Morgan Stanley 424B Filings

The Preliminary Pricing Supplement describes market-linked notes issued by Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, linked to the S&P 500® Futures Excess Return Index. Each note has a $1,000 stated principal, matures on June 5, 2031, and pays no interest. At maturity investors receive the stated principal plus an upside payment only if the underlier’s final level on the observation date exceeds the initial level; otherwise they receive only the stated principal. The participation rate is 117%. The pricing/strike date is June 2, 2026 and the observation date is June 2, 2031. The estimated value on the pricing date is approximately $940.00 per note. The notes will not be listed on an exchange and are subject to Morgan Stanley’s credit risk, limited secondary market liquidity, and U.S. federal income tax treatment as contingent payment debt instruments.

Morgan Stanley Finance LLC offers Principal at Risk structured notes linked to the common stock of Micron Technology, Inc. The securities have a $1,000 stated principal amount, a 53% upside payment ($530) if the final level is at or above a 50% downside threshold, and mature on December 16, 2027. The pricing and strike date is June 12, 2026, original issue date June 17, 2026, and the observation date is December 13, 2027. The estimated value on the pricing date is approximately $964.10 per security. If the final level is below the downside threshold, the payment equals the stated principal amount multiplied by the performance factor (final level/initial level), and investors can lose up to their entire investment.

Morgan Stanley Finance LLC is offering Trigger PLUS notes linked to the S&P 500® Index due July 6, 2032, fully and unconditionally guaranteed by Morgan Stanley. Each Trigger PLUS has a stated principal amount of $1,000, an initial issue price of $1,000, a leverage factor of 133% and a trigger level equal to 85% of the initial index value. At maturity investors receive $1,000 plus 133% of the index increase if the final index value is above the initial value (capped at a maximum payment to be set on the pricing date and described here as at least $1,850 per note). If the final index value is between the trigger level and the initial value, investors receive $1,000. If the final index value is below the trigger level, investors suffer pro rata losses (1% loss of principal for each 1% index decline), potentially losing their entire investment. The document discloses estimated value on the pricing date of approximately $950.70 (within $55.00) and states proceeds and commission details, hedging practices, tax uncertainty and multiple material risk factors.

Morgan Stanley Finance LLC priced Principal-at-Risk, auto-callable notes linked to Carvana Co. Class A common stock, with a stated principal amount of $1,000 per security and an original issue price of $1,000. The securities have a strike date of June 9, 2026, an original issue date of June 12, 2026 and a maturity date of June 12, 2031. Automatic early redemption can occur on sequential determination dates beginning June 16, 2027, if the closing level of the underlier is at or above a call threshold of 80% of the initial level. A downside threshold is set at 60% of the initial level; if the final level is below that threshold, repayment at maturity equals the stated principal multiplied by the performance factor (final level/initial level), which could result in loss of principal, possibly to zero. The estimated value on the pricing date is approximately $925.60 per security. All payments are unsecured and subject to Morgan Stanley’s credit risk.

Morgan Stanley Finance LLC priced a series of Trigger PLUS notes due July 5, 2029 that provide leveraged upside linked to a five‑index international equity basket and are fully guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount and a leverage factor of 150.55%. At maturity investors receive $1,000 plus leveraged participation if the final basket value is above the initial value; they receive $1,000 if the final basket value is between the initial value and an 80% trigger level; if the final basket value is below the trigger level, repayment equals the stated principal multiplied by the basket performance factor, exposing investors to potential loss of most or all principal. The securities pay no interest, are unsecured obligations of MSFL, carry Morgan Stanley credit risk and are not listed.

Morgan Stanley Finance LLC priced Trigger PLUS notes linked to the worst performing of the iShares® Semiconductor ETF (SOXX) and the VanEck® Semiconductor ETF (SMH). The securities have a $1,000 stated principal amount, mature on June 3, 2030, and reference the closing levels on the observation date of May 29, 2030. At maturity investors receive principal plus a 111% leveraged upside if the worst performing underlier finishes above its initial level; if the worst performing underlier finishes below its downside threshold (70% of initial), investors suffer proportional principal loss (no minimum payment).

The issuer is Morgan Stanley Finance LLC, guaranteed by Morgan Stanley; all payments are subject to Morgan Stanley's credit risk. The estimated value on the pricing date was approximately $941.40 per security.

Morgan Stanley Finance LLC offers Trigger PLUS securities linked to the Tokyo Stock Price Index maturing on July 3, 2030, with a leverage factor of 146.48% and a trigger level equal to 90% of the initial index value. Each Trigger PLUS has a stated principal amount of $1,000 and an original issue price of $1,000; the issuer estimates the value on the pricing date at approximately $933.20. At maturity the payout depends on the final index closing value on the valuation date (June 28, 2030): investors receive $1,000 plus leveraged upside if the index is higher than the initial value, $1,000 if the index is at or above the trigger level but at or below the initial value, and a loss proportional to the index decline (1% loss in principal per 1% index decline) if the final index value is below the trigger level. The securities pay no interest, are unsecured obligations of MSFL and unconditionally guaranteed by Morgan Stanley, and are subject to issuer credit risk, hedging and model assumptions, limited secondary market liquidity, and U.S. federal income tax uncertainty.

Morgan Stanley Finance LLC is offering contingent income, memory buffered auto-callable notes linked to the common stock of Blackstone Inc. The securities have a $1,000 stated principal amount per security, an annual contingent coupon of 10.00%, and mature on June 2, 2028.

The notes pay contingent coupons only if the underlier meets a coupon barrier on scheduled observation dates and can be automatically redeemed early if a call threshold is met on redemption determination dates beginning August 31, 2026. At maturity, if the final level is below the buffer (76% of the initial level), investors absorb losses beyond the 24% buffer, subject to a minimum payment of 24% of principal. All payments are subject to issuer and guarantor credit risk.

Morgan Stanley Finance LLC is offering contingent income, memory-buffered, auto-callable principal-at-risk securities linked to Eli Lilly & Company common stock with a stated principal of $1,000 per security. The notes mature on June 14, 2027, pay a contingent coupon at an annual rate of 12.08% when observation-date conditions are met, and may be automatically redeemed on specified redemption determination dates. If not redeemed, repayment at maturity depends on the final level versus a 25% buffer (buffer level = $812.19), with a downside factor of 1.3333 that magnifies losses beyond the buffer; there is no minimum payment at maturity. 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 Rigetti Computing Inc. Each security has a stated principal amount of $1,000, an original issue date of June 2, 2026, and a maturity date of December 2, 2027. The securities pay a contingent coupon at an annual rate of 53.00% only if the underlier's closing level meets or exceeds the coupon barrier ($14.772, 60% of the initial level) on observation dates, and are automatically redeemed if the underlier meets the call threshold ($24.62, 100% of the initial level) on redemption determination dates. If not redeemed, payment at maturity equals principal if the final level is at or above the downside threshold ($14.772); otherwise payment equals principal multiplied by the performance factor (final level / initial level), exposing investors to full downside to zero. All payments are unsecured and subject to Morgan Stanley's credit risk. The document shows an estimated value on the pricing date of approximately $953.90 per security and describes distribution fees and tax uncertainties.

Morgan Stanley Finance LLC is offering Buffered PLUS notes due June 5, 2031 that are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and a stated issue price of $1,000. The securities provide a leveraged upside (leverage factor 171.75%) if the final level of the S&P 500® Futures Excess Return Index on the observation date exceeds the initial level, a full return of principal if the final level is at or above an 80% buffer level, and pro rata losses beyond the 20% buffer down to a minimum payment of 20% of principal. Payments are subject to Morgan Stanley credit risk and tax uncertainty; the estimated value on the pricing date is approximately $940.20 per security.

Morgan Stanley Finance LLC is offering Principal at Risk structured notes due June 6, 2031, fully guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and an original issue price of $1,000. The notes pay a contingent coupon at an annual rate of 9.60% on observation dates when the underlier meets the coupon barrier. The underlier is the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index. Key structural features: an early‑call (first determination date June 3, 2027) if the closing level ≥ the call threshold (92% of initial level); a buffer amount of 15% (buffer level = 85% of initial level) that protects the first 15% of downside; a minimum payment at maturity of 15% of principal. Strike and pricing date: June 3, 2026; original issue date: June 8, 2026. The issuer’s estimated value on the pricing date was approximately $905.60 per security. All payments are subject to Morgan Stanley’s credit risk; investors may lose a substantial portion of principal if the final level is below the buffer.

The pricing supplement describes a primary offering of callable, principal-at-risk notes issued by Morgan Stanley Finance LLC and fully guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount, a contingent coupon at an annual rate of 11.75%, a final observation date of December 3, 2027 and a maturity date of December 8, 2027. Coupons are payable only if the closing level of each underlier meets its coupon barrier on the observation date; principal repayment at maturity depends on the worst performing underlier relative to its 70% downside threshold. The notes may be called early beginning on September 9, 2026 if a risk neutral valuation model indicates redemption is economically rational; all payments are subject to Morgan Stanley's credit risk.

Morgan Stanley Finance LLC is offering Trigger PLUS notes due July 6, 2032 linked to the EURO STOXX 50® Index. Each note has a $1,000 stated principal and a 195.29% leverage factor for upside; however, there is no interest and principal is at risk if the final index value is below the trigger level, which is 75% of the initial index value. The pricing date was June 12, 2026, original issue date June 17, 2026, and the issuer estimates an initial value of approximately $943.20 per note. All payments are unsecured obligations of MSFL and guaranteed by Morgan Stanley; proceeds are for general corporate purposes.

Morgan Stanley Finance LLC offers Structured Investments — Dual Directional Buffered Participation Securities — tied to the Nasdaq-100 Index with principal at risk. The offering consists of securities with a stated principal amount of $1,000 per security and an aggregate principal amount of $1,892,000. The securities mature on June 11, 2027 and base final payment on the Nasdaq-100 closing level on the observation date (June 8, 2027), subject to postponement for non-trading days and market disruption events. Returns are capped: upside payments are limited to a maximum of $1,171.50 per security (117.15%); a 10% buffer (90% of the initial level) protects limited declines, but declines beyond the buffer incur a downside factor of 1.1111, and there is no guaranteed minimum payment. All payments are subject to issuer/guarantor credit risk and U.S. federal tax treatment is described as uncertain.

Morgan Stanley Finance LLC is issuing principal-at-risk, auto-callable notes linked to the worst performing of the EURO STOXX 50®, Russell 2000® and S&P 500®, with a stated principal amount of $1,000 per security and an aggregate principal amount of $1,995,000.

These unsecured securities are fully and unconditionally guaranteed by Morgan Stanley, do not pay interest, and may be automatically redeemed on the first determination date for an early redemption payment of $1,272.50 per security. At maturity payment depends on the worst performing underlier, with a 150% participation rate for upside and a 70% downside threshold; investors may lose up to their full principal.

Morgan Stanley Finance LLC priced a structured note offering — Dual Directional Trigger PLUS — due May 30, 2031, guaranteed by Morgan Stanley, with a stated principal amount of $1,000 per security and an aggregate principal amount of $558,000.

Payment at maturity depends on the worst performing underlier among the Dow Jones Industrial Average, the Russell 2000® and the S&P 500®. The notes offer a leveraged upside (leverage factor 134%), an absolute return participation rate of 50%, and a downside threshold at 60% of each initial level. If any underlier closes below its downside threshold on the observation date, investors suffer a 1:1 loss of principal; there is no guaranteed principal protection.

Morgan Stanley Finance LLC priced Contingent Income Auto-Callable Securities due August 31, 2027, linked to the worst performing of the Nasdaq-100® Technology Sector and the Russell 2000® Index. The securities have a stated principal of $1,000 per security and an aggregate issue size of $961,000. They pay a contingent coupon at an annual rate of 9.50% on observation dates only if both underliers meet their coupon barrier levels; otherwise no coupon is paid for that period. The notes are automatically redeemed early if both underliers meet call thresholds on any redemption determination date, in which case holders receive principal plus the related contingent coupon. At maturity, if the final level of either underlier is below its downside threshold (approximately 75% of initial level), investors suffer a loss equal to the percentage decline of the worst performing underlier and could lose their entire principal. All payments are subject to Morgan Stanley Finance LLC's and Morgan Stanley's credit risk.

Morgan Stanley Finance LLC priced a structured note due June 30, 2031 linked to the S&P 500® Futures Excess Return Index. Each security has a $1,000 stated principal amount and offers an upside payment of $525 (52.50%) if the underlier finishes at or above the initial level. The notes include a 15% buffer that, if the final level is between the initial level and the buffer level, delivers a positive payment tied to the absolute decline (100% participation), capped effectively at 15%. If the final level is below the buffer level, investors lose 1% of principal for each 1% decline beyond the buffer, subject to a 15% minimum payment at maturity. The estimated value on the pricing date was approximately $952.90 per security; the original issue price is $1,000, which includes issuance and hedging costs borne by investors. Payments are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley and are subject to issuer credit risk and other conflicts and tax uncertainties specified herein.

Morgan Stanley Finance LLC offers an Auto-Callable Trigger PLUS linked to the Russell 2000® Index. Each $1,000 security may be auto‑redeemed on the first determination date for an early redemption payment of $1,132.00. If not called, maturity payments vary: capped upside (125% of index gain), full principal at or above an 80% downside threshold, or a loss proportional to the index decline (potentially total loss) on maturity July 6, 2028.

The securities do not pay interest, are principal‑at‑risk, and are fully and unconditionally guaranteed by Morgan Stanley; all payments are subject to issuer credit risk. The estimated value on the pricing date was approximately $962.50 per security.

Morgan Stanley Finance LLC is issuing Structured Investments — Enhanced Buffered Jump Securities linked to the S&P 500® Index with a stated principal amount of $1,000 per security and an aggregate original issue amount of $3,779,000. The securities were priced on May 22, 2026 and mature on June 9, 2027.

Key economic terms: an upside payment of $76.50 per security (7.65%), a buffer amount of 15% (buffer level 6,352.450), and a downside factor of 1.1765. If the final level on the observation date is below the buffer, holders lose 1.1765% of principal for each 1% decline beyond the buffer; there is no minimum payment. The issuer’s estimated value at pricing was $985.00 per security. All payments are subject to Morgan Stanley’s credit risk and U.S. federal income tax treatment is uncertain.

Morgan Stanley Finance LLC is offering $4,031,000 aggregate face amount of Digital EURO STOXX 50® Index-Linked Notes due October 15, 2027, fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 face amount and pays at maturity either the Maximum Settlement Amount of $1,140.00 (114.00% of face) if the EURO STOXX 50® Index closes at or above 87.50% of the initial level, or a reduced cash amount that can result in loss of principal if the index declines by more than 12.50%. Trade Date is May 26, 2026, Original Issue Date is May 29, 2026, Determination Date is October 13, 2027. The estimated value on the trade date is $996.10 per note. Payments are unsecured and subject to issuer credit risk; notes are not listed and have no interest or dividends.

Morgan Stanley Finance LLC is offering principal-at-risk, auto-callable market-linked securities tied to the lowest performing Class A shares of CoreWeave, Inc. and Cloudflare, Inc., maturing June 1, 2029. The securities are sold at a $1,000 face amount per security with a price to public of $1,000 and estimated value on the pricing date of $902.90. The offering pays an agent commission of $25.75 per security, leaving proceeds to the issuer of $974.25 per security. Key product terms disclosed include a 365% participation rate, a hypothetical call payment of at least $1,460 (approx. 46.00% call premium) on the call date, call and threshold prices set as 80% and 50% of the starting prices respectively, and a calculation day of May 29, 2029. The pricing date and original issue date are set for May 29, 2026 and June 3, 2026, respectively. The document highlights substantial downside risk (losses greater than 50%, possibly total loss) if the lowest performing underlying stock closes below its threshold price at maturity and notes all payments are subject to Morgan Stanley's credit risk.

Morgan Stanley Finance LLC (guaranteed by Morgan Stanley) is offering Dual Directional Buffered PLUS notes linked to the worst performing of the Nasdaq-100 and S&P 500 indices with a $1,000 stated principal amount per security. The securities pay no interest and mature on December 4, 2028. At maturity the payout is based solely on the worst performing underlier: (1) if the worst performing underlier is up, investors receive principal plus 115% of that appreciation, capped at a $1,395 maximum per security; (2) if the worst performing underlier is down but not below a 10% buffer, investors receive principal plus a positive return equal to the absolute decline (capped effectively at 10%); (3) if the worst performing underlier falls below the buffer, investors lose 1% of principal for each 1% decline beyond the buffer, subject to a 10% minimum payment at maturity. The estimated value on the pricing date was approximately $955.20 per security and all payments are subject to Morgan Stanley’s credit risk.

Morgan Stanley Finance LLC offers principal‑at‑risk, market‑linked securities due June 2, 2028, fully and unconditionally guaranteed by Morgan Stanley. Each security has a face amount of $1,000, a public offering price of $1,000, and an estimated value on the pricing date of approximately $964.80. The securities pay a contingent monthly coupon (with a memory feature) only if Micron Technology, Inc.'s stock closing price on each monthly calculation day meets or exceeds the coupon threshold; the contingent coupon rate will be set on the pricing date and will be at least 25.00% per annum. The notes are auto‑callable after a three‑month non‑call period if the stock closing price meets or exceeds the call threshold on a calculation day; if not called, principal repayment at maturity is subject to downside exposure and may be significantly less than face amount if the ending price is below the downside threshold (50% of the starting price).

Morgan Stanley Finance LLC offers contingent income auto-callable securities linked to the worst performing of Alphabet (GOOGL), Eli Lilly (LLY) and Palantir (PLTR). The notes are issued at a stated principal amount of $1,000 per security with an aggregate principal amount of $930,000 and mature on May 25, 2028.

They pay a contingent coupon at an annual rate of 26.45% only if the closing level of each underlier meets its coupon barrier on each observation date, and feature automatic early redemption on scheduled determination dates. If any underlier is below its downside threshold (60% of initial level), payment at maturity is reduced pro rata to the worst performing underlier and could be zero. All payments are subject to Morgan Stanley's credit risk.

Morgan Stanley Finance LLC is offering Principal at Risk Securities 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 matures on June 25, 2027. Investors receive $130 (13%) at maturity if the worst performing underlier is at or above 80% of its initial level, receive principal if that underlier is between 70% and 80% of its initial level, or suffer losses equal to the percentage decline of the worst performing underlier below 70% with no minimum payment. The pricing date and strike date are May 22, 2026, the observation date is June 22, 2027, the original issue price is $1,000 and the estimated value on pricing date is $992.50. All payments are subject to Morgan Stanley Finance LLC credit risk and guaranteed by Morgan Stanley.

Morgan Stanley Finance LLC is offering $4,615,000 of callable Principal at Risk Securities, fully and unconditionally guaranteed by Morgan Stanley. The securities mature on May 28, 2031 and reference the S&P 500® Futures Excess Return Index. The issue price is $1,000 per security, estimated value on the pricing date was $966.20, and the participation rate is 400%. A downside threshold equals 70% of the initial level (initial level 601.21), below which investors lose 1% for each 1% decline in the underlier. The notes are callable beginning June 4, 2027 for fixed redemption payments and are subject to Morgan Stanley credit risk and model-driven early redemption.

Morgan Stanley Finance LLC priced a $550,000 offering of principal-at-risk, auto-callable notes linked to the Roundhill Memory ETF (DRAM). Each note has a stated principal of $1,000, an issue price of $1,000, an estimated value on the pricing date of $971.20, and a fixed coupon of 23.00% per annum.

The notes pay the fixed monthly coupon and will be automatically redeemed on specified dates if the underlier’s closing level is at or above the call threshold of $54.34. If not redeemed, maturity is June 2, 2027 with the observation date of May 25, 2027. If the final level is below the downside threshold of $29.887 (55% of the initial level), principal repayment at maturity is reduced pro rata and could be zero. Payments are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley, and all payments are subject to the issuer’s credit risk.

Morgan Stanley Finance LLC is offering Principal-at-Risk notes linked to ServiceNow common stock that mature on May 25, 2029. Each security has a stated principal amount of $1,000, an issue price of $1,000 and an estimated value on the pricing date of $966.80.

The notes pay a contingent coupon at an annual rate of 17.50% on scheduled coupon payment dates only if the closing level of the underlier is at or above the coupon barrier level (50% of the initial level). The notes are subject to automatic early redemption if the closing level on a redemption determination date is at or above the call threshold (100% of initial level). If not redeemed, maturity payoff depends on the final level relative to the downside threshold (50% of initial level): full principal if final level is at or above the downside threshold; otherwise payment equals principal times the performance factor (final/initial), which can result in a significant loss or complete loss of principal.

Morgan Stanley Finance LLC priced a $7,250,000 offering of structured, principal-at-risk notes due May 25, 2028, fully guaranteed by Morgan Stanley. The securities are issued at $1,000 per security with an estimated value of $960.60 on the pricing date and carry an automatic early‑redemption feature on the first determination date.

If not called, maturity payouts depend on the basket final level versus an initial level of 100 and an 80 buffer: upside is paid at a 125% participation rate when final level exceeds initial; if final level falls below the buffer, holders lose 1.25% of principal per 1% decline beyond the buffer. All payments are subject to issuer credit risk.

Morgan Stanley Finance LLC priced a $7,000,000 offering of Structured Investments—Enhanced Buffered Jump Securities linked to the S&P 500® Index, with a $1,000 stated principal per security and an original issue price of $1,000 per security. The notes mature on June 9, 2027 with an observation date of June 4, 2027.

Payment at maturity is conditional: if the final level is at or above the buffer level (6,352.450), holders receive principal plus a fixed $76.50 upside payment (7.65%). If the final level is below the buffer, losses apply at a 1.1765 downside factor for each 1% decline beyond the 15% buffer, and there is no minimum payment, meaning principal could be lost. The estimated value on the pricing date was $985.00 per security and all payments are subject to Morgan Stanley’s credit risk.

Morgan Stanley Finance LLC priced principal-at-risk, auto-callable notes linked to the worst performing of the Dow Jones Industrial Average and the S&P 500. The securities have a $1,000 stated principal amount and $177,000 aggregate issuance and may auto-redeem on the first determination date for an early redemption payment of $1,140.50. At maturity investors either receive principal plus an upside payment (150% participation on the worst performing underlier), return of principal, or a principal loss equal to the percentage decline of the worst performing underlier below its 70% downside threshold; payments are unsecured and fully guaranteed by Morgan Stanley and are subject to issuer credit risk.

Morgan Stanley Finance LLC is offering Principal at Risk Contingent Income Memory Securities due May 28, 2030, fully guaranteed by Morgan Stanley. The securities pay a contingent coupon of 9.45% per annum on scheduled coupon dates only if each underlier is at or above its coupon barrier (80% of initial level) on the related observation date. At maturity, if each underlier is at or above its downside threshold (70% of initial level), investors receive the stated principal amount; otherwise the payment equals the stated principal amount multiplied by the performance factor of the worst performing underlier, which can cause substantial loss or total loss of principal. The offering price is $1,000 per security (estimated value on the pricing date: $966.30), aggregate principal amount $1,048,000. All payments are subject to Morgan Stanley's credit risk; these notes do not participate in any upside of the underliers.

Morgan Stanley Finance LLC is offering Principal at Risk structured notes linked to Nextpower Inc. (class A) with a stated principal of $1,000 per security and aggregate principal of $856,000. The notes mature on June 9, 2027 and pay a contingent coupon only if observation-date barriers are met.

The securities feature automatic early redemption on specified determination dates if the underlier equals or exceeds the call threshold, a 70% buffer against losses at maturity and a downside factor of 1.4286 that magnifies losses beyond the buffer. Estimated value on pricing was $975.60 per security; all payments remain subject to Morgan Stanley’s credit risk.

Morgan Stanley Finance LLC offers structured, principal-at-risk securities linked to the worst performing of the Russell 2000®, S&P 500® and the State Street® Health Care Select Sector SPDR® ETF. The notes have a $1,000 stated principal amount, an aggregate issuance of $37,915,000, a 10.00% contingency coupon (paid only if each underlier meets coupon barriers on observation dates) and a maturity of February 25, 2028. The securities include a 25% buffer and a downside factor of 1.3333, exposing investors to losses if the worst performing underlier falls below its buffer; the notes may be called early based on a risk‑neutral valuation model. All payments are subject to issuer and guarantor credit risk.

Morgan Stanley Finance LLC priced a contingent income auto-callable note issuance with an aggregate principal amount of $706,000. The notes, fully guaranteed by Morgan Stanley, have a $1,000 stated principal amount per security, a 10.00% annual contingent coupon, automatic early‑redemption features tied to a 3,136.950 call threshold and a five‑year final maturity on May 28, 2031.

The notes reference the S&P® 500 Futures 40% Intraday 4% Decrement VT Index (initial level 3,605.69), carry principal‑at‑risk if the final level falls below the downside threshold (60% of initial level = 2,163.414), and had an estimated value on pricing of $909.30 per security. Purchasers bear issuer credit risk, potential loss of principal, possible nonpayment of coupons, and embedded index features including a 4% annual decrement and intraday leverage.

The issuer, Morgan Stanley Finance LLC, is offering Principal at Risk auto‑callable notes linked to the Class A common stock of Palantir Technologies Inc.. Each note has a stated principal amount of $1,000, an original issue price of $1,000 and an estimated value on the pricing date of $970.20. The notes pay a contingent coupon of 15.00% per annum on observation dates when the closing level of the underlier is at or above the coupon barrier ($68.44, 50% of the initial level). Automatic early redemption may occur on specified redemption determination dates if the underlier is at or above the call threshold ($136.88). At maturity investors receive principal only if the final level is at or above the downside threshold ($68.44); otherwise payment at maturity equals the stated principal multiplied by the performance factor (final level/initial level), exposing investors to potential substantial loss of principal.

Morgan Stanley Finance LLC priced contingent-income, auto-callable principal-at-risk notes fully guaranteed by Morgan Stanley. The offering totals an aggregate principal amount of $1,285,000 with a $1,000 stated principal per security and an original issue price of $1,000 each. The securities pay a contingent coupon at an annual rate of 8.00% if the underlier meets the coupon barrier on observation dates, feature automatic early redemption if the underlier is at or above a call threshold on redemption determination dates, and mature on May 28, 2031.

The underlier is the S&P® 500 Futures 40% Intraday 4% Decrement VT Index with an initial level of 3,605.69, a call threshold of 3,028.780 (approximately 84% of the initial level), and a downside threshold/coupon barrier of 1,802.845 (50% of the initial level). If the final level is below the downside threshold, the payment at maturity equals the stated principal multiplied by the performance factor (final level ÷ initial level), which could result in substantial loss of principal, possibly to zero. All payments are subject to Morgan Stanley credit risk.

Morgan Stanley Finance LLC is offering Principal at Risk structured notes linked to NVIDIA Corporation common stock with an aggregate principal amount of $21,105,000 and a stated principal amount of $1,000 per security. The securities pay a 20.50% annual contingent coupon on specified observation dates, are auto-callable if the underlier reaches the call threshold of $215.33, and mature on June 9, 2027.

If not auto-redeemed, holders receive principal at maturity only if the final level is at or above the buffer level of $172.264 (the 80% buffer). If the final level is below that buffer, principal is reduced by 1.25% for each 1% decline beyond the buffer. All payments are subject to issuer credit risk; the estimated value at pricing was $987.00 per security.

Morgan Stanley Finance LLC priced a retail structured-note offering: Contingent Income Memory Buffered Auto-Callable Securities linked to Amazon.com, Inc. common stock, fully and unconditionally guaranteed by Morgan Stanley. The offering totaled $8,883,000 aggregate principal at a $1,000 issue price per security and an estimated value of $985.80 on the pricing date. Terms include a 15.92% annual contingent coupon, automatic early redemption on specified dates if the underlier closes at or above $266.32, an 85% buffer level ($226.372) and a downside factor of 1.1765. Payments are subject to issuer credit risk and principal is at risk if the final level is below the buffer.

Morgan Stanley Finance LLC is issuing Buffered PLUS notes fully guaranteed by Morgan Stanley, with an aggregate principal amount of $6,887,000 and a stated principal amount of $1,000 per security. These principal-at-risk securities mature on June 6, 2029 and are linked to the worst performing of the Nasdaq-100 Index and the S&P 500 Index. The notes pay no interest, provide a 15% buffer against losses of the worst performing underlier, offer a 111.30% leverage factor on upside of the worst performing underlier, and carry a minimum payment at maturity of 15% of principal. All payments are subject to Morgan Stanley's credit risk; holders may lose a substantial portion of principal if the worst performing underlier falls below its buffer.

The pricing supplement for Morgan Stanley Finance LLC offers Buffered PLUS principal-at-risk securities linked to the worst-performing of Blackstone Inc. and KKR & Co. Inc.. The securities have a $1,000 stated principal amount, aggregate principal of $501,000, and original issue price of $1,000 per security. Payment at maturity depends solely on closing levels on the observation date: investors receive principal plus a 300% leveraged upside up to a $2,140 cap if the worst-performing underlier appreciates, receive principal if the worst-performing underlier finishes no worse than the 15% buffer, or lose 1% of principal for each 1% decline beyond the buffer, subject to a 15% minimum payment. All payments are subject to issuer and guarantor credit risk, and estimated value on the pricing date was $977.40 per security.

Morgan Stanley Finance LLC priced Structured Investments Enhanced Buffered Jump Securities linked to the MSCI Emerging Markets Index. The securities are principal‑at‑risk notes with a $1,000 stated principal per security and an aggregate issuance of $4,041,000. The notes mature on June 9, 2027 with an observation date of June 4, 2027.

At maturity, if the final level is at or above the buffer level (90% of the initial level), holders receive the stated principal plus a fixed $146.70 upside payment. If the final level is below the buffer, losses are calculated using a 1.1111 downside factor and investors can lose some or all principal. All payments are subject to MSFL and Morgan Stanley credit risk; estimated value on the pricing date was $983.00 per security.

Morgan Stanley Finance LLC priced market‑linked notes that pay principal at maturity and offer upside participation (100% participation) in the lowest performing of the Nasdaq‑100 Index, the State Street Financial Select Sector SPDR ETF (XLF) and the State Street Industrial Select Sector SPDR ETF (XLI). Each note has a $1,000 principal amount, a maximum return of 8.00% (maximum maturity payment $1,080), a pricing date of May 22, 2026, an original issue date of May 28, 2026 and a scheduled maturity date of November 26, 2027 (calculation day November 22, 2027). The estimated value on the pricing date was $960.70 per note; price to public is $1,000 per note, with agent commissions of $28.25 and proceeds to MSFL of $971.75 per note. The notes do not pay interest, are subject to Morgan Stanley credit risk, are not listed, and returns depend solely on the lowest performing underlying, subject to the cap.

Morgan Stanley Finance LLC is offering $912,000 aggregate principal of callable contingent income buffered securities due May 25, 2028, fully and unconditionally guaranteed by Morgan Stanley.

The notes pay a contingent coupon of 11.50% per annum for each interest period only if the closing level of each underlier (Nasdaq-100, Russell 2000, S&P 500) is at or above its coupon barrier on the related observation date. The securities are principal‑at‑risk: if the final level of the worst performing underlier is below its buffer level (80% of initial), investors lose 1% for each 1% decline beyond the 20% buffer, subject to a 20% minimum payment at maturity. The notes may be called early beginning August 27, 2026, based on a risk‑neutral valuation model; redemption will pay stated principal plus any contingent coupon then due. All payments are subject to Morgan Stanley’s credit risk.

Morgan Stanley Finance LLC is offering structured, principal-at-risk notes due June 10, 2031 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 document estimates the securities' value on the pricing date at approximately $944.90. The notes are linked to the worst performing of the SPDR S&P 500 ETF (SPY) and the Dow Jones Industrial Average (INDU), carry an automatic early redemption feature on specified determination dates, a 100% participation rate for upside, and an 80% downside threshold per underlier.

Morgan Stanley Finance LLC offers auto‑callable market‑linked securities with a contingent memory coupon. The offering consists of securities with a face amount of $1,000 per security and total price to public of $2,512,000. The securities mature on June 2, 2027 and are fully guaranteed by Morgan Stanley.

The securities pay a contingent monthly coupon at an annual rate of 10.65% only if the lowest‑performing underlying stock meets its coupon threshold on each monthly calculation day. The estimated value on the pricing date was $969.40 per security. If not called, maturity payment depends on the ending price of the lowest performing of Keysight Technologies, NextEra Energy and Visa; a decline of more than 50% in the lowest performing underlying would cause a loss of more than 50% (and possibly all) of the face amount.

Morgan Stanley Finance LLC is offering contingent income memory buffered auto-callable securities due June 6, 2031, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and an estimated value on the pricing date of approximately $903.40.

The notes pay a contingent coupon at an annual rate of 10.50%, payable only when the underlier meets the coupon barrier (70% of the initial level) on observation dates. The securities feature automatic early redemption if the underlier equals or exceeds the call threshold (100% of the initial level) on a redemption determination date. At maturity, if not redeemed, investors receive the stated principal only if the final level is at or above the buffer level (85% of initial); otherwise payment = $1,000 × (final level / initial level + 15%), subject to a minimum payment of 15% of principal. All payments are subject to Morgan Stanley's credit risk.