# EDGAR Filing Document

**Accession Number:** 0001666268
**File Stem:** 0001839882-26-019122
**Filing Date:** 2026-4
**Character Count:** 92444
**Document Hash:** 15e828427211f5585fd8208bf5053b55
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001839882-26-019122.hdr.sgml**: 20260402

**ACCESSION NUMBER**: 0001839882-26-019122

**CONFORMED SUBMISSION TYPE**: 424B2

**PUBLIC DOCUMENT COUNT**: 17

**FILED AS OF DATE**: 20260402

**DATE AS OF CHANGE**: 20260402

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MORGAN STANLEY
- **CENTRAL INDEX KEY:** 0000895421
- **STANDARD INDUSTRIAL CLASSIFICATION:** SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 363145972
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 424B2
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-275587
- **FILM NUMBER:** 26835613

**BUSINESS ADDRESS:**
- **STREET 1:** 1585 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036
- **BUSINESS PHONE:** 212-761-4000

**MAIL ADDRESS:**
- **STREET 1:** 1585 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MORGAN STANLEY DEAN WITTER & CO
- **DATE OF NAME CHANGE:** 19980326

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DEAN WITTER DISCOVER & CO
- **DATE OF NAME CHANGE:** 19960315
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Morgan Stanley Finance LLC
- **CENTRAL INDEX KEY:** 0001666268
- **STANDARD INDUSTRIAL CLASSIFICATION:** SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 363145972
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 424B2
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-275587-01
- **FILM NUMBER:** 26835614

**BUSINESS ADDRESS:**
- **STREET 1:** 1585 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036
- **BUSINESS PHONE:** (212) 761-4000

**MAIL ADDRESS:**
- **STREET 1:** 1585 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036

**March 2026**

Pricing Supplement No. 15,037

Registration Statement Nos. 333-275587; 333-275587-01

Dated March 31, 2026

Filed pursuant to Rule 424(b)(2)

Morgan Stanley Finance LLC

Structured Investments

Opportunities in International Equities

Dual Directional Trigger Jump Securities Based on the Performance of a Basket of Five Indices due April 3, 2031

**Fully and Unconditionally Guaranteed by Morgan Stanley**

**Principal at Risk Securities**

The Dual Directional Trigger Jump Securities (the "securities") are unsecured obligations of Morgan Stanley Finance LLC ("MSFL") and are fully and unconditionally guaranteed by Morgan Stanley. The securities will pay no interest, do not guarantee any return of principal at maturity and have the terms described in the accompanying product supplement, index supplement and prospectus, as supplemented or modified by this document. At maturity, if the basket has **appreciated** in value by no more than 43.82%, you will receive for each security that you hold at maturity the stated principal amount of $1,000 *plus* the upside payment of $438.20. If the basket has **appreciated** by more than 43.82%, you will receive for each security that you hold at maturity the stated principal amount *plus* an amount based on the percentage increase of the basket. If the basket has **depreciated** in value but by no more than 25%, you will receive the stated principal amount of your investment *plus* a positive return equal to the absolute value of the percentage decline, which will effectively be limited to a positive return of 25%. However, if the basket has **depreciated** by more than 25%, you will be negatively exposed to the full amount of the percentage decline in the basket and will lose 1% of the stated principal amount for every 1% of decline, without any buffer. These long-dated securities are for investors who seek a return based on a basket of equity indices and who are willing to risk their principal and forgo current income in exchange for the upside payment and absolute return features that in each case apply to a limited range of performance of the basket. **Investors may lose their entire initial investment in the securities.** These long-dated securities are notes issued as part of MSFL's Series A Global Medium-Term Notes program. The securities differ from the Jump Securities described in the accompanying product supplement in that the securities offer the potential for a positive return at maturity if the basket depreciates by up to 25%. The securities are not the Buffered Jump Securities described in the accompanying product supplement. Unlike the Buffered Jump Securities, the securities do not provide any protection if the basket depreciates by more than 25%.

**All payments are subject to our credit risk. If we default on our obligations, you could lose some or all of your investment. These securities are not secured obligations and you will not have any security interest in, or otherwise have any access to, any underlying reference asset or assets.**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **FINAL TERMS** | &nbsp;&nbsp; **FINAL TERMS** | &nbsp;&nbsp; **FINAL TERMS** | &nbsp;&nbsp; **FINAL TERMS** | &nbsp;&nbsp; **FINAL TERMS** | &nbsp;&nbsp; **FINAL TERMS** |
| &nbsp;&nbsp; **Issuer:**  | &nbsp;&nbsp;&nbsp; Morgan Stanley Finance LLC | &nbsp;&nbsp;&nbsp; Morgan Stanley Finance LLC | &nbsp;&nbsp;&nbsp; Morgan Stanley Finance LLC | &nbsp;&nbsp;&nbsp; Morgan Stanley Finance LLC | &nbsp;&nbsp;&nbsp; Morgan Stanley Finance LLC |
| &nbsp;&nbsp; **Guarantor:** | &nbsp;&nbsp;&nbsp; Morgan Stanley | &nbsp;&nbsp;&nbsp; Morgan Stanley | &nbsp;&nbsp;&nbsp; Morgan Stanley | &nbsp;&nbsp;&nbsp; Morgan Stanley | &nbsp;&nbsp;&nbsp; Morgan Stanley |
| &nbsp;&nbsp; **Maturity date:**  | &nbsp;&nbsp;&nbsp; April 3, 2031 | &nbsp;&nbsp;&nbsp; April 3, 2031 | &nbsp;&nbsp;&nbsp; April 3, 2031 | &nbsp;&nbsp;&nbsp; April 3, 2031 | &nbsp;&nbsp;&nbsp; April 3, 2031 |
| &nbsp;&nbsp; **Valuation date:** | &nbsp;&nbsp;&nbsp; March 31, 2031, subject to postponement for non-index business days and certain market disruption events | &nbsp;&nbsp;&nbsp; March 31, 2031, subject to postponement for non-index business days and certain market disruption events | &nbsp;&nbsp;&nbsp; March 31, 2031, subject to postponement for non-index business days and certain market disruption events | &nbsp;&nbsp;&nbsp; March 31, 2031, subject to postponement for non-index business days and certain market disruption events | &nbsp;&nbsp;&nbsp; March 31, 2031, subject to postponement for non-index business days and certain market disruption events |
| &nbsp;&nbsp; **Aggregate principal amount:** | &nbsp;&nbsp;&nbsp; $5000000 | &nbsp;&nbsp;&nbsp; $5000000 | &nbsp;&nbsp;&nbsp; $5000000 | &nbsp;&nbsp;&nbsp; $5000000 | &nbsp;&nbsp;&nbsp; $5000000 |
| &nbsp;&nbsp; **Basket:** | &nbsp;&nbsp;&nbsp; The table sets forth the Bloomberg ticker symbol for and weighting of each basket component. | &nbsp;&nbsp;&nbsp; The table sets forth the Bloomberg ticker symbol for and weighting of each basket component. | &nbsp;&nbsp;&nbsp; The table sets forth the Bloomberg ticker symbol for and weighting of each basket component. | &nbsp;&nbsp;&nbsp; The table sets forth the Bloomberg ticker symbol for and weighting of each basket component. | &nbsp;&nbsp;&nbsp; The table sets forth the Bloomberg ticker symbol for and weighting of each basket component. |
| &nbsp;&nbsp; **Basket:** | &nbsp;&nbsp; **Basket component** | &nbsp;&nbsp; **Bloomberg ticker symbol\*** | &nbsp;&nbsp; **Basket component weighting** | &nbsp;&nbsp; **Initial basket component value** | &nbsp;&nbsp; **Multiplier** |
| &nbsp;&nbsp; **Basket:** | &nbsp;&nbsp;&nbsp; EURO STOXX 50<sup>®</sup> Index (the "SX5E Index") | &nbsp;&nbsp;&nbsp; SX5E | &nbsp;&nbsp;&nbsp; 40.00% | &nbsp;&nbsp;&nbsp; 5569.73 | &nbsp;&nbsp;&nbsp; 0.007181677 |
| &nbsp;&nbsp; **Basket:** | &nbsp;&nbsp;&nbsp; Tokyo Stock Price Index (the "TPX Index") | &nbsp;&nbsp;&nbsp; TPX | &nbsp;&nbsp;&nbsp; 25.00% | &nbsp;&nbsp;&nbsp; 3497.86 | &nbsp;&nbsp;&nbsp; 0.007147227 |
| &nbsp;&nbsp; **Basket:** | &nbsp;&nbsp;&nbsp; FTSE<sup>®</sup> 100 Index (the "UKX Index") | &nbsp;&nbsp;&nbsp; UKX | &nbsp;&nbsp;&nbsp; 17.50% | &nbsp;&nbsp;&nbsp; 10176.45 | &nbsp;&nbsp;&nbsp; 0.001719657 |
| &nbsp;&nbsp; **Basket:** | &nbsp;&nbsp;&nbsp; Swiss Market Index<sup>®</sup> (the "SMI Index") | &nbsp;&nbsp;&nbsp; SMI | &nbsp;&nbsp;&nbsp; 10.00% | &nbsp;&nbsp;&nbsp; 12776.79 | &nbsp;&nbsp;&nbsp; 0.000782669 |
| &nbsp;&nbsp; **Basket:** | &nbsp;&nbsp;&nbsp; S&P<sup>®</sup>/ASX 200 Index (the "AS51 Index") | &nbsp;&nbsp;&nbsp; AS51 | &nbsp;&nbsp;&nbsp; 7.50% | &nbsp;&nbsp;&nbsp; 8481.775 | &nbsp;&nbsp;&nbsp; 0.000884249 |
| &nbsp;&nbsp; **Basket:** | &nbsp;&nbsp;&nbsp; \*Bloomberg ticker symbols are being provided for reference purposes only.  | &nbsp;&nbsp;&nbsp; \*Bloomberg ticker symbols are being provided for reference purposes only.  | &nbsp;&nbsp;&nbsp; \*Bloomberg ticker symbols are being provided for reference purposes only.  | &nbsp;&nbsp;&nbsp; \*Bloomberg ticker symbols are being provided for reference purposes only.  | &nbsp;&nbsp;&nbsp; \*Bloomberg ticker symbols are being provided for reference purposes only.  |
| &nbsp;&nbsp; **Payment at maturity per security:**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ●If the final basket value is *greater than or equal to* the initial basket value:<br> $1,000 + the *greater* of (i) $1,000 × the basket percent change and (ii) the upside payment<br> ●If the final basket value is *less than* the initial basket value but is *greater than or equal to* the trigger level:<br> $1,000 + ($1,000 x absolute basket return)<br> *In this scenario, you will receive a 1% positive return on the securities for each 1% negative return on the basket. In no event will this amount exceed the stated principal amount plus $250.*<br> ●If the final basket value is *less than* the trigger level:<br> $1,000 × basket performance factor<br> *Under these circumstances, the payment at maturity will be less than the stated principal amount of $1,000, and will represent a loss of more than 25%, and possibly all, of your investment.* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ●If the final basket value is *greater than or equal to* the initial basket value:<br> $1,000 + the *greater* of (i) $1,000 × the basket percent change and (ii) the upside payment<br> ●If the final basket value is *less than* the initial basket value but is *greater than or equal to* the trigger level:<br> $1,000 + ($1,000 x absolute basket return)<br> *In this scenario, you will receive a 1% positive return on the securities for each 1% negative return on the basket. In no event will this amount exceed the stated principal amount plus $250.*<br> ●If the final basket value is *less than* the trigger level:<br> $1,000 × basket performance factor<br> *Under these circumstances, the payment at maturity will be less than the stated principal amount of $1,000, and will represent a loss of more than 25%, and possibly all, of your investment.* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ●If the final basket value is *greater than or equal to* the initial basket value:<br> $1,000 + the *greater* of (i) $1,000 × the basket percent change and (ii) the upside payment<br> ●If the final basket value is *less than* the initial basket value but is *greater than or equal to* the trigger level:<br> $1,000 + ($1,000 x absolute basket return)<br> *In this scenario, you will receive a 1% positive return on the securities for each 1% negative return on the basket. In no event will this amount exceed the stated principal amount plus $250.*<br> ●If the final basket value is *less than* the trigger level:<br> $1,000 × basket performance factor<br> *Under these circumstances, the payment at maturity will be less than the stated principal amount of $1,000, and will represent a loss of more than 25%, and possibly all, of your investment.* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ●If the final basket value is *greater than or equal to* the initial basket value:<br> $1,000 + the *greater* of (i) $1,000 × the basket percent change and (ii) the upside payment<br> ●If the final basket value is *less than* the initial basket value but is *greater than or equal to* the trigger level:<br> $1,000 + ($1,000 x absolute basket return)<br> *In this scenario, you will receive a 1% positive return on the securities for each 1% negative return on the basket. In no event will this amount exceed the stated principal amount plus $250.*<br> ●If the final basket value is *less than* the trigger level:<br> $1,000 × basket performance factor<br> *Under these circumstances, the payment at maturity will be less than the stated principal amount of $1,000, and will represent a loss of more than 25%, and possibly all, of your investment.* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ●If the final basket value is *greater than or equal to* the initial basket value:<br> $1,000 + the *greater* of (i) $1,000 × the basket percent change and (ii) the upside payment<br> ●If the final basket value is *less than* the initial basket value but is *greater than or equal to* the trigger level:<br> $1,000 + ($1,000 x absolute basket return)<br> *In this scenario, you will receive a 1% positive return on the securities for each 1% negative return on the basket. In no event will this amount exceed the stated principal amount plus $250.*<br> ●If the final basket value is *less than* the trigger level:<br> $1,000 × basket performance factor<br> *Under these circumstances, the payment at maturity will be less than the stated principal amount of $1,000, and will represent a loss of more than 25%, and possibly all, of your investment.* |
| &nbsp;&nbsp; **Upside payment:** | &nbsp;&nbsp;&nbsp; $438.20 per security (43.82% of the stated principal amount) | &nbsp;&nbsp;&nbsp; $438.20 per security (43.82% of the stated principal amount) | &nbsp;&nbsp;&nbsp; $438.20 per security (43.82% of the stated principal amount) | &nbsp;&nbsp;&nbsp; $438.20 per security (43.82% of the stated principal amount) | &nbsp;&nbsp;&nbsp; $438.20 per security (43.82% of the stated principal amount) |
| &nbsp;&nbsp; **Basket percent change:** | &nbsp;&nbsp;&nbsp; (final basket value – initial basket value) / initial basket value | &nbsp;&nbsp;&nbsp; (final basket value – initial basket value) / initial basket value | &nbsp;&nbsp;&nbsp; (final basket value – initial basket value) / initial basket value | &nbsp;&nbsp;&nbsp; (final basket value – initial basket value) / initial basket value | &nbsp;&nbsp;&nbsp; (final basket value – initial basket value) / initial basket value |
| &nbsp;&nbsp; **Absolute basket return:** | &nbsp;&nbsp;&nbsp; The absolute value of the basket percent change. For example, a -5% basket percent change will result in a +5% absolute basket return. | &nbsp;&nbsp;&nbsp; The absolute value of the basket percent change. For example, a -5% basket percent change will result in a +5% absolute basket return. | &nbsp;&nbsp;&nbsp; The absolute value of the basket percent change. For example, a -5% basket percent change will result in a +5% absolute basket return. | &nbsp;&nbsp;&nbsp; The absolute value of the basket percent change. For example, a -5% basket percent change will result in a +5% absolute basket return. | &nbsp;&nbsp;&nbsp; The absolute value of the basket percent change. For example, a -5% basket percent change will result in a +5% absolute basket return. |
| &nbsp;&nbsp; **Basket performance factor:** | &nbsp;&nbsp;&nbsp; final basket value / initial basket value | &nbsp;&nbsp;&nbsp; final basket value / initial basket value | &nbsp;&nbsp;&nbsp; final basket value / initial basket value | &nbsp;&nbsp;&nbsp; final basket value / initial basket value | &nbsp;&nbsp;&nbsp; final basket value / initial basket value |
| &nbsp;&nbsp; **Initial basket value:** | &nbsp;&nbsp;&nbsp; 100, which is equal to the sum of the products of (i) the initial basket component value of each basket component, as set forth under "Basket—Initial basket component value" above, and (ii) the multiplier for such basket component, each of which was determined on the pricing date. | &nbsp;&nbsp;&nbsp; 100, which is equal to the sum of the products of (i) the initial basket component value of each basket component, as set forth under "Basket—Initial basket component value" above, and (ii) the multiplier for such basket component, each of which was determined on the pricing date. | &nbsp;&nbsp;&nbsp; 100, which is equal to the sum of the products of (i) the initial basket component value of each basket component, as set forth under "Basket—Initial basket component value" above, and (ii) the multiplier for such basket component, each of which was determined on the pricing date. | &nbsp;&nbsp;&nbsp; 100, which is equal to the sum of the products of (i) the initial basket component value of each basket component, as set forth under "Basket—Initial basket component value" above, and (ii) the multiplier for such basket component, each of which was determined on the pricing date. | &nbsp;&nbsp;&nbsp; 100, which is equal to the sum of the products of (i) the initial basket component value of each basket component, as set forth under "Basket—Initial basket component value" above, and (ii) the multiplier for such basket component, each of which was determined on the pricing date. |
| &nbsp;&nbsp; **Final basket value:**  | &nbsp;&nbsp;&nbsp; The sum of the products of (i) the basket component closing value of each basket component on the valuation date and (ii) the multiplier for such basket component. | &nbsp;&nbsp;&nbsp; The sum of the products of (i) the basket component closing value of each basket component on the valuation date and (ii) the multiplier for such basket component. | &nbsp;&nbsp;&nbsp; The sum of the products of (i) the basket component closing value of each basket component on the valuation date and (ii) the multiplier for such basket component. | &nbsp;&nbsp;&nbsp; The sum of the products of (i) the basket component closing value of each basket component on the valuation date and (ii) the multiplier for such basket component. | &nbsp;&nbsp;&nbsp; The sum of the products of (i) the basket component closing value of each basket component on the valuation date and (ii) the multiplier for such basket component. |
| &nbsp;&nbsp; **Basket component closing value:** | &nbsp;&nbsp;&nbsp; In the case of each basket component, on any index business day, the index closing value of such basket component | &nbsp;&nbsp;&nbsp; In the case of each basket component, on any index business day, the index closing value of such basket component | &nbsp;&nbsp;&nbsp; In the case of each basket component, on any index business day, the index closing value of such basket component | &nbsp;&nbsp;&nbsp; In the case of each basket component, on any index business day, the index closing value of such basket component | &nbsp;&nbsp;&nbsp; In the case of each basket component, on any index business day, the index closing value of such basket component |
| &nbsp;&nbsp; **Multiplier:** | &nbsp;&nbsp;&nbsp; The multipliers were determined on the pricing date based on each basket component's initial basket component value so that each basket component represents its applicable basket component weighting in the predetermined initial basket value. Each multiplier will remain constant for the term of the securities. See "Basket—Multiplier" above. | &nbsp;&nbsp;&nbsp; The multipliers were determined on the pricing date based on each basket component's initial basket component value so that each basket component represents its applicable basket component weighting in the predetermined initial basket value. Each multiplier will remain constant for the term of the securities. See "Basket—Multiplier" above. | &nbsp;&nbsp;&nbsp; The multipliers were determined on the pricing date based on each basket component's initial basket component value so that each basket component represents its applicable basket component weighting in the predetermined initial basket value. Each multiplier will remain constant for the term of the securities. See "Basket—Multiplier" above. | &nbsp;&nbsp;&nbsp; The multipliers were determined on the pricing date based on each basket component's initial basket component value so that each basket component represents its applicable basket component weighting in the predetermined initial basket value. Each multiplier will remain constant for the term of the securities. See "Basket—Multiplier" above. | &nbsp;&nbsp;&nbsp; The multipliers were determined on the pricing date based on each basket component's initial basket component value so that each basket component represents its applicable basket component weighting in the predetermined initial basket value. Each multiplier will remain constant for the term of the securities. See "Basket—Multiplier" above. |
| &nbsp;&nbsp; **Trigger level:** | &nbsp;&nbsp;&nbsp; 75, which is 75% of the initial basket value | &nbsp;&nbsp;&nbsp; 75, which is 75% of the initial basket value | &nbsp;&nbsp;&nbsp; 75, which is 75% of the initial basket value | &nbsp;&nbsp;&nbsp; 75, which is 75% of the initial basket value | &nbsp;&nbsp;&nbsp; 75, which is 75% of the initial basket value |
| &nbsp;&nbsp; **Stated principal amount / Issue price:** | &nbsp;&nbsp;&nbsp; $1,000 per security | &nbsp;&nbsp;&nbsp; $1,000 per security | &nbsp;&nbsp;&nbsp; $1,000 per security | &nbsp;&nbsp;&nbsp; $1,000 per security | &nbsp;&nbsp;&nbsp; $1,000 per security |
| &nbsp;&nbsp; **Pricing date:**  | &nbsp;&nbsp;&nbsp; March 31, 2026 | &nbsp;&nbsp;&nbsp; March 31, 2026 | &nbsp;&nbsp;&nbsp; March 31, 2026 | &nbsp;&nbsp;&nbsp; March 31, 2026 | &nbsp;&nbsp;&nbsp; March 31, 2026 |
| &nbsp;&nbsp; **Original issue date:**  | &nbsp;&nbsp;&nbsp; April 7, 2026 (5 business days after the pricing date)  | &nbsp;&nbsp;&nbsp; April 7, 2026 (5 business days after the pricing date)  | &nbsp;&nbsp;&nbsp; April 7, 2026 (5 business days after the pricing date)  | &nbsp;&nbsp;&nbsp; April 7, 2026 (5 business days after the pricing date)  | &nbsp;&nbsp;&nbsp; April 7, 2026 (5 business days after the pricing date)  |
| &nbsp;&nbsp; **CUSIP / ISIN:** | &nbsp;&nbsp;&nbsp; 61781EXC5 / US61781EXC55 | &nbsp;&nbsp;&nbsp; 61781EXC5 / US61781EXC55 | &nbsp;&nbsp;&nbsp; 61781EXC5 / US61781EXC55 | &nbsp;&nbsp;&nbsp; 61781EXC5 / US61781EXC55 | &nbsp;&nbsp;&nbsp; 61781EXC5 / US61781EXC55 |
| &nbsp;&nbsp; **Listing:** | &nbsp;&nbsp;&nbsp; The securities will not be listed on any securities exchange. | &nbsp;&nbsp;&nbsp; The securities will not be listed on any securities exchange. | &nbsp;&nbsp;&nbsp; The securities will not be listed on any securities exchange. | &nbsp;&nbsp;&nbsp; The securities will not be listed on any securities exchange. | &nbsp;&nbsp;&nbsp; The securities will not be listed on any securities exchange. |
| &nbsp;&nbsp; **Agent:** | &nbsp;&nbsp;&nbsp; Morgan Stanley & Co. LLC ("MS & Co."), an affiliate of MSFL and a wholly owned subsidiary of Morgan Stanley. See "Supplemental information regarding plan of distribution; conflicts of interest." | &nbsp;&nbsp;&nbsp; Morgan Stanley & Co. LLC ("MS & Co."), an affiliate of MSFL and a wholly owned subsidiary of Morgan Stanley. See "Supplemental information regarding plan of distribution; conflicts of interest." | &nbsp;&nbsp;&nbsp; Morgan Stanley & Co. LLC ("MS & Co."), an affiliate of MSFL and a wholly owned subsidiary of Morgan Stanley. See "Supplemental information regarding plan of distribution; conflicts of interest." | &nbsp;&nbsp;&nbsp; Morgan Stanley & Co. LLC ("MS & Co."), an affiliate of MSFL and a wholly owned subsidiary of Morgan Stanley. See "Supplemental information regarding plan of distribution; conflicts of interest." | &nbsp;&nbsp;&nbsp; Morgan Stanley & Co. LLC ("MS & Co."), an affiliate of MSFL and a wholly owned subsidiary of Morgan Stanley. See "Supplemental information regarding plan of distribution; conflicts of interest." |
| &nbsp;&nbsp; **Estimated value on the pricing date:** | &nbsp;&nbsp;&nbsp; $944.90 per security. See "Investment Summary" on page 2. | &nbsp;&nbsp;&nbsp; $944.90 per security. See "Investment Summary" on page 2. | &nbsp;&nbsp;&nbsp; $944.90 per security. See "Investment Summary" on page 2. | &nbsp;&nbsp;&nbsp; $944.90 per security. See "Investment Summary" on page 2. | &nbsp;&nbsp;&nbsp; $944.90 per security. See "Investment Summary" on page 2. |
| &nbsp;&nbsp; **Commissions and issue price:** | &nbsp;&nbsp; **Agent's commissions and fees** | &nbsp;&nbsp; **Agent's commissions and fees** | &nbsp;&nbsp; **Agent's commissions and fees** | &nbsp;&nbsp; **Proceeds to us**<sup>(3)</sup> | &nbsp;&nbsp; **Proceeds to us**<sup>(3)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Per security** | &nbsp;&nbsp;&nbsp; $30<sup>(1)</sup> | &nbsp;&nbsp;&nbsp; $30<sup>(1)</sup> | &nbsp;&nbsp;&nbsp; $30<sup>(1)</sup> |  |  |
|  | &nbsp;&nbsp;&nbsp; $5<sup>(2)</sup> | &nbsp;&nbsp;&nbsp; $5<sup>(2)</sup> | &nbsp;&nbsp;&nbsp; $5<sup>(2)</sup> | &nbsp;&nbsp;&nbsp; $965 | &nbsp;&nbsp;&nbsp; $965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | &nbsp;&nbsp;&nbsp; $175000 | &nbsp;&nbsp;&nbsp; $175000 | &nbsp;&nbsp;&nbsp; $175000 | &nbsp;&nbsp;&nbsp; $4825000 | &nbsp;&nbsp;&nbsp; $4825000 |

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*(1)*Selected dealers, including Morgan Stanley Wealth Management (an affiliate of the agent), and their financial advisors will collectively receive from the agent, MS & Co., a fixed sales commission of $30 for each Trigger PLUS they sell. See "Supplemental information regarding plan of distribution; conflicts of interest." For additional information, see "Plan of Distribution (Conflicts of Interest)" in the accompanying product supplement for PLUS.

*(2)*Reflects a structuring fee payable to Morgan Stanley Wealth Management by the agent or its affiliates of $5 for each Trigger PLUS.

*(3)*See "Use of proceeds and hedging" on page 18.

**The securities involve risks not associated with an investment in ordinary debt securities. See "Risk Factors" beginning on page 6.**

**The Securities and Exchange Commission and state securities regulators have not approved or disapproved these securities, or determined if this document or the accompanying product supplement, index supplement and prospectus is truthful or complete. Any representation to the contrary is a criminal offense.**

**The securities are not deposits or savings accounts and are not insured by the Federal Deposit Insurance Corporation or any other governmental agency or instrumentality, nor are they obligations of, or guaranteed by, a bank.**

**You should read this document together with the related product supplement, index supplement and prospectus, each of which can be accessed via the hyperlinks below. When you read the accompanying product supplement and index supplement, please note that all references in such supplements to the prospectus dated November 16, 2023, or to any sections therein, should refer instead to the accompanying prospectus dated April 12, 2024 or to the corresponding sections of such prospectus, as applicable. Please also see "Additional Terms of the Securities" and "Additional Information About the Securities" at the end of this document.**

**References to "we," "us" and "our" refer to Morgan Stanley or MSFL, or Morgan Stanley and MSFL collectively, as the context requires.**

[**<u>Product</u> <u>S</u><u>upplement</u> <u>for Jump Securities</u> <u>dated</u> <u>November 16, 2023</u>**](https://www.sec.gov/Archives/edgar/data/895421/000095010323016335/dp202680_424b2-epsuppjump.htm)[**<u>Index Supplement dated</u> <u>November 16, 2023</u>**](https://www.sec.gov/Archives/edgar/data/895421/000095010323016332/dp202718_424b2-isn2023.htm)[**<u>Prospectus dated</u> <u>April 12, 2024</u>**](https://www.sec.gov/Archives/edgar/data/895421/000095010324005205/dp209505_424b2-base.htm)

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Morgan Stanley Finance LLC

Dual Directional Trigger Jump Securities Based on the Performance of a Basket of Five Indices due April 3, 2031

**Principal at Risk Securities**

Investment Summary

**Dual Directional Trigger Jump Securities**

The Dual Directional Trigger Jump Securities Based on the Performance of a Basket of Five Indices due April 3, 2031 (the "securities") can be used:

￭As an alternative to direct exposure to the basket that provides a minimum positive return of 43.82% per security if the basket has appreciated at all as of the valuation date and offers an uncapped 1-to-1 participation in the appreciation of the basket of greater than 43.82%.

￭To obtain a positive return for a limited range of negative performance of the basket.

￭To potentially outperform the basket in a moderately bullish or moderately bearish scenario.

If the final basket value is less than the trigger level, the securities are exposed on a 1:1 basis to the percentage decline of the final basket value from the initial basket value. Accordingly, investors may lose their entire initial investment in the securities.

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|:---|:---|
| &nbsp;&nbsp; **Maturity:** | &nbsp;&nbsp; Approximately 5 years |
| &nbsp;&nbsp; **Upside payment:** | &nbsp;&nbsp; $438.20 per security (43.82% of the stated principal amount) |
| &nbsp;&nbsp; **Minimum payment at maturity:** |  |
| &nbsp;&nbsp; **Trigger level:** | &nbsp;&nbsp; 75% of the initial basket value |
| &nbsp;&nbsp; **Basket component weightings:** | &nbsp;&nbsp; 40.00% for the SX5E Index, 25.00% for the TPX Index, 17.50% for the UKX Index, 10.00% for the SMI Index and 7.50% for the AS51 Index  |
| &nbsp;&nbsp; **Coupon:** |  |
| &nbsp;&nbsp; **Listing:** | &nbsp;&nbsp; The securities will not be listed on any securities exchange |

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The original issue price of each security is $1,000. This price includes costs associated with issuing, selling, structuring and hedging the securities, which are borne by you, and, consequently, the estimated value of the securities on the pricing date is less than $1,000. We estimate that the value of each security on the pricing date is $944.90.

*What goes into the estimated value on the pricing date?*

In valuing the securities on the pricing date, we take into account that the securities comprise both a debt component and a performance-based component linked to the basket components. The estimated value of the securities is determined using our own pricing and valuation models, market inputs and assumptions relating to the basket components, instruments based on the basket components, volatility and other factors including current and expected interest rates, as well as an interest rate related to our secondary market credit spread, which is the implied interest rate at which our conventional fixed rate debt trades in the secondary market.

*What determines the economic terms of the securities?*

In determining the economic terms of the securities, including the upside payment and the trigger level, we use an internal funding rate, which is likely to be lower than our secondary market credit spreads and therefore advantageous to us. If the issuing, selling, structuring and hedging costs borne by you were lower or if the internal funding rate were higher, one or more of the economic terms of the securities would be more favorable to you.

*What is the relationship between the estimated value on the pricing date and the secondary market price of the securities?*

The price at which MS & Co. purchases the securities in the secondary market, absent changes in market conditions, including those related to the basket components, may vary from, and be lower than, the estimated value on the pricing date, because the secondary market price takes into account our secondary market credit spread as well as the bid-offer spread that MS & Co. would charge in a secondary market transaction of this type and other factors. However, because the costs associated with issuing, selling, structuring and hedging the securities are not fully deducted upon issuance, for a period of up to 6 months following the issue date, to the extent that MS & Co. may buy or sell the securities in the secondary market, absent changes in market conditions, including those related to the basket components, and to our secondary market credit spreads, it would do so based on values higher than the estimated value. We expect that those higher values will also be reflected in your brokerage account statements.

MS & Co. may, but is not obligated to, make a market in the securities, and, if it once chooses to make a market, may cease doing so at any time.

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Dual Directional Trigger Jump Securities Based on the Performance of a Basket of Five Indices due April 3, 2031

**Principal at Risk Securities**

**Key Investment Rationale**

The securities offer the potential for a positive return at maturity based on the absolute value of a limited range of the percentage change of the basket. At maturity, if the basket has **appreciated** in value by no more than 43.82%, investors will receive the minimum positive return of 43.82% per security. If the basket has **appreciated** in value by more than 43.82%, investors will participate on a 1:1 basis in the appreciation of the basket. If the basket has **depreciated** in value but by no more than 25%, investors will receive the stated principal amount of their investment *plus* a positive return equal to the absolute value of the percentage decline, which will effectively be limited to a positive return of 25%. However, if the basket has **depreciated** by more than 25%, investors will be negatively exposed to the full amount of the percentage decline in the basket and will lose 1% of the stated principal amount for every 1% of decline, without any buffer. **Investors may lose their entire initial investment in the securities.** All payments on the securities are subject to our credit risk.

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| | |
|:---|:---|
|  **Absolute Return Feature** | The securities enable investors to obtain a positive return if the final basket value is less than the initial basket value **but** is greater than or equal to the trigger level. |
|  **Upside Scenario if the Basket Appreciates** | The final basket value is greater than or equal to the initial basket value. In this case, you receive for each security that you hold $1,000 *plus* the *greater* of (i) $1,000 *multiplied by* the basket percent change and (ii) the upside payment of $438.20 (43.82% of the stated principal amount). There is no maximum payment at maturity. |
|  **Absolute Return Scenario** | The final basket value is less than the initial basket value but is greater than or equal to the trigger level, which is 75% of the initial basket value. In this case, you receive a 1% positive return on the securities for each 1% negative return on the basket. For example, if the final basket value is 5% less than the initial basket value, the securities will provide a positive return of 5% at maturity. The maximum return you may receive in this scenario is a positive 25% return at maturity. |
|  **Downside Scenario** | The final basket value is less than the trigger level. In this case, the securities redeem for at least 25% less than the stated principal amount, and this decrease will be by an amount proportionate to the decline in the value of the basket over the term of the securities. Under these circumstances, the payment at maturity will be less than $750 per security. For example, if the final basket value is 35% less than the initial basket value, the securities will be redeemed at maturity for a loss of 35% of principal at $650, or 65% of the stated principal amount. There is no minimum payment at maturity on the securities, and investors may lose their entire initial investment. |

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Dual Directional Trigger Jump Securities Based on the Performance of a Basket of Five Indices due April 3, 2031

**Principal at Risk Securities**

How the Securities Work

**Payoff Diagram**

The payoff diagram below illustrates the payment at maturity on the securities based on the following terms:

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| | |
|:---|:---|
| &nbsp;&nbsp; **Stated principal amount:** | &nbsp;&nbsp; $1,000 per security |
| &nbsp;&nbsp; **Upside payment:** | &nbsp;&nbsp; $438.20 per security (43.82% of the stated principal amount) |
| &nbsp;&nbsp; **Trigger level:** | &nbsp;&nbsp; 75% of the initial basket value |
| &nbsp;&nbsp; **Maximum payment at maturity:** |  |
| &nbsp;&nbsp; **Minimum payment at maturity:** | &nbsp;&nbsp; None. You could lose your entire initial investment in the securities. |

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&nbsp;&nbsp; **Dual Directional Trigger Jump Securities Payoff Diagram**<br>

**How it works**

￭**Upside Scenario if the Basket Appreciates.** Under the terms of the securities, if the final basket value is greater than or equal to the initial basket value, the investor would receive the $1,000 stated principal amount *plus* the greater of (i) $1,000 *multiplied by* the basket percent change and (ii) the upside payment of $438.20 per security.

￭If the basket appreciates 10%, the investor will receive a 43.82% return, or $1,438.20 per security.

￭If the basket appreciates 110%, the investor will receive a 110% return, or $2,100 per security. There is no maximum payment at maturity on the securities.

￭**Absolute Return Scenario.** If the final basket value is less than the initial basket value and is greater than or equal to the trigger level of 75% of the initial basket value, the investor would receive a 1% positive return on the securities for each 1% negative return on the basket.

￭If the basket depreciates 5%, the investor will receive a 5% return, or $1,050 per security.

￭The maximum return you may receive in this scenario is a positive 25% return at maturity.

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Dual Directional Trigger Jump Securities Based on the Performance of a Basket of Five Indices due April 3, 2031

**Principal at Risk Securities**

￭**Downside Scenario.** If the final basket value is less than the trigger level, the investor would receive an amount significantly less than the $1,000 stated principal amount, based on a 1% loss of principal for each 1% decline in the basket. Under these circumstances, the payment at maturity will be less than $750 per security. There is no minimum payment at maturity on the securities.

￭If the basket depreciates 40%, the investor will lose 40% of the investor's principal and receive only $600 per security at maturity, or 60% of the stated principal amount.

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Dual Directional Trigger Jump Securities Based on the Performance of a Basket of Five Indices due April 3, 2031

**Principal at Risk Securities**

Risk Factors

*This section describes the material risks relating to the securities. For further discussion of these and other risks, you should read the section entitled "Risk Factors" in the accompanying product supplement, index supplement and prospectus. We also urge you to consult your investment, legal, tax, accounting and other advisers in connection with your investment in the securities.*

<u>Risks Relating to an Investment in the</u> <u>S</u><u>ecurities</u>

￭**The securities do not pay interest or guarantee return of any principal.** The terms of the securities differ from those of ordinary debt securities in that the securities do not pay interest or guarantee the payment of any principal amount at maturity. If the final basket value is less than the trigger level (which is 75% of the initial basket value), the absolute return feature will no longer be available and the payout at maturity will be an amount in cash that is at least 25% less than the $1,000 stated principal amount of each security, and this decrease will be by an amount proportionate to the full amount of the decline in the value of the basket over the term of the securities, without any buffer. There is no minimum payment at maturity on the securities, and, accordingly, you could lose your entire initial investment in the securities. See "How the Securities Work" above.

￭**The market price of the securities may be influenced by many unpredictable factors**. Several factors, many of which are beyond our control, will influence the value of the securities in the secondary market and the price at which MS & Co. may be willing to purchase or sell the securities in the secondary market, including:

othe value of the basket components at any time,

othe volatility (frequency and magnitude of changes in value) and relative performance of each basket component,

odividend rates on the securities underlying the basket components,

ointerest and yield rates in the market,

ogeopolitical conditions and economic, financial, political, regulatory or judicial events that affect the basket components, the constituent stocks of the basket components or equities markets generally and which may affect the final basket value,

othe time remaining until the securities mature,

othe composition of the basket components and changes in the constituent stocks of the basket components, and

oany actual or anticipated changes in our credit ratings or credit spreads.

Generally, the longer the time remaining to maturity, the more the market price of the securities will be affected by the other factors described above. Some or all of these factors will influence the price you will receive if you sell your securities prior to maturity. For example, you may have to sell your securities at a substantial discount from the stated principal amount if at the time of sale the value of the basket is at or below the initial basket value and especially if it is near or below the trigger level.

You cannot predict the future performance of the basket based on its historical performance. If the final basket value is less than the trigger level, you will be exposed on a 1-to-1 basis to the full decline in the final basket value from the initial basket value.

￭**The securities are subject to our credit risk, and any actual or anticipated changes to our credit ratings or credit spreads may adversely affect the market value of the securities**. You are dependent on our ability to pay all amounts due on the securities at maturity and therefore you are subject to our credit risk. If we default on our obligations under the securities, your investment would be at risk and you could lose some or all of your investment. As a result, the market value of the securities prior to maturity will be affected by changes in the market's view of our creditworthiness. Any actual or anticipated decline in our credit ratings or increase in the credit spreads charged by the market for taking our credit risk is likely to adversely affect the market value of the securities.

￭**As a finance subsidiary, MSFL has no independent operations and will have no independent assets.** As a finance subsidiary, MSFL has no independent operations beyond the issuance and administration of its securities and will have no independent assets available for distributions to holders of MSFL securities if they make claims in respect of such securities in a bankruptcy, resolution or similar proceeding. Accordingly, any recoveries by such holders will be limited to those available under the related guarantee by Morgan Stanley and that guarantee will rank *pari passu* with all other unsecured, unsubordinated obligations of Morgan Stanley. Holders will have recourse only to a single claim against Morgan Stanley and its assets under the guarantee. Holders of securities issued by MSFL should accordingly assume that in any such proceedings they would not have any priority over and should be treated *pari passu* with the claims of other unsecured, unsubordinated creditors of Morgan Stanley, including holders of Morgan Stanley-issued securities.

￭**The amount payable on the securities is not linked to the value of the basket at any time other than the valuation date.** The final basket value will be determined on the valuation date, subject to postponement for non-index business days and certain market disruption events. Even if the value of the basket appreciates prior to the valuation date but then drops by the valuation date to be below the trigger level, the payment at maturity will be significantly less than it would have been had the payment at maturity been linked to the value of the basket prior to such drop. Although the actual value of the basket on the stated maturity

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Dual Directional Trigger Jump Securities Based on the Performance of a Basket of Five Indices due April 3, 2031

**Principal at Risk Securities**

date or at other times during the term of the securities may be higher than the final basket value, the payment at maturity will be based solely on the value of the basket on the valuation date.

￭**Investing in the securities is not equivalent to investing in the basket components.** Investing in the securities is not equivalent to investing in the basket components or the constituent stocks of any of the basket components. Investors in the securities will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the stocks that constitute the basket components.

￭**The rate we are willing to pay for securities of this type, maturity and issuance size is likely to be lower than the rate implied by our secondary market credit spreads and advantageous to us. Both the lower rate and the inclusion of costs associated with issuing, selling, structuring and hedging the securities in the original issue price reduce the economic terms of the securities, cause the estimated value of the securities to be less than the original issue price and will adversely affect secondary market prices.** Assuming no change in market conditions or any other relevant factors, the prices, if any, at which dealers, including MS & Co., may be willing to purchase the securities in secondary market transactions will likely be significantly lower than the original issue price, because secondary market prices will exclude the issuing, selling, structuring and hedging-related costs that are included in the original issue price and borne by you and because the secondary market prices will reflect our secondary market credit spreads and the bid-offer spread that any dealer would charge in a secondary market transaction of this type as well as other factors.

The inclusion of the costs of issuing, selling, structuring and hedging the securities in the original issue price and the lower rate we are willing to pay as issuer make the economic terms of the securities less favorable to you than they otherwise would be.

However, because the costs associated with issuing, selling, structuring and hedging the securities are not fully deducted upon issuance, for a period of up to 6 months following the issue date, to the extent that MS & Co. may buy or sell the securities in the secondary market, absent changes in market conditions, including those related to the basket components, and to our secondary market credit spreads, it would do so based on values higher than the estimated value, and we expect that those higher values will also be reflected in your brokerage account statements.

￭**The estimated value of the securities is determined by reference to our pricing and valuation models, which may differ from those of other dealers and is not a maximum or minimum secondary market price.** These pricing and valuation models are proprietary and rely in part on subjective views of certain market inputs and certain assumptions about future events, which may prove to be incorrect. As a result, because there is no market-standard way to value these types of securities, our models may yield a higher estimated value of the securities than those generated by others, including other dealers in the market, if they attempted to value the securities. In addition, the estimated value on the pricing date does not represent a minimum or maximum price at which dealers, including MS & Co., would be willing to purchase your securities in the secondary market (if any exists) at any time. The value of your securities at any time after the date of this document will vary based on many factors that cannot be predicted with accuracy, including our creditworthiness and changes in market conditions. See also "The market price of the securities may be influenced by many unpredictable factors" above.

￭**The securities will not be listed on any securities exchange and secondary trading may be limited**. The securities will not be listed on any securities exchange. Therefore, there may be little or no secondary market for the securities. Morgan Stanley & Co. LLC, which we refer to as MS & Co., may, but is not obligated to, make a market in the securities and, if it once chooses to make a market, may cease doing so at any time. When it does make a market, it will generally do so for transactions of routine secondary market size at prices based on its estimate of the current value of the securities, taking into account its bid/offer spread, our credit spreads, market volatility, the notional size of the proposed sale, the cost of unwinding any related hedging positions, the time remaining to maturity and the likelihood that it will be able to resell the securities. Even if there is a secondary market, it may not provide enough liquidity to allow you to trade or sell the securities easily. Since other broker-dealers may not participate significantly in the secondary market for the securities, the price at which you may be able to trade your securities is likely to depend on the price, if any, at which MS & Co. is willing to transact. If, at any time, MS & Co. were to cease making a market in the securities, it is likely that there would be no secondary market for the securities. Accordingly, you should be willing to hold your securities to maturity.

￭**The calculation agent, which is a subsidiary of Morgan Stanley and an affiliate of MSFL, will make determinations with respect to the securities.** As calculation agent, MS & Co. will determine the initial basket component values, the multipliers, the trigger level and the final basket value, including whether the value of the basket has decreased to below the trigger level, and will calculate the amount of cash you receive at maturity, if any. Moreover, certain determinations made by MS & Co., in its capacity as calculation agent, may require it to exercise discretion and make subjective judgments, such as with respect to the occurrence or non-occurrence of market disruption events and the selection of a successor index or calculation of the final basket value in the event of a market disruption event or discontinuance of a basket component. These potentially subjective determinations may adversely affect the payout to you at maturity, if any. For further information regarding these types of determinations, see "Description of Securities—Postponement of Valuation Date(s)," "—Discontinuance of Any Underlying Index or Basket Index; Alteration of Method of Calculation," "—Alternate Exchange Calculation in case of an Event of Default" and "—Calculation Agent and Calculations" in the accompanying product supplement. In addition, MS & Co. has determined the estimated value of the securities on the pricing date.

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Dual Directional Trigger Jump Securities Based on the Performance of a Basket of Five Indices due April 3, 2031

**Principal at Risk Securities**

￭**Hedging and trading activity by our affiliates could potentially adversely affect the value of the securities**. One or more of our affiliates and/or third-party dealers expect to carry out hedging activities related to the securities (and to other instruments linked to the basket components), including trading in the stocks that constitute the basket components as well as in other instruments related to the basket components. As a result, these entities may be unwinding or adjusting hedge positions during the term of the securities, and the hedging strategy may involve greater and more frequent dynamic adjustments to the hedge as the valuation date approaches. Some of our affiliates also trade the stocks that constitute the basket components and other financial instruments related to the basket components on a regular basis as part of their general broker-dealer and other businesses. Any of these hedging or trading activities on or prior to the pricing date could potentially increase the initial basket component values, and, therefore, the values at or above which the basket components must close on the valuation date so that investors do not suffer a significant loss on their initial investment in the securities. Additionally, such hedging or trading activities during the term of the securities, including on the valuation date, could adversely affect the value of the basket on the valuation date, and, accordingly, the amount of cash an investor will receive at maturity, if any.

￭**The U.S. federal income tax consequences of an investment in the securities are uncertain.** Please read the discussion under "Additional Information—Tax considerations" in this document and the discussion under "United States Federal Taxation" in the accompanying product supplement for Jump Securities (together, the "Tax Disclosure Sections") concerning the U.S. federal income tax consequences of an investment in the securities. There is no direct legal authority regarding the proper U.S. federal tax treatment of the securities, and we do not plan to request a ruling from the Internal Revenue Service (the "IRS"). Consequently, significant aspects of the tax treatment of the securities are uncertain, and the IRS or a court might not agree with the tax treatment of a security as a single financial contract that is an "open transaction" for U.S. federal income tax purposes. If the IRS were successful in asserting an alternative treatment of the securities, the tax consequences of the ownership and disposition of the securities, including the timing and character of income recognized by U.S. Holders and the withholding tax consequences to Non-U.S. Holders, might be materially and adversely affected. Moreover, future legislation, Treasury regulations or IRS guidance could adversely affect the U.S. federal tax treatment of the securities, possibly retroactively.

Both U.S. and Non-U.S. Holders should consult their tax advisers regarding the U.S. federal income tax consequences of an investment in the securities, including possible alternative treatments, as well as any tax consequences arising under the laws of any state, local or non-U.S. taxing jurisdiction.

<u>Risks Relating to</u> <u>the</u> <u>Basket</u> <u>Components</u>

￭**Governmental regulatory actions, such as sanctions, could adversely affect your investment in the Trigger PLUS.** Governmental regulatory actions, including, without limitation, sanctions-related actions by the U.S. or a foreign government, could prohibit or otherwise restrict persons from holding the Trigger PLUS or the component securities of the underlying indices, or engaging in transactions therein, and any such action could adversely affect the value of the underlying indices or the Trigger PLUS. These regulatory actions could result in restrictions on the Trigger PLUS and could result in the loss of a significant portion or all of your initial investment in the Trigger PLUS, including if you are forced to divest the Trigger PLUS due to the government mandates, especially if such divestment must be made at a time when the value of the Trigger PLUS has declined.

￭**Changes in the value of one or more of the basket components may offset each other.** Value movements in the basket components may not correlate with each other. At a time when the value(s) of one or more basket component(s) increase(s), the values of the other basket components may not increase as much, or may even decline. Therefore, in calculating the basket's performance on the valuation date, an increase in the value(s) of one or more basket components may be moderated, or wholly offset, by lesser increases or declines in the values of other basket components.

￭**The basket components are not equally weighted.** The securities are linked to a basket of five basket components, and the basket components have different weights in determining the value of the basket. The same percentage change in two of the basket components could therefore have different effects on the final basket value because of the unequal weighting. For example, if the weighting of one basket component is greater than the weighting of another basket component, a 5% decrease in the value of the basket component with the greater weighting will have a greater impact on the final basket value than a 5% increase in the value of the basket component with the lesser weighting.

￭**There are risks associated with investments in securities linked to the value of foreign equity securities.** The securities are linked to the value of foreign equity securities. Investments in securities linked to the value of foreign equity securities involve risks associated with the securities markets in those countries, including risks of volatility in those markets, governmental intervention in those markets and cross-shareholdings in companies in certain countries. Also, there is generally less publicly available information about foreign companies than about U.S. companies that are subject to the reporting requirements of the United States Securities and Exchange Commission, and foreign companies are subject to accounting, auditing and financial reporting standards and requirements different from those applicable to U.S. reporting companies. The prices of securities issued in foreign markets may be affected by political, economic, financial and social factors in those countries, or global regions, including changes in government, economic and fiscal policies and currency exchange laws. Local securities markets may trade a small number of securities and may be unable to respond effectively to increases in trading volume, potentially making prompt liquidation of holdings difficult or impossible at times. Moreover, the economies in such countries may differ favorably or unfavorably from the

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Dual Directional Trigger Jump Securities Based on the Performance of a Basket of Five Indices due April 3, 2031

**Principal at Risk Securities**

economy in the United States in such respects as growth of gross national product, rate of inflation, capital reinvestment, resources, self-sufficiency and balance of payment positions between countries.

￭**Adjustments to the basket components could adversely affect the value of the securities.** A basket component publisher may add, delete or substitute the stocks constituting a basket component or make other methodological changes that could change the value of such basket component. A basket component publisher may discontinue or suspend calculation or publication of a basket component at any time. In these circumstances, the calculation agent will have the sole discretion to substitute a successor index that is comparable to the discontinued basket component and will be permitted to consider indices that are calculated and published by the calculation agent or any of its affiliates.

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Dual Directional Trigger Jump Securities Based on the Performance of a Basket of Five Indices due April 3, 2031

**Principal at Risk Securities**

Historical Information

Basket Overview

The basket is an underlying basket consisting of the basket components. The weighting of each basket component within the underlier is specified on the cover of this document. **The actual performance of the basket and the basket components over the term of the Buffered Securities may bear little relation to the historical performance of the basket and the basket components presented in this document.** 

The following graph is calculated based on an initial basket value of 100 on January 1, 2021 (assuming that each basket component is weighted as described in "Basket" on the cover page) and illustrates the effect of the offset and/or correlation among the basket components during such period. The graph does not take into account the terms of the Buffered Securities, nor does it attempt to show your expected return on an investment in the Buffered Securities. The historical performance of the basket should not be taken as an indication of its future performance.

&nbsp;&nbsp; **Basket Historical Performance**<br> **January 1, 2021 to March 31, 2026** <br>

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Dual Directional Trigger Jump Securities Based on the Performance of a Basket of Five Indices due April 3, 2031

**Principal at Risk Securities**

EURO STOXX 50<sup>®</sup> Index Overview

**Bloomberg Ticker Symbol: SX5E**

The EURO STOXX 50<sup>®</sup> Index is composed of 50 component stocks of market sector leaders among the 20 STOXX<sup>®</sup> supersectors, which includes stocks selected from the Eurozone. The underlying index publisher with respect to the EURO STOXX 50<sup>®</sup> Index is STOXX<sup>®</sup> Limited, or any successor thereof. The EURO STOXX 50<sup>®</sup> Index was first published on February 26, 1998 with a base value of 1,000 as of December 31, 1991. The component stocks of the EURO STOXX 50<sup>®</sup> Index have a high degree of liquidity and represent the largest companies across all market sectors. For additional information about the EURO STOXX 50<sup>®</sup> Index, see the information set forth under "EURO STOXX 50<sup>®</sup> Index" in the accompanying index supplement.

The basket component closing level of the SX5E Index on March 31, 2026 was 5,569.73. The following graph sets forth the daily basket component closing levels of the basket component for the period noted below. We obtained the historical information presented in this document from Bloomberg Financial Markets, without independent verification. The basket component has at times experienced periods of high volatility. You should not take the historical basket component closing levels of the basket component as an indication of its future performance, and no assurance can be given as to the basket component closing level of the basket component at any time.

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| |
|:---|
| &nbsp;&nbsp; **SX5E Index Daily Basket Component Closing Levels**<br> **January 1, 2021 to March 31, 2026**  |
| &nbsp;&nbsp; ![](image3.gif)  |

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Dual Directional Trigger Jump Securities Based on the Performance of a Basket of Five Indices due April 3, 2031

**Principal at Risk Securities**

Tokyo Stock Price Index Overview

**Bloomberg Ticker Symbol: TPX**

The Tokyo Stock Price Index was developed by the Tokyo Stock Exchange. The basket index publisher with respect to the Tokyo Stock Price Index is JPX Market Innovation & Research, Inc., or any successor thereof. Publication of the Tokyo Stock Price Index began on July 1, 1969, based on a base index value of 100 as of January 4, 1968. Prior to April 4, 2022, the Tokyo Stock Exchange domestic stock market was divided into two sections: the First Section and the Second Section. Listings of stocks on the Tokyo Stock Exchange were divided between these two sections, with stocks listed on the First Section typically being limited to larger, longer-established and more actively traded issues and the Second Section to smaller and newly listed companies. At that time, the component stocks of the Tokyo Stock Price Index consisted of all domestic common stocks listed on the First Section of the Tokyo Stock Exchange. On April 4, 2022, JPX Market Innovation & Research, Inc. began revisions to the Tokyo Stock Price Index in conjunction with the restructuring of the Tokyo Stock Exchange into three new market segments: the Prime Market, the Standard Market and the Growth Market. Stocks that were components of the Tokyo Stock Price Index as of April 1, 2022 continue to be included after the market restructuring, regardless of their new market segment. For additional information about the Tokyo Stock Price Index, see the information set forth under "Tokyo Stock Price Index" in the accompanying index supplement.

The basket component closing level of the TPX Index on March 31, 2026 was 3,497.86. The following graph sets forth the daily basket component closing levels of the basket component for the period noted below. We obtained the historical information presented in this document from Bloomberg Financial Markets, without independent verification. The basket component has at times experienced periods of high volatility. You should not take the historical basket component closing levels of the basket component as an indication of its future performance, and no assurance can be given as to the basket component closing level of the basket component at any time.

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| |
|:---|
| &nbsp;&nbsp; **TPX Index Daily Basket Component Closing Levels**<br> **January 1, 2021 to March 31, 2026**  |
| &nbsp;&nbsp; ![](image4.gif)  |

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Dual Directional Trigger Jump Securities Based on the Performance of a Basket of Five Indices due April 3, 2031

**Principal at Risk Securities**

FTSE<sup>®</sup> 100 Index Overview

**Bloomberg Ticker Symbol: UKX**

The FTSE<sup>®</sup> 100 Index is a free-float-adjusted index which measures the composite price performance of stocks of the largest 100 companies (determined on the basis of market capitalization) traded on the London Stock Exchange. The underlying index publisher with respect to the FTSE<sup>®</sup> 100 Index is FTSE International Limited, or any successor thereof. The 100 stocks included in the FTSE<sup>®</sup> 100 Index (the "FTSE Underlying Stocks") are selected from a reference group of stocks trading on the London Stock Exchange which are in turn selected by excluding certain stocks that have low liquidity based on public float, accuracy and reliability of prices, size and number of trading days. The FTSE Underlying Stocks are selected from this reference group by selecting 100 stocks with the largest market value. For additional information about the FTSE<sup>®</sup> 100 Index, see the information set forth under "FTSE<sup>®</sup> 100 Index" in the accompanying index supplement.

The basket component closing level of the UKX Index on March 31, 2026 was 10,176.45. The following graph sets forth the daily basket component closing levels of the basket component for the period noted below. We obtained the historical information presented in this document from Bloomberg Financial Markets, without independent verification. The basket component has at times experienced periods of high volatility. You should not take the historical basket component closing levels of the basket component as an indication of its future performance, and no assurance can be given as to the basket component closing level of the basket component at any time.

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| &nbsp;&nbsp; **UKX Index Daily Basket Component Closing Levels**<br> **January 1, 2021 to March 31, 2026**  |
| &nbsp;&nbsp; ![](image5.gif)  |

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March 2026 Page 13

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Morgan Stanley Finance LLC

Dual Directional Trigger Jump Securities Based on the Performance of a Basket of Five Indices due April 3, 2031

**Principal at Risk Securities**

Swiss Market Index<sup>®</sup> Overview

**Bloomberg Ticker Symbol: SMI**

The Swiss Market Index<sup>®</sup> represents more than 75% of the free-float capitalization of the Swiss equity market. The Swiss Market Index<sup>®</sup> consists of the 20 largest, most highly capitalized and liquid equities of the Swiss Performance Index<sup>®</sup> traded on the SIX Swiss Exchange. The composition of the Swiss Market Index<sup>®</sup> is reviewed annually, and in order to ensure a high degree of continuity in the composition of the Swiss Market Index<sup>®</sup>, the component stocks are subject to a special procedure for addition to or removal from the Swiss Market Index<sup>®</sup> based on free-float market capitalization and liquidity. The basket index publisher with respect to the Swiss Market Index<sup>®</sup> is SIX Group Ltd., or any successor thereof. For additional information about the Swiss Market Index<sup>®</sup>, see the information set forth under "Swiss Market Index<sup>®</sup>" in the accompanying index supplement.

The basket component closing level of the SMI Index on March 31, 2026 was 12,776.79. The following graph sets forth the daily basket component closing levels of the basket component for the period noted below. We obtained the historical information presented in this document from Bloomberg Financial Markets, without independent verification. The basket component has at times experienced periods of high volatility. You should not take the historical basket component closing levels of the basket component as an indication of its future performance, and no assurance can be given as to the basket component closing level of the basket component at any time.

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| &nbsp;&nbsp; **SMI Index Daily Basket Component Closing Levels**<br> **January 1, 2021 to March 31, 2026**  |
| &nbsp;&nbsp; ![](image6.gif)  |

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March 2026 Page 14

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Morgan Stanley Finance LLC

Dual Directional Trigger Jump Securities Based on the Performance of a Basket of Five Indices due April 3, 2031

**Principal at Risk Securities**

S&P<sup>®</sup>/ASX 200 Index Overview

**Bloomberg Ticker Symbol: AS51**

The S&P<sup>®</sup>/ASX 200 Index is Australia's large capitalization tradable equity index and Australia's institutional benchmark. The basket index publisher with respect to the S&P<sup>®</sup>/ASX 200 Index is S&P<sup>®</sup> Dow Jones Indices LLC, or any successor thereof. For additional information about the S&P<sup>®</sup>/ASX 200 Index, see the information set forth under "S&P<sup>®</sup>/ASX 200 Index" in the accompanying index supplement.

The basket component closing level of the AS51 Index on March 31, 2026 was 8,481.775. The following graph sets forth the daily basket component closing levels of the basket component for the period noted below. We obtained the historical information presented in this document from Bloomberg Financial Markets, without independent verification. The basket component has at times experienced periods of high volatility. You should not take the historical basket component closing levels of the basket component as an indication of its future performance, and no assurance can be given as to the basket component closing level of the basket component at any time.

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|:---|
| &nbsp;&nbsp; **AS51 Index Daily Basket Component Closing Levels**<br> **January 1, 2021 to March 31, 2026**  |
| &nbsp;&nbsp; ![](image7.gif)  |

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March 2026 Page 15

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Morgan Stanley Finance LLC

Dual Directional Trigger Jump Securities Based on the Performance of a Basket of Five Indices due April 3, 2031

**Principal at Risk Securities**

Additional Terms of the Securities

Please read this information in conjunction with the terms on the front cover of this document.

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|:---|:---|
|  **Additional Terms:** | **Additional Terms:** |
|  If the terms described herein are inconsistent with those described in the accompanying product supplement, index supplement or prospectus, the terms described herein shall control. | If the terms described herein are inconsistent with those described in the accompanying product supplement, index supplement or prospectus, the terms described herein shall control. |
|  **Basket component publisher:** | With respect to the SX5E Index, STOXX<sup>®</sup> Limited, or any successor thereof<br> With respect to the TPX Index, JPX Market Innovation & Research, Inc.<br> With respect to the UKX Index, FTSE International Limited, or any successor thereof<br> With respect to the SMI Index, SIX Group Ltd., or any successor thereof<br> With respect to the AS51 Index, S&P<sup>®</sup> Dow Jones Indices LLC, or any successor thereof |
|  **Index closing value:** | With respect to each of the SX5E Index, the TPX Index, the SMI Index and the AS51 Index, the index closing value on any index business day shall be determined by the calculation agent and shall equal the official closing value of such basket component, or any successor index, published at the regular official weekday close of trading on such index business day by the basket component publisher for such basket component. In certain circumstances, the index closing value for each of the SX5E Index, the TPX Index, the SMI Index and the AS51 Index will be based on the alternate calculation of such basket component as described under "Discontinuance of Any Underlying Index or Basket Index; Alteration of Method of Calculation" in the accompanying product supplement. <br> With respect to the UKX Index, the index closing value on any index business day shall be determined by the calculation agent and shall equal the closing value of the UKX Index, or any successor index reported by Bloomberg Financial Services, or any successor reporting service the calculation agent may select, on such index business day. In certain circumstances, the index closing value for the UKX Index will be based on the alternate calculation of the UKX Index as described under "Discontinuance of Any Underlying Index or Basket Index; Alteration of Method of Calculation" in the accompanying product supplement. The closing value of the UKX Index reported by Bloomberg Financial Services may be lower or higher than the official closing value of the UKX Index published by the basket component publisher for the UKX Index. |
|  **Postponement of maturity date:** | If, due to a market disruption event or otherwise, the valuation date is postponed so that it falls less than two business days prior to the scheduled maturity date, the maturity date will be postponed to the second business day following the valuation date as postponed. |
|  **Denominations:** | $1,000 per security and integral multiples thereof |
|  **Trustee:** | The Bank of New York Mellon |
|  **Calculation agent:** | MS & Co. |
|  **Issuer notice to registered security holders, the trustee and the depositary:** | In the event that the maturity date is postponed due to postponement of the valuation date, the issuer shall give notice of such postponement and, once it has been determined, of the date to which the maturity date has been rescheduled (i) to each registered holder of the securities by mailing notice of such postponement by first class mail, postage prepaid, to such registered holder's last address as it shall appear upon the registry books, (ii) to the trustee by facsimile confirmed by mailing such notice to the trustee by first class mail, postage prepaid, at its New York office and (iii) to The Depository Trust Company (the "depositary") by telephone or facsimile, confirmed by mailing such notice to the depositary by first class mail, postage prepaid. Any notice that is mailed to a registered holder of the securities in the manner herein provided shall be conclusively presumed to have been duly given to such registered holder, whether or not such registered holder receives the notice. The issuer shall give such notice as promptly as possible, and in no case later than (i) with respect to notice of postponement of the maturity date, the business day immediately preceding the scheduled maturity date, and (ii) with respect to notice of the date to which the maturity date has been rescheduled, the business day immediately following the actual valuation date for determining the final basket value.<br> The issuer shall, or shall cause the calculation agent to, (i) provide written notice to the trustee and to the depositary of the amount of cash, if any, to be delivered with respect to the securities, on or prior to 10:30 a.m. (New York City time) on the business day preceding the maturity date, and (ii) deliver the aggregate cash amount, if any, due with respect to the securities to the trustee for delivery to the depositary, as holder of the securities, on the maturity date. |

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Morgan Stanley Finance LLC

Dual Directional Trigger Jump Securities Based on the Performance of a Basket of Five Indices due April 3, 2031

**Principal at Risk Securities**

Additional Information About the Securities

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|:---|:---|
|  **Additional Information:** | **Additional Information:** |
|  **Minimum ticketing size:** | $1,000 / 1 security |
|  **Tax considerations:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Although there is uncertainty regarding the U.S. federal income tax consequences of an investment in the securities due to the lack of governing authority, in the opinion of our counsel, Davis Polk & Wardwell LLP, under current law, and based on current market conditions, it is reasonable to treat a security as a single financial contract that is an "open transaction" for U.S. federal income tax purposes. <br> Assuming this treatment of the securities is respected and subject to the discussion in "United States Federal Taxation" in the accompanying product supplement for Jump Securities, the following U.S. federal income tax consequences should result based on current law:<br> ￭A U.S. Holder should not be required to recognize taxable income over the term of the securities prior to settlement, other than pursuant to a sale or exchange. <br> ￭Upon sale, exchange or settlement of the securities, a U.S. Holder should recognize gain or loss equal to the difference between the amount realized and the U.S. Holder's tax basis in the securities. Such gain or loss should be long-term capital gain or loss if the investor has held the securities for more than one year, and short-term capital gain or loss otherwise.<br> We do not plan to request a ruling from the Internal Revenue Service (the "IRS") regarding the treatment of the securities. An alternative characterization of the securities could materially and adversely affect the tax consequences of ownership and disposition of the securities, including the timing and character of income recognized. In addition, the U.S. Treasury Department and the IRS have requested comments on various issues regarding the U.S. federal income tax treatment of "prepaid forward contracts" and similar financial instruments and have indicated that such transactions may be the subject of future regulations or other guidance. Furthermore, members of Congress have proposed legislative changes to the tax treatment of derivative contracts. Any legislation, Treasury regulations or other guidance promulgated after consideration of these issues could materially and adversely affect the tax consequences of an investment in the securities, possibly with retroactive effect.<br> As discussed in the accompanying product supplement for Jump Securities, Section 871(m) of the Internal Revenue Code of 1986, as amended, and Treasury regulations promulgated thereunder ("Section 871(m)") generally impose a 30% (or a lower applicable treaty rate) withholding tax on dividend equivalents paid or deemed paid to Non-U.S. Holders with respect to certain financial instruments linked to U.S. equities or indices that include U.S. equities (each, an "Underlying Security"). Subject to certain exceptions, Section 871(m) generally applies to securities that substantially replicate the economic performance of one or more Underlying Securities, as determined based on tests set forth in the applicable Treasury regulations (a "Specified Security"). However, pursuant to an IRS notice, Section 871(m) will not apply to securities issued before January 1, 2027 that do not have a delta of one with respect to any Underlying Security. Based on our determination that the securities do not have a delta of one with respect to any Underlying Security, our counsel is of the opinion that the securities should not be Specified Securities and, therefore, should not be subject to Section 871(m).<br> Our determination is not binding on the IRS, and the IRS may disagree with this determination. Section 871(m) is complex and its application may depend on your particular circumstances, including whether you enter into other transactions with respect to an Underlying Security. If withholding is required, we will not be required to pay any additional amounts with respect to the amounts so withheld. You should consult your tax adviser regarding the potential application of Section 871(m) to the securities.<br> **Both U.S. and non-U.S. investors considering an investment in the securities should read the discussion under "Risk Factors" in this document and the discussion under "United States Federal Taxation" in the accompanying product supplement for Jump Securities and consult their tax advisers regarding all aspects of the U.S. federal income tax consequences of an investment in the securities, including possible alternative treatments, and any tax consequences arising under the laws of any state, local or non-U.S. taxing jurisdiction.** <br> **The discussion in the preceding paragraphs under "Tax considerations" and the discussion contained in the section entitled "United States Federal Taxation" in the accompanying product supplement for Jump Securities, insofar as they purport to describe provisions of U.S. federal income tax laws or legal conclusions with respect thereto, constitute the full opinion of Davis Polk & Wardwell LLP regarding the material U.S. federal tax consequences of an investment in the securities.** |

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Morgan Stanley Finance LLC

Dual Directional Trigger Jump Securities Based on the Performance of a Basket of Five Indices due April 3, 2031

**Principal at Risk Securities**

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|  **Use of proceeds and hedging:** | The proceeds from the sale of the securities will be used by us for general corporate purposes. We will receive, in aggregate, $1,000 per security issued, because, when we enter into hedging transactions in order to meet our obligations under the securities, our hedging counterparty will reimburse the cost of the agent's commissions. The costs of the securities borne by you and described on page 2 above comprise the agent's commissions and the cost of issuing, structuring and hedging the securities.<br> On or prior to the pricing date, we will hedge our anticipated exposure in connection with the securities by entering into hedging transactions with our affiliates and/or third-party dealers. We expect our hedging counterparties to take positions in the stocks constituting the basket components and in futures and/or options contracts on the basket components or the constituent stocks of the basket components listed on major securities markets, or positions in any other available securities or instruments that they may wish to use in connection with such hedging. Such purchase activity could potentially increase the initial basket component values, and, therefore, could increase the values at or above which the basket components must close on the valuation date so that investors do not suffer a significant loss on their initial investment in the securities. In addition, through our affiliates, we are likely to modify our hedge position throughout the term of the securities, including on the valuation date, by purchasing and selling the stocks constituting the basket components, futures or options contracts on the basket components or the constituent stocks of the basket components listed on major securities markets or positions in any other available securities or instruments that we may wish to use in connection with such hedging activities. As a result, these entities may be unwinding or adjusting hedge positions during the term of the securities, and the hedging strategy may involve greater and more frequent dynamic adjustments to the hedge as the valuation date approaches. We cannot give any assurance that our hedging activities will not affect the value of the basket, and, therefore, adversely affect the value of the securities or the payment you will receive at maturity, if any. For further information on our use of proceeds and hedging, see "Use of Proceeds and Hedging" in the accompanying product supplement. |
|  **Additional considerations:** | Client accounts over which Morgan Stanley, Morgan Stanley Wealth Management or any of their respective subsidiaries have investment discretion are not permitted to purchase the securities, either directly or indirectly. |
|  **Supplemental information regarding plan of distribution; conflicts of interest:** | The agent may distribute the Trigger PLUS through Morgan Stanley Smith Barney LLC ("Morgan Stanley Wealth Management"), as selected dealer, or other dealers, which may include Morgan Stanley & Co. International plc ("MSIP") and Bank Morgan Stanley AG. Morgan Stanley Wealth Management, MSIP and Bank Morgan Stanley AG are affiliates of ours. Selected dealers, including Morgan Stanley Wealth Management, and their financial advisors will collectively receive from the agent, Morgan Stanley & Co. LLC, a fixed sales commission of $30 for each Trigger PLUS they sell. In addition, Morgan Stanley Wealth Management will receive a structuring fee of $5 for each Trigger PLUS. The costs included in the original issue price of the Trigger PLUS will include a fee paid by MS & Co. to LFT Securities, LLC, an entity in which an affiliate of Morgan Stanley Wealth Management has an ownership interest, for providing certain electronic platform services with respect to this offering.<br> MS & Co. is an affiliate of MSFL and a wholly owned subsidiary of Morgan Stanley, and it and other affiliates of ours expect to make a profit by selling, structuring and, when applicable, hedging the securities. <br> MS & Co. will conduct this offering in compliance with the requirements of FINRA Rule 5121 of the Financial Industry Regulatory Authority, Inc., which is commonly referred to as FINRA, regarding a FINRA member firm's distribution of the securities of an affiliate and related conflicts of interest. MS & Co. or any of our other affiliates may not make sales in this offering to any discretionary account. See "Plan of Distribution (Conflicts of Interest)" and "Use of Proceeds and Hedging" in the accompanying product supplement. |
|  **Validity of the securities:** | In the opinion of Davis Polk & Wardwell LLP, as special counsel to MSFL and Morgan Stanley, when the securities offered by this pricing supplement have been issued by MSFL pursuant to the MSFL Senior Debt Indenture (as defined in the accompanying prospectus), the trustee and/or paying agent has made, in accordance with the instructions from MSFL, the appropriate entries or notations in its records relating to the master note that represents such securities (the "master note"), and such securities have been delivered against payment as contemplated herein, such securities will be valid and binding obligations of MSFL and the related guarantee will be a valid and binding obligation of Morgan Stanley, enforceable in accordance with their terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors' rights generally, concepts of reasonableness and equitable principles of general applicability (including, without limitation, concepts of good faith, fair dealing and the lack of bad faith), *provided* that such counsel expresses no opinion as to (i) the effect of fraudulent conveyance, fraudulent transfer or similar provision of applicable law on the conclusions expressed above and (ii) any provision of the MSFL Senior Debt Indenture that purports to avoid the effect of fraudulent conveyance, fraudulent transfer or similar provision of applicable law by limiting the amount of Morgan Stanley's obligation under the related guarantee. This opinion is given as of the date hereof and is limited to the laws of the State of New York, the General Corporation Law of the State of Delaware and the Delaware Limited Liability Company Act. In addition, this opinion is subject to customary assumptions about the trustee's authorization, execution and delivery of the MSFL Senior Debt Indenture and its authentication of the  |

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Morgan Stanley Finance LLC

Dual Directional Trigger Jump Securities Based on the Performance of a Basket of Five Indices due April 3, 2031

**Principal at Risk Securities**

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|:---|:---|
|  | master note and the validity, binding nature and enforceability of the MSFL Senior Debt Indenture with respect to the trustee, all as stated in the letter of such counsel dated September 23, 2025, which was filed as an exhibit to a Current Report on Form 8-K by the Company on September 23, 2025. |
|  **Where you can find more information:** | MSFL and Morgan Stanley have filed a registration statement (including a prospectus, as supplemented by the product supplement and the index supplement) with the Securities and Exchange Commission, or SEC, for the offering to which this communication relates. You should read the prospectus in that registration statement, the product supplement, the index supplement and any other documents relating to this offering that MSFL and Morgan Stanley have filed with the SEC for more complete information about MSFL, Morgan Stanley and this offering. When you read the accompanying product supplement and index supplement, please note that all references in such supplements to the prospectus dated November 16, 2023, or to any sections therein, should refer instead to the accompanying prospectus dated April 12, 2024 or to the corresponding sections of such prospectus, as applicable. You may get these documents without cost by visiting EDGAR on the SEC web site at www.sec.gov. Alternatively, MSFL and/or Morgan Stanley will arrange to send you the prospectus, the product supplement and the index supplement if you so request by calling toll-free 800-584-6837.<br> You may access these documents on the SEC web site at www.sec.gov as follows:<br> [**<u>Product</u> <u>S</u><u>upplement</u> <u>for Jump Securities</u> <u>dated</u> <u>November 16, 2023</u>**](https://www.sec.gov/Archives/edgar/data/895421/000095010323016335/dp202680_424b2-epsuppjump.htm)<br> [**<u>Index Supplement dated</u> <u>November 16, 2023</u>**](https://www.sec.gov/Archives/edgar/data/895421/000095010323016332/dp202718_424b2-isn2023.htm)<br> [**<u>Prospectus dated</u> <u>April 12, 2024</u>**](https://www.sec.gov/Archives/edgar/data/895421/000095010324005205/dp209505_424b2-base.htm)<br> Terms used but not defined in this document are defined in the product supplement, in the index supplement or in the prospectus. |

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March 2026 Page 19

## Ex-Filing

?xml version='1.0' encoding='ASCII'? EX Filing Fees

**EX-FILING FEES**

**CALCULATION OF FILING FEE TABLES**

**S-3**

**MORGAN STANLEY**

Submission Type: 424B2

SEC File No. 333-275587

Final Prospectus: True

N/A

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**Narrative Disclosure**

The maximum aggregate offering price of the securities to which the prospectus relates is $5,000,000.00. The prospectus is a final prospectus for the related offering.