Free Writing Prospectus - Filing Under Securities Act Rules 163/433 (fwp)

July 2017

Pricing Sheet dated July 21, 2017 relating to

Preliminary Terms No. 1,703 dated July 20, 2017

Registration Statement Nos. 333-200365; 333-200365-12

Filed pursuant to Rule 433

M organ S tanley F inance LLC

Structured Investments

Opportunities in International Equities

Buffered PLUS Based on the Value of the MSCI Europe ^® Index due July 24, 2020

Buffered Performance Leveraged Upside Securities ^SM

Fully and Unconditionally Guaranteed by Morgan Stanley

Principal at Risk Securities

PRICING TERMS – July 21, 2017
Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Maturity date:	July 24, 2020
Underlying index:	MSCI Europe ^® Index
Aggregate principal amount:	$6,000,000
Payment at maturity per Buffered PLUS:	If the final index value is greater than the initial index value: $10 + leveraged upside payment In no event will the payment at maturity exceed the maximum payment at maturity If the final index value is less than or equal to the initial index value but has decreased from the initial index value by an amount less than or equal to the buffer amount of 10%: $10 If the final index value is less than the initial index value and has decreased from the initial index value by an amount greater than the buffer amount of 10%: ($10 x the index performance factor) + $1 Under these circumstances, the payment at maturity will be less than the stated principal amount of $10. However, under no circumstances will the Buffered PLUS pay less than $1.00 per Buffered PLUS at maturity.
Leveraged upside payment:	$10 × leverage factor × index percent increase
Index percent increase:	(final index value – initial index value) / initial index value
Initial index value:	128.26, which is the index closing value on the pricing date
Final index value:	The index closing value on the valuation date
Valuation date:	July 21, 2020, subject to postponement for non-index business days and certain market disruption events
Leverage factor:	200%
Buffer amount:	10%. As a result of the buffer amount of 10%, the value at or above which the underlying index must close on the valuation date so that investors do not suffer a loss on their initial investment in the Buffered PLUS is 115.434, which is 90% of the initial index value.
Minimum payment at maturity:	$1.00 per Buffered PLUS (10% of the stated principal amount)
Index performance factor:	Final index value divided by the initial index value
Maximum payment at maturity:	$18.60 per Buffered PLUS (186.00% of the stated principal amount)
Stated principal amount:	$10 per Buffered PLUS
Issue price:	$10 per Buffered PLUS (see “Commissions and issue price” below)
Pricing date:	July 21, 2017
Original issue date:	July 26, 2017 (3 business days after the pricing date)
CUSIP:	61766X376
ISIN:	US61766X3769
Listing:	The Buffered PLUS will not be listed on any securities exchange.
Agent:	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” in the accompanying preliminary terms.
Estimated value on the pricing date:	$9.684 per Buffered PLUS. See “Investment Summary” in the accompanying preliminary terms.

Commissions and issue price:	Price to public(1)	Agent’s commissions and fees	Proceeds to us(4)
Per Buffered PLUS	$10	$0.175 ⁽²⁾
		$0.035 ⁽³⁾	$9.79
Total	$6,000,000	$126,000	$5,874,000

(1)

The Buffered PLUS were sold at a minimum purchase of $3,000,000.

(2)

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 $0.175 for each Buffered PLUS they sell. For additional information, see “Supplemental information regarding plan of distribution; conflicts of interest” in the accompanying preliminary terms and “Plan of Distribution (Conflicts of Interest)” in the accompanying product supplement for PLUS.

(3)

Reflects a structuring fee payable to Morgan Stanley Wealth Management by the agent or its affiliates of $0.035 for each Buffered PLUS.

(4)

See “Use of proceeds and hedging” in the accompanying preliminary terms.

The Buffered PLUS 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 preliminary terms describing the offering and the related product supplement, index supplement and prospectus, each of which can be accessed via the hyperlinks below.

As used in this document, “we,” “us” and “our” refer to Morgan Stanley or MSFL, or Morgan Stanley and MSFL collectively, as the context requires.

Preliminary Terms No. 1,703 dated July 20, 2017

Product Supplement for PLUS dated February 29, 2016 Index Supplement dated January 30, 2017

Prospectus dated February 16, 2016

MSFL and Morgan Stanley have filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents MSFL and Morgan Stanley have filed with the SEC for more complete information about MSFL, Morgan Stanley and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-584-6837.