Morgan Stanley 424B Filings

Morgan Stanley Finance LLC is offering Principal at Risk structured notes due July 22, 2027, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and an upside payment of $113.50 (11.35%). Payment at maturity depends on the worst performing of the Russell 2000® and S&P 500® indices: if both final levels are at or above their 75% downside thresholds, holders receive principal plus the upside payment; if either index falls below its threshold, holders suffer a loss equal to the percentage decline of the worst performing underlier, with no minimum payment and potential loss of the entire principal. The pricing date and strike date are June 18, 2026, original issue date June 24, 2026, observation date July 19, 2027 (subject to postponement), and maturity July 22, 2027. The estimated value on the pricing date is approximately $987.70 per security, which is below the issue price due to issuance, structuring and hedging costs.

Morgan Stanley Finance LLC issues structured, market-linked notes due June 15, 2029 fully guaranteed by Morgan Stanley. The notes have a $1,000 stated principal per note, an estimated value of $964.40 on the pricing date, and a 100% participation rate in upside of the S&P 500® Futures Excess Return Index, subject to a $1,331.50 maximum payment at maturity. Key dates include strike/pricing date June 12, 2026, original issue date June 17, 2026, observation date June 12, 2029, and maturity June 15, 2029. Payments are based solely on the closing level of the underlier on the observation date and are subject to Morgan Stanley’s credit risk.

Morgan Stanley Finance LLC is offering structured, principal‑at‑risk notes due June 16, 2032, fully guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000, an estimated value on the pricing date of approximately $954.20, and an automatic early redemption feature tied to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index.

The securities may auto‑redeem on scheduled determination dates beginning June 15, 2027, for fixed early redemption payments (first such payment: $1,281.50), or pay a fixed amount at maturity ($2,689.00) if the final index level meets the call threshold. If the final level is below the downside threshold (50% of the initial level), holders suffer proportional principal loss, potentially to zero. All payments are subject to issuer and guarantor credit risk.

Morgan Stanley Finance LLC is offering Dual Directional Buffered PLUS notes due June 12, 2031 linked to the S&P 500® Futures Excess Return Index. Each security has a $1,000 stated principal amount and an estimated value on the pricing date of approximately $973.

The payout at maturity depends on the index performance on the observation date June 9, 2031: investors receive the stated principal plus a leveraged upside equal to 191.50% of appreciation if the final level is above the initial level; if the final level is down but at or above an 80% buffer level, investors receive the principal plus a positive payment tied to the absolute decline (100% participation) capped effectively at 20%; if the final level is below the buffer level, investors lose 1% of principal for each 1% decline beyond the 20% buffer, subject to a minimum payment at maturity of 20% of principal. All payments are subject to issuer and guarantor credit risk.

Morgan Stanley Finance LLC is offering Principal at Risk auto-callable securities linked to the common stock of NVIDIA Corporation with a stated principal amount of $1,000 per security. The notes pay a contingent coupon at 15.00% per annum on observation dates when the underlier meets the coupon barrier, are subject to automatic early redemption if the underlier meets the call threshold on specified redemption determination dates, and at maturity will return principal only if the final level is at or above the downside threshold; otherwise payment equals the stated principal multiplied by the performance factor and could be significantly less or zero. All payments are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley and are subject to issuer credit risk. Key dates include a strike and pricing date of June 8, 2026, original issue date June 11, 2026, final observation date June 8, 2028 and maturity June 13, 2028. The preliminary pricing supplement states an estimated value of approximately $992.70 on the pricing date.

Morgan Stanley Finance LLC is offering principal-at-risk, auto-callable structured notes due June 17, 2031, 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 $960.40. The notes pay no interest and can be automatically redeemed on the first determination date if the underlier meets the call threshold; the early redemption payment is $1,298 per security. At maturity, if not auto-redeemed, payoff depends on the S&P® 500 Futures 40% Intraday 4% Decrement VT Index: investors receive upside (participation rate 350%) if the final level is above the initial level, the stated principal if the final level is between the downside threshold and initial level, or a pro rata loss (downside threshold 50% of initial) potentially reducing the payment to zero if the final level is below the downside threshold.

The underlier uses intraday rebalancing, leverage and a 4% per annum daily decrement and has limited live history (inception August 30, 2024); historical performance prior to that date is retrospective simulation. All payments are subject to Morgan Stanley's credit risk. The aggregate principal amount and offering distribution details are not stated in this preliminary supplement.

Morgan Stanley Finance LLC, guaranteed by Morgan Stanley, is offering Structured Investments: Enhanced Buffered Jump Securities linked to the S&P 500® Index with a $1,000 stated principal amount per security. The securities pay no interest; at maturity investors receive $1,089.30 if the final level is at or above the buffer level or otherwise incur losses equal to 1.1111% of principal for every 1% decline beyond a 10% buffer. The upside payment is $89.30 (8.93% of principal). The initial level was 7,553.68, the buffer level is 6,798.312 (90% of initial), the observation date is June 16, 2027, and maturity is June 21, 2027. Payments are unsecured and subject to Morgan Stanley credit risk; there is no minimum payment at maturity.

Morgan Stanley Finance LLC priced Principal at Risk notes linked to the S&P 500® Index due July 9, 2027. Each security has a $1,000 stated principal amount and pays no interest. If the S&P 500 final level is at or above the 75% downside threshold (5,665.26), holders receive $1,000 plus an $80.60 upside payment. If the final level is below the downside threshold, the payment equals the stated principal multiplied by the performance factor (final level / initial level), exposing investors to full principal loss down to zero. Estimated value on the pricing date was approximately $985.70 per security; agent commissions were up to $10.42 per $1,000. All payments are subject to issuer and guarantor credit risk.

Morgan Stanley Finance LLC priced a series of Principal at Risk notes due July 9, 2027 linked to the S&P 500® Index. Each security has a stated principal amount of $1,000 and an upside payment of $100.60 (10.06%) payable at maturity if the index's final level is at or above the downside threshold. If the final level is below the downside threshold (85% of the initial level), the payout equals the stated principal multiplied by (final level/initial level), causing investors to lose 1% for each 1% index decline; principal could be lost in full. Payments are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley and are subject to credit risk.

Morgan Stanley Finance LLC is offering Principal at Risk structured notes linked to the common stock of Zscaler, Inc. with a $1,000 stated principal amount and a maturity date of June 21, 2027. The securities pay a fixed upside payment of $325.70 (32.57% of principal) if the underlier's closing level on the observation date is at or above a buffer level of $100.778 (75% of the initial level). If the final level is below the buffer, investors lose 1.3333% of principal for each 1% decline beyond the 25% buffer and could lose their entire investment. The initial level was $134.37 on the strike date. The original issue price is $1,000 and the estimated value on the pricing date was approximately $976.60. All payments are subject to issuer and guarantor credit risk and the securities do not pay interest.

Morgan Stanley Finance LLC is offering $3,940,000 of Airbag In‑Digital Securities linked to the S&P 500® Index, due July 7, 2027. Each Security has an Issue Price of $10.00 and a trade‑date estimated value of $9.918. If the Final Underlying Level is at or above the Digital Barrier (the Downside Threshold, 6,839.96), holders receive the Principal plus a fixed 10.00% Digital Return at maturity. If the Final Underlying Level is below the Downside Threshold, payment at maturity will be reduced and investors lose 1.111% of principal for each additional 1% decline beyond the 10% Threshold Percentage. Payments are unsecured obligations of MSFL and are fully guaranteed by Morgan Stanley; all payments remain subject to the issuers’ credit risk. The prospectus materials and supplements govern terms and should be read for complete risks, tax treatment and investor suitability.

Morgan Stanley priced and is offering $75,000,000 aggregate principal of fixed rate notes due July 6, 2027. The notes carry a stated interest rate of 4.21% per annum, an issue price of $1,000 per note, and pay interest at maturity.

The notes accrue original issue discount (OID) per note over stated accrual periods; interest and principal are payable subject to the credit risk of Morgan Stanley. The offering is governed by the prospectus and prospectus supplement dated April 8, 2026.

Morgan Stanley Finance LLC is offering market-linked, auto-callable principal-at-risk securities linked to the common stock of Eli Lilly and Company due June 8, 2028, fully and unconditionally guaranteed by Morgan Stanley. Each security has a face amount of $1,000, an estimated value on the pricing date of $970.30 (± $25.00) and a contingent coupon rate to be set on the pricing date at no less than 12.75% per annum. Quarterly contingent coupons are paid only if the stock closing price on each quarterly calculation day meets or exceeds the coupon threshold (70% of the starting price). The notes are auto-callable beginning September 2026 if the closing price meets or exceeds the starting price on a calculation day; if not called, principal at maturity depends on the ending price relative to a 70% downside threshold and can result in a loss of more than 30% of principal.

The securities include a memory feature for unpaid coupons, expose holders to issuer credit risk, contain limited secondary-market liquidity, and include distribution commissions (up to $20.75 per security). Pricing date is June 5, 2026 and original issue date is June 10, 2026.

Morgan Stanley Finance LLC is offering Buffered PLUS principal-at-risk securities due December 6, 2027 that are unsecured obligations of MSFL and fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000, an issue price of $1,000, an estimated value on the pricing date of $988.20, and an aggregate principal amount of $631,000.

Payment at maturity is determined by the worst performing underlier (the iShares Russell Mid-Cap ETF and the S&P 500 Index) on the observation date. Investors receive the stated principal plus a 120% leverage on appreciation of the worst performing underlier subject to a $1,219 maximum payment and a 20% buffer. If the worst performing underlier falls below its buffer level, investors lose 1% for each 1% decline beyond the buffer, with a 20% minimum payment at maturity. All payments are subject to issuer and guarantor credit risk and U.S. federal tax treatment is uncertain.

Morgan Stanley Finance LLC priced buffered, auto-callable Principal-at-Risk Securities guaranteed by Morgan Stanley. Each note has a $1,000 stated principal and an original issue price of $1,000. Key terms: strike date June 10, 2026, first determination date June 11, 2027, and maturity June 13, 2031. The securities are linked to the worst performing of three underliers (IGV, RTY, SMH). They feature a 25% buffer, a 300% participation rate on upside, an early redemption payment of $1,375 if all call thresholds are met on the first determination date, and a minimum payment at maturity of 25% of principal. Estimated value on the pricing date is approximately $950.30 per security. All payments are subject to Morgan Stanley credit risk and U.S. federal tax characterizations are described as uncertain.

Morgan Stanley Finance LLC priced $605,000 of Enhanced Trigger Jump Securities (principal at risk) due June 16, 2027. The notes (issue price $1,000 each) tie payoff to the S&P 500® Index with an upside payment of $83.40 (8.34%) and a downside threshold at 6,064.048 (80% of the initial level of 7,580.06 established on the strike date May 29, 2026).

If the final level on the observation date June 11, 2027 is at or above the downside threshold, holders receive principal plus the upside payment. If the final level is below the threshold, holders incur full downside exposure pro rata (no minimum maturity payment). All payments are subject to issuer and guarantor credit risk. The estimated value on the pricing date was $986.50 per security.

Morgan Stanley Finance LLC priced Callable Contingent Income Securities (principal at risk) linked to the worst performing of the Russell 2000 Index, the State Street Health Care Select Sector SPDR ETF (XLV) and the State Street Technology Select Sector SPDR ETF (XLK). The securities have a stated principal amount of $1,000 per security and an aggregate principal amount of $1,508,000. They pay a contingent coupon of 11.60% per annum on each coupon payment date only if the closing level of each underlier is at or above its coupon barrier (65% of initial level) on the related observation date. The securities are callable beginning on the first redemption date (December 4, 2026) based on the output of a risk neutral valuation model selected by the calculation agent. At maturity (March 6, 2028), if the final level of every underlier is at or above its downside threshold (65% of initial level), investors receive the stated principal amount; if any underlier is below its downside threshold, the payment equals the stated principal amount multiplied by the performance factor of the worst performing underlier, potentially resulting in a loss of principal.

All payments are unsecured obligations of MSFL and fully and unconditionally guaranteed by Morgan Stanley; holders remain exposed to the issuer’s and guarantor’s credit risk. The estimated value on the pricing date was $983.30 per security, with the issue price at $1,000 (agent commission and proceeds shown in the cover table).

Morgan Stanley Finance LLC is issuing Principal-at-Risk structured notes—Enhanced Buffered Jump Securities linked to the EURO STOXX 50® Index with a $1,000 stated principal amount per security and an aggregate principal amount of $1,250,000. The securities pay no interest and are fully and unconditionally guaranteed by Morgan Stanley.

At maturity on June 16, 2027, if the final level is greater than or equal to the buffer level, holders receive the stated principal plus a fixed $100 upside payment (a 10% return). If the final level is below the buffer level (buffer = 5,445.486, equal to 90% of the initial level), holders lose 1.1111% of principal for each 1% decline beyond the buffer; there is no minimum payment and investors could lose their entire investment. The pricing date was June 1, 2026 with an estimated value of $985.40 per security on that date.

The document is a pricing supplement for Morgan Stanley Finance LLC’s dual‑underlier Principal at Risk securities due September 7, 2027, fully guaranteed by Morgan Stanley. The securities have a $1,000 stated principal amount and an aggregate offering of $1,359,000. Payment at maturity is determined by the performance of the worst performing underlier (the Dow Jones Industrial Average and the S&P 500), with a 19% buffer (81% buffer level), a 100% upside participation rate capped at a $1,117 maximum upside payment, and a 19% minimum payment at maturity. If the worst performing underlier falls below the buffer level, investors lose 1% for each 1% decline beyond the buffer; if it stays within the buffer, investors can receive up to a 19% positive return. The securities pay no interest, are unsecured obligations of MSFL, and carry full credit risk of Morgan Stanley. The estimated value on the pricing date was $987.50 per security and the issue price was $1,000 per security (agent commission and structuring fees disclosed).

Morgan Stanley Finance LLC priced contingent income auto-callable securities tied to Five Below, Inc. stock, issued June 4, 2026 and maturing July 7, 2027. The offering totals $1,385,000 at $1,000 per security (estimated value on pricing date: $964.10). The notes are unsecured obligations of MSFL and are fully and unconditionally guaranteed by Morgan Stanley; all payments are subject to issuer credit risk. The securities pay a contingent coupon of 12.50% per annum only when the underlier’s closing level on observation dates is at or above the coupon barrier ($124.421, 55% of initial). They auto-redeem if the closing level on a redemption determination date is at or above the call threshold ($226.22, 100% of initial); first redemption determination date is December 1, 2026. If not auto‑redeemed, maturity payout is principal if the final level is at or above the downside threshold ($124.421); otherwise payment at maturity equals principal × (final level / initial level), exposing investors to loss of principal (possible loss of entire investment). The securities do not participate in upside of the underlier; tax treatment is uncertain and withholding may apply to non-U.S. holders.

Morgan Stanley Finance LLC priced market-linked notes due June 6, 2028, fully guaranteed by Morgan Stanley, linked to the worst performing of the Russell 2000® and S&P 500® indices. The notes are issued at $1,000 per note, aggregate principal $200,000, observation date June 1, 2028. Payment at maturity: if the worst performing underlier closes above its strike, investors receive principal plus a 100% participation in that underlier’s percent change, capped at a $1,125 maximum payment; if not, investors receive only principal. Estimated value on the pricing date was $965.80 per note; selected dealers receive a $21.50 commission per note. All payments are subject to Morgan Stanley’s credit risk and the notes will not be listed on an exchange.

Morgan Stanley Finance LLC is offering Principal at Risk Dual Directional Buffered Jump Securities tied to the S&P 500® Futures Excess Return Index with a $1,000 stated principal amount per security and a scheduled maturity of July 3, 2031. The securities pay no interest and include an upside payment of $530 per security (53% of principal). They feature a 20% buffer (buffer level = 80% of the initial level), a 100% absolute return participation rate for certain down-market scenarios, and a minimum payment at maturity of 20% of principal. The pricing date and strike date are June 30, 2026; the estimated value on the pricing date is approximately $969.10 per security. All payments are subject to issuer and guarantor credit risk and the securities may repay less than principal if the underlier closes below the buffer on the observation date.

Morgan Stanley Finance LLC is offering $3,063,000 aggregate principal of Partial Principal at Risk Notes due December 6, 2027, fully guaranteed by Morgan Stanley. The notes return a partial principal return amount of 95% of stated principal at maturity and pay no interest.

Payments are linked to the worst performing of the Nasdaq‑100 and S&P 500 indices. If the worst performing underlier finishes above its June 1, 2026 initial level, investors receive principal plus an upside payment at a 100% participation rate subject to a $1,170.50 maximum payment per $1,000 note. If the worst performing underlier declines, investors lose 1% of principal for each 1% decline, down to the 95% partial principal return amount.

Morgan Stanley Finance LLC is offering $318,000 aggregate principal amount of Structured Investments — Contingent Income Memory Auto-Callable Securities linked to Axon Enterprise, Inc. common stock, due June 8, 2027. Each security has a stated principal amount of $1,000 and an issue price of $1,000.

The notes pay a contingent coupon at an annual rate of 24.30% on observation dates when the closing level of Axon is at or above the coupon barrier (60% of the initial level, $286.128). They are automatically redeemed early if the closing level reaches or exceeds the call threshold (100% of the initial level, $476.88) on specified redemption determination dates. If not redeemed, maturity payoff returns principal only if the final level is at or above the downside threshold ($286.128); if below, payment equals principal multiplied by the performance factor and may result in a significant loss of principal.

Morgan Stanley Finance LLC is offering $2,000,000 aggregate principal of Structured Investments Enhanced Buffered Jump Securities linked to the S&P 500® Index, with a stated principal amount of $1,000 per security.

Each security matures on July 2, 2027 and pays no interest. If the final index level on the June 29, 2027 observation date is at or above a buffer level (90% of the initial level), investors receive the stated principal plus a fixed $90.50 upside payment (9.05%). If the final level is below the buffer, investors incur losses of 1.1111% of principal for each 1% decline beyond the 10% buffer and could lose their entire investment. Estimated value on pricing date was $985.40 per security; the issue price is $1,000.

Morgan Stanley Finance LLC is offering callable, principal-at-risk notes due June 8, 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 14.25% payable only if each of the three sector ETF underliers meets its coupon barrier on an observation date. The securities are linked to the worst performing of XLI, XLB and XLK, have a first redemption date of September 10, 2026, and pay principal at maturity only if each underlier is at or above its 70% downside threshold; otherwise the payment at maturity scales down with the worst performing underlier. All payments are subject to Morgan Stanley’s credit risk.

Morgan Stanley Finance LLC (guaranteed by Morgan Stanley) is offering principal at risk structured notes with a $1,000 stated principal amount and a fixed upside payment of $133 (13.30%) payable at maturity if the final level meets or exceeds the buffer threshold. The notes reference the S&P 500® Futures Excess Return Index, have a strike/pricing date of June 22, 2026, an observation date of June 22, 2028 and mature on June 27, 2028.

The securities include a 25% buffer (buffer amount) and a minimum payment at maturity of 25% of principal; if the final level is below the buffer level, investors lose 1% for each 1% decline beyond the buffer. The estimated value on the pricing date is approximately $981.20 per security. All payments are subject to Morgan Stanley’s credit risk. The offering is for fee-based advisory accounts and includes conflicts of interest and tax-treatment uncertainties.

Morgan Stanley Finance LLC is offering Principal at Risk contingent income auto-callable securities linked to the common stock of General Mills, Inc. The offering totals $958,000 in aggregate principal, at $1,000 per security, with maturity on July 7, 2027. Each security pays a contingent coupon of 14.00% per annum on an observation date only if the closing level of the underlier meets or exceeds the coupon barrier level. The securities are automatically redeemed early if the closing level meets or exceeds the call threshold on a redemption determination date, returning principal plus the contingent coupon for that period. If not called and the final level is below the downside threshold (70% of the initial level), investors suffer a pro rata loss equal to the underlier’s decline, which could result in a payment at maturity that is significantly less than principal or zero. All payments are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley and are subject to issuer credit risk. The estimated value on the pricing date was $974.30 per security.

Morgan Stanley Finance LLC offers a series of principal‑at‑risk, contingent income buffered auto‑callable securities due July 1, 2031 fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount, an annual contingent coupon of 10.00%, a 20% buffer (buffer level = 80 of initial level) and a 20% minimum payment at maturity. The securities are callable beginning with the first redemption determination date on June 28, 2027 and will be automatically redeemed if the underlier’s closing level meets or exceeds the call threshold (80) on a redemption determination date. The strike/pricing date is June 26, 2026 (original issue date June 30, 2026); the issuer’s estimated value on the pricing date is approximately $903.40 per security. All payments are subject to the credit risk of MSFL and the Morgan Stanley guarantee.

Morgan Stanley Finance LLC is offering structured, principal‑at‑risk notes linked to the worst performing of the Nasdaq‑100, Russell 2000 and S&P 500 indices. Each security has a stated principal amount of $1,000, an upside payment of $93 (9.30%) and a maturity date of August 5, 2027. If any underlier finishes below its 60% downside threshold, payment at maturity is tied to the worst performing underlier and could be significantly less than principal, potentially zero. The estimated value on the pricing date was approximately $987.70. All payments are subject to the credit risk of MSFL and its guarantor, Morgan Stanley.

Morgan Stanley Finance LLC offers Principal at Risk structured notes linked to the common stock of ServiceNow, Inc. The notes have a $1,000 stated principal amount per security, an estimated value on the pricing date of approximately $931.90 and an original issue date of June 24, 2026. The securities feature automatic early redemption on scheduled determination dates beginning June 22, 2027, fixed early redemption payments listed per determination date, and a maturity payment on June 24, 2031 that can pay a fixed positive amount, return principal, or deliver an amount that declines 1% for each 1% the underlier falls below the downside threshold (50% of the initial level). All payments are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley and are subject to Morgan Stanley’s credit risk.

Morgan Stanley Finance LLC offers Principal at Risk structured notes due June 17, 2031 that are fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and an original issue price of $1,000 per security; the estimated value on the pricing date is approximately $929.20 per security.

The securities are linked to the worst performing of the SPDR S&P Metals & Mining ETF (XME) and the VanEck Gold Miners ETF (GDX). They include a 15% buffer level, a call threshold equal to 100% of initial levels, automatic early redemption opportunities beginning with the first determination date on June 15, 2027, and scheduled early redemption payments that rise over time (for example, $1,150.00 at the first early redemption and up to $1,737.50 on the penultimate date). If not called and both underliers meet call thresholds at maturity, the payment is $1,750.00; if the worst performing underlier falls below its buffer, investors incur proportional principal loss beyond the buffer, subject to a minimum payment of 15% of principal. All payments are subject to Morgan Stanley's credit risk.

Morgan Stanley priced a preliminary offering of fixed rate notes due August 9, 2027 with a stated principal of $1,000 per note and an annual interest rate of 4.32%. The original issue date is June 8, 2026. Payments are subject to the credit risk of Morgan Stanley, the notes will not be listed on any exchange, and the estimated value on the pricing date is approximately $997.60 per note (within $47.60 of that estimate). Proceeds are used for general corporate purposes. Certain distribution and commission amounts are stated as blank in this preliminary supplement and will be set forth in the final pricing supplement.

Morgan Stanley Finance LLC priced structured, principal‑at‑risk notes with a $1,000 stated principal per security and an issue price of $1,000. The securities reference the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index and mature on June 16, 2033.

The notes carry a buffer equal to 80% of the initial level (a 20% buffer amount), an automatic early‑redemption feature beginning with the first determination date on June 15, 2027, and scheduled early‑redemption payments that imply approximately 10.25% per annum if called. If not called and the final level is at or above the buffer level, the stated payment at maturity is $1,717.50. If the final level is below the buffer, investors lose 1% for each 1% decline beyond the buffer; the minimum payment at maturity is 20% of principal. The estimated value on the pricing date was approximately $911.60. All payments are subject to Morgan Stanley's credit risk and the calculation agent is Morgan Stanley & Co. LLC. The closing level of the underlier on May 29, 2026 was 1,537.79.

Morgan Stanley Finance LLC is offering principal-at-risk structured notes due July 15, 2027 linked to the worst performing of the EURO STOXX 50, Russell 2000 and the XLP ETF. Each security has a stated principal amount of $1,000 and an upside payment of $110 (11%) if the worst performing underlier finishes at or above its downside threshold.

If any underlier finishes below its downside threshold (70% of its initial level), repayment equals the stated principal multiplied by the performance factor of the worst performing underlier, so investors may lose up to 100% of principal. The estimated value on the pricing date was approximately $983.40 per security. All payments are subject to issuer and guarantor credit risk.

Morgan Stanley Finance LLC is offering principal-at-risk structured notes tied to the S&P 500® Futures Excess Return Index. Each security has a $1,000 stated principal amount and an upside payment of $343.50 (34.35% of principal) if the final level is at or above a 75% buffer level. If the final level is below the buffer level, investors absorb a 1% loss of principal for each 1% the underlier falls beyond the 25% buffer, subject to a minimum payment at maturity of 25% of principal. Key dates include a strike and pricing date of June 22, 2026, original issue date June 25, 2026, observation date June 24, 2030, and maturity June 27, 2030. The estimated value on the pricing date was approximately $985.50 per security. All payments are subject to MSFL's and Morgan Stanley's credit risk.

Morgan Stanley Finance LLC is issuing principal‑at‑risk structured notes due June 27, 2029 that are fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and a fixed upside payment of $235 (23.50%) if the final level of the S&P 500® Futures Excess Return Index is greater than or equal to the buffer level on the observation date. If the final level is below the buffer level (set at 75% of the initial level), investors absorb losses of 1% for each 1% decline beyond the buffer, subject to a minimum payment at maturity of 25% of stated principal. The strike and pricing date is June 22, 2026, the original issue date is June 25, 2026, the observation date is June 22, 2029, and the securities pay no periodic interest. All payments are subject to Morgan Stanley’s credit risk; estimated value on the pricing date is approximately $985.30 per security.

Morgan Stanley Finance LLC is offering principal-at-risk, contingent income auto-callable securities linked to the worst performing of QQQ, the S&P 500 and GLD. Each security has a $1,000 stated principal amount, an estimated value on the pricing date of $962.90, a contingent coupon rate of 7.60% per annum, a strike/pricing date of June 11, 2026 and a maturity date of March 16, 2028. Coupons are paid only if each underlier is at or above its coupon barrier on observation dates; automatic early redemption can occur on specified determination dates if all underliers meet call thresholds. At maturity investors either receive principal (if final levels ≥ downside thresholds) or suffer a loss equal to the percentage decline of the worst performing underlier, potentially losing the entire principal. All payments are subject to the issuer and guarantor credit risk.

Morgan Stanley Finance LLC is offering structured, auto-callable Jump Notes due June 17, 2031, fully guaranteed by Morgan Stanley. Each note has a $1,000 stated principal and is linked to the worst performing of META, NVDA and NOW. The notes pay no interest, feature an automatic early redemption test on June 21, 2027 with an early redemption payment of $1,357.50 if each underlier meets its 90% call threshold, and pay at maturity either principal plus an upside payment (100% participation in the worst underlier's appreciation) or only principal if any underlier is at or below its initial level. Estimated value on pricing date is approximately $969.50 per note. All payments are subject to issuer credit risk; the notes are unsecured and will not be listed.

Morgan Stanley Finance LLC offers Principal at Risk Buffered Participation Securities tied to the S&P 500® Index with a one‑year term maturing on June 16, 2027. Each security has a $1,000 stated principal amount, a 20% buffer (80% buffer level), a 100% participation rate and a maximum payment at maturity of $1,093 (109.30% of principal). If the index finishes above the initial level, investors receive principal plus appreciation up to the maximum payment. If the index finishes between the buffer level and the initial level, investors receive principal. If the index finishes below the buffer level, investors lose 1% for every 1% decline beyond the buffer, subject to a minimum payment at maturity of 20% of principal. Payments are unsecured obligations of MSFL and are fully guaranteed by Morgan Stanley and are subject to the issuer’s and guarantor’s credit risk. The pricing date and strike date are June 5, 2026, the original issue date is June 10, 2026, and the observation date is scheduled for June 11, 2027.

Morgan Stanley Finance LLC priced principal-at-risk structured notes linked to Micron Technology, Inc. Each security has a stated principal amount of $1,000, an upside payment of $422.50 (42.25%), an observation date of July 9, 2027 and a maturity date of July 14, 2027. If the final level is below the downside threshold (50% of the initial level), payments decline 1% for each 1% drop in the underlier and could be zero. The estimated value on the pricing date was approximately $977.50. All payments are subject to issuer and guarantor credit risk.

Morgan Stanley Finance LLC is offering principal-at-risk Dual Directional Jump Securities linked to the worst performing of Alphabet Inc. (GOOGL) and Amazon.com, Inc. (AMZN). Each security has a $1,000 stated principal amount and matures on June 21, 2029. The securities carry no guaranteed interest and are subject to credit risk of Morgan Stanley and MSFL. They feature an automatic early redemption test on the first determination date and payoff mechanics that reward upside participation (150%) but expose investors to full downside if the worst performing underlier falls below its 60% downside threshold.

Morgan Stanley Finance LLC is offering Trigger PLUS notes due June 10, 2032, a principal‑at‑risk structured note fully and unconditionally guaranteed by Morgan Stanley. Each Trigger PLUS has an original issue price of $1,000, a stated principal amount of $1,000, and provides leveraged upside of 141.36% of any basket appreciation. The basket is equally weighted between the EURO STOXX 50® (SX5E) and the S&P 500® (SPX). If the final basket value on the valuation date is at or above the 85% trigger level, investors receive principal (and leveraged upside if the basket appreciated). If the final basket value is below the trigger level, investors suffer proportional principal losses and could lose their entire investment. The issuer will use proceeds for general corporate purposes.

Morgan Stanley Finance LLC is offering structured, principal‑at‑risk notes due June 30, 2031 linked to the S&P 500® Futures Excess Return Index and fully guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and an original issue price of $1,000. The securities provide three payoff regimes at maturity: (1) if the final level is at or above the initial level, holders receive $1,000 plus the greater of the index percent gain or a fixed $445 upside payment; (2) if the final level is below the initial level but at or above an 80% buffer level, holders receive $1,000 plus a positive return equal to the absolute decline multiplied by a 100% participation rate (effectively capped at 20%); (3) if the final level is below the 80% buffer, holders lose 1% of principal for each 1% decline beyond the buffer, with a stated minimum payment at maturity of 20% of principal.

The estimated model value on the pricing date was approximately $937.80 per security (stated within a ±$55 range). All payments are subject to Morgan Stanley's credit risk, there is no periodic interest, secondary market liquidity may be limited, and U.S. federal tax treatment is described as uncertain in this preliminary pricing supplement.

Morgan Stanley Finance LLC is offering principal-at-risk, contingent-income, memory buffered auto-callable notes linked to the worst performing of the State Street SPDR S&P Metals & Mining ETF (XME) and the VanEck Gold Miners ETF (GDX).

The notes are sold at a stated principal amount of $1,000 per security, pay a contingent coupon of 8.00% per annum only if both underliers meet coupon barrier tests on observation dates, include an automatic early‑redemption feature, a 20% buffer and a minimum payment at maturity equal to 20% of principal. Final observation is May 14, 2029 with maturity on May 17, 2029. All payments are subject to the issuer’s and guarantor’s credit risk.

Morgan Stanley Finance LLC is offering structured, principal-at-risk notes linked to the S&P 500® Index with an automatic early redemption feature and a downside buffer. The securities mature on June 17, 2030 and may be automatically redeemed on the first determination date for an early redemption payment.

The notes have a stated principal amount of $1,000 per security, an early redemption payment of $1,100 if the call threshold is met on the first determination date, a participation rate of 156.50%, an 80% buffer level, and a downside factor of 1.25. Payments are unsecured and fully guaranteed by Morgan Stanley and are subject to credit risk and the tax and market risks described.

Morgan Stanley Finance LLC is offering Buffered PLUS principal-at-risk securities due June 25, 2032 that are unsecured obligations of MSFL and fully and unconditionally guaranteed by Morgan Stanley.

The notes have a $1,000 stated principal amount, a 231% leverage factor on upside, a 15% buffer and a 15% minimum payment at maturity. The securities pay no interest; at maturity investors receive principal plus leveraged upside if the final level exceeds the initial level, principal only if the final level is ≥ the buffer level, and suffer losses beyond the buffer if the final level is below the buffer. All payments are subject to issuer and guarantor credit risk.

Morgan Stanley Finance LLC is offering Buffered PLUS notes due July 5, 2030, linked to the worst performing of the Russell 2000® and the S&P 500® with a stated principal amount of $1,000 per security. The notes do not pay interest and provide a 126% leverage on upside of the worst performing underlier, a 20% buffer (80% buffer level) and a 20% minimum payment at maturity. If the worst performing underlier finishes above its initial level, holders receive principal plus a leveraged upside payment; if it finishes between the initial level and the buffer level, holders receive principal; if it finishes below the buffer level, holders lose 1% for each 1% decline beyond the buffer, subject to the minimum payment. All payments are subject to MSFL and Morgan Stanley credit risk. The pricing and strike dates are June 30, 2026 with an observation date of July 1, 2030 and estimated value on the pricing date of approximately $974.70 per security.

Morgan Stanley Finance LLC priced a contingent-income, principal-at-risk note tied to Apollo Global Management common stock. The securities have a $1,000 stated principal amount and an issue price of $1,000 per security, with an estimated value of approximately $988.20 on the pricing date.

The notes pay a contingent coupon at an annual rate of 12.64% on scheduled coupon payment dates only if the closing level of the underlier meets or exceeds the coupon barrier of $71.2244 (about 55% of the initial level). The notes auto‑redeem early if the underlier closes at or above the call threshold of $129.4989 on any redemption determination date. If not redeemed, maturity payoff returns principal only if the final level is at or above the downside threshold of $71.2244; otherwise investors suffer proportional principal loss (payment = stated principal × final level / initial level). All payments are subject to Morgan Stanley's credit risk.