Morgan Stanley 424B Filings

Morgan Stanley Finance LLC priced a Preliminary Pricing Supplement for Buffered PLUS with Downside Factor notes due June 21, 2030. Each note has a $1,000 stated principal amount and is fully and unconditionally guaranteed by Morgan Stanley. The securities reference the iShares S&P 500 Growth ETF (IVW), the S&P 500 Equal Weight Index (SPW) and the S&P 500 Index (SPX). At maturity the payment depends on the worst performing underlier: investors receive leveraged upside of 155.25% of appreciation if the worst underlier is up, par ($1,000) if the worst underlier finishes within the 25% buffer, and suffer losses of 1.3333% of principal for every 1% decline beyond the 25% buffer. The pricing-date estimated value was approximately $959.70 per security and the original issue price is $1,000.

Morgan Stanley Finance LLC priced Trigger PLUS principal-at-risk notes due June 13, 2031 linked to the worst performing of XLE, XLK and SMH. The securities have a stated principal amount of $1,000 per security, an aggregate offering of $764,000, and an estimated value on the pricing date of $960.00 per security.

At maturity the payment is determined by the worst performing underlier: investors receive the stated principal plus a 530% leveraged upside on appreciation if the worst underlier finishes above its initial level; return of principal only if the worst underlier finishes between its initial level and a downside threshold equal to 60% of the initial level; and a pro rata loss equal to the percentage decline of the worst underlier if it finishes below its downside threshold, with no minimum payment.

Morgan Stanley Finance LLC priced a contingent-income, principal-at-risk note offering guaranteed by Morgan Stanley. The offering totals $24,727,000 in $1,000 securities with a 17.50% annual contingent coupon, automatic early redemption beginning June 15, 2027, and maturity on June 15, 2032. Coupons and principal depend on observation-date closing levels of the S&P500 Futures 40% Intraday 4% Decrement VT Index; if the final level is below the 60% downside threshold, investors incur losses proportionate to index decline.

Morgan Stanley (MS) priced a primary offering of Principal at Risk, Contingent Income Memory Auto-Callable Securities due December 23, 2030, issued by Morgan Stanley Finance LLC and fully guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount and a contingent annual coupon of 9.00%. Coupons pay only if each underlier meets its coupon barrier on observation dates; unpaid coupons may be paid later only if all underliers meet the barrier on a subsequent observation date. The securities are auto-callable beginning with a first redemption determination date of June 22, 2027 if each underlier is at or above its call threshold (95% of initial level). At maturity, if the final level of any underlier is below its downside threshold (60% of initial level), principal is reduced pro rata to the performance of the worst performing underlier and could be substantially or fully lost. The securities are linked to the worst performing of the S&P 500 Index, the State Street SPDR S&P Regional Banking ETF (KRE), and the State Street Technology Select Sector SPDR ETF (XLK). All payments are subject to issuer and guarantor credit risk.

Morgan Stanley Finance LLC is offering principal-at-risk, auto-callable notes tied to CoreWeave, Inc. Class A common stock. The securities have a $1,000 stated principal amount per security and aggregate principal of $450,000, pay a fixed coupon of 22.00% per annum, and can be automatically redeemed on specified monthly schedules beginning with a redemption determination date on June 9, 2027. If not called, maturity is June 13, 2028; repayment at maturity depends on the final closing level relative to a downside threshold of $51.185 (50% of the initial level), exposing investors to potential loss of principal. The estimated value on the pricing date was $979.30 per security and all payments are subject to Morgan Stanley's credit risk.

Morgan Stanley Finance LLC offers Trigger PLUS securities due June 22, 2029 that are unsecured obligations of MSFL and fully and unconditionally guaranteed by Morgan Stanley. The securities return principal plus a 175% leveraged upside of the worst performing underlier if that underlier finishes above its initial level. If the worst performing underlier finishes between its initial level and a 70% downside threshold, investors receive the stated principal amount of $1,000. If the worst performing underlier finishes below its downside threshold, holders lose 1% of principal for every 1% decline in that underlier; there is no minimum payment. The securities reference the IVW ETF, SPW Equal Weight Index and SPX S&P 500 Index. Estimated value on the pricing date was approximately $972.50 per security; the issue price is $1,000 per security. All payments are subject to Morgan Stanley credit risk.

Morgan Stanley Finance LLC priced Principal at Risk Buffered Participation Securities linked to the S&P 500® Index. The securities have a stated principal of $1,000 per security, an aggregate principal amount of $2,000,000, a participation rate of 100%, a 20% buffer and a 111.75% cap (maximum payment $1,117.50 per security). The strike date is June 9, 2026, the pricing date is June 10, 2026, the original issue date is June 15, 2026, the observation date is September 9, 2027 and the maturity date is September 14, 2027. Investors receive principal plus participation in upside up to the maximum; if the final level is below the buffer (80% of the initial level) losses occur 1% per 1% decline beyond the buffer, subject to a minimum payment of 20% of principal. All payments are subject to issuer and guarantor credit risk and the estimated value on the pricing date was $982.50 per security.

Morgan Stanley Finance LLC is offering principal-at-risk, auto-callable securities linked to the worst performing of the Nasdaq-100, Russell 2000 and S&P 500. Each security has a $1,000 stated principal amount and may pay a contingent coupon (annual rate determined on the pricing date, indicated between 11.25%–12.25%). The securities can be automatically redeemed on specified observation/redemption dates; at maturity investors either receive principal (if each underlier is at or above its downside threshold) or suffer a loss equal to the percentage decline of the worst performing underlier. The securities do not guarantee principal, pay coupons only if all underliers meet coupon barriers on observation dates, and are unsecured obligations of MSFL guaranteed by Morgan Stanley. Purchasers bear issuer credit risk, limited secondary-market liquidity and uncertain U.S. federal tax treatment.

Morgan Stanley Finance LLC priced Principal at Risk securities offering with a contingent coupon and call feature. Each security has a stated principal amount of $1,000, an annual contingent coupon rate of 9.55% (payable only if each underlier meets coupon barriers on observation dates) and is linked to the Nasdaq-100 Technology Sector, Russell 2000 and S&P 500. The securities are callable beginning on December 23, 2026 based on a risk neutral valuation model and mature on December 21, 2028. At maturity holders receive principal only if each underlier is at or above its 60% downside threshold; otherwise payment equals principal multiplied by the worst performing underlier's performance factor. All payments are subject to Morgan Stanley's credit risk.

The Preliminary Pricing Supplement describes an offering of Buffered PLUS principal-at-risk securities issued by Morgan Stanley Finance LLC and fully guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and links payoffs to the worst performing of the Dow Jones Industrial Average, the Nasdaq-100 and the S&P 500 over a five-year term.

Key economics disclosed include a 120% leverage factor, a 30% buffer (70% buffer level), a minimum payment at maturity of 30% of principal, a strike date of June 11, 2026, an observation date of June 11, 2031 and a maturity date of June 16, 2031. The estimated value on the pricing date was approximately $947.50 per security; the issue price is $1,000. All payments are subject to the issuer’s and guarantor’s credit risk.

Morgan Stanley Finance LLC is offering Buffered Participation Securities backed by the S&P 500® Index, due December 30, 2027, with a stated principal amount of $1,000 per security. The securities provide a 15% buffer (protecting losses up to 15%), a 100% participation rate in upside subject to a $1,195 maximum payment, and a 15% minimum payment. Payments depend on the closing final level on the observation date of December 27, 2027 and are unsecured obligations of MSFL, fully guaranteed by Morgan Stanley. The document discloses an estimated value on the pricing date of approximately $986.60 per security and warns investors they may lose a significant portion of principal and receive no interest.

Morgan Stanley Finance LLC priced callable Contingent Income Securities linked to the worst performing of the Dow Jones Industrial Average, the Nasdaq-100 and the S&P 500. Each note has a $1,000 stated principal amount, a contingent coupon of 11.05% per annum and a scheduled maturity of June 24, 2031. Coupons are paid only if all three underliers are at or above their 75% coupon barrier on each observation date. If any underlier is below its 65% downside threshold at final observation, principal is reduced pro rata to the performance of the worst performing underlier and could be zero. The notes are callable beginning December 23, 2026 based on the output of a risk neutral valuation model. All payments are subject to MSFL and Morgan Stanley credit risk.

Morgan Stanley Finance LLC priced Structured Investments Enhanced Trigger Jump Securities linked to the worst performing of Rubrik, Inc. Class A and Veeva Systems Inc. Class A. The securities are principal‑at‑risk notes with a $1,000 stated principal amount per security and an aggregate issuance of $1,000,000.

If, on the observation date, the final level of each underlier is at or above its downside threshold (70% of initial level), holders receive the $1,000 principal plus a fixed $263.50 upside payment. If the worst performing underlier is below its 70% threshold, the payment equals the stated principal multiplied by that underlier’s performance factor, producing proportional losses down to zero. All payments are subject to MSFL/Morgan Stanley credit risk and the securities pay no interest.

Morgan Stanley Finance LLC is offering Dual Directional Buffered PLUS notes due June 13, 2031 with a stated principal amount of $1,000 per security and an aggregate principal amount of $250,000. The securities are linked to the worst performing of the EURO STOXX 50® and the S&P 500®.

Key economic features: a leverage factor of 204% on upside, an absolute return participation rate of 50% for limited positive payoff when the worst underlier is down but above an 80% buffer level, a 20% buffer amount, an estimated value on the pricing date of $981.30 per security and a minimum payment at maturity of 20% of stated principal. All payments are subject to Morgan Stanley credit risk.

Morgan Stanley Finance LLC offers Principal at Risk structured notes due December 14, 2026 linked to the worst performing of IWM, NDXT and SPX.

The offering is for an aggregate principal amount of $9,325,000 at a stated principal amount of $1,000 per security and an issue price of $1,000. The securities pay a contingent coupon at an annual rate of 11.50% per annum only if each underlier closes at or above its coupon barrier on each observation date. The securities include a 20% buffer and a downside factor of 1.25, are callable beginning on July 14, 2026 based on a risk neutral valuation model, and have an estimated value on the pricing date of $987.60 per security. Investors bear principal and credit risk and do not participate in underlier appreciation.

Morgan Stanley Finance LLC priced a series of principal-at-risk notes due July 15, 2027, fully and unconditionally guaranteed by Morgan Stanley. The securities have a stated principal amount of $1,000 per security, an issue price of $1,000, aggregate principal of $1,052,000 and an estimated value on the pricing date of $980.90.

Returns depend on the worst performing underlier of the EURO STOXX 50®, Russell 2000® and the XLP ETF. If the worst performing underlier is at or above its 70% downside threshold on the observation date, holders receive principal plus an $110 (11%) upside payment. If any underlier is below its 70% threshold, payment equals principal multiplied by the performance factor of the worst performing underlier, and could be significantly less than principal or zero. All payments are subject to Morgan Stanley's credit risk.

Morgan Stanley Finance LLC is offering Principal at Risk auto-callable securities due June 13, 2031 tied to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index. The securities are issued at $1,000 per security with an aggregate principal amount of $1,135,000 and are fully guaranteed by Morgan Stanley.

The notes pay a contingent coupon at an annual rate of 13.40% on each coupon date only if the underlier closes at or above the coupon barrier on the related observation date. The securities can be automatically redeemed early if the underlier equals or exceeds the call threshold on any redemption determination date. At maturity, if the final level is below the downside threshold (50% of the initial level), investors suffer losses proportional to the index decline, potentially losing all principal. All payments are subject to Morgan Stanley credit risk.

Morgan Stanley Finance LLC is offering principal-at-risk, auto-callable Buffered Jump Securities linked to the worst performing of three underliers. Each security has a $1,000 stated principal amount, an issue price of $1,000 and an estimated value on the pricing date of $945.30. The securities pay no interest, may be automatically redeemed on June 16, 2027 if each underlier meets its call threshold on the first determination date, and mature on June 13, 2031. At maturity investors receive either principal plus an upside payment (300% participation), only principal if underliers remain above a 25% buffer, or a reduced principal tied to the worst performing underlier subject to a 25% minimum payment.

Morgan Stanley Finance LLC is offering $2,500,000 aggregate principal of callable, principal-at-risk structured notes due June 17, 2027, fully and unconditionally guaranteed by Morgan Stanley. The notes pay a 17.75% contingent coupon per annum on observation dates only if each underlier meets its coupon barrier, feature a 10% buffer and a 10% minimum payment at maturity, and may be called early based on a risk neutral valuation model. Terms reference the Nasdaq-100, Russell 2000 and S&P 500 indices; payments depend on the worst-performing underlier and are subject to postponement for non-trading days and certain market disruption events.

Morgan Stanley Finance LLC offers Buffered PLUS principal-at-risk securities due June 24, 2031. Each security has a stated principal amount of $1,000 and an original issue price of $1,000. The securities are linked to the Dow Jones Industrial Average and the S&P 500® Index and pay at maturity based on the worst performing underlier.

If the worst performing underlier finishes above its initial level, investors receive the stated principal plus a 115% leverage on appreciation. If the worst performing underlier finishes between its initial level and the buffer level (85% of initial), investors receive the stated principal. If the worst performing underlier finishes below the buffer level, investors lose 1% of principal for each 1% decline beyond the buffer, subject to a minimum payment of 15% of principal. The observation date is June 18, 2031. All payments are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley; they are subject to credit risk.

Morgan Stanley Finance LLC is offering Market Linked Securities due July 8, 2027 that are fully and unconditionally guaranteed by Morgan Stanley. The securities have a face amount of $1,000 per security, an estimated value on the pricing date of $960.10 (± $35.00), and a participation rate of at least 123.75% to be set on the pricing date.

The payout is linked to the lowest performing of the Dow Jones Industrial Average, Nasdaq-100, S&P 500 and EURO STOXX 50. There is an 80% threshold (a 20% buffer); if the lowest performing underlying falls below its threshold on the calculation day, investors can lose up to 80% of face amount. Price to public is $1,000 with agent commissions up to $23.25, leaving proceeds to issuer shown as $976.75 per security.

Morgan Stanley Finance LLC is offering $553,000 aggregate of Capped Leveraged Basket‑Linked Notes due February 18, 2028, fully and unconditionally guaranteed by Morgan Stanley. Trade Date is June 9, 2026 with Original Issue Date June 12, 2026. Each $1,000 Face Amount note has an Upside Participation Rate of 300%, a Cap Level of 110.30% of the Initial Basket Level and a Maximum Settlement Amount of $1,309.00 per $1,000 Face Amount. The notes pay no interest; final cash at maturity depends on the Basket Return measured from the Initial Basket Level of 100 to the Final Basket Level on the Determination Date. Morgan Stanley estimates the notes' value on the Trade Date at $990.30 per note. All payments are subject to issuer and guarantor credit risk; purchasers may lose some or all principal.

Morgan Stanley Finance LLC prices Contingent Income Auto-Callable Securities offering $2,000,000 aggregate principal (stated principal $1,000 per security) due March 8, 2028 and fully guaranteed by Morgan Stanley. The securities pay a contingent coupon (17.30% per annum) subject to observation-date barriers, include automatic early redemption at 90% call threshold, and principal is at risk if the final level is below the 60% downside threshold.

The underlier is a five-stock equally weighted basket (HOOD, ORCL, CRWV, CVNA, VRT) with an estimated value per security of $930.50 on the pricing date. All payments are subject to issuer and guarantor credit risk; secondary market liquidity and tax treatment are limited.

Morgan Stanley Finance LLC priced structured, principal-at-risk notes linked to the worst performing of the Nasdaq-100 Futures Excess Return™ Index and the S&P 500® Futures Excess Return Index. The securities have a $1,000 stated principal per security, an original issue price of $1,000, an estimated value on the pricing date of $978.20 and aggregate principal of $1,109,000. The notes pay no interest, are unsecured obligations of MSFL and are fully guaranteed by Morgan Stanley. They feature an automatic early redemption on the first determination date (June 10, 2027) for an early redemption payment of $1,260 if each underlier is at or above its call threshold (100% of initial level). If not auto‑redeemed, maturity payoff on June 14, 2029 depends on the worst performing underlier: investors receive principal plus a 150% participation in upside if both underliers finish above initial levels, principal only if both finish at or above 70% of initial, and a loss equal to the percentage decline of the worst performing underlier if that underlier finishes below its 70% downside threshold (payment could be zero). All payments are subject to Morgan Stanley credit risk; tax treatment is uncertain.

Morgan Stanley Finance LLC priced a series of Principal at Risk Trigger PLUS notes linked to the iShares® Expanded Tech-Software Sector ETF. The securities have a stated principal amount of $1,000 per security, an original issue price of $1,000, a 300% leverage factor, a maximum payment at maturity of $1,640, an observation date of June 11, 2029, and a maturity date of June 14, 2029. Payment at maturity depends solely on the closing level of the underlier on the observation date and includes limited protection above a downside threshold of $65.065 (70% of the initial level). All payments are unsecured obligations of MSFL and are fully guaranteed by Morgan Stanley; investors bear credit risk of the issuer and guarantor.

Morgan Stanley Finance LLC offers $500,000 aggregate principal of principal-at-risk, auto-callable Jump Securities linked to the worst performing common stock of Elevance Health and UnitedHealth Group. Each security has a stated principal amount of $1,000, an issue price of $1,000 and an estimated value on the pricing date of $960.50.

The securities pay no interest, carry full issuer and guarantor credit risk, and can be automatically redeemed on the first determination date June 22, 2027 for an early redemption payment of $1,527.50 if each underlier meets its call threshold (each call threshold = initial level). If not auto-redeemed, maturity is June 13, 2029 with payout rules: upside at maturity uses a 150% participation rate on the worst performing underlier, protection applies only down to 90% of initial level (downside threshold), and losses occur 1% for each 1% decline of the worst performing underlier below that threshold.

Morgan Stanley Finance LLC is offering $4,000,000 of Trigger PLUS principal-at-risk notes due June 12, 2031, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and an issue price of $1,000. The securities provide a leveraged upside of 230% on appreciation of the S&P 500® Futures Excess Return Index measured from the initial level of 593.32 (strike date June 9, 2026) to the final closing level on the observation date (June 9, 2031). If the final level is at or above the downside threshold (70% of initial, 415.324), investors receive principal at maturity; if below that threshold, investors lose 1% of principal for each 1% decline in the underlier, with no minimum payment. The estimated value on the pricing date was $980.30 per security and all payments are subject to issuer and guarantor credit risk.

Morgan Stanley Finance LLC is offering Principal-at-Risk structured notes (auto-callable) linked to the Russell 2000® Index with a stated principal amount of $1,000 per security. The notes pay no interest, may auto‑redeem on determination dates for fixed early redemption payments, and mature on June 22, 2029.

If not auto‑redeemed, a final-level outcome at or above the call threshold yields a fixed positive payment (example: $1,417); if below the threshold, investors suffer losses equal to the index decline (payment = stated principal × final level / initial level), which could result in a total loss of principal. All payments are subject to MSFL’s and Morgan Stanley’s credit risk.

Morgan Stanley Finance LLC offered callable contingent income buffered securities linked to the worst performing of the Nasdaq-100, Russell 2000 and S&P 500. Each security has a stated principal amount of $1,000 and a contingent coupon of 17.75% per annum payable only if each underlier meets its coupon barrier on an observation date. The securities include a 10% buffer at maturity and a minimum payment of 10% of principal, but investors may lose principal if the worst performing underlier declines beyond the buffer. The securities are subject to early redemption beginning September 15, 2026 based on a risk neutral valuation model and are fully and unconditionally guaranteed by Morgan Stanley; all payments remain subject to issuer credit risk.

Morgan Stanley Finance LLC is offering structured, principal‑at‑risk, auto‑callable notes linked to the worst performing of three ETFs (XBI, XLF, XLU) with an aggregate principal amount of $535,000 and a stated principal amount of $1,000 per security. The notes were priced on June 9, 2026, issued on June 12, 2026, and mature on June 14, 2029.

The securities feature an automatic early redemption on the first determination date (June 10, 2027) for an early redemption payment of $1,610 if each underlier is at or above its 100% call threshold. At maturity holders either receive principal plus an upside payment (participation 150%) if all underliers appreciate, principal only if underliers remain above 70% of initial levels, or a pro rata loss tied to the worst performing underlier (potentially to zero).

Morgan Stanley Finance LLC is pricing Dual Directional Buffered PLUS principal-at-risk securities with a stated principal amount of $1,000 per security and an aggregate principal amount of $1,770,000. The notes are linked to the S&P 500® Futures Excess Return Index, have an original issue date of June 12, 2026, and mature on June 12, 2031. The initial level (strike) is 593.32 and the estimated value on the pricing date was $974.20 per security. Payment scenarios: upside pays the stated principal plus 191.50% leverage on appreciation; if the underlier falls but remains ≥ the 80% buffer level, investors receive the stated principal plus the absolute decline × 100% participation (capped effectively at 20% positive return); if the underlier is below the buffer level, investors incur losses beyond the 20% buffer and the minimum payment at maturity is 20% of principal. All payments are subject to MSFL credit risk and guaranteed by Morgan Stanley. The issue price is $1,000 with an estimated dealer-structuring component; the estimated value is lower than the issue price.

Morgan Stanley Finance LLC priced a series of callable, principal-at-risk notes linked to NextEra Energy, Inc. common stock. The offering is for $1,318,000 aggregate principal of securities with a stated principal amount of $1,000 per security and an issue price of $1,000 per security. The notes pay a fixed coupon of 8.10% per annum payable monthly, are callable beginning June 14, 2027, and mature on June 14, 2028. At maturity investors receive principal only if the final level of the underlier is at or above the downside threshold of $55.140 (65% of the initial level); otherwise principal is reduced pro rata by the performance factor (final level / initial level).

The securities do not guarantee principal, are unsecured obligations of MSFL and are unconditionally guaranteed by Morgan Stanley, and all payments are subject to Morgan Stanley's credit risk. The estimated value on the pricing date was $967.90 per security, reflecting issuance, sales, structuring and hedging costs.

Morgan Stanley Finance LLC issues Principal-at-Risk auto-callable securities tied to NVIDIA Corporation stock. The offering consists of 531 securities at a $1,000 stated principal amount each (aggregate $531,000) with a contingent annual coupon of 10.90%, an initial level of $208.19, maturity on June 14, 2028, and final observation on June 9, 2028. Coupons are paid only if the underlier meets the coupon barrier ($104.095, 50% of initial) on observation dates; automatic early redemption occurs if the underlier meets the call threshold ($208.19) on any redemption determination date. If not auto‑redeemed, principal is repaid at maturity only if the final level is at or above the downside threshold ($93.686, 45% of initial); otherwise the payment equals principal × (final level/initial level), which could be significantly less than the stated principal and could be zero. All payments are subject to MSFL and Morgan Stanley credit risk. The estimated value on the pricing date was $982.60 per security.

Morgan Stanley Finance LLC priced Principal-at-Risk auto-callable notes linked to the worst-performing of Micron (MU), NVIDIA (NVDA) and TSMC (TSM). The securities trade at a $1,000 stated principal amount per note, pay a contingent coupon of 22.30% per annum on observation dates that meet coupon barriers, and can automatically redeem beginning June 14, 2027 if all underliers meet call thresholds. At maturity on June 14, 2029, investors receive principal only if specified downside thresholds are met; otherwise payment is reduced in proportion to the worst-performing underlier and could be zero. All payments are unsecured and subject to Morgan Stanley credit risk.

Morgan Stanley Finance LLC is offering structured, principal-at-risk notes guaranteed by Morgan Stanley with a $1,000 stated principal amount per security and an aggregate offering of $932,000. The securities are auto-callable on the first determination date of June 10, 2027 if the underlier is at or above the call threshold (100), producing an early redemption payment of $1,150 on June 15, 2027. If not called, maturity is June 12, 2031. At maturity investors receive: (a) principal plus an upside payment if the final level > initial level (participation rate 275%); (b) principal if final level ≥ downside threshold (80); or (c) a pro rata loss equal to the underlier decline if final level < downside threshold, which could result in total loss of principal. Estimated value on the pricing date was $984.60. All payments are subject to issuer and guarantor credit risk. The securities were sold to fee-based advisory accounts; agent commissions were $2.50 per security.

Morgan Stanley Finance LLC prices structured Principal-at-Risk notes under a prospectus supplement, offering an aggregate principal amount of $530,000 in securities linked to the S&P 500® Index. Each security has a stated principal amount of $1,000, an issue price of $1,000 and an estimated value on the pricing date of $991.60.

At maturity on September 13, 2027, investors receive the stated principal plus an $86.50 upside payment if the final level is at or above the buffer level (80% of the initial level). If the final level is below the buffer level, losses are 1% for each 1% decline beyond the 20% buffer, subject to a 20% minimum payment. All payments are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley; payments remain subject to the issuer/guarantor credit risk.

Morgan Stanley Finance LLC priced contingent income auto-callable notes linked to the worst-performing of the SPDR4 Gold Trust (GLD) and the VanEck4 Gold Miners ETF (GDX). The securities have a $1,000 stated principal amount, an original issue price of $1,000, aggregate principal of $2,236,000 and a contingent annual coupon of 13.00% payable only if both underliers meet coupon barriers on observation dates. The notes can auto-redeem on specified dates if both underliers meet call thresholds; otherwise principal at maturity depends on the worst-performing underlier and can be reduced pro rata to zero. All payments are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley; investors bear issuer credit risk and may receive no coupons.

Morgan Stanley Finance LLC is offering Principal at Risk notes due March 15, 2028, fully guaranteed by Morgan Stanley, linked to a five-stock basket (Robinhood, AppLovin, Micron, Qualcomm, Carvana). Each security has a $1,000 stated principal amount and may pay a contingent coupon at 16.30% per annum on observation dates when the underlier is at or above a 70 coupon barrier. The securities are automatically callable on specified redemption determination dates if the underlier is at or above a 90 call threshold; early redemption returns principal plus the related contingent coupon. At maturity, if the final level is below a 60 downside threshold, investors suffer pro rata principal loss equal to the underlier's decline (payment = $1,000 × performance factor). The document states an estimated value on the pricing date of approximately $909 per security and notes that all payments are subject to Morgan Stanley's credit risk.

Morgan Stanley Finance LLC priced contingent-income auto-callable notes linked to the First Trust Nasdaq Cybersecurity ETF. Each note has a $1,000 stated principal and an issue price of $1,000; the estimated value on the pricing date was approximately $962.80. The notes mature on June 15, 2029 with a final observation date of June 12, 2029 and can be automatically redeemed beginning after the first redemption determination date of September 14, 2026. A contingent coupon of 8.75% per annum is payable only when the underlier’s closing level on an observation date is at or above a coupon barrier equal to 70% of the initial level; the downside threshold is also 70% of the initial level. If the final level is below the downside threshold, payment at maturity is reduced pro rata by the performance factor and could be zero. All payments are unsecured and subject to Morgan Stanley’s credit risk.

Morgan Stanley Finance LLC priced $4,309,000 of buffered digital notes linked to the MSCI EAFE® Index that mature on April 7, 2028. For each $1,000 face amount, the notes pay $1,163.10 at maturity if the Final Underlier Level is at least 87.50% of the initial level; if the Underlier declines more than 12.50%, holders absorb losses according to the formula in the terms. The Trade Date is June 9, 2026, the Initial Underlier Level is 3,047.37, and the issuer estimates the notes' value on the Trade Date at $989.50 per note. All payments are subject to issuer credit risk and the notes are unsecured, unlisted, non‑interest bearing, and not FDIC insured.

Morgan Stanley Finance LLC offers callable contingent income securities due May 18, 2028, fully guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and a contingent coupon at an annual rate of 11.00% payable only if the closing level of each underlier meets its coupon barrier on each observation date. The securities reference the worst performing of the Nasdaq-100 Index, Russell 2000 Index and the State Street SPDR S&P Regional Banking ETF. If not redeemed, repayment at maturity is the stated principal when each underlier is at or above its 60% downside threshold; otherwise the payment equals the stated principal multiplied by the performance factor of the worst performing underlier, which could result in a total loss of principal. The securities may be called beginning September 18, 2026 based on a risk neutral valuation model, and all payments are subject to Morgan Stanley credit risk.

Morgan Stanley Finance LLC priced a proposed offering of principal-at-risk, auto-callable notes due June 29, 2028 linked to the capital stock of International Business Machines Corporation and fully guaranteed by Morgan Stanley. The notes have a stated principal amount of $1,000 per security and an original issue price of $1,000. The issuer estimates the value on the pricing date at approximately $979.30 per security. The securities feature quarterly determination dates beginning with the first determination date on July 1, 2027; if the closing level of the underlier is at or above the call threshold (100% of the initial level) on a determination date, the notes will be automatically redeemed for a fixed early redemption payment (for example, $1,225.00 on the first scheduled early redemption date). If not called, maturity payoffs vary: $1,450.00 if final level >= call threshold; $1,000 if final level >= downside threshold; otherwise payment = stated principal × (final level/initial level). All payments are subject to Morgan Stanley's credit risk.

Morgan Stanley Finance LLC is offering callable principal-at-risk notes tied to the worst performing of four equities. Each security has a stated principal amount of $1,000, pays a fixed coupon at an annual rate of 13.35% monthly, and matures on June 22, 2027 unless earlier redeemed.

Beginning on the first redemption date, the issuer may call the notes if a risk neutral valuation model indicates redemption is economically rational. At maturity, if every underlier is ≥ its downside threshold (65% of initial level), investors receive principal; if any underlier is below its downside threshold, payment equals principal × performance factor of the worst performing underlier, so principal can be substantially reduced or zero. All payments are subject to Morgan Stanley’s credit risk. The estimated value on the pricing date was about $976.50 per security; the issue price is $1,000.

Morgan Stanley Finance LLC priced contingent-income, principal-at-risk notes linked to Micron Technology common stock. Each security has a $1,000 stated principal amount and may pay a contingent coupon at an annual rate of 31.00% on scheduled coupon dates only if the closing level of Micron meets or exceeds the coupon barrier on each observation date. The notes are automatically redeemed early if Micron’s closing level equals or exceeds the call threshold on any redemption determination date; otherwise, at maturity investors receive principal only if the final level is at or above the buffer level. If the final level is below the buffer level, investors suffer amplified losses equal to a 2x downside factor on declines beyond the 50% buffer and could lose their entire investment. All payments are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley and are subject to issuer credit risk and limited secondary market liquidity.

Morgan Stanley Finance LLC is offering structured, principal-at-risk notes linked to the State Street Health Care Select Sector SPDR ETF (XLV) with automatic early redemption features and a $1,000 stated principal amount per security. The securities may auto-redeem on specified determination dates for fixed early redemption payments; if not redeemed, maturity payments depend on the ETF's final level versus the call threshold and a downside threshold set at 70% of the initial level. The pricing date and strike date are June 12, 2026, original issue date is June 17, 2026, first determination date is June 21, 2027, and final determination date is June 12, 2029. Estimated value on the pricing date is approximately $964.80 per security; the original issue price is $1,000, which includes issuance, selling, structuring and hedging costs borne by investors. All payments are subject to issuer and guarantor credit risk.

Morgan Stanley Finance LLC is offering principal-at-risk structured notes due June 20, 2031 linked to the S&P® 500 Futures 40% Intraday 4% Decrement VT Index. Each security has a $1,000 stated principal amount and an original issue price of $1,000. The notes feature an automatic early redemption on the first determination date (June 21, 2027) if the underlier closes at or above a call threshold equal to 90% of the initial level, producing an early redemption payment of $1,252.50. If not redeemed, maturity payoffs depend on final index performance with a 325% participation rate for upside, a downside threshold at 50% of the initial level, and a performance factor that can cause losses of up to the full principal. The underlier carries a 4% per annum decrement and uses intraday rebalancing and volatility-targeting; it was established on August 30, 2024. The estimated value on the pricing date is approximately $933.30 per security. All payments are subject to Morgan Stanley's credit risk.

Morgan Stanley Finance LLC priced a structured note called the Dual Directional Buffered PLUS due June 22, 2029 that is fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and returns are tied to the worst performing of the EURO STOXX 50 and the S&P 500 over the term.

The note offers a 173% leverage factor on upside of the worst performing underlier and a 50% absolute return participation on limited depreciations above an 80% buffer level (20% buffer amount). If the worst performing underlier falls below its buffer, investors lose principal 1% per 1% decline beyond the buffer; the minimum payment at maturity is 20% of principal. All payments are subject to issuer credit risk and secondary market value may be below the original issue price.

Morgan Stanley Finance LLC is offering structured, auto-callable Jump Notes guaranteed by Morgan Stanley linked to the worst performing of Bloom Energy Corporation (BE) and Vertiv Holdings Co (VRT). The notes have a $1,000 stated principal amount per note and an issue price of $1,000 per note. The estimated value on the pricing date was approximately $936.50 per note. The strike and pricing dates are June 18, 2026, the first determination date is June 21, 2027, the final determination date is June 18, 2031, and the maturity date is June 24, 2031.

The notes pay no interest, may be automatically redeemed on a determination date if both underliers meet call threshold levels (each call threshold = 90% of its initial level), and otherwise pay either a fixed positive payment at maturity (examples imply a return of ~12.05% per annum when conditions are met) or only the stated principal if the worst performing underlier is below its call threshold. All payments are subject to the issuer's credit risk; the notes are unsecured and will not be listed.

Morgan Stanley Finance LLC offers contingent income auto-callable securities tied to the common stock of Netflix, Inc., fully guaranteed by Morgan Stanley. Each note has a $1,000 stated principal and an issue price of $1,000. The preliminary pricing shows an estimated value of approximately $968.50 on the pricing date. The notes pay a contingent coupon at an annual rate of 12.15% on each coupon payment date only if the closing level of the underlier meets or exceeds the coupon barrier (set at 68% of the initial level) on the applicable observation date.

The notes are auto-callable: if the closing level meets or exceeds the call threshold (100% of the initial level) on any redemption determination date starting December 28, 2026, the notes will be redeemed early for the stated principal plus the contingent coupon for that period. If not called, maturity is July 29, 2027 with final observation July 26, 2027. If the final level is below the downside threshold (also 68% of initial), payment at maturity equals principal times the performance factor and could be significantly less than the stated principal or zero. All payments are subject to Morgan Stanley's credit risk.