Morgan Stanley 424B Filings

The offering describes principal-at-risk structured notes issued by Morgan Stanley Finance LLC and fully guaranteed by Morgan Stanley, linked to the SPDR S&P 500 ETF Trust (SPY). Each security has a stated principal amount of $1,000 and an estimated value on the pricing date of approximately $982.60. The notes are automatic early‑callable beginning with a first determination date of June 4, 2027; if called, fixed early redemption payments equal to specified cash amounts will be paid. If not called, maturity outcomes depend on the final level relative to the initial level (initial level $759.57) and a downside threshold $531.699 (70% of initial). The terms include a 150% participation rate and an upside payment of $277.50 per security; downside performance can result in a loss of principal down to zero. All payments are subject to Morgan Stanley’s credit risk and U.S. federal tax treatment is described as uncertain.

Morgan Stanley Finance LLC (guaranteed by Morgan Stanley) is offering Dual Directional Buffered PLUS notes due June 7, 2029. Each security has a stated principal amount of $1,000 and pays no interest; the payout at maturity depends on the performance of the worst performing of the Russell 2000® and S&P MidCap 400® indices.

The securities provide a 112% leveraged upside if the worst performing underlier appreciates, an absolute return participation feature up to 15% if the worst performing underlier depreciates but remains at or above a 15% buffer, and expose investors to full losses beyond that buffer subject to a 15% minimum payment at maturity. All payments are subject to MSFL's and Morgan Stanley's credit risk. The estimated value on the pricing date was approximately $981.90 per security.

Morgan Stanley Finance LLC is offering structured, market-linked notes due June 3, 2031, fully guaranteed by Morgan Stanley, linked to the EURO STOXX 50® Index. The notes have a stated principal amount of $1,000 per note and an aggregate principal amount of $385,000. At maturity investors receive the stated principal plus an upside payment equal to the stated principal multiplied by a 123% participation rate times the underlier percent change if the final index level exceeds the initial level (initial level 6,050.54). If the final level is equal to or less than the initial level, investors receive only the stated principal amount. The notes pay no interest, are unsecured obligations of MSFL, and are subject to MSFL's and Morgan Stanley's credit risk. The estimated value on the pricing date was $960.70 per note and the issue price was $1,000 per note (agent commission and fees reduce proceeds to the issuer).

Morgan Stanley offers $50,000,000 aggregate principal of fixed rate notes due August 4, 2027, with an interest rate of 4.25% per annum. The notes have an original issue date of June 4, 2026, an issue price of $1,000 per note, and pay interest at maturity.

The notes are unsecured obligations subject to Morgan Stanley's credit risk, will not be listed on any exchange, and are issued in $1,000 denominations. The prospectus supplement dated April 8, 2026 and related registration statement provide additional terms and tax information.

Morgan Stanley Finance LLC amends a preliminary pricing supplement for callable contingent income securities fully guaranteed by Morgan Stanley linked to the worst performing of the Russell 2000®, S&P 500® and the State Street® Consumer Staples Select Sector SPDR® ETF.

The securities have a stated principal amount of $1,000 per security, a contingent coupon of 9.35% per annum, a call feature based on a risk neutral valuation model beginning on the first redemption date of December 9, 2026, a final observation date of June 5, 2028 and maturity on June 8, 2028. Payment at maturity depends on the worst performing underlier and principal can be fully lost if the worst performing underlier falls below its 60% downside threshold.

Morgan Stanley Finance LLC priced contingent income auto-callable notes due June 3, 2033. The notes are unsecured obligations of MSFL, fully guaranteed by Morgan Stanley, issued at $1,000 per note with an aggregate principal amount of $1,011,000. They pay a contingent coupon of 8.05% per annum on each coupon payment date only if the closing level of each underlier (the worst-performing trigger applies) is at or above its 70% coupon barrier on the related observation date. The notes may be automatically redeemed early if, on a redemption determination date, the closing level of each underlier is at or above its call threshold (100% of initial level), with the first redemption determination date on June 4, 2027. If not redeemed early, maturity payment equals stated principal plus any contingent coupon for the final observation date. All payments are subject to issuer and guarantor credit risk; notes are not listed and secondary liquidity may be limited.

Morgan Stanley Finance LLC (guaranteed by Morgan Stanley) priced an offering of principal-at-risk, market-linked securities due June 1, 2029 that are auto-callable and linked to the lower-performing of Eli Lilly (LLY) and Micron (MU) common stock. Each security has a face amount of $1,000, an estimated value on the pricing date of $919.20 and a participation rate of 200% for positive returns if not called.

The securities pay a fixed call payment of $1,400 (approx. 40% premium) if, on the call date, each underlying stock is at or above its call price. If not called, payoff at maturity depends on the performance of the lowest-performing underlying stock, includes a 40% buffer against declines, and can expose investors to losses up to 60% of face amount. The pricing date was May 29, 2026; starting prices were LLY $1,105.00 and MU $971.00. The offering includes underwriting commissions and issuer proceeds as shown in the final terms.

Morgan Stanley Finance LLC is offering market-linked notes due June 3, 2030, linked to the EURO STOXX 50® Index and fully guaranteed by Morgan Stanley. The notes have a stated principal amount of $1,000 per note, an aggregate principal amount of $378,000, an issue price of $1,000 per note and an estimated value on the pricing date of $967.00 per note. At maturity investors receive the stated principal plus an upside payment equal to the stated principal times a 107.75% participation rate times the underlier percent change if the final level exceeds the initial level of 6,050.54; otherwise investors receive the stated principal only. All payments are subject to the issuers and guarantors credit risk; the notes are unsecured, unlisted and do not pay interest.

Morgan Stanley Finance LLC is offering $ Buffered Digital Basket-Linked Notes due, fully guaranteed by Morgan Stanley, linked to a weighted basket of five international indices. Each note has a $1,000 Face Amount; final payment depends on the Basket Return measured from an Initial Basket Level of 100 to a Final Basket Level on a Determination Date expected between 35 and 38 months after the Trade Date. If the Final Basket Level is ≥100 you may receive at least a Threshold Settlement Amount (expected between $1,254.60 and $1,298.70). If the Final Basket Level declines by more than 10.00% (below the Buffer Level of 90), the Cash Settlement Amount declines pro rata (using a Buffer Rate of approximately 111.11%), and you could lose some or all of your principal. The notes pay no interest, are unsecured, not FDIC-insured, and all payments are subject to the issuer’s and guarantor’s credit risk. The estimated value on the Trade Date is approximately $960.50 per note.

Morgan Stanley Finance LLC priced Principal at Risk Dual Directional Buffered Participation Securities with a stated principal amount of $1,000 per security and an aggregate principal amount of $2,656,000. The securities reference the Nasdaq-100, Russell 2000 and S&P 500 and pay at maturity based on the worst performing underlier.

Key economics: 100% upside participation subject to a $1,125 maximum payoff (112.50% of principal), a 20% buffer (buffer level = 80% of initial level) and a 20% minimum payment at maturity. If the worst performing underlier falls below the buffer, investors lose 1% for each 1% decline beyond the buffer. All payments are subject to MSFL and Morgan Stanley credit risk.

Morgan Stanley priced a series of fixed rate notes due July 6, 2027 with a stated interest rate of 4.21% per annum. The stated principal and issue price are $1,000 per note, with an original issue date of June 4, 2026. The preliminary pricing supplement estimates each note's value at approximately $997.10. All payments are subject to the credit risk of Morgan Stanley, the notes will not be listed on an exchange, and proceeds are for general corporate purposes.

Morgan Stanley Finance LLC is offering $1,492,000 aggregate principal amount of Performance Leveraged Upside PLUS due June 10, 2027, fully and unconditionally guaranteed by Morgan Stanley. Each PLUS has an original issue price of $1,000 and an estimated value on the pricing date of $928.60.

The PLUS provide 150% leveraged upside on an equally weighted basket of ten stocks subject to a maximum payment of $1,315 per PLUS (131.50% of principal). If the final basket value is at or below the initial value, investors suffer losses on a 1:1 basis and may lose their entire investment. The securities pay no interest, are unsecured obligations of MSFL and are not listed.

Morgan Stanley Finance LLC priced structured, partial principal-at-risk notes linked to the iShares® Silver Trust (SLV). The notes have a $1,000 stated principal amount, aggregate issuance of $4,185,000, an estimated value on the pricing date of $982.10, and mature on July 29, 2027.

At maturity the payment is based on the arithmetic average of the underlier on five final averaging dates. The notes feature a 90% partial principal return, 100% participation in upside subject to a $1,342.30 maximum payment, and full exposure to Morgan Stanley credit risk. The notes pay no interest and may return less than principal if SLV falls.

Morgan Stanley Finance LLC is offering Dual Directional Trigger Jump Securities due June 3, 2031, fully guaranteed by Morgan Stanley, with a stated principal amount of $1,000 per security. The securities reference the EURO STOXX 50® Index with an initial level of 6,050.54 and an observation date of May 29, 2031. Payments at maturity vary by final level: investors may receive the stated principal plus either an index-linked cash amount or a fixed $592.50 upside payment, an absolute-return feature capped at 15% when the index declines but stays above the downside threshold, or a proportional loss if the index falls below the downside threshold of 5,142.959 (85% of initial level). The aggregate principal offered is $1,039,000, the estimated value on the pricing date was $956.70 per security, and the securities do not pay interest and may result in loss of principal. All payments are subject to issuer credit risk.

Morgan Stanley Finance LLC priced market-linked notes tied to the S&P 500® Index with a three-year term. Each note has a $1,000 stated principal and an issue price of $1,000, an estimated value on the pricing date of $971.70, and an observation date of May 29, 2029.

At maturity on June 1, 2029, holders receive the stated principal plus an upside payment equal to the 100% participation rate times the underlier percent change, capped at a $1,200 maximum payment per note. If the final level is equal to or below the initial level (7,580.06), holders receive only the stated principal. Payments are unsecured and fully guaranteed by Morgan Stanley and are subject to the issuer’s credit risk.

Morgan Stanley Finance LLC priced market-linked notes tied to the S&P 500® Futures Excess Return Index. The offering comprises notes with a $1,000 stated principal amount per note, aggregate principal of $805,000, an observation date of May 29, 2031 and maturity of June 3, 2031. At maturity, if the final level exceeds the initial level of 609.62, investors receive the stated principal plus an upside payment equal to the appreciation times a 130.50% participation rate; if the final level is equal to or below the initial level, investors receive only the stated principal. The notes pay no interest, are unsecured obligations of MSFL and are fully guaranteed by Morgan Stanley. The estimated value on the pricing date was $958.40 per note, and the notes will not be listed on any exchange.

Morgan Stanley Finance LLC is offering Trigger PLUS principal-at-risk securities due June 3, 2030 linked to the worst performing of the Russell 2000® and the S&P 500®. Each security has a $1,000 stated principal amount and an issue price of $1,000. The securities pay no interest and expose investors to full principal loss if the worst performing underlier falls below its downside threshold (75% of the initial level). If both underliers finish above their initial levels, investors receive principal plus a leveraged upside equal to 147% of the worst performing underlier's appreciation. The aggregate principal amount offered is $122,000. Estimated value on the pricing date was $973.70 per security and the agent's commission per security is $7.50.

Morgan Stanley Finance LLC priced a contingent income auto-callable note program guaranteed by Morgan Stanley. The pricing supplement offers securities with a stated principal amount of $1,000 per security, an aggregate principal amount of $7,593,000, an annual contingent coupon of 7.10% and an estimated value on the pricing date of $978.70. The securities reference the worst-performing of the Dow Jones Industrial Average (51,032.46 initial level), the Russell 2000® (2,919.338) and the S&P 500® (7,580.06), have a strike/pricing date of May 29, 2026, a final observation date of November 29, 2027 and maturity on December 2, 2027. Payments depend on observation and redemption tests: coupons are paid only if all underliers meet coupon barriers (60% of initial levels); automatic early redemption occurs if all underliers meet call thresholds (100% of initial levels) on a redemption determination date. If at maturity the worst performing underlier is below its 60% downside threshold, principal is reduced pro rata and could be zero. All payments are subject to issuer and guarantor credit risk.

Morgan Stanley Finance LLC is offering principal at risk, auto-callable notes due June 3, 2031 linked to the S&P® 500 Futures 40% Intraday 4% Decrement VT Index. The securities have a $1,000 stated principal amount and were issued at $1,000 with an estimated value of $932.30 on the pricing date. Automatic early redemption can occur on scheduled determination dates beginning June 4, 2027 if the underlier closes at or above the call threshold of 3,424.437 (90% of the initial level). The initial level is 3,804.93, and the downside threshold is 2,282.958 (60% of the initial level). If not called, maturity payoffs are: $2,000.00 if final level ≥ call threshold; return of principal if final level ≥ downside threshold; otherwise loss proportional to the index decline (payment could be zero). All payments are unsecured and subject to issuer and guarantor credit risk.

Morgan Stanley Finance LLC priced Principal at Risk notes linked to the worst performing of the Russell 2000® and S&P 500®. The offering is for $1,000 per security with an aggregate principal amount of $940,000. The notes have an original issue date of June 3, 2026, an observation date of August 30, 2027 and mature on September 2, 2027. If, at the observation date, the final level of each underlier is at or above its downside threshold (75% of its initial level), holders receive the stated principal plus a fixed upside payment of $135 (13.50%). If the final level of either underlier is below its downside threshold, the payment equals the stated principal multiplied by the performance factor of the worst performing underlier, exposing investors to full downside (no minimum payment). All payments are subject to issuer and guarantor credit risk and the estimated value on the pricing date was $992.00 per security.

Morgan Stanley Finance LLC priced a $155,000 aggregate offering of Dual Directional Buffered PLUS notes due June 3, 2031. Each note has a stated principal amount of $1,000 and is fully and unconditionally guaranteed by Morgan Stanley. The notes provide a 191% leverage on the appreciation of the worst performing of the EURO STOXX 50® and the S&P 500® and a buffered downside mechanism that protects the first 20% of a decline in the worst performing underlier.

The securities pay no interest, have an estimated value on the pricing date of $958.40 per security, and carry a minimum payment at maturity equal to 20% of principal. Payment depends only on closing levels on the observation date and is subject to issuer credit risk, model assumptions used in valuation, and caps on absolute-return participation.

Morgan Stanley Finance LLC is offering Trigger PLUS principal-at-risk securities due June 3, 2031, linked to the worst performing of the Dow Jones Industrial Average and the S&P 500® Index. The stated principal amount is $1,000 per security and the aggregate principal offered is $1,045,000. At maturity the payment is determined solely by the worst performing underlier: if higher than its initial level investors receive principal plus a 143% leverage of that underlier's appreciation; if both underliers finish at or above their 75% downside thresholds investors receive principal only; if either underlier finishes below its downside threshold investors lose 1% of principal for each 1% decline in the worst performing underlier, with no minimum payment. All payments are subject to the issuer's and guarantor's credit risk. The securities were priced at $1,000 with an estimated value on the pricing date of $980.70.

Morgan Stanley Finance LLC is offering Trigger PLUS principal-at-risk notes that reference the S&P 500® Futures Excess Return Index and are fully guaranteed by Morgan Stanley. The offering is for $1,938,000 aggregate principal at $1,000 per security with a 5-year term maturing on June 3, 2031.

The notes provide a leveraged upside of 210% if the final index level exceeds the initial level of 609.62. If the final level is at or above the downside threshold (70% of the initial level, 426.734), investors receive principal. If the final level is below that threshold, investors lose 1% of principal for each 1% decline in the index; there is no minimum payment.

Morgan Stanley Finance LLC is offering Structured Investments — market-linked notes tied to the EURO STOXX 50® Index with an aggregate principal amount of $372,000 (issued at $1,000 per note). The notes mature on June 3, 2031 with an observation date of May 29, 2031.

The notes pay no interest and return the stated principal at maturity. If the final level of the underlier exceeds the initial level (initial level = 6,050.54), holders receive the stated principal plus an upside payment equal to the stated principal multiplied by the participation rate of 123% and the underlier percent change. The notes are unsecured obligations of MSFL and are fully and unconditionally guaranteed by Morgan Stanley, and all payments are subject to issuer credit risk.

Morgan Stanley Finance LLC is offering Principal at Risk securities due July 2, 2027 that are fully and unconditionally guaranteed by Morgan Stanley. The securities have a stated principal amount of $1,000 per security and an aggregate principal amount of $4,000,000. Payment at maturity depends on the performance of the worst performing of the Dow Jones Industrial Average and the S&P 500. If both underliers finish at or above their 70% downside thresholds, investors receive the stated principal plus a fixed upside payment of $86.50 (8.65%). If either underlier finishes below its 70% threshold, the maturity payment equals the stated principal multiplied by the worst performing underlier’s performance factor, and investors may lose some or all principal. All payments are subject to Morgan Stanley’s credit risk, there is no interest, and there is no minimum payment at maturity.

Morgan Stanley Finance LLC priced contingent income auto-callable securities linked to the worst performing of the iShares MSCI EAFE ETF (EFA), the Russell 2000 Index (RTY) and the State Street Utilities Select Sector SPDR ETF (XLU). Each note has a stated principal amount of $1,000, an original issue date of June 3, 2026, a maturity date of December 2, 2027 and a final observation date of November 29, 2027.

The securities pay a contingent coupon at an annual rate of 8.75% per annum for each interest period only if the closing level of each underlier on the related observation date is at or above its coupon barrier (80% of initial level). The notes are automatically redeemed early if, on any redemption determination date beginning November 30, 2026, the closing level of each underlier is at or above its call threshold (100% of initial level). At maturity, if the final level of any underlier is below its downside threshold (70% of initial level), investors suffer a loss equal to the percentage decline of the worst performing underlier; the payment could be significantly less than principal or zero. All payments are subject to Morgan Stanley Finance LLC's and Morgan Stanley's credit risk.

Morgan Stanley Finance LLC priced Callable Contingent Income Securities due December 2, 2027, linked to the worst performing of the Russell 2000 and S&P 500. The securities carry a contingent coupon of 12.90% per annum, pay principal at risk and feature periodic observation dates, a downside threshold at approximately 75% of each initial level, a call feature tied to the output of a risk neutral valuation model, and are fully guaranteed by Morgan Stanley. The stated principal amount is $1,000 per security and the aggregate offering size is $1,030,000. The pricing date and strike date were May 29, 2026, with an original issue date of June 3, 2026. Investors may receive no coupons and can lose up to their entire principal depending on underlier performance; all payments are subject to Morgan Stanley credit risk.

Morgan Stanley Finance LLC priced Structured Investments Callable Jump Notes with an aggregate principal amount of $152,000, issued at $1,000 per note and fully guaranteed by Morgan Stanley. The notes mature on June 3, 2031, pay no periodic interest and include a call feature beginning June 4, 2027 that permits issuer redemption if a risk‑neutral valuation model indicates redemption is economically rational. If not redeemed, a positive payoff at maturity occurs only when the final level of the S&P 500® Futures Excess Return Index exceeds the initial level; the upside payment equals stated principal × 150% participation × index percent change. All payments are subject to Morgan Stanley's credit risk; estimated value on pricing date was $957.90 per note.

Morgan Stanley Finance LLC is offering Callable Jump Notes due June 3, 2031, guaranteed by Morgan Stanley, with a stated principal amount of $1,000 per note and an aggregate principal amount of $100,000. The notes pay no periodic interest, reference the Russell 2000® and S&P 500®, and use the worst-performing index to determine any upside at maturity.

The notes may be called beginning June 4, 2027 if a risk-neutral valuation model indicates redemption is economically rational; fixed redemption payments are specified for each redemption date. At maturity, if neither index’s final level is above its initial level, investors receive only the stated principal amount. All payments are subject to Morgan Stanley’s credit risk.

Morgan Stanley Finance LLC is offering Dual Directional Buffered Jump Securities due June 2, 2028 with an aggregate principal amount of $4,095,000 and a stated principal amount of $1,000 per security. The securities are linked to the worst performing of Alibaba (BABA), NIKE (NKE) and NVIDIA (NVDA) and are fully and unconditionally guaranteed by Morgan Stanley.

The securities feature an automatic early redemption on the first determination date (June 1, 2027) for an early redemption payment of $1,465 if each underlier is at or above its call threshold. The buffer level is 35%, the upside participation rate is 200%, the absolute return participation rate is 100%, and the minimum payment at maturity is 35% of principal. The original issue price is $1,000 and the estimated value on the pricing date is $961.10. All payments are subject to issuer credit risk.

Morgan Stanley Finance LLC is offering callable, principal-at-risk notes due March 3, 2028, fully guaranteed by Morgan Stanley. The offering totals $600,000 in $1,000 securities with an estimated value of $988.40 per security on the pricing date. The notes pay a 15.90% contingent coupon per annum on each coupon payment date only if the closing level of each underlier meets or exceeds its coupon barrier on the related observation date; otherwise no coupon is paid for that period. The securities are linked to the worst performing of three underliers (Nasdaq-100® Technology Sector, Russell 2000®, State Street® SPDR® S&P® Regional Banking ETF) and repay principal at maturity only if each underlier is at or above its downside threshold level (70% of initial levels); otherwise the maturity payment equals the stated principal multiplied by the performance factor of the worst performing underlier, resulting in potential loss of principal (could be zero). The issuer may call the notes on scheduled redemption dates beginning September 3, 2026 if a risk neutral valuation model indicates redemption is economically rational; an early call ends further payments. All payments are subject to Morgan Stanley’s credit risk.

The offering registers an aggregate principal amount of $282,000 of Structured Investments: Step-Up Jump Notes with an Auto-Callable feature, issued by Morgan Stanley Finance LLC and fully guaranteed by Morgan Stanley. The notes have a $1,000 stated principal amount and an issue price of $1,000 per note, with an estimated value on the pricing date of $899.70 per note. The notes pay no interest, are auto‑callable beginning with a first determination date of May 28, 2027, and mature on June 3, 2033. If a determination date’s closing level of the Morgan Stanley Amplitude Index meets or exceeds the call threshold, the notes will be redeemed early for a fixed early redemption payment (ranging from $1,155 at the first call to $1,930 at the sixth). If not auto‑called, maturity payment equals stated principal plus upside when the final index level is greater than the initial level (initial level: 207.85); otherwise only the stated principal is paid. All payments are subject to the issuer’s and guarantor’s credit risk; the notes are unsecured and will not be listed.

Morgan Stanley Finance LLC is offering principal-at-risk, contingent-income auto-callable securities linked to Netflix, Inc. common stock with a $1,000 stated principal amount per security and an aggregate principal amount of $1,795,000. The securities pay a contingent coupon at an annual rate of 10.05% only if the underlier meets the coupon barrier on observation dates and feature automatic early redemption if the closing level meets the call threshold on any redemption determination date. The initial level was $86.02, the coupon barrier and downside threshold are $55.913 (65% of initial), the estimated value at pricing was $969.30, and maturity is July 2, 2027. Investors bear credit risk of MSFL/Morgan Stanley and face potential full loss of principal if the final level is below the downside threshold.

Morgan Stanley Finance LLC offered Principal at Risk notes with a $1,000 stated principal amount per security and an aggregate principal amount of $5,537,000. The securities pay a contingent coupon of 10.25% per annum on observation dates when the underlier meets the coupon barrier and are automatically redeemable if the underlier meets the call threshold on a redemption determination date. At maturity investors receive principal if the final level is at or above the buffer level (approximately 85% of the initial level); otherwise principal is reduced 1% for each 1% decline beyond the 15% buffer, subject to a minimum payment at maturity of 15% of principal. The underlier initial level and call threshold equal 1,537.79; the coupon barrier is 1,076.453. The securities are unsecured obligations of MSFL and are fully and unconditionally guaranteed by Morgan Stanley; all payments are subject to Morgan Stanley credit risk.

Morgan Stanley Finance LLC priced Principal-at-Risk notes linked to the S&P® 500 Futures 40% Intraday 4% Decrement VT Index. The securities have a stated principal amount of $1,000 per security, an original issue date of June 3, 2026 and mature on June 3, 2031. They pay a contingent coupon at an annual rate of 12.75% on observation dates when the underlier is at or above the coupon barrier level of 2,282.958 (60% of the initial level), and include automatic early redemption if the underlier is at or above the call threshold of 3,804.93 (100% of the initial level) on any redemption determination date. If not called and the final level is below the downside threshold of 2,282.958, investors’ principal is reduced pro rata by the performance factor and could be significantly less than the stated principal, possibly zero. The estimated value on the pricing date was $927.70 and the issue price was $1,000 with proceeds to issuer of $990 per security after a $10 agent fee.

Morgan Stanley Finance LLC is offering principal-at-risk, auto-callable notes tied to Apple Inc. common stock with a $1,000 stated principal per security and an aggregate offering of $1,279,000. The securities pay a 9.45% contingent coupon on each coupon payment date only if the closing level of Apple is at or above the coupon barrier ($218.442, 70% of the initial level) on the related observation date. The notes are automatically redeemed early if Apple’s closing level meets or exceeds the call threshold ($312.06, 100% of the initial level) on any redemption determination date beginning November 30, 2026. If not auto‑redeemed, maturity is July 2, 2027 with final observation on June 29, 2027. If the final level is below the downside threshold ($218.442), payment at maturity is reduced proportionally (payment = principal × final level / initial level), and could be significantly less than principal or zero. All payments are subject to issuer and guarantor credit risk; estimated value on the pricing date was $993.50 per security.

Morgan Stanley Finance LLC is offering Buffered PLUS principal-at-risk securities due June 3, 2030 linked to the worst performing of the Russell 2000® and S&P 500® indices. The stated principal amount is $1,000 per security with an aggregate principal amount of $1,717,000. At maturity holders may receive the stated principal plus a 125% leverage on appreciation of the worst performing underlier, receive just the stated principal if declines stay within a 20% buffer, or incur losses beyond the buffer with a minimum payment of 20% of principal. All payments are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley, and are subject to issuer credit risk. The securities pay no interest and had an estimated value on the pricing date of $975.90 per security.

Morgan Stanley Finance LLC is offering principal-at-risk, auto-callable notes due December 2, 2027, fully and unconditionally guaranteed by Morgan Stanley. The notes pay a contingent coupon at an annual rate of 11.25% only when both underliers meet coupon barrier levels on observation dates and may auto-redeem early if both underliers meet call thresholds on redemption determination dates.

The securities are linked to the worst-performing of the Dow Jones Industrial Average (INDU) and the State Street Energy Select Sector SPDR ETF (XLE). Coupon and downside barriers are set at 75% of initial levels; call thresholds equal initial levels. Issue price is $1,000 per security (estimated value on pricing date: $980.40), aggregate offered $145,000. Investors face credit risk of Morgan Stanley, possible loss of principal if the worst-performing underlier falls below its downside threshold, and the possibility of receiving no coupons for the term.

Morgan Stanley Finance LLC is offering Trigger PLUS notes due June 3, 2030, unsecured obligations of MSFL fully and unconditionally guaranteed by Morgan Stanley. The securities have a stated principal amount of $1,000 per security and an aggregate principal amount of $513,000. Payment at maturity depends on the worst performing of the Dow Jones Industrial Average and the S&P 500® Index: if the worst performing underlier finishes above its initial level investors receive the stated principal plus a 134% leverage on appreciation; if the worst performing underlier finishes between the initial level and a downside threshold (70% of the initial level), investors receive principal only; if the worst performing underlier finishes below the 70% threshold, investors lose 1% of principal for each 1% decline in that underlier, potentially losing their entire investment.

The original issue price is $1,000 and the estimated value on the pricing date was $979.50. All payments are subject to Morgan Stanley’s credit risk; secondary market liquidity may be limited and market prices can be significantly lower than the issue price.

Morgan Stanley Finance LLC is offering $254,000 aggregate principal of Principal-at-Risk auto-callable securities linked to the Dow Jones Industrial Average and the State Street SPDR S&P Regional Banking ETF. Each security has a $1,000 stated principal amount, an 11.00% per annum contingent coupon, a final observation date of February 24, 2028 and maturity on February 29, 2028. Payments are contingent on both underliers meeting barrier levels and principal is at risk: if the final level of either underlier is below its 70% downside threshold, the payment at maturity will be reduced pro rata to the worst performing underlier and could be zero. The securities may be automatically redeemed early on specified observation dates if both underliers meet their call threshold levels. All payments are subject to the credit risk of Morgan Stanley and are unsecured obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley.

Morgan Stanley Finance LLC priced principal-at-risk, auto-callable securities linked to NVIDIA Corporation (NVDA) common stock. The notes have a $1,000 stated principal amount, an issue price of $1,000 per security and aggregate principal of $8,467,000. They pay a contingent coupon at an annual rate of 12.25% on observation dates when the underlier is at or above the coupon barrier and are automatically redeemed early if the closing level meets or exceeds the call threshold. At maturity, if the final level is below the downside threshold (60% of the initial level), investors incur proportional principal loss (performance factor = final level / initial level). All payments are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley and are subject to Morgan Stanley credit risk.

The Dual Directional Buffered PLUS securities are unsecured notes issued by Morgan Stanley Finance LLC and fully guaranteed by Morgan Stanley. They have a stated principal amount of $1,000 per security and an aggregate principal amount of $295,000. The securities mature on December 4, 2028 and reference the Nasdaq-100 Index and the S&P 500 Index, with payoffs determined by the worst performing underlier on the observation date of November 29, 2028. Upside is leveraged at 115% of appreciation of the worst performing underlier, capped at a maximum payment of $1,395 per security; an absolute-return feature applies if declines remain within a 10% buffer. If the worst performing underlier falls below its buffer level, holders lose 1% for each 1% decline beyond the buffer, subject to a 10% minimum payment at maturity. The original issue price is $1,000 and the estimated value on the pricing date is $956.80. All payments are subject to issuer and guarantor credit risk.

Morgan Stanley Finance LLC priced Principal at Risk notes linked to the S&P 500® Futures Excess Return Index due June 3, 2031. Each security has a $1,000 stated principal and was issued at $1,000 with an estimated value of $966.70 on the pricing date. At maturity the payoff depends on the index closing level on the observation date: investors receive principal plus the greater of an index-linked cash return or a fixed upside payment of $577.50 per security if the final level is ≥ the initial level; if the final level is between the initial level and a downside threshold of 70% of the initial level (initial level 609.62), investors receive a capped positive return tied to the absolute decline (100% participation, capped effectively at 30%); if the final level is below the downside threshold investors lose 1% of principal for each 1% decline and could lose their entire investment. Aggregate principal offered is $268,000. All payments are subject to issuer and guarantor credit risk and there is no guaranteed minimum payment.

Morgan Stanley Finance LLC priced principal-at-risk structured notes linked to the worst performing of the Russell 2000® Index and the S&P 500® Index. The securities have a $1,000 stated principal amount, an aggregate principal amount of $1,059,000, a participation rate of 150%, and mature on June 3, 2030. An automatic early redemption can occur on the first determination date of June 8, 2027 for an early redemption payment of $1,182.50 per security if both underliers meet their call thresholds. If not redeemed, the maturity payment depends on the final level of the worst performing underlier relative to its downside threshold (70% of initial level), exposing investors to full downside risk including possible loss of principal.

Morgan Stanley Finance LLC priced a principal-at-risk structured note program offering $1,596,000 aggregate principal of Dual Directional Trigger Jump Securities due June 3, 2031, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and an issue price of $1,000.

Payments at maturity depend solely on the worst performing of the Russell 2000® and S&P 500® indices measured on the observation date of May 29, 2031. The securities feature a fixed $465 upside payment (46.50%) and a 100% absolute return participation rate when the worst underlier remains above its downside threshold (75% of its initial level). If the worst underlier falls below its downside threshold, investors lose 1% of principal for each 1% decline; there is no guaranteed minimum payment.

Morgan Stanley Finance LLC priced $5,000,000 of 15‑month PLUS linked to the Tokyo Stock Price Index (TPX), due September 3, 2027. Each PLUS has a stated principal amount of $1,000, a 300% leverage factor for upside, and pays no coupon.

At maturity, investors receive $1,000 plus 300% of the index percent increase subject to a maximum payment of $1,273.30 per PLUS. If the final index value is below the initial value (3,957.17 on the pricing date), investors lose 1% of principal for each 1% decline and could lose their entire investment. The estimated value on the pricing date was $963.50 per PLUS; issue price is $1,000.

Morgan Stanley Finance LLC priced contingent income auto-callable notes linked to the worst performing of the Nasdaq-100® Technology Sector and the Russell 2000® Index, fully guaranteed by Morgan Stanley. The notes have a $1,000 stated principal amount, an aggregate issuance of $2,633,000, an original issue date of June 3, 2026 and mature on September 2, 2027. The securities pay a contingent coupon at an annual rate of 12.00% only if both underliers meet coupon barrier levels on observation dates, feature automatic early redemption if both underliers meet 100% call thresholds on specified redemption determination dates, and expose investors to full principal loss if the worst performing underlier falls below its 75% downside threshold at maturity. All payments are subject to Morgan Stanley’s credit risk and the estimated value on pricing date was $978.90 per security.

Morgan Stanley Finance LLC priced Buffered Participation Securities linked to the VanEck® Semiconductor ETF. The securities are principal-at-risk notes, $1,000 stated principal each, aggregate $718,000, with an observation date of June 29, 2027 and maturity on July 2, 2027.

Payments at maturity: 100% participation in positive performance subject to a maximum payment of $1,316 per security (131.60%); a 20% buffer protects against initial losses up to 20% (buffer level $479.144 based on an initial level of $598.93); if final level is below the buffer, investors lose 1% for each 1% decline beyond the buffer, subject to a minimum payment of 20% of stated principal. Securities are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley; estimated value on the pricing date was $982.70 per security. Sales are directed to certain fee-based advisory accounts via MS & Co.

The pricing supplement describes a principal-at-risk structured note issued by Morgan Stanley Finance LLC and unconditionally guaranteed by Morgan Stanley. The notes have a stated principal of $1,000 per security, a 5-year term maturing on June 3, 2031, and an early call feature beginning June 4, 2027. Redemption payments are fixed for each observation date and are intended to approximate a return of 18.25% per annum if called. If not called, final payoff depends on the closing level of the S&P 500 Futures Excess Return Index: investors receive principal plus an upside payment if the final level is above the initial level, principal only if the final level is between the initial level and the downside threshold (70% of the initial level), and suffer a proportional loss below that threshold. All payments are subject to issuer credit risk and tax uncertainties; the estimated value on the pricing date is $972.00 per security.