Morgan Stanley 424B Filings

Morgan Stanley Finance LLC priced Structured Investments Buffered Jump Securities with an auto-callable feature due March 22, 2029. Each note has a $1,000 stated principal and an issue price of $1,000; the estimated value on the pricing date is approximately $947.10. The notes reference the VanEck^® Gold Miners ETF and the State Street^® SPDR^® S&P^® Metals & Mining ETF and pay no periodic interest.

Automatic early redemption may occur on scheduled determination dates beginning December 17, 2026, with preset early redemption payments that increase over time. At maturity investors receive $1,261.25 if both underliers finish at or above their 85% buffer levels; otherwise losses apply based on the worst performing underlier, subject to a 15% minimum payment at maturity.

Morgan Stanley Finance LLC is offering Principal at Risk securities linked to the worst performing of the Dow Jones Industrial, the Nasdaq-100 Technology Sector and the Russell 2000 Index. Each security has a $1,000 stated principal amount and a fixed $108.50 upside payment (10.85%). The securities feature a 20% buffer and a 20% minimum payment at maturity. Key dates: strike/pricing May 29, 2026, original issue June 3, 2026, observation June 29, 2027, maturity July 2, 2027. Estimated value on the pricing date was approximately $983.90 per security. Payments depend on the worst performing underlier and are subject to Morgan Stanley and MSFL credit risk.

Morgan Stanley Finance LLC priced a Trigger PLUS linked to NVIDIA common stock with a three-year term and principal at risk. Each security has a stated principal amount of $1,000, an estimated value on the pricing date of approximately $962, a 200% leverage factor and a capped maximum payment at maturity of $2,093 per security. The observation date is May 29, 2029 and the stated maturity is June 1, 2029. If the final level is below the downside threshold (70% of the initial level) holders incur proportional losses up to the full principal amount; payments and secondary‑market values are subject to Morgan Stanley’s credit risk.

Morgan Stanley Finance LLC priced Principal at Risk Buffered Participation Securities linked to the S&P 500® Index with a stated principal amount of $1,000 per security and an aggregate principal amount of $380,000. The securities pay no interest, mature on June 24, 2027, and offer a 20% buffer against declines in the underlier but expose investors to losses beyond that buffer and to issuer credit risk. If the final level exceeds the initial level of 7,432.97, investors participate at a 100% participation rate up to a $1,101 maximum payment per security. If the final level is below the buffer level (5,946.376), principal is reduced pro rata, subject to a 20% minimum payment at maturity. The estimated value on the pricing date was $985.60 per security, with a price to public of $1,000 and agent commissions of $7.50 per security.

Morgan Stanley Finance LLC is offering principal-at-risk, contingent-income, auto-callable notes tied to the S&P 500® Index with a $1,000 stated principal per security and an aggregate issuance of $900,000. The notes pay a contingent coupon at an annual rate of 9.72% on observation dates when the underlier is at or above the coupon barrier of 5,882.888 (80% of the initial level). The notes can be automatically redeemed on scheduled redemption determination dates if the index is at or above the call threshold of 7,353.61 (100% of the initial level). If not called, repayment at maturity depends on the final level: investors receive the stated principal if the final level is at or above the downside threshold (5,882.888), but if below that threshold the payment equals the stated principal multiplied by the performance factor (final level / initial level), and could be significantly less than the initial investment or zero. The estimated value on the pricing date was $985.10 per security; all payments are subject to Morgan Stanley's credit risk.

Morgan Stanley Finance LLC priced a structured, principal‑at‑risk note privately offered under its medium‑term note program with an aggregate principal amount of $822,000 and a stated principal amount of $1,000 per security. The issue price is $1,000 per security and the estimated value on the pricing date is $942.40. The securities mature on May 23, 2031 and are fully and unconditionally guaranteed by Morgan Stanley.

The notes are linked to the worst performing of the Nasdaq-100 Index, Russell 2000 Index and the State Street SPDR S&P Regional Banking ETF. They feature automatic early redemption beginning on the first determination date (May 25, 2027) at fixed early redemption payments (ranging from $1,142.00 to $1,674.50 per security). Payment at maturity is $1,710.00 if each underlier meets its call threshold; otherwise repayment depends on downside thresholds (70% of initial levels) and may result in a pro rata principal loss tied to the worst performing underlier.

The issuer Morgan Stanley Finance LLC, guaranteed by Morgan Stanley, is offering Buffered PLUS with Downside Factor notes linked to the iShares U.S. Real Estate ETF (IYR). Each security has a stated principal of $1,000, a 200% leverage factor on upside, a 10% buffer and a 1.1111 downside factor. The securities mature on December 2, 2027 with final averaging dates in late November 2027. The estimated value on the pricing date was approximately $986.40 per security and the maximum payment at maturity was set at least $1,263 per security (126.30% of principal). Payments at maturity depend on the arithmetic average of the underlier on the final averaging dates; if final level is below the buffer, investors incur leveraged losses and could lose their entire principal. All payments are subject to issuer and guarantor credit risk. The strike/pricing date is May 27, 2026 and the closing level of the underlier on May 21, 2026 was $102.56.

Morgan Stanley Finance LLC priced principal-at-risk, auto-callable notes linked to the common stock of ServiceNow, Inc. The securities have a $1,000 stated principal amount, an issue price of $1,000, aggregate principal of $843,000, and an estimated value on the pricing date of $943.60. If the closing level of the underlier on the first determination date ( May 24, 2027) is at or above the call threshold ($103.30), the securities will be automatically redeemed for an early redemption payment of $1,352.50. At final maturity (February 25, 2028), if not redeemed, payoffs depend on the final level versus the initial level ($103.30) and the downside threshold ($61.98): upside is paid at a 150% participation rate on appreciation; losses occur dollar-for-dollar below the downside threshold and could result in total loss of principal. All payments are subject to issuer and guarantor credit risk. Tax treatment is uncertain; consult a tax adviser.

Morgan Stanley Finance LLC is offering contingent income, auto-callable securities tied to Micron Technology, Inc. Each note has a stated principal amount of $1,000 and an original issue price of $1,000. The notes pay a contingent coupon only if the underlier meets periodic observation thresholds and are automatically redeemed early if the underlier reaches the call threshold on a redemption determination date. If not redeemed, repayment at maturity depends on the final level versus a downside threshold; if the final level is below that threshold, investors suffer pro rata principal loss (performance factor = final level / initial level). Key dates include a strike date of May 26, 2026, a final observation date of May 29, 2029 and a maturity date of June 1, 2029. The preliminary pricing supplement shows an estimated value on the pricing date of approximately $960.30 per security and a stated contingent coupon rate of 39.75% per annum. All payments are unsecured obligations of MSFL and are fully and unconditionally guaranteed by Morgan Stanley; holders bear credit risk of both entities.

Morgan Stanley Finance LLC is offering Principal at Risk structured notes due June 24, 2027 tied to the Class A common stock of Toast, Inc. The offering totals $1,656,000 in aggregate principal at an issue price of $1,000 per security.

Each security pays no interest and at maturity will either return the stated principal plus a fixed $185 (18.50%) upside payment if the final level is at or above the downside threshold, or pay the stated principal multiplied by the performance factor (final level / initial level) if the final level is below the downside threshold of $11.66 (50% of the initial level $23.32). All payments are subject to issuer and guarantor credit risk.

Morgan Stanley Finance LLC priced $440,000 aggregate principal of Principal-at-Risk notes due May 23, 2031, issued at $1,000 per security and fully and unconditionally guaranteed by Morgan Stanley. The securities pay a contingent coupon of 13.75% per annum, feature automatic early redemption if the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index closes at or above the call threshold on a redemption determination date, and return principal at maturity only if the final level is at or above the buffer level (≈85% of initial); otherwise investors bear losses beyond the 15% buffer, subject to a 15% minimum payment at maturity. The offering was priced on May 20, 2026, with original issue date May 26, 2026, and maturity May 23, 2031. The securities are unsecured obligations of MSFL; payments are subject to MSFL’s and Morgan Stanley’s credit risk.

Morgan Stanley Finance LLC is offering Structured Investments: Partial Principal at Risk Notes due December 6, 2027, linked to the worst performing of the Nasdaq-100 Index and the S&P 500 Index. The notes have a $1,000 stated principal amount, pay no interest, and return a partial principal return amount of 95% of stated principal at maturity in downside scenarios. The participation rate is 100% with a maximum payment at maturity of $1,170.50 per note. The pricing/strike date is June 1, 2026, original issue date June 4, 2026, observation date December 1, 2027, and estimated value on the pricing date was approximately $987.10 per note. All payments are subject to Morgan Stanley and MSFL credit risk; the notes are unsecured, not listed, and may have limited secondary-market liquidity.

Morgan Stanley Finance LLC prices Principal-at-Risk auto-callable notes linked to the worst performing of the S&P 500, Russell 2000 and Nasdaq-100 (guaranteed by Morgan Stanley). The offering totals $700,000 in aggregate principal at $1,000 per security with an estimated value of $969.00 on the pricing date. The securities pay a contingent coupon of 6.25% per annum on each coupon payment date only if every underlier is at or above its coupon barrier on the related observation date, are subject to automatic early redemption on specified determination dates, and expose investors to full loss of principal if the worst performing underlier declines below its downside threshold and finishes below its initial level.

Morgan Stanley Finance LLC is offering Principal-at-Risk structured notes linked to Nextpower Inc. class A common stock with a stated principal amount of $1,000 per security and an original issue price of $1,000 per security. The securities pay a contingent coupon at an annual rate of 37.68% only when the underlier closes at or above a coupon barrier on each observation date and feature automatic early redemption on specified redemption determination dates. If not redeemed early, investors receive principal at maturity only if the final level is at or above a buffer level equal to 70% of the initial level; otherwise losses are amplified by a downside factor of 1.4286, exposing holders to potential loss of principal. The estimated value on the pricing date is approximately $976.20 per security and the offering includes an agent fee of $10 per $1,000 security.

Morgan Stanley Finance LLC is offering Principal at Risk notes linked to the common stock of ServiceNow, Inc. The securities have a $1,000 stated principal per security, an original issue price of $1,000 and an estimated value on the pricing date of approximately $986.20. They pay a contingent coupon (annual rate 26.28%) only if the underlier meets coupon barrier tests on observation dates and feature automatic early redemption if the underlier meets the call threshold on specified redemption determination dates. If not redeemed, maturity payoff protects the first 30% decline (buffer) but exposes investors to a 1.4286% loss of principal for each 1% decline beyond that buffer. All payments are subject to Morgan Stanley’s credit risk.

Morgan Stanley Finance LLC is offering buffered, auto-callable Principal at Risk securities due June 25, 2029, fully guaranteed by Morgan Stanley. The issue is sold at $1,000 per security with an aggregate offering of $3,346,000. The securities may auto-redeem on the first determination date (May 27, 2027) for an early redemption payment of $1,100 if each underlier meets its call threshold. If not auto‑redeemed, maturity payoffs depend on the worst performing underlier versus a 10% buffer: above initial levels there is participation at 250% of upside; between the buffer and initial level investors receive principal; below the buffer investors lose 1% per 1% decline beyond the buffer, subject to a 10% minimum payment at maturity. All payments are subject to issuer credit risk and the estimated value on the pricing date was $982.90 per security.

Morgan Stanley Finance LLC priced fixed‑coupon, principal‑at‑risk auto‑callable notes linked to the Roundhill Memory ETF. Each note has a stated principal amount of $1,000 and pays a fixed annual coupon of 23.00% monthly unless automatically redeemed early.

Automatic early redemption occurs on specified dates if the underlier’s closing level is at or above the call threshold of $54.34 (100% of the initial level). If not called, at maturity investors receive principal only if the final level is at or above the downside threshold of $29.887 (55% of the initial level); otherwise principal is reduced pro rata by the performance factor and could be zero.

All payments are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley and are subject to Morgan Stanley credit risk. The estimated value on the pricing date was approximately $972.50 per security. The notes do not participate in upside of the underlier and involve trading, liquidity, tax and concentration risks linked to the Roundhill Memory ETF.

Morgan Stanley Finance LLC priced Buffered PLUS principal-at-risk securities linked to the worst performing of Blackstone Inc. and KKR & Co. common stock. Each security has a stated principal amount of $1,000, a 300% leverage factor on upside, a 15% buffer and a capped maximum payment of $2,140 per security. The observation date is November 21, 2028 with maturity on November 27, 2028. The securities pay no interest, provide downside protection only through the specified buffer and expose investors to issuer credit risk and potential loss of principal beyond the buffer.

Morgan Stanley Finance LLC priced Principal-at-Risk, structured auto-callable securities linked to Amphenol Corporation Class A common stock, with a $1,000 stated principal per security and an original issue price of $1,000. The securities pay a contingent coupon only if observation-date closes meet the coupon barrier and are subject to automatic early redemption on specified determination dates. If not redeemed, maturity payoff protects the first 40.14% of loss (the buffer) but applies a downside factor of 1.6706 to declines beyond that buffer, exposing investors to potential principal loss; investors do not participate in upside appreciation. Key dates include strike May 21, 2026, pricing May 22, 2026, original issue May 28, 2026, final observation June 3, 2027, and maturity June 8, 2027.

Morgan Stanley Finance LLC is offering Auto-Callable Trigger PLUS notes due June 3, 2031, linked to the EURO STOXX 50® Index and fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000. If the index on the first determination date (6/8/2027) is at or above the initial index value, the notes auto-redeem for an early redemption payment of $1,170.10. If not redeemed, maturity payoffs depend on the final index value: upside participation of 150% of index appreciation above the initial index value, full principal if the final index value is at or above the downside threshold (75% of initial), or a loss 1-to-1 if the final index value is below that threshold. The pricing date is May 29, 2026; the issuer estimates the value per security on the pricing date at approximately $953.50 (estimate within $40). All payments are subject to issuer credit risk and the securities do not pay regular interest.

Morgan Stanley Finance LLC is offering principal-at-risk, auto-callable notes linked to ServiceNow, Inc. common stock. Each security has a stated principal amount of $1,000, an estimated value on the pricing date of approximately $963, a contingent coupon at an annual rate of 17.50%, and a maturity date of May 25, 2029. The securities pay contingent coupons only if the closing level of the underlier meets or exceeds the coupon barrier on observation dates, can be automatically redeemed early if the underlier meets the call threshold on redemption determination dates, and expose investors to full credit risk of Morgan Stanley and to downside loss at maturity if the final level is below the downside threshold.

Morgan Stanley Finance LLC is offering Dual Directional Buffered Participation Securities linked to the S&P 500® Index with a stated principal amount of $1,000 per security and an aggregate principal amount of $6,590,000. The securities mature on June 24, 2027 and pay no interest.

At maturity the payout depends on the closing index level on the observation date: investors receive upside participation up to a $1,075 maximum, an absolute-return feature if the index落 but remains above the buffer, or principal losses beyond a 19.80% buffer (minimum payment 19.80%).

Morgan Stanley Finance LLC is offering $24,924,000 of Digital S&P 500® Index-Linked Notes due September 22, 2027, fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 face amount. If the S&P 500® closing level on the Determination Date (September 20, 2027) is >= 90% of the initial level, holders receive a capped $1,134.50 per note (113.45% of face). If the index declines by more than 10%, the payment decreases pro rata (using a buffer factor of approximately 111.11%), and investors may lose some or all principal. Trade Date is May 20, 2026; Original Issue Date is May 26, 2026. Estimated value on the Trade Date is $996.70 per note. The notes do not pay interest, are unsecured, not listed, and are subject to issuer credit risk. Proceeds are for general corporate purposes.

Morgan Stanley Finance LLC priced a preliminary offering of market‑linked, principal‑at‑risk securities due June 9, 2027, fully and unconditionally guaranteed by Morgan Stanley. Each security has a face amount of $1,000, a current estimated value of $957.60 on the pricing date, and a contingent fixed return to be set on the pricing date of at least 40% (example: $400 per security). The payout depends solely on the lowest performing stock among Netflix, ServiceNow and Oracle measured on the calculation day (June 4, 2027). If that lowest performing stock closes below its threshold (60% of its starting price), holders are exposed to the full downside of that stock and may lose more than 40% or all principal at maturity. The document discloses underwriter commissions, estimated value methodology, tax treatment uncertainty, potential lack of liquidity and conflicts of interest; investors are directed to the product supplement, tax supplement and prospectus for full terms.

Morgan Stanley Finance LLC is offering principal‑at‑risk, auto‑callable notes due May 30, 2028 that are linked to the worst performing common stock of Adobe Inc., Broadcom Inc. and Micron Technology, Inc.. The securities have a stated principal amount of $1,000 per security and an issue price of $1,000 per security. They pay a fixed coupon at an annual rate of 22.30% (monthly payments) and may be automatically redeemed early if each underlier meets its call threshold on a redemption determination date.

At maturity investors receive principal only if each underlier's final level is at or above its downside threshold (55% of initial level); otherwise the payment equals the stated principal multiplied by the performance factor of the worst performing underlier, exposing investors to a potential total loss of principal. The pricing date and strike date are May 22, 2026, the observation date is May 24, 2028, and the estimated value on the pricing date is approximately $968.00 per security.

Morgan Stanley Finance LLC priced a structured principal-at-risk note linked to ServiceNow, Inc. (NOW) with a one-year term maturing June 2, 2027. Each $1,000 face security pays a contingent fixed return of 21% ($210) if the ending price is at or above the 60% threshold ($61.98). If the ending price is below the threshold, the holder is exposed 1-for-1 to the underlying return and may lose more than 40% or all of the face amount. The estimated value on the pricing date is $944.00 per security; price to public is $1,000 with agent commissions of up to $23.25 per security.

Morgan Stanley Finance LLC is offering Principal at Risk auto-callable notes due May 30, 2031, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000, a contingent annual coupon of 10.15% payable only if the closing level of every underlier meets its coupon barrier on observation dates, and automatic early redemption if every underlier meets its call threshold on a redemption determination date.

The notes are linked to the worst performing of four underliers: Alphabet Inc. Class C, Microsoft common stock, the Nasdaq-100 Index and the S&P 500 Index. If the worst performing underlier is below its downside threshold at maturity, payment equals principal multiplied by that underlier’s performance factor and could be significantly less than, or equal to, zero. Estimated value on the pricing date was approximately $930.30 per security.

Morgan Stanley Finance LLC is offering Callable Contingent Income Securities tied to the common stock of United Airlines Holdings, Inc. The securities have a stated principal amount of $1,000 per security, an aggregate principal amount of $250,000, and mature on February 24, 2027. They pay a contingent coupon at an annual rate of 20.50% only if the closing level of the underlier is at or above the coupon barrier level on each observation date; otherwise no coupon is paid for that period. The coupon barrier level and downside threshold are $53.472 (60% of the initial level). If not redeemed and the final level is below the downside threshold, payment at maturity equals the stated principal amount multiplied by the performance factor (final level/initial level), exposing investors to potential loss of principal. The securities are unsecured obligations of MSFL, fully and unconditionally guaranteed by Morgan Stanley, and subject to issuer credit risk and early redemption determined by a risk neutral valuation model. The estimated value on the pricing date was $977.20 per security.

Morgan Stanley Finance LLC priced $3,000,000 of Principal at Risk securities — notes linked to NVIDIA Corporation common stock and fully guaranteed by Morgan Stanley.

The securities have a $1,000 stated principal amount per security, an initial level of $220.61 (the closing level on the strike date) and an 80% buffer level of $176.488. At maturity on November 24, 2027, payoffs depend on the underlier's closing level on the observation date: full upside participation is 100% up to a capped maximum upside payment of $1,403.80 per security; limited positive returns apply for declines down to the buffer, while declines below the buffer produce proportional principal losses subject to a minimum payment of 20% of principal. The original issue price was $1,000 with an estimated value on the pricing date of $974.20 and an agent commission of $15 per security.

Morgan Stanley Finance LLC is offering Principal at Risk auto‑callable notes linked to the common stock of Broadcom Inc. The offering is for $17,760,000 aggregate and each security has a $1,000 stated principal amount.

The notes pay a contingent coupon at an annual rate of 15.60% on observation dates if the closing level of the underlier is at or above the coupon barrier ($226.089, ~55% of the initial level). Automatic early redemption occurs if the closing level is at or above the call threshold ($411.07) on any redemption determination date. If not redeemed, maturity payoff returns principal only if the final level is at or above the downside threshold ($226.089); otherwise payment equals the stated principal times the performance factor and could be significantly less or zero. All payments are subject to issuer and guarantor credit risk.

Morgan Stanley Finance LLC offers principal-at-risk structured notes—auto-callable securities backed by a Morgan Stanley guarantee with an aggregate principal amount of $120,000 and a stated principal of $1,000 per security. The notes pay no regular interest, may auto-redeem on the first determination date for $1,250 if the underlier is at or above 3,422.23, and otherwise provide a maturity payoff that includes a 350% participation rate on appreciation or subjects principal to a linear loss below a downside threshold of 1,711.115 (50% of the initial level). All payments are subject to MSFL's and Morgan Stanley's credit risk.

Morgan Stanley Finance LLC priced a market-linked, principal-at-risk security fully guaranteed by Morgan Stanley linked to the common stock of Apple Inc. The securities have a $1,000 face amount, 100% participation to a capped upside and a 25% buffered downside. The pricing date is May 26, 2026 and the scheduled maturity date is June 1, 2033 (subject to postponement). The threshold price equals 75% of the starting price. The maximum return will be set on the pricing date and will be at least 132.10% of face amount (implying a maximum maturity payment of at least $2,321.00 per security). The document states an estimated value of approximately $917.80 per security on the pricing date and shows agent commissions of $43.70 per security with proceeds to the issuer of $956.30 per security.

Morgan Stanley Finance LLC offers $1,500,000 aggregate of Digital S&P 500® Index-Linked Notes due May 8, 2030, fully and unconditionally guaranteed by Morgan Stanley.

The notes have a Face Amount of $1,000 each and pay at maturity either (1) the Maximum Settlement Amount of $1,335.50 per $1,000 if the S&P 500 final level is at least 80% of the initial level, or (2) a cash amount equal to $1,000 plus $1,000 times the Underlier Return if the final level is below 80%, exposing holders to the full percentage decline (potentially a complete loss). The Trade Date is May 19, 2026, Original Issue Date is May 22, 2026, and the Determination Date is May 6, 2030.

The estimated value on the Trade Date is $958.90 per note. Payments are unsecured and subject to issuer credit risk; no interest is paid and the notes will not be listed.

Morgan Stanley Finance LLC is offering fixed rate callable notes due July 28, 2027, fully and unconditionally guaranteed by Morgan Stanley. The notes pay interest at 4.200% per annum, accrue from May 28, 2026, and have an issue price and stated principal amount of $1,000 per note.

The notes are callable quarterly beginning on November 28, 2026 if a risk neutral valuation model determination selected by the calculation agent indicates redemption is economically rational; any call pays 100% of principal plus accrued interest. The issuer estimates the notes' value on the pricing date at approximately $995.40 per note. Payments are subject to the issuer's credit risk and the notes will not be listed on any exchange.

Morgan Stanley Finance LLC offers Callable Contingent Income Securities due June 1, 2029, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and a contingent coupon payable at an annual rate of 11.00% if, on each observation date, the closing level of each of the three underliers is at or above its coupon barrier (70% of its initial level). If not redeemed early and the final level of every underlier is at or above its downside threshold (60% of initial), you receive principal at maturity; if the worst-performing underlier finishes below its downside threshold, the maturity payment equals the stated principal multiplied by that underlier’s performance factor, resulting in possible substantial loss of principal. The securities may be redeemed on specified redemption dates beginning December 2, 2026 if a risk neutral valuation model indicates redemption is economically rational for the issuer. All payments are subject to Morgan Stanley’s credit risk.

The pricing supplement describes Step‑Up Jump Notes with an Auto‑Callable feature issued by Morgan Stanley Finance LLC and fully guaranteed by Morgan Stanley. Each note has a stated principal amount of $1,000, an original issue price of $1,000, an estimated value on the pricing date of approximately $892.70, a strike/pricing date of May 29, 2026, an original issue date of June 3, 2026 and a maturity date of June 3, 2033. The notes pay no interest, may be automatically redeemed on scheduled determination dates if the underlier meets call thresholds, and pay at maturity either principal plus upside (100% participation) if the final level is greater than the initial level or only the stated principal amount if equal to or below the initial level. The notes are unsecured obligations, not exchange‑listed, and are subject to issuer credit risk, model valuation assumptions, embedded Index fees (including a 0.65% per annum index fee) and other risks described under "Risk Factors."

Morgan Stanley Finance LLC offers principal‑at‑risk, auto‑callable structured securities. Each security has a stated principal amount of $1,000 and an issue price of $1,000. The securities reference the EURO STOXX 50® and Russell 2000® indices, feature automatic early redemption on specified determination dates, and mature on May 30, 2031. If both underliers meet call thresholds on a determination date, investors receive a fixed early redemption payment (illustrative returns approximate 12.25% per annum). If not redeemed, maturity payments depend on the final performance of the worst performing underlier: a fixed positive payment if both meet call thresholds, return of principal if both stay above downside thresholds, or a principal loss proportional to the worst performing underlier if it falls below its downside threshold.

Morgan Stanley Finance LLC proposes Principal at Risk structured notes due June 3, 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 no regular interest, feature an automatic early redemption on the first determination date for an early redemption payment of $1,250 if the underlier meets the call threshold, and otherwise provide payoff outcomes at maturity tied to the S&P® 500 Futures 40% Intraday 4% Decrement VT Index. The participation rate is 350% for upside above the initial level; the underlier includes a 4% per annum decrement and a downside threshold set at 50% of the initial level. The document warns of principal loss to zero, model valuation uncertainty (estimated value ~$943.60 on pricing date), issuer and guarantor credit risk, limited secondary market liquidity, and U.S. federal tax treatment uncertainty.

Morgan Stanley Finance LLC is pricing Principal at Risk Buffered Participation Securities linked to the S&P 500® Index with a $1,000 stated principal amount per security. The notes mature on June 6, 2029 with an observation date of June 1, 2029 and pay no interest.

If the final level exceeds the initial level of 7,432.97, holders receive principal plus 100% participation in the index gain, capped at a $1,288.50 maximum payment. If the final level falls to at least the 20% buffer level (5,946.376), holders receive the stated principal. If the final level is below the buffer, investors lose 1% of principal for each 1% decline beyond the buffer, subject to a 20% minimum payment at maturity.

Morgan Stanley Finance LLC is offering principal‑at‑risk, contingent‑income, auto‑callable securities with a stated principal of $1,000 per security. The securities price and strike were set on May 27, 2026, have a maturity date of May 30, 2031 and an estimated value on the pricing date of approximately $904.20 per security. They pay a contingent coupon at an annual rate of 9.55% only when the underlier meets the coupon barrier on specified observation dates and feature automatic early redemption if the underlier meets a call threshold on certain redemption determination dates. At maturity, if the final level is below the buffer level (85% of the initial level), investors absorb losses equal to 1% for each 1% decline beyond the buffer, subject to a minimum payment of 15% of principal. All payments are unsecured obligations of MSFL and are fully guaranteed by Morgan Stanley; payments remain subject to Morgan Stanley’s credit risk.

Morgan Stanley Finance LLC is offering contingent income memory auto-callable securities due June 8, 2029, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and an original issue price of $1,000. The securities pay a contingent coupon at an annual rate of 9.00% only when the closing level of each of three underliers meets or exceeds its coupon barrier on an observation date. The securities are linked to the worst performing of the Dow Jones Industrial Average, the Nasdaq-100® Technology Sector Index and the State Street® SPDR® S&P® Regional Banking ETF (KRE). They may be automatically redeemed on specified redemption determination dates if all underliers meet their call thresholds; if not redeemed, repayment at maturity is either full principal (if each underlier is above its downside threshold) or a reduced payment tied to the worst performing underlier, potentially resulting in total loss of principal. All payments are subject to the issuer’s and guarantor’s credit risk. The estimated value on the pricing date was approximately $953.80 per security.

Morgan Stanley Finance LLC offers Principal at Risk auto-callable notes linked to the S&P® 500 Futures 40% Intraday 4% Decrement VT Index. Each security has a $1,000 stated principal amount, a contingent coupon at an annual rate of 16.00%, automatic early‑redemption observations beginning on November 30, 2026, a final observation date of May 28, 2031 and maturity on June 2, 2031. Investors receive the stated principal at maturity only if the final level is at or above a downside threshold equal to 60% of the initial level; otherwise maturity payment is reduced by the performance factor (final/initial level). Estimated value on the pricing date is approximately $948.80 per security. All payments are subject to MSFL and Morgan Stanley credit risk.

Morgan Stanley Finance LLC is offering Buffered PLUS principal-at-risk securities due July 9, 2027. Each security has a stated principal amount of $1,000 and is linked to the worst performing of the EURO STOXX 50® Index and the iShares MSCI EAFE ETF (EFA). The notes provide 150% leveraged upside on the worst performing underlier up to a maximum payment of $1,262.50 (126.25%), a 10% buffer (90% buffer level), and a minimum payment of 10% of principal. Payment at maturity depends solely on closing levels on the observation date of July 6, 2027, and all payments are subject to issuer credit risk and the guarantee by Morgan Stanley.

Morgan Stanley Finance LLC offers principal-at-risk, auto-callable securities tied to Palantir Technologies Inc. class A common stock with a stated principal amount of $1,000 per security. The securities pay a contingent coupon of 15.00% per annum on specified observation dates if the underlier meets the coupon barrier. They can redeem early on scheduled redemption determination dates if the underlier meets the call threshold. At maturity, if the final level is below the downside threshold (50% of the initial level), investors suffer proportional principal loss (performance factor = final level / initial level). All payments are unsecured obligations of MSFL and guaranteed by Morgan Stanley and are subject to issuer credit risk, limited secondary market liquidity, embedded structuring and hedging costs, and uncertain U.S. federal tax treatment.

Morgan Stanley Finance LLC is offering Buffered PLUS principal-at-risk notes linked to the worst performing of the Dow Jones Industrial Average and the S&P 500 Index, with a $1,000 stated principal amount per security and an original issue price of $1,000 per security. The securities pay no interest, provide a 122% leverage factor on upside, include a 15% buffer (buffer level = 85% of the initial level) and a 15% minimum payment at maturity. Key dates: strike/pricing June 3, 2026, original issue date June 8, 2026, observation date June 4, 2029 (subject to postponement), and maturity date June 7, 2029. Payments are based on the worst performing underlier and are subject to issuer credit risk and the calculation agent’s determinations.

Morgan Stanley Finance LLC is offering market-linked notes due May 30, 2031 linked to the S&P 500® Futures Excess Return Index. The notes have a $1,000 stated principal amount per note and a 127% participation rate for positive index performance; they pay no interest and return principal at maturity if the index is flat or lower. The pricing and strike dates are May 26, 2026, the observation date is May 27, 2031, and the estimated value on the pricing date is approximately $948.50 per note. All payments are unsecured and subject to Morgan Stanley Finance LLC credit risk and Morgan Stanley’s guarantee.

Morgan Stanley Finance LLC is offering principal-at-risk, contingent income auto-callable securities linked to the common stock of Blackstone Inc. Each security has a stated principal amount of $1,000 and an issue price of $1,000. The estimated value on the pricing date is approximately $980. The securities pay a contingent coupon at an annual rate of 15.60% on each coupon payment date only if the underlier's closing level on the related observation date is at or above the coupon barrier (set at 60% of the initial level). The notes are automatically redeemed early if the closing level on any redemption determination date is at or above the call threshold (100% of the initial level), in which case holders receive the stated principal plus the contingent coupon for that period. If not auto‑redeemed, at maturity holders receive principal if the final level is at or above the downside threshold (60% of the initial level); if the final level is below that threshold, the payment equals the principal multiplied by the performance factor (final level/initial level), exposing investors to potential loss of principal, possibly to zero. All payments are unsecured obligations of MSFL and are fully guaranteed by Morgan Stanley and are subject to Morgan Stanley's credit risk.

Morgan Stanley Finance LLC priced $1,312,000 of buffered digital MSCI EAFE® index-linked notes due June 9, 2028, fully and unconditionally guaranteed by Morgan Stanley. The notes return either a capped payment of $1,188.00 per $1,000 (118.80%) if the Final Underlier Level is at or above 87.50% of the Initial Underlier Level, or a downside cash payment that can result in a partial or total loss of principal if the index falls below that threshold.

The trade date was May 19, 2026, Original Issue Date May 22, 2026, and the Determination Date is June 7, 2028. The notes do not pay interest, are unsecured, not listed, and are subject to issuer credit risk, hedging activity by affiliates, limited secondary liquidity and potential discretionary adjustments by the calculation agent. The estimated value on the trade date was $989.50 per $1,000.

Morgan Stanley Finance LLC is offering structured, principal-at-risk, contingent income auto-callable securities linked to the common stock of Micron Technology, Inc. Each security has a stated principal amount of $1,000 and an original issue date of June 2, 2026.

The securities pay a contingent coupon at an annual rate of 22.20% only if the closing level of the underlier meets or exceeds the coupon barrier (set at 50% of the initial level) on observation dates. They are subject to automatic early redemption if the closing level meets or exceeds the call threshold (100% of the initial level) on redemption determination dates. If not redeemed, at maturity on June 2, 2031 holders receive principal only if the final level is at or above the downside threshold (set at 50% of the initial level); otherwise the payment equals $1,000×(final level/initial level), which could be significantly less or zero.