# EDGAR Filing Document

**Accession Number:** 0000895421
**File Stem:** 0001839882-25-070647
**Filing Date:** 2025-12
**Character Count:** 15687
**Document Hash:** a9ea5d89fbff20cc90a119374c1153e5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001839882-25-070647.hdr.sgml**: 20251211

**ACCESSION NUMBER**: 0001839882-25-070647

**CONFORMED SUBMISSION TYPE**: FWP

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20251211

**DATE AS OF CHANGE**: 20251211

**SUBJECT COMPANY**: 

**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:** FWP
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-275587
- **FILM NUMBER:** 251564644

**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
**FILED BY**: 

**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:** FWP

**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

---

| | |
|:---|:---|
|  Morgan Stanley Finance LLC<br>Structured Investments | &nbsp;&nbsp; **Free Writing Prospectus to Preliminary Pricing Supplement No. 12,656**<br> Filed pursuant to Rule 433<br> Registration Statement Nos. 333-275587; 333-275587-01<br> December 11, 2025 |

---

Market Linked Securities—Auto-Callable with Contingent Downside

Principal at Risk Securities Linked to the Lowest Performing of the S&P 500<sup>®</sup> Index, the Common Stock of Amazon.com, Inc. and the Nasdaq-100 Index<sup>®</sup> due December 20, 2029

***Fully and Unconditionally Guaranteed by Morgan Stanley***

Summary of terms

---

| | |
|:---|:---|
| Issuer and guarantor | Morgan Stanley Finance LLC (issuer) and Morgan Stanley (guarantor) |
| Underlyings: | S&P 500<sup>®</sup> Index (the "SPX Index"), the common stock of Amazon.com, Inc. (the "AMZN Stock") and the Nasdaq-100 Index<sup>®</sup> (the "NDX Index") |
| Pricing date\* | December 16, 2025 |
| Original issue date\* | December 19, 2025 |
| Face amount | $1,000 per security |
| Automatic call  | If, on any calculation day, beginning on December 21, 2026, the closing level of each underlying is greater than or equal to its respective starting level, the securities will be automatically called for the applicable call payment on the related call settlement date. |
| Calculation days\* and call premiums | \| \| \|<br> \|:---\|:---\|<br> \| Calculation Day \| Call Premium† \|<br> \| December 21, 2026 \| At least 14.50% of the face amount \|<br> \| January 19, 2027 \| At least 15.708% of the face amount \|<br> \| February 19, 2027 \| At least 16.917% of the face amount \|<br> \| March 19, 2027 \| At least 18.125% of the face amount \|<br> \| April 19, 2027 \| At least 19.333% of the face amount \|<br> \| May 19, 2027 \| At least 20.542% of the face amount \|<br> \| June 21, 2027 \| At least 21.75% of the face amount \|<br> \| July 19, 2027 \| At least 22.958% of the face amount \|<br> \| August 19, 2027 \| At least 24.167% of the face amount \|<br> \| September 20, 2027 \| At least 25.375% of the face amount \|<br> \| October 19, 2027 \| At least 26.583% of the face amount \|<br> \| November 19, 2027 \| At least 27.792% of the face amount \|<br> \| December 20, 2027 \| At least 29.00% of the face amount \|<br> \| January 19, 2028 \| At least 30.208% of the face amount \|<br> \| February 22, 2028 \| At least 31.417% of the face amount \|<br> \| March 20, 2028 \| At least 32.625% of the face amount \|<br> \| April 19, 2028 \| At least 33.833% of the face amount \|<br> \| May 19, 2028 \| At least 35.042% of the face amount \|<br> \| June 20, 2028 \| At least 36.25% of the face amount \|<br> \| July 19, 2028 \| At least 37.458% of the face amount \|<br> \| August 21, 2028 \| At least 38.667% of the face amount \|<br> \| September 19, 2028 \| At least 39.875% of the face amount \|<br> \| October 19, 2028 \| At least 41.083% of the face amount \|<br> \| November 20, 2028 \| At least 42.292% of the face amount \|<br> \| December 19, 2028 \| At least 43.50% of the face amount \|<br> \| January 19, 2029 \| At least 44.708% of the face amount \|<br> \| February 20, 2029 \| At least 45.917% of the face amount \|<br> \| March 19, 2029 \| At least 47.125% of the face amount \|<br> \| April 19, 2029 \| At least 48.333% of the face amount \|<br> \| May 21, 2029 \| At least 49.542% of the face amount \|<br> \| June 20, 2029 \| At least 50.75% of the face amount \|<br> \| July 19, 2029 \| At least 51.958% of the face amount \|<br> \| August 20, 2029 \| At least 53.167% of the face amount \|<br> \| September 19, 2029 \| At least 54.375% of the face amount \|<br> \| October 19, 2029 \| At least 55.583% of the face amount \|<br> \| November 19, 2029 \| At least 56.792% of the face amount \|<br> \| December 17, 2029 (the "final calculation day") \| At least 58.00% of the face amount \| †to be determined on the pricing date |
| Call settlement dates | Three business days after the applicable calculation day; provided that the call settlement date for the final calculation day is the maturity date. |
| Maturity payment amount (per security) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ●if the ending level of any underlying is less than its respective starting level but the ending level of each underlying is greater than or equal to its respective threshold level:<br> $1,000; or<br> ●if the ending level of any underlying is less than its respective threshold level:<br> $1,000 × performance factor of the lowest performing underlying  |
| Maturity date\* | December 20, 2029 |
| Starting level | For each underlying, the closing level or closing price on the pricing date, as applicable. |
| Ending level | With respect to each of the SPX Index and the NDX Index, the closing level on the final calculation day.<br> With respect to the AMZN Stock, the closing price on the final calculation day *multiplied by* the adjustment factor on such day. |
| Adjustment factor: | The "adjustment factor" means, 1.0, subject to adjustment in the event of certain events affecting the underlying stock. |
| Lowest performing underlying | The underlying with the lowest performance factor |
| Performance factor | With respect to each underlying, the ending level divided by the starting level |
| Threshold level | 60% of the starting level for each underlying |
| Calculation agent | Morgan Stanley & Co. LLC, an affiliate of the issuer and the guarantor |
| Denominations | $1,000 and any integral multiple of $1,000 |
| Agent discount | Morgan Stanley & Co. LLC and Wells Fargo Securities, LLC will act as the agents for this offering. Wells Fargo Securities, LLC will receive a commission of up to $25.75 for each security it sells. Dealers, including Wells Fargo Advisors ("WFA"), may receive a selling concession of up to $20.00 per security, and WFA may receive a distribution expense fee of $0.75 for each security sold by WFA. |
| CUSIP | 61779TZ59 |
| Tax considerations | See preliminary pricing supplement |

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Hypothetical Payout Profile\*\*\*

\*\*\*assumes a call premium equal to the lowest possible call premium that may be determined on the pricing date

**If the securities are not automatically called and the ending level of any underlying on the final calculation day is less than its respective threshold level, you will lose more than 40%, and possibly all, of the face amount of your securities at the maturity date.**

**Any positive return on the securities will be limited to the applicable call premium, even if the closing level of the lowest performing underlying on the applicable calculation day significantly exceeds its starting level. You will not participate in any appreciation of the underlyings.**

The face amount 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 will be less than $1,000 per security. We estimate that the value of each security on the pricing date will be approximately $954.50, or within $30.00 of that estimate. Our estimate of the value of the securities as determined on the pricing date will be set forth in the final pricing supplement. See "Estimated Value of the Securities" in the accompanying preliminary pricing supplement for further information.

This document provides a summary of the terms of the securities. Investors should carefully review the accompanying preliminary pricing supplement referenced below, product supplement for principal at risk securities, index supplement and prospectus, and the "Selected risk considerations" on the following page, before making a decision to invest in the securities.

Preliminary pricing supplement: <br>[https://www.sec.gov/Archives/edgar/data/895421/000183988225070644/ms12656_424b2-41440.htm](https://www.sec.gov/Archives/edgar/data/895421/000183988225070644/ms12656_424b2-41440.htm)

\*subject to change

\*\* In addition, selected dealers may receive a fee of up to 0.30% for marketing and other services.

**The securities have complex features and investing in the securities involves risks not associated with an investment in ordinary debt securities. See "Selected risk considerations" in this term sheet and "Risk Factors" in the accompanying preliminary pricing supplement. All payments on the securities are subject to our credit risk.**

**This introductory term sheet does not provide all of the information that an investor should consider prior to making an investment decision.** 

**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.**

------

Selected risk considerations

The risks set forth below are discussed in more detail in the "Risk Factors" section in the accompanying preliminary pricing supplement, product supplement for principal at risk securities, index supplement and prospectus. Please review those risk factors carefully.

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| | |
|:---|:---|
| &nbsp;&nbsp; **<u>Risks Relating to an Investment in the Securities</u>**<br> ●The securities do not pay interest or guarantee the return of the face amount of your securities at maturity. <br> ●The appreciation potential of the securities is limited by the call payment specified for each calculation day.<br> ●The market price will be influenced by many unpredictable factors.<br> ●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.<br> ●As a finance subsidiary, MSFL has no independent operations and will have no independent assets.<br> ●Investing in the securities is not equivalent to investing in the underlyings or in the stocks composing the Indices.<br> ●Reinvestment risk. <br> ●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 face amount reduce the economic terms of the securities, cause the estimated value of the securities to be less than the face amount and will adversely affect secondary market prices.<br> ●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.<br> ●The securities will not be listed on any securities exchange and secondary trading may be limited.<br> ●The calculation agent, which is a subsidiary of Morgan Stanley and an affiliate of MSFL, will make determinations with respect to the securities.<br> ●Hedging and trading activity by our affiliates could potentially adversely affect the value of the securities.<br> ●The maturity date may be postponed if the final calculation day is postponed.<br> ●Potentially inconsistent research, opinions or recommendations by Morgan Stanley, MSFL, WFS or our or their respective affiliates.<br> ●The U.S. federal income tax consequences of an investment in the securities are uncertain. | &nbsp;&nbsp; **<u>Risks Relating to the Underlyings</u>**<br> ●You are exposed to the price risk of each underlying.<br> ●Because the securities are linked to the performance of the lowest performing underlying, you are exposed to greater risks of receiving no call premiums and sustaining a significant loss on your investment than if the securities were linked to just one underlying.<br> ●No affiliation with Amazon.com, Inc.<br> ●We may engage in business with or involving Amazon.com, Inc. without regard to your interests.<br> ●Adjustments to the Indices could adversely affect the value of the securities.<br> ●The antidilution adjustments the calculation agent is required to make do not cover every corporate event that could affect the underlying stock.<br> ●Historical levels of the underlyings should not be taken as an indication of the future performance of the underlyings during the term of the securities. <br>|

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***For more information about the underlyings, including historical performance information, see the accompanying preliminary pricing supplement.***

Morgan Stanley and MSFL have filed a registration statement (including a prospectus, as supplemented by the applicable 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 applicable product supplement, the index supplement and any other documents relating to this offering that Morgan Stanley and MSFL have filed with the SEC for more complete information about Morgan Stanley, MSFL and this offering. You may get these documents without cost by visiting EDGAR on the SEC web site at.www.sec.gov. Alternatively, Morgan Stanley, MSFL, any underwriter or any dealer participating in the offering will arrange to send you the applicable product supplement, index supplement and prospectus if you so request by calling toll-free 1-(800)-584-6837.

Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC, members SIPC, separate registered broker-dealers and non-bank affiliates of Wells Fargo Finance LLC and Wells Fargo & Company.