Morgan Stanley 424B Filings

Morgan Stanley Finance LLC priced Principal-at-Risk, auto-callable structured notes due June 12, 2031 linked to a weighted basket (MSCI EAFE, MSCI Emerging Markets, S&P 500 Futures Excess Return). Each security has a $1,000 stated principal amount and a 275% participation rate for upside if held to maturity.

The securities can be automatically redeemed on the first determination date (June 10, 2027) if the underlier closing level is ≥ the call threshold (100), producing an early redemption payment of $1,150. At maturity, outcomes depend on the final level relative to the initial level (100) and the downside threshold (80), including potential loss of principal down to zero.

Morgan Stanley Finance LLC is offering principal-at-risk, contingent income auto-callable securities linked to the common stock of Archer-Daniels-Midland Company. Each security has a $1,000 stated principal amount and a contingent coupon of 14.25% per annum payable only if the underlier meets observation-date barriers. The securities can be automatically redeemed on scheduled redemption determination dates if the underlier is at or above the call threshold; otherwise they remain outstanding to maturity on June 13, 2029 with final payoff tied to the final closing level. If the final level is below the downside threshold, investors suffer a proportional loss of principal and could lose their entire investment. All payments are subject to Morgan Stanley's credit risk.

The issuer Morgan Stanley Finance LLC, guaranteed by Morgan Stanley, is offering Buffered Digital Basket-Linked Notes with an aggregate Face Amount of $6,075,000. Each note has a Face Amount of $1,000, a Trade Date of June 5, 2026, Original Issue Date June 10, 2026 and Stated Maturity Date June 7, 2029.

Payment at maturity depends on the Basket Return of five indices weighted 40%/25%/17%/11%/7% with an Initial Basket Level of 100, a Buffer Level of 90 and a Threshold Settlement Amount of $1,276.00 per $1,000 Face Amount. The notes pay no interest, are unsecured, subject to issuer credit risk and may result in partial or total loss of principal.

Morgan Stanley Finance LLC priced a June 2026 structured offering of auto-callable, fixed-percentage buffered principal-at-risk securities linked to the lowest performing of the XLF, XLP and XLU ETFs. The securities have a face amount of $1,000 per security, a pricing date of June 11, 2026 and a maturity date of June 15, 2028 (subject to postponement).

Per the preliminary terms, the price to public is $1,000, agent commissions are up to $23.25 per security and estimated proceeds to the issuer are $976.75. The issuer’s modelled estimated value on the pricing date is approximately $957.10 (±$25.00). The securities feature monthly calculation days beginning June 16, 2027, a 20% downside buffer and specified call payments if all underlyings meet call thresholds on a calculation day.

Morgan Stanley Finance LLC is offering market-linked, principal-at-risk securities linked to the S&P 500® Index with a 5-year term maturing on June 16, 2031. Each security has a $1,000 face amount, a 150% participation rate in positive index performance up to a predetermined maximum return (at least $597, or 59.70%), and a threshold equal to 80% of the starting level. The estimated value on the pricing date is approximately $949 (within $40). If the ending level on the calculation day is below the threshold, holders will be exposed 1:1 to declines and may lose more than 20%, possibly all, of their principal. The price to public is $1,000 per security and agents may receive up to $38.70 per security.

Morgan Stanley Finance LLC is offering market-linked, principal-at-risk securities that are fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 face amount and a hypothetical contingent fixed return of at least 13.00% (at least $130 per face amount), with maturity on June 24, 2027. The securities pay the contingent fixed return only if the ending price of the lowest performing underlying is greater than or equal to its threshold price (65% of its starting price); otherwise the holder is exposed to the full decline of the lowest performing underlying and may lose more than 35% or all of the face amount. The estimated value on the pricing date is approximately $970.60 per security, or within $25.00 of that estimate. The offering is subject to the issuer’s pricing, distribution arrangements and the risks described herein and in the referenced supplements and prospectus.

Morgan Stanley Finance LLC priced a market-linked, principal-at-risk note that pays a contingent fixed return if the lowest-performing stock among Apple, Amazon and Marvell stays at or above a 50% threshold. The securities have a $1,000 face amount, a preliminary estimated value of $967.30 per security and a hypothetical contingent fixed return of 43.10% (approximately $431 per $1,000), with a pricing date of June 11, 2026, original issue date of June 16, 2026 and maturity on June 24, 2027. Investors receive the face amount plus the contingent fixed return if the lowest-performing underlying stock is at or above its threshold price on the calculation day; if that lowest-performing stock is below its threshold (50% of its starting price) at the calculation day, the maturity payment is reduced pro rata and could result in a loss of more than 50% or a complete loss of principal.

Morgan Stanley Finance LLC is offering Principal-at-Risk structured notes—"Buffered Jump Securities with Auto-Callable Feature"—with a stated principal amount of $1,000 per security. The securities have a 6.00-year term maturing on July 6, 2029 and may be automatically redeemed on the first determination date for an early redemption payment of $1,120 if the underlier meets the call threshold. If not called, payoff at maturity depends on the underlier's final level: investors receive the principal plus an upside payment when the final level is above the initial level; receive principal if the final level is at or above the buffer level (90); or suffer pro rata losses below the buffer, subject to a minimum payment of 10% of principal. The participation rate for upside is 125%. All payments are unsecured obligations of MSFL and are guaranteed by Morgan Stanley and are subject to issuer credit risk. The pricing date and strike date are June 30, 2026, and the first determination date for the automatic call is July 7, 2027. The document discloses an estimated value of approximately $960.20 per security on the pricing date.

Morgan Stanley Finance LLC is offering Structured Investments Step-Up Jump Notes due June 9, 2033, with an aggregate principal amount of $1,053,000, fully and unconditionally guaranteed by Morgan Stanley. The notes pay no interest, have an original issue price of $1,000 per note and an estimated value on the pricing date of $897.90.

The notes are automatically callable beginning with the first determination date on June 4, 2027 if the Morgan Stanley Amplitude index meets specified call thresholds; early redemption payments correspond to a return of approximately 15.15% per annum (for example, $1,151.50 on the first call). If not called, a payment at maturity may equal a fixed positive amount only if the final level meets the then-applicable call threshold; otherwise investors receive only principal. All payments are subject to issuer and guarantor credit risk.

Morgan Stanley Finance LLC prices Trigger PLUS principal-at-risk securities fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and a 530% leverage factor on the upside. The securities reference three ETFs (XLE, XLK, SMH), pay at maturity on the worst performing underlier, have a 60% downside threshold, an observation date of June 10, 2031, and mature on June 13, 2031. The estimated value on the pricing date is approximately $953.10 per security. Investors receive the stated principal plus a leveraged upside payment if the worst performing underlier finishes higher; receive principal only if the worst performing underlier finishes between its initial level and the 60% threshold; and suffer a proportional loss if the worst performing underlier finishes below that threshold, with no minimum payment.

Morgan Stanley Finance LLC is offering Digital Basket-Linked Notes due (term set on the Trade Date) that are unsecured obligations of MSFL and fully and unconditionally guaranteed by Morgan Stanley.

Each note has a Face Amount of $1,000. The payment at maturity depends on the performance of a weighted basket of five equity indices (EURO STOXX 50 40.00%, TOPIX 25.00%, FTSE 100 17.00%, SMI 11.00%, S&P/ASX 200 7.00%) measured from an Initial Basket Level of 100 to a Final Basket Level on the Determination Date (expected 27–30 months after the Trade Date). If the Final Basket Level is at or above 100, holders receive the greater of the Threshold Settlement Amount (expected to be between $1,259.10 and $1,304.00) or principal plus the basket return. If the Final Basket Level is below 100, holders receive principal reduced by the full percentage decline, and may lose some or all principal. The Original Issue Price is $1,000 and Morgan Stanley estimates an estimated value on the Trade Date of approximately $973.30 per note. All payments are subject to issuer credit risk; the notes do not pay interest, are not listed, and are not FDIC insured.

Morgan Stanley Finance LLC is offering $1,050,000 aggregate principal of Principal at Risk securities linked to the S&P 500® Index, with a $1,000 stated principal per security. The securities mature on July 9, 2027 and are fully guaranteed by Morgan Stanley.

At maturity, if the index's final level on the observation date (July 6, 2027) is at or above the downside threshold (85% of the initial level), holders receive principal plus a fixed upside payment of $100.60 (10.06%). If the final level is below the downside threshold, payoff equals principal multiplied by final/initial level, exposing investors to proportional losses, potentially to zero. The securities pay no interest; estimated value on pricing date was $985.70.

Morgan Stanley Finance LLC offers $700,000 aggregate of Structured Investments—Enhanced Trigger Jump Securities due July 9, 2027 (stated principal $1,000 per security) fully and unconditionally guaranteed by Morgan Stanley. The securities pay no interest and return either the stated principal plus a fixed $80.60 upside payment if the S&P 500® Index final level is at or above the downside threshold, or an amount equal to the stated principal multiplied by the performance factor (final level/initial level) if the final level is below the downside threshold; in that downside case investors bear full downside risk and could lose their entire investment. The initial level is 7,553.68, the downside threshold is 5,665.26 (75% of the initial level), the estimated value on the pricing date was $985.70, and the agent’s commission was $10.42 per security. Purchasers should note credit risk on Morgan Stanley, limited upside (fixed 8.06% upside payment), potential tax uncertainty, and limited secondary market liquidity.

Morgan Stanley Finance LLC priced $1,000,000 of structured, principal-at-risk notes due June 21, 2027, fully guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and an upside payment of $89.30 (8.93%). The notes reference the S&P 500® Index with an initial level of 7,553.68, a 10% buffer (buffer level 6,798.312) and a downside factor of 1.1111. If the final level is at or above the buffer, investors receive principal plus the upside payment; if below the buffer, losses are amplified by the downside factor and could eliminate principal. The issue price was $1,000 with an estimated value of $985.90 on the pricing date. All payments are subject to Morgan Stanley’s credit risk.

Morgan Stanley Finance LLC offers $1,229,000 of principal-at-risk structured notes fully and unconditionally guaranteed by Morgan Stanley, with an original issue price of $1,000 per security and an estimated value of $979.30 on the pricing date. The notes pay no interest and return at maturity depends on the performance of the worst performing underlier among the Dow Jones Industrial Average, the Russell 2000® Index and the State Street® Technology Select Sector SPDR® ETF.

At maturity on July 9, 2027 (observation date July 6, 2027), investors receive the stated principal plus a fixed digital payment of $117.50 (11.75%) only if each underlier is at or above its digital threshold (50% of initial levels). If any underlier is below its downside threshold (70% of initial level), payment is the stated principal multiplied by the worst-performing underlier's performance factor (final/initial), so investors can lose up to their entire principal. All payments are subject to Morgan Stanley's credit risk.

Morgan Stanley Finance LLC is offering Principal at Risk auto-callable securities due March 1, 2028. The issuer (MSFL) and guarantor (Morgan Stanley) are selling securities with a stated principal of $1,000 per security and an aggregate principal amount of $2,095,000. The securities pay a contingent coupon at an annual rate of 21.30% on each coupon payment date only if the underlier’s closing level meets or exceeds the coupon barrier (70%) on the related observation date. The estimated value on the pricing date is $929.20 per security and the issue price is $1,000 per security.

The securities are subject to automatic early redemption on specified determination dates if the underlier’s closing level is at or above the call threshold (90%). At maturity, if not auto-redeemed, investors receive the stated principal only if the final level is at or above the downside threshold (60%); if the final level is below that threshold, principal is reduced pro rata (payment = stated principal × performance factor) and could be zero. All payments are subject to the issuer’s and guarantor’s credit risk. The pricing supplement discloses dealer commissions of $15 per security and an affiliate analytics fee of $0.50 per security.

Morgan Stanley Finance LLC published a preliminary pricing supplement for auto-callable, principal-at-risk securities linked to the worst performing of the Nasdaq-100® Technology Sector, the Russell 2000® Index and the S&P 500® Index. The securities have a $1,000 stated principal amount and an issue price of $1,000 per security with an estimated value on the pricing date of approximately $978.20 per security.

The securities mature on June 15, 2029 and feature automatic early redemption beginning after the first determination date on June 15, 2027, with scheduled early redemption payments that imply about 17.05% per annum if triggered. Call threshold levels equal 100% of initial levels and downside threshold levels equal 70% of initial levels. At maturity investors may receive $1,511.50 if all underliers meet call thresholds, the stated principal if underliers stay above downside thresholds, or a loss proportional to the worst performing underlier (possible complete loss).

All payments are unsecured and subject to Morgan Stanley's credit risk. The securities do not pay interest, do not participate in upside beyond fixed payouts, and are intended for investors willing to risk principal in exchange for potential enhanced fixed returns through early redemption or maturity.

Morgan Stanley Finance LLC priced a structured principal-at-risk note linked to Zscaler, Inc. common stock. The offering consists of securities with a $1,000 stated principal amount and an aggregate principal amount of $500,000. The notes pay a fixed upside payment of $325.70 (32.57%) if the final level is at or above the buffer and provide a 25% buffer (buffer level = $100.778), but otherwise expose investors to a 1.3333 downside factor on losses beyond the buffer.

The notes have a strike date of June 3, 2026, pricing date June 4, 2026, original issue date June 9, 2026, observation date June 16, 2027 and maturity date June 21, 2027. The estimated value on the pricing date was $976.60 per security; the issue price is $1,000 per security. All payments are subject to the issuer and guarantor credit risk.

Morgan Stanley Finance LLC is offering Principal at Risk auto-callable securities linked to International Business Machines Corporation (IBM) with a stated principal amount of $1,000 per security and an aggregate principal amount of $757,000. The securities pay a contingent coupon at an annual rate of 10.20% on each coupon payment date only if the closing level of the underlier meets or exceeds the coupon barrier on the applicable observation date. The securities are subject to automatic early redemption on scheduled redemption determination dates if the closing level is greater than or equal to the call threshold ($301.77). If not redeemed earlier, at maturity on December 9, 2027 holders receive principal if the final level is at or above the downside threshold ($150.885, 50% of the initial level); otherwise the maturity payment equals the stated principal multiplied by the performance factor (final level / initial level), which could result in a substantial loss of principal, potentially to zero. All payments are subject to the issuer's and guarantor's credit risk. The estimated value on the pricing date was $958.10 per security.

Morgan Stanley Finance LLC priced a $688,000 aggregate offering of Buffered PLUS principal-at-risk securities, each with a $1,000 stated principal amount. The securities mature on July 9, 2027 and reference the worst performing of the EURO STOXX 50® Index and the iShares® MSCI EAFE ETF.

At maturity holders may receive: (a) principal plus a 150% leveraged upside of the worst performing underlier (capped at $1,262.50 per security); (b) the stated principal if the worst performing underlier finishes no worse than 90% of its initial level (the buffer); or (c) a reduced payment that declines dollar-for-dollar beyond the 10% buffer down to a minimum of 10% of principal. All payments are subject to MSFL/Morgan Stanley credit risk.

Morgan Stanley Finance LLC priced contingent-income, auto-callable notes linked to the S&P® 500 Futures 40% Intraday 4% Decrement VT Index. Each security has a $1,000 stated principal, a 12.00% annual contingent coupon payable only if observation-date barriers are met, and a maturity of June 9, 2031. The notes can be automatically redeemed early if the underlier meets the call threshold; at maturity investors either receive principal (if the final level ≥ the 60% downside threshold) or a reduced cash amount equal to the stated principal × performance factor (final level / initial level). All payments are subject to issuer and guarantor credit risk and the notes do not provide regular interest.

Morgan Stanley Finance LLC priced Principal-at-Risk notes — callable contingent income securities due June 8, 2028 — fully and unconditionally guaranteed by Morgan Stanley. The notes pay a contingent coupon of 14.25% per annum on each period only if the closing level of each of three sector ETFs (XLI, XLB, XLK) meets its coupon barrier on the observation date. If not called, principal is repaid at maturity only if each underlier is at or above a 70% downside threshold; otherwise payment equals the stated principal multiplied by the performance factor of the worst performing underlier, resulting in potential full loss of principal. The notes are callable beginning September 10, 2026 based on a risk‑neutral valuation model and carry issuer credit risk. Issue price is $1,000 per security and aggregate principal offered is $500,000.

Morgan Stanley Finance LLC is offering Structured Investments — Contingent Income Memory Buffered Auto-Callable Securities due June 9, 2031, fully guaranteed by Morgan Stanley. The securities have a $1,000 stated principal amount, an issue price of $1,000 and aggregate principal of $512,000. They pay a contingent coupon at an annual rate of 12.00% only if the underlier meets the coupon barrier on observation dates. Automatic early redemption can occur beginning with the June 4, 2027 determination date if the underlier is at or above the call threshold of 1,540.87 (100% of the initial level). At maturity investors receive principal if the final level is at or above the buffer level of 1,309.740 (85%); if below the buffer, principal is reduced by the index decline beyond the 15% buffer, subject to a minimum payment of 15% of principal. The estimated value on the pricing date was $900.00 per security. All payments are subject to issuer and guarantor credit risk, model valuation assumptions, limited secondary market liquidity and uncertain U.S. federal income tax treatment.

Morgan Stanley Finance LLC priced and is offering market-linked, principal-at-risk securities due June 15, 2028 linked to the lowest performing of Caterpillar, Costco and Starbucks.

Each security has a face amount of $1,000, an estimated value on the pricing date of $954.30 and a contingent fixed return of 28.30% ($283) if the lowest performing underlying stock finishes at or above its 70% threshold. If the lowest performing underlying stock finishes below its threshold, investors absorb losses 1-to-1 beyond a 30% buffer, and may lose up to 70% of face amount. The aggregate face amount offered is $806,000. All payments are subject to Morgan Stanley's credit risk; secondary market liquidity and valuation may be limited.

Morgan Stanley Finance LLC priced market-linked, principal-at-risk securities fully guaranteed by Morgan Stanley. The securities link to the lowest performing stock of Apple, Dell and Tesla, priced June 4, 2026 with a $1,000 face amount and aggregate face amount of $838,000. The contingent fixed return is 26% (=$260 per face amount). The issuer estimates the securities' value at $944.70 on the pricing date. A 30% buffer sets each threshold at 70% of the starting price (AAPL $311.23; DELL $422.05; TSLA $418.45). If the lowest performing underlying closes below its threshold on the calculation day, investors suffer 1-to-1 losses beyond the buffer and may lose up to 70% of principal. Maturity is June 16, 2027; calculation day is June 11, 2027. Price to public is $1,000, agent commission up to $23.25 per security and proceeds to issuer $976.75 per security.

Morgan Stanley Finance LLC offers Principal at Risk securities fully and unconditionally guaranteed by Morgan Stanley. The securities pay a contingent coupon at an annual rate of 10.20% on each coupon date only if the closing level of each underlier meets its coupon barrier on the related observation date. The notes are linked to the worst performing of the IWM Fund, the NDX Index and the SPX Index, feature a call determined by a risk neutral valuation model, and provide principal protection at maturity only if each underlier is at or above its downside threshold (set at 70% of initial level); otherwise payment at maturity equals the stated principal multiplied by the performance factor of the worst performing underlier. All payments are subject to Morgan Stanley’s credit risk.

Morgan Stanley Finance LLC offers Principal at Risk notes linked to CoreWeave, Inc. class A common stock due June 15, 2028. Each security has a $1,000 stated principal and a contingent coupon feature; estimated value on the pricing date was approximately $949.80.

Coupons (annual 28.75%) pay only if the underlier meets the coupon barrier on observation dates. Automatic early redemption occurs if the underlier meets the call threshold on redemption determination dates. If final level is below the downside threshold (50% of initial level), payment at maturity is reduced pro rata and could be zero. All payments are subject to Morgan Stanley credit risk.

The Dual Directional Buffered PLUS principal-at-risk notes, issued by Morgan Stanley Finance LLC and guaranteed by Morgan Stanley, have a stated principal of $1,000 per security and mature on June 13, 2031. Payment depends on the worst performing of the EURO STOXX 50 and the S&P 500 on the observation date.

Key economic terms: 204% leverage on upside, 50% absolute return participation on limited depreciation, an 80% buffer level (20% buffer amount), an estimated value on the pricing date of approximately $982.10, and a minimum payment at maturity of 20% of principal. All payments are subject to issuer credit risk and the securities pay no interest.

Morgan Stanley Finance LLC offers principal-at-risk, auto-callable notes due June 14, 2029, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and an issue price of $1,000. The securities may automatically redeem on the first determination date for an early redemption payment of $1,260 on June 15, 2027 if both underliers meet their call thresholds. If not auto-redeemed, maturity payoffs depend on the worst performing of the Nasdaq-100 Futures Excess Return™ Index and the S&P 500® Futures Excess Return Index: investors may receive the principal plus an upside payment (participation rate 150%), only principal, or a principal-loss equal to the percentage decline of the worst performing underlier (downside threshold 70%). The pricing date and strike date were June 9, 2026, original issue date June 12, 2026, and MSFL's estimated value on the pricing date was approximately $981.50 per security. All payments are subject to MSFL’s and Morgan Stanley’s credit risk.

Morgan Stanley Finance LLC priced a principal-at-risk note called Trigger PLUS linked to the worst performing of the Dow Jones Industrial Average and the S&P 500® Index. Each security has a $1,000 stated principal amount, a leverage factor of 143.75% for upside, an observation date of June 10, 2031 and a maturity date of June 13, 2031. At maturity investors receive either: (1) principal plus a leveraged upside payment if both underliers finish above their initial levels; (2) the stated principal if the worst performing underlier is at or above its downside threshold (75% of initial); or (3) a principal loss equal to the percent decline of the worst performing underlier if that underlier finishes below its downside threshold, with no minimum payment. All payments are subject to MSFL credit risk and the securities are fully and unconditionally guaranteed by Morgan Stanley. The preliminary estimated value on the pricing date is approximately $979.30 per security.

Morgan Stanley Finance LLC is offering structured, principal-at-risk notes due July 15, 2027 linked to the worst performing of the Nasdaq-100, Russell 2000 and S&P 500. Each note has a $1,000 stated principal amount and an upside payment of $112 (11.20%) payable at maturity only if every underlier is at or above its 70% downside threshold on the observation date July 12, 2027. If any underlier finishes below its 70% threshold, the payment equals principal times the performance factor of the worst performing underlier, producing proportional principal loss (possible total loss). Estimated value on the pricing date was approximately $979.50 per security. All payments are subject to MSFL's and Morgan Stanley’s credit risk and tax treatment is uncertain.

Morgan Stanley Finance LLC is offering structured, principal‑at‑risk step‑down jump securities due June 27, 2029, fully guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and an estimated value on the pricing date of approximately $969.10. The securities feature an automatic early redemption on specified determination dates starting with the first determination date of June 29, 2027, and fixed early redemption payments corresponding to roughly 10.25% per annum on the stated principal for qualifying call outcomes. At maturity investors may receive $1,307.50, the stated principal, or a principal amount reduced pro rata by the performance factor of the worst performing underlier; losses can reach the full principal. The underliers are the iShares® Russell 2000® ETF (IWM) and the S&P® 500 Equal Weight Index (SPW). All payments are subject to Morgan Stanley’s credit risk and the securities do not pay interest.

Morgan Stanley Finance LLC priced a preliminary offering of principal-at-risk, auto-callable notes tied to the Nasdaq-100 Index with a stated principal amount of $1,000 per security. The notes pay no interest, can be automatically redeemed on the first determination date for $1,157.50 if the index is at or above the 100% call threshold, and mature on June 27, 2029. If not called, final payoff depends on index performance: investors receive principal plus an upside payment at a 125% participation rate if the final level exceeds the initial level; receive only principal if the final level is at or above a 70% downside threshold; or incur losses proportional to declines below that threshold, potentially losing the entire investment. All payments are unsecured obligations of MSFL and unconditionally guaranteed by Morgan Stanley and remain subject to the issuer's credit risk.

Morgan Stanley Finance LLC priced callable Contingent Income Buffered Securities due June 17, 2027 linked to the worst performing of the Nasdaq-100, Russell 2000 and S&P 500. The notes have a $1,000 stated principal amount, a contingent coupon of 17.75% per annum payable only if each underlier meets a 90% coupon barrier on observation dates, and a 10% buffer for maturity loss calculations. The securities may be called beginning September 15, 2026 based on the output of a risk neutral valuation model; estimated value on the pricing date was approximately $983.50 per security. If not redeemed, repayment at maturity depends on the worst performing underlier: full principal if each final level is at or above its 90% buffer level, otherwise principal is reduced 1% for each 1% decline beyond the buffer, subject to a 10% minimum payment at maturity. All payments are subject to Morgan Stanley's credit risk.

Morgan Stanley Finance LLC priced contingent income auto-callable notes linked to Micron Technology common stock. Each note has a stated principal amount of $1,000, a contingent coupon at an annual rate of 28.85%, and a stated original issue price of $1,000. The estimated value on the pricing date was approximately $959.90. The securities mature on June 22, 2029 with a final observation date of June 18, 2029. Automatic early redemption may occur on specified redemption determination dates if the closing level of the underlier meets the call threshold; if not redeemed, payment at maturity depends on the final level relative to a downside threshold and may result in a loss of principal down to zero.

Morgan Stanley Finance LLC offers contingent income auto-callable securities fully and unconditionally guaranteed by Morgan Stanley, linked to the worst performing of the Nasdaq-100® Technology Sector, the Russell 2000® Index and the S&P 500® Index. The securities have a stated principal amount of $1,000 per security, an original issue date of June 29, 2026, a strike date of June 24, 2026 and a maturity date of December 30, 2027.

The notes pay a contingent coupon at an annual rate of 10.20% on each coupon payment date only if the closing level of each underlier is at or above its coupon barrier (each barrier is 70% of the initial level) on the related observation date. The securities are automatically redeemed early if each underlier meets its call threshold (100% of initial level) on any redemption determination date, in which case holders receive the stated principal plus the contingent coupon for that period. If not redeemed, maturity payment depends on the worst performing underlier: holders receive principal if each final level is at or above the downside threshold (70% of initial); otherwise the payment equals the stated principal multiplied by the worst performing underlier's performance factor and could be significantly less or zero.

Morgan Stanley Finance LLC is offering principal-at-risk, auto-callable notes linked to NVIDIA Corporation common stock that mature on June 22, 2029. Each security has a stated principal amount of $1,000 and a contingent annual coupon of 13.00% payable only if the underlier meets the coupon barrier on observation dates. The notes can automatically redeem early if the underlier meets the call threshold on redemption determination dates. At maturity, if the final level is below the downside threshold, investors suffer losses pro rata to the decline in the underlier; if the final level is at or above the downside threshold, investors receive principal. All payments are subject to Morgan Stanley credit risk.

Morgan Stanley Finance LLC priced a Dual Directional Buffered PLUS linked to Blackstone Inc. common stock. The notes have a $1,000 stated principal amount per security and an estimated value on the pricing date of approximately $979.90. The securities mature on June 28, 2028 with an observation date of June 23, 2028.

Payoff outcomes: upside pays 150% leveraged participation in gains up to a maximum payment of $1,628.50 (162.85%); an absolute-return feature can deliver up to a 20% positive return if the final level is at or above an 80% buffer level; losses occur dollar-for-dollar beyond the 20% buffer, with a minimum payment of 20% of principal. All payments are unsecured and subject to Morgan Stanley credit risk.

Morgan Stanley Finance LLC priced Principal at Risk auto-callable notes linked to the S&P 500® Index with a stated principal of $1,000 per security. The securities pay no interest, can auto‑redeem on specified determination dates for fixed cash payments, and mature on June 27, 2029 with payout tied to the final index level. Investors face full principal risk if the final level falls below the downside threshold (75% of the initial level). The estimated value on the pricing date was approximately $956.30 per security; all payments are subject to Morgan Stanley’s credit risk.

Morgan Stanley Finance LLC is offering callable, principal-at-risk notes linked to the worst performing of the Nasdaq-100 Technology Sector Index, the Russell 2000 Index and the S&P 500 Index. Each security has a $1,000 stated principal amount and a contingent annual coupon of 11.50% payable only if all three underliers meet coupon barrier tests on observation dates. The notes can be redeemed early beginning December 23, 2026 if a risk neutral valuation model indicates redemption is economically rational. At maturity on June 22, 2029, if the final level of every underlier is at or above its 60% downside threshold, investors receive principal; otherwise the payoff equals principal multiplied by the performance factor of the worst performing underlier, which can result in significant principal loss, potentially to zero. All payments are subject to the issuer’s and guarantor’s credit risk.

Morgan Stanley Finance LLC is offering callable contingent income securities due June 28, 2029, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and an original issue price of $1,000. The estimated value on the pricing date is approximately $966.10. The notes pay a contingent coupon of 13.50% per annum on each coupon payment date only if the closing level of each underlier meets or exceeds its coupon barrier level on the related observation date. The securities are linked to the worst performing of the EURO STOXX 50 Index, the iShares Expanded Tech-Software Sector ETF and the S&P 500 Index and use a downside threshold level equal to 65% of each initial level; if the worst performing underlier finishes below its downside threshold at maturity, investors suffer a loss proportional to that decline. The securities may be redeemed early beginning on January 4, 2027 if a risk neutral valuation model indicates redemption is economically rational for the issuer. All payments are subject to Morgan Stanley’s credit risk.

Morgan Stanley Finance LLC is offering callable, principal-at-risk notes linked to the worst performing of the Nasdaq-100® Technology Sector, the Russell 2000® and the S&P 500®. Each security has a $1,000 stated principal amount, a contingent annual coupon of 11.60%, and pays coupons only if every underlier meets a 70% coupon barrier on each observation date. The notes may be called beginning September 17, 2026 based on a risk-neutral valuation model; if not called, maturity is December 16, 2027. At maturity, if any underlier is below its 65% downside threshold, investors suffer a loss proportional to the decline of the worst performing underlier and could lose their entire principal. All payments are subject to the issuer and guarantor credit risk of Morgan Stanley.

Morgan Stanley Finance LLC priced Principal-at-Risk structured notes linked to the worst performing of the Dow Jones Industrial Average, Nasdaq-100 and S&P 500, with a $1,000 stated principal amount per security and automatic early redemption mechanics.

The securities have a June 12, 2026 original issue date and December 14, 2028 maturity, a first determination date of June 11, 2027 and an early redemption payment of $1,142 if all underliers meet the call threshold. The participation rate is 150% and the downside threshold is 70% of each underlier's initial level; payment at maturity depends on the worst performing underlier and could result in full loss of principal. The estimated value on the pricing date was approximately $949.90 per security.

Morgan Stanley Finance LLC is offering principal-at-risk, auto-callable notes linked to the S&P 500 Equal Weight Index with a stated principal amount of $1,000 per security. The notes pay no interest, carry a 125% participation rate for upside, an early redemption payment of $1,090 if the index on the first determination date meets the call threshold, and a downside threshold set at 70% of the initial level. The pricing and strike date are June 22, 2026, original issue date is June 25, 2026, and maturity is June 27, 2029. All payments are subject to Morgan Stanley Finance LLC credit risk and are fully guaranteed by Morgan Stanley.

Morgan Stanley Finance LLC is offering Dual Directional Buffered PLUS principal-at-risk securities due June 28, 2028 that are fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and an issue price of $1,000.

The securities provide leveraged upside (150% leverage, capped at a $1,950 maximum payout), an absolute-return participation feature if the underlier declines but remains above a 20% buffer, and a downside that exposes investors to losses beyond the buffer with a 20% minimum payment at maturity. The estimated value on the pricing date was approximately $950.50.

Morgan Stanley Finance LLC is offering principal-at-risk, contingent-income, buffered auto-callable securities linked to Class A common stock of CoreWeave, Inc. Each security has a stated principal amount of $1,000 and an original issue date of June 16, 2026. The notes pay a contingent coupon only if the underlier’s closing level on each observation date meets or exceeds the coupon barrier, and they are automatically redeemed early if the closing level meets or exceeds the call threshold on a redemption determination date. At maturity, if not redeemed, investors receive principal only if the final level is at or above the buffer level; below the buffer, losses equal 2% for every 1% decline beyond the buffer (downside factor 2), and the payment could be zero. All payments are subject to Morgan Stanley’s credit risk.

Morgan Stanley Finance LLC is offering structured, principal‑at‑risk, auto‑callable securities due June 14, 2029 that are fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and an original issue price of $1,000. The securities reference three ETFs and pay based on the worst performing underlier. They feature a single automatic early redemption opportunity with a first determination date of June 10, 2027 yielding an early redemption payment of $1,610 if each underlier meets its 100% call threshold on that date. If not auto‑redeemed, maturity payoffs depend on the worst performing underlier: (1) upside with a 150% participation rate if all final levels exceed initial levels; (2) return of principal if final levels are ≥ downside thresholds (70% of initial); or (3) a reduced payment tied to the worst performing underlier that can result in total loss of principal.

Morgan Stanley Finance LLC is offering Principal at Risk structured notes due June 15, 2029, fully guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and an estimated value on the pricing date of approximately $922.50. The securities are linked to the worst performing of three stocks: The Home Depot, Intercontinental Exchange and Johnson & Johnson. An automatic early redemption feature can pay $1,550 per security on the first determination date (June 16, 2027) if each underlier meets its call threshold. At maturity the payout depends on the worst performing underlier: investors may receive the principal plus an upside payment (participation 150%), the stated principal only, or a reduced payment that can result in the loss of principal. All payments are subject to Morgan Stanley’s credit risk.

Morgan Stanley Finance LLC offers Principal at Risk Dual Directional Buffered Participation Securities tied to the S&P 500® Index with a stated principal amount of $1,000 per security. The securities mature on July 27, 2027 and pay no interest.

Payments at maturity depend on the final index level on the observation date: investors receive the stated principal plus upside (100% participation) capped at $1,075 per security if the index rises; receive a limited positive return if the index declines but remains at or above an 80% buffer level (20% buffer); and suffer proportional principal losses for declines below that buffer, subject to a minimum payment of 20% of principal. All payments are unsecured obligations of MSFL and are fully guaranteed by Morgan Stanley; market value reflects issuer credit and model-based estimated value of approximately $987.10 on the pricing date.