan Stanley Finance LLC offers principal-at-risk structured notes linked to the worst performing of the Russell 2000® and the S&P 500® with a stated principal amount of $1,000 per security and aggregate issuance of $10,911,000. The securities pay no interest; at maturity investors receive either the stated principal plus a fixed $90 upside payment if each underlier is at or above its downside threshold (~63% of initial levels), or a principal amount reduced pro rata by the percentage decline of the worst performing underlier (potentially down to zero). The notes are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley, and all payments are subject to Morgan Stanley’s credit risk. The offering targets fee-based advisory accounts and includes an estimated value on the pricing date of $991.30 per security.

Morgan Stanley Finance LLC priced a market-linked, principal-at-risk offering fully guaranteed by Morgan Stanley. The securities have a face amount of $1,000, a public offering price of $1,000 and an estimated value of $918.00 per security on the pricing date. They are auto-callable on the call date with a fixed call payment of $1,430 (approximately 43.00% premium). If not called, the maturity payoff depends on the performance of the lowest performing of three ETFs (SMH, XLE, XLU) with a 300% participation rate on upside; downside exposure is full below specified threshold prices, potentially resulting in losses greater than 30% and possibly the entire principal.

The issuer Morgan Stanley Finance LLC, guaranteed by Morgan Stanley, is offering structured principal‑at‑risk notes linked to the S&P 500® Index maturing on November 1, 2027. Each security has a $1,000 stated principal and pays at least a $133 upside if the final level is at or above the 85% buffer; if below the buffer, losses are amplified by a 1.1765 downside factor and investors may lose their entire principal.

Morgan Stanley Finance LLC priced structured, principal-at-risk securities due April 13, 2033. Each security has a $1,000 stated principal and a capped upside payment of $621.50 (62.15%) if the S&P 500® final level is at or above an 85% buffer threshold. If the final level is below the buffer level, losses are 1% for each 1% decline beyond the 15% buffer, with a minimum payment of 15% of principal at maturity. The estimated value on the pricing date was approximately $922.30. All payments are subject to the issuer’s credit risk and the securities do not pay interest.

Morgan Stanley Finance LLC issues $5,795,000 of Buffered PLUS principal-at-risk securities fully and unconditionally guaranteed by Morgan Stanley, linked to the S&P 500® Index with a stated principal amount of $1,000 per security. The securities mature on April 30, 2027 and feature a 109% leverage factor, a 20% buffer (buffer level = 80% of the initial level), a maximum payment at maturity of $1,102.50 (110.25% of stated principal) and a minimum payment of 20% of stated principal. Purchases are for fee-based advisory accounts; estimated value at pricing was $980.10 per security.

Morgan Stanley Finance LLC offers a series of Principal-at-Risk notes — a PLUS with Downside Factor due April 3, 2031 linked to the worst performing of Invesco QQQ, State Street Technology Select Sector (XLK) and VanEck Semiconductor (SMH). Each security has a $1,000 stated principal amount and a 205% leverage factor for upside participation. If the worst performing underlier finishes below its downside threshold (25% of its initial level), investors lose their entire principal; if it finishes between the downside threshold and initial level, losses equal the underlier percent change × 1.3333 downside factor. The securities pay no interest, are unsecured obligations of MSFL and are fully guaranteed by Morgan Stanley; all payments are subject to Morgan Stanley's credit risk.

Morgan Stanley Finance LLC is offering structured, principal-at-risk notes tied to the S&P 500® Index that mature on May 13, 2027. Each security has a $1,000 stated principal amount and an issue price of $1,000. If the final level is at or above an 80% buffer level, investors receive the principal plus a fixed upside payment (at least $77.50). If the final level is below the 80% buffer, losses apply at a 1.25% downside factor for each 1% decline beyond the 20% buffer; there is no minimum payment and the principal could be lost. The pricing date and strike date are April 27, 2026, with an initial level set on that date and an observation date of May 10, 2027. All payments are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley; payments are subject to the issuer’s and guarantor’s credit risk. The estimated value on the pricing date was approximately $981.60 per security.

Morgan Stanley Finance LLC is offering principal-at-risk, contingent-income, auto-callable securities tied to Meta Platforms, Inc. Class A common stock. Each security has a stated principal of $1,000, an issue price of $1,000 and a hypothetical contingent coupon rate of 15.00% per annum. Coupons are paid only if the closing level of the underlier meets or exceeds the coupon barrier on observation dates; unpaid coupons may be paid later only if future observation-date levels meet the barrier. The notes are automatically redeemed if the closing level meets or exceeds the call threshold on any redemption determination date. At maturity, if the final level is below the downside threshold (69% of the initial level), investors suffer proportional loss to principal; if the final level is at or above that threshold, investors receive principal. All payments are unsecured obligations of MSFL and guaranteed by Morgan Stanley and are subject to issuer credit risk.

Morgan Stanley Finance LLC offers Trigger Absolute Return Step Securities linked to a weighted basket of international indices with a 5-year term maturing April 17, 2031. Each Security has an Issue Price of $10.00 and an estimated Trade Date value of $9.369. If the Final Basket Level is ≥ the Step Barrier (100% of the Initial Basket Level), holders receive the greater of the Step Return (set between 42.00% and 47.00% on the Trade Date) or the Basket Return plus repayment of principal. If the Final Basket Level is < the Step Barrier but ≥ the Downside Threshold (75, or 75% of the Initial Basket Level), holders receive principal plus the absolute value of a negative Basket Return (the Contingent Absolute Return). If the Final Basket Level is < the Downside Threshold, holders absorb a principal loss proportionate to the negative Basket Return. All payments are unsecured obligations of MSFL, fully guaranteed by Morgan Stanley, and subject to issuer credit risk. The Securities do not pay interest and are designed for investors willing to forgo current income and accept significant downside market and credit risk.

Morgan Stanley Finance LLC is offering Principal at Risk structured notes—auto-callable securities due April 1, 2030 and fully guaranteed by Morgan Stanley. The offering totals $2,000,000 at a stated principal amount of $1,000 per security. Automatic early redemption can occur on specified determination dates beginning April 1, 2027 if each underlier meets its call threshold. Payment at maturity depends on the worst performing of the Dow Jones Industrial Average, Nasdaq-100 and Russell 2000: investors may receive a fixed positive return, only principal, or suffer losses proportionate to the worst underlier down to zero. All payments are subject to the issuer’s and guarantor’s credit risk.

Morgan Stanley Finance LLC is offering market-linked notes due April 6, 2028, fully guaranteed by Morgan Stanley, linked to the worst performing of the Russell 2000®, S&P 500® and Nasdaq-100®. The notes have a $1,000 stated principal per note, pay no periodic interest and provide an upside equal to 100% participation in the appreciation of the worst performing underlier, capped at a maximum payment of $1,199 per note. If any underlier finishes at or below its initial level, holders receive only the stated principal at maturity. All payments are subject to issuer credit risk, the notes will not be listed, and estimated value on the pricing date is approximately $983 per note.

Morgan Stanley Finance LLC priced a structured note offering called Trigger PLUS — unsecured principal-at-risk securities fully guaranteed by Morgan Stanley linked to the worst performing of the DAX®, EURO STOXX 50® and STOXX® Europe 600 indices. The stated principal is $1,000 per security with an aggregate offering of $500,000. The securities pay no interest; at maturity on April 1, 2031 investors receive either (a) principal plus a 224.50% leveraged upside on the appreciation of the worst performing underlier, (b) principal only if the worst performing underlier is between its initial level and a 70% downside threshold, or (c) a principal loss equal to the percentage decline of the worst performing underlier if that underlier falls below its downside threshold, potentially resulting in a total loss. The original issue price is $1,000 and the estimated value on the pricing date was $957.70. The securities are issued April 1, 2026 and are subject to Morgan Stanley credit risk and other risks described in the terms.

Morgan Stanley Finance LLC offers Principal at Risk Structured Notes linked to the common stock of NVIDIA Corporation, with a stated principal amount of $1,000 per security and an upside payment of $152 (15.20%) if the final level is at or above the downside threshold. The securities have an issue price of $1,000, an estimated value on the pricing date of approximately $978.30, an observation date of May 3, 2027, and maturity on May 6, 2027. If the final level is below the downside threshold (set at 60% of the initial level), the payment at maturity will be the stated principal amount multiplied by the performance factor (final level / initial level), and investors could lose some or all principal.

Morgan Stanley Finance LLC is offering $17,024,300 of Trigger Autocallable GEARS linked to the Russell 2000® Index, fully guaranteed by Morgan Stanley. The five-year, principal-at-risk securities have a $10 issue price and an estimated Trade Date value of $9.552. They are automatically callable if the Observation Date Closing Level on April 5, 2027 is at or above the Autocall Barrier (100% of the Initial Level, 2,449.695), in which case holders receive $10 plus a fixed Call Return based on a 12.00% per annum Call Return Rate (Call Price $11.20). If not called, maturity payoff uses an Upside Gearing of 1.80 for positive returns; if the Final Level is below the Downside Threshold (≈75% of the Initial Level, 1,837.271) holders can lose a significant portion or all principal. All payments are subject to MSFL/Morgan Stanley credit risk and various market and tax risks described in the supplement.

Morgan Stanley Finance LLC is offering Trigger GEARS linked to a weighted basket of global indices with a five-year term and principal at risk. Each Security has an Issue Price of $10.00, an estimated Trade Date value of $9.412 and pays at maturity either: (1) $10 plus the Basket Return times the Upside Gearing of 1.30 if the Basket Return > 0; (2) $10 if the Basket Return ≤ 0 but the Final Basket Level ≥ the Downside Threshold (75); or (3) $10 × (1 + Basket Return) if the Final Basket Level < the Downside Threshold, which can result in a substantial or total loss of principal. Key dates: Trade Date March 27, 2026, Settlement March 31, 2026, Final Valuation Date March 27, 2031, Maturity Date April 1, 2031. Payments are unsecured and subject to Morgan Stanley credit risk.