Morgan Stanley 424B Filings

Morgan Stanley Finance LLC is offering Principal at Risk auto-callable securities tied to the common stock of lululemon athletica inc. The notes have a stated principal amount of $1,000 per security, an aggregate principal amount of $500,000, and pay a fixed coupon of 12.80% per annum monthly until early redemption or maturity.

The securities can be automatically redeemed on specified redemption determination dates beginning May 12, 2027 if the closing level of the underlier is greater than or equal to the call threshold (initial level $125.13). If not redeemed, at maturity May 17, 2028 holders receive principal only if the final level is at or above the downside threshold ($68.822, ~55% of initial); otherwise principal is reduced pro rata by the underlier's decline.

Morgan Stanley Finance LLC priced Structured Investments Enhanced Buffered Jump Securities (principal-at-risk) linked to the S&P 500® Index with a stated principal amount of $1,000 per security and an aggregate principal amount of $750,000. The securities mature on June 17, 2027 and pay a fixed upside payment of $70.90 per security if the final level is at or above the buffer level. If the final level is below the buffer level (80% of the initial level), losses apply at a downside factor of 1.25, meaning a 1% decline beyond the 20% buffer reduces principal by 1.25%. The initial level is 7,444.25 and the buffer level is 5,955.40. The estimated value on the pricing date was $985.40 per security and the issue price was $1,000 (agent commissions $10.42 per security). All payments are subject to MSFL credit risk and there is no minimum payment at maturity.

Morgan Stanley Finance LLC priced Principal at Risk securities linked to Meta Platforms, Inc. Class A common stock. The securities have a $1,000 stated principal amount, $170.60 fixed upside payment and an aggregate offering of $1,350,000. They pay no interest, are unsecured obligations of MSFL and are fully guaranteed by Morgan Stanley. At maturity on June 1, 2027, if the final level is at or above a buffer level (approximately 85% of the initial level), investors receive principal plus the fixed upside payment; if below the buffer, losses occur at a 1.1765 downside factor, and there is no minimum payment (investors could lose their full investment). The securities were issued with an estimated value on the pricing date of $983.20 and include issuance costs reflected in the $1,000 issue price. Payment calculations use the closing level on the observation date of May 26, 2027, subject to postponement for market disruptions.

Morgan Stanley Finance LLC priced Structured Investments Enhanced Trigger Jump Securities linked to the iSharesSilver Trust (SLV). Each security has a stated principal amount of $1,000 and a fixed upside payment of $212.50 (21.25%) if the final level is at or above a downside threshold of 70% of the initial level. If the final level is below that threshold, investors absorb losses pro rata (1% loss in the underlier = 1% principal loss); there is no minimum payment at maturity. The pricing date and strike date were May 27, 2026, the observation date is June 28, 2027 (subject to postponement) and the stated maturity is July 1, 2027. The document discloses an estimated value of approximately $963.40 per security on the pricing date and emphasizes that all payments are subject to Morgan Stanley's credit risk.

Morgan Stanley Finance LLC is offering Structured Investments — Dual Directional Buffered Jump Securities due June 10, 2031, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and an upside payment of $406 (40.60%).

The notes pay no interest and expose investors to principal risk: an 80% capped positive return in certain downside scenarios via an absolute return participation rate of 400%, a buffer amount of 20%, and a minimum payment at maturity of 20 of principal. The observation date is June 5, 2031; estimated value on the pricing date is approximately $974.20. Sales are limited to certain fee-based advisory accounts.

Morgan Stanley Finance LLC (guaranteed by Morgan Stanley) offers contingent income auto-callable notes linked to the worst performing of the Nasdaq-100, Russell 2000 and S&P 500. Each security has a $1,000 stated principal amount and an original issue price of $1,000. The securities pay a contingent coupon at an annual rate of 10.85% only if all three underliers are at or above their coupon barrier on each observation date; otherwise no coupon is paid for that period. The notes feature automatic early redemption on multiple redemption determination dates beginning May 21, 2027, returning principal plus the contingent coupon if each underlier meets its call threshold. If not redeemed, repayment at maturity on May 25, 2028 is either the stated principal or, if the worst performing underlier finishes below its downside threshold (70% of initial level), a reduced amount equal to the stated principal multiplied by that underlier’s performance factor, potentially resulting in a loss of up to the entire principal. All payments are subject to the issuer’s and guarantor’s credit risk. The pricing-date estimated value is approximately $990.30 per security.

Morgan Stanley Finance LLC priced Principal at Risk structured notes fully and unconditionally guaranteed by Morgan Stanley. The offering registers $1,229,000 aggregate principal in $1,000 denominations. Each security pays $102 upside at maturity if the worst performing underlier is at or above its 75% downside threshold. If the worst performing underlier is below its downside threshold, payment equals principal × performance factor of the worst performing underlier and could be significantly less or zero. The observation date is June 14, 2027 with maturity June 17, 2027. Estimated value on the pricing date was $975.10 per security and the agent commission is $15 per security.

Morgan Stanley Finance LLC prices a primary offering of principal-at-risk, fixed-coupon notes due June 3, 2031, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount, a 7.10% annual fixed coupon, a buffer equal to 85% of the initial level (buffer amount 15%) and an observation date of May 29, 2031. The securities pay monthly coupons, may be automatically redeemed early if the underlier meets the call threshold, and expose investors to principal loss for declines of the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index beyond the buffer. The estimated value on the pricing date is approximately $919.10 per security; the issue price is $1,000 per security. All payments are subject to the issuer’s and guarantor’s credit risk.

Morgan Stanley Finance LLC priced a series of Principal at Risk securities linked to the EURO STOXX 50® Index due May 19, 2031. Each security has a stated principal amount of $1,000 and an estimated value on the pricing date of $952.70. At maturity investors receive either the stated principal plus the greater of (i) a cash amount tied to the underlier percent change or (ii) an upside payment of $375.50 (37.55%), provided the final level is at or above the downside threshold of 4,451.22 (75% of the initial level). If the final level is below that threshold, investors lose 1% of principal for each 1% decline in the index and could lose their entire investment. The securities are unsecured obligations of MSFL and are fully guaranteed by Morgan Stanley; all payments are subject to Morgan Stanley’s credit risk.

Morgan Stanley Finance LLC is offering 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 original issue price of $1,000 per security. The securities mature on June 24, 2027 and use an observation date of June 21, 2027.

Holders receive the stated principal if the final level is at or above the 85% buffer level; they receive upside equal to 100% participation in gains capped at a $1,137.50 maximum payment. If the final level is below the buffer level, investors incur losses equal to the underlying decline beyond the 15% buffer, subject to a minimum payment of 15% of principal. Payments are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley; all payments are subject to issuer credit risk.

Morgan Stanley Finance LLC is offering Principal at Risk structured securities linked to the common stock of Arista Networks, Inc. The offering is for an aggregate principal amount of $2,120,000 at a stated principal amount of $1,000 per security with an issue price of $1,000 per security.

The securities mature on June 1, 2027 and pay either the stated principal plus a fixed upside payment of $270.50 (27.05%) if the averaged final levels are at or above the downside threshold of $98.483 (70% of the initial level), or a cash payment equal to the stated principal multiplied by the performance factor (final level / initial level) if below that threshold. The initial level (strike date close) is $140.69; the document lists an estimated value on the pricing date of $978.70 per security.

Morgan Stanley Finance LLC is offering Structured Investments — Enhanced Buffered Jump Securities with Downside Factor, fully and unconditionally guaranteed by Morgan Stanley. The offering has an aggregate principal amount of $500,000 and a stated principal amount of $1,000 per security. The securities mature on June 1, 2027 and pay at maturity based solely on the worst performing of four underliers: Apollo Global Management, Ares Management, Blackstone and KKR.

If the worst performing underlier finishes at or above its buffer level (80% of initial), holders receive the stated principal plus a fixed $366.70 36.67% upside payment. If that underlier finishes below its buffer level, holders lose 1.25% of principal for each 1% decline beyond the 20% buffer (downside factor 1.25); there is no minimum payment at maturity. All payments are subject to Morgan Stanley’s credit risk and secondary market liquidity may be limited.

Morgan Stanley Finance LLC is offering Principal at Risk notes, Structured Investments Enhanced Buffered Jump Securities, linked to the S&P 500® Index with a stated principal amount of $1,000 per security. The securities pay no interest and offer a fixed upside payment of $291.50 (29.15%) if the final level is at or above the buffer level. The securities include a 25% buffer (buffer level = 75% of the initial level) and a minimum payment at maturity of 25% of principal. The pricing and strike dates are June 5, 2026 with maturity on June 10, 2030. All payments are subject to Morgan Stanley Finance LLC's credit risk and the guarantee of Morgan Stanley. The estimated value on the pricing date is approximately $977.70 per security; the original issue price is $1,000 and issuance costs are borne by purchasers.

Morgan Stanley Finance LLC is offering principal-at-risk, contingent income auto-callable securities linked to the common stock of General Mills, Inc. The notes have a stated principal amount of $1,000 per security, a maturity date of July 7, 2027 and an original issue date of June 4, 2026. The securities pay a contingent coupon at an annual rate of 14.00% only if the closing level of the underlier meets or exceeds the coupon barrier on each observation date. The notes are automatically redeemed early if the closing level meets or exceeds the call threshold on any redemption determination date, and at maturity investors receive principal only if the final level is at or above the downside threshold; otherwise the payment equals the stated principal multiplied by the performance factor, exposing investors to full downside (losses could be substantial or total). All payments are unsecured obligations of Morgan Stanley Finance LLC and fully guaranteed by Morgan Stanley; payments remain subject to Morgan Stanley's credit risk. The preliminary pricing shows an estimated value on the pricing date of approximately $969.60 per security.

Morgan Stanley Finance LLC is offering S&P 500® Index‑linked notes (Principal at Risk) fully and unconditionally guaranteed by Morgan Stanley. Each note has a Face Amount of $1,000. The notes pay no interest; the cash payment at maturity depends on the S&P 500® Index performance measured from the Trade Date to the Determination Date (expected 46 to 49 months after the Trade Date).

If the Final Underlier Level is >= 80% of the Initial Underlier Level (the Threshold Level) holders receive a capped Maximum Settlement Amount expected to be between $1,303.50 and $1,356.10 per note. If the Final Underlier Level is 80% of the Initial Underlier Level, the Cash Settlement Amount equals $1,000 plus $1,000 times the Underlier Return, and investors may lose a significant portion or all of principal. The estimated value on the Trade Date is approximately $958.90 per note; the price to public is $1,000 with an agent commission of $31.70 per note.

Morgan Stanley Finance LLC is offering Principal at Risk Buffered Participation Securities linked to the worst performing of the Dow Jones Industrial Average and the S&P 500® Index. Each security has a $1,000 stated principal amount and matures on September 2, 2027. The securities pay no interest and provide a 15% buffer (buffer level = 85% of initial level) against declines of the worst performing underlier; losses beyond the buffer are passed through on a 1%-for-1% basis, subject to a 15% minimum payment and a $1,305.50 maximum payment (130.55% of principal). The participation rate is 100%. The offering is unsecured, guaranteed by Morgan Stanley, and all payments are subject to the issuer’s credit risk. Key dates: strike/pricing date May 29, 2026, original issue date June 3, 2026, observation date August 30, 2027 (subject to postponement).

Morgan Stanley Finance LLC offers principal-at-risk notes with a contingent coupon. Each security has a $1,000 stated principal amount and an annual contingent coupon of 11.15% payable only if the closing level of each underlier meets its coupon barrier on each observation date. The securities mature on November 30, 2028 and are callable beginning March 3, 2027 based on the output of a risk neutral valuation model. At maturity, if the final level of any underlier is below its downside threshold (65% of initial level), payment is reduced pro rata to the worst-performing underlier; principal could be lost. All payments are subject to Morgan Stanley credit risk.

Morgan Stanley Finance LLC is offering principal-at-risk, contingent-coupon, auto-callable notes linked to the common stock of Broadcom Inc. The securities have a stated principal amount of $1,000 per security, an estimated value on the pricing date of approximately $962.60, a contingent coupon at an annual rate of 15.25%, and a maturity date of June 1, 2029. Coupons are paid only if the underlier meets the coupon barrier on observation dates; automatic early redemption may occur on scheduled redemption determination dates if the underlier meets the call threshold. If not redeemed and the final level is below the downside threshold, payment at maturity will be reduced pro rata to the underlier’s performance and could be zero. All payments are subject to the credit risk of Morgan Stanley Finance LLC and Morgan Stanley.

Morgan Stanley Finance LLC priced Structured Investments Enhanced Buffered Jump Securities due June 9, 2033, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal and a fixed upside payment of $710 (71%). The securities reference the S&P 500® Index with an observation date of June 6, 2033 (strike/pricing date June 5, 2026). If the final level is ≥ the buffer level (90% of the initial level), holders receive principal plus the upside payment. If the final level is below the buffer level, holders lose 1% of principal for each 1% decline beyond the 10% buffer, subject to a minimum payment of 10% of principal. The preliminary estimated value on the pricing date is approximately $958.60 per security. All payments are subject to Morgan Stanley's credit risk; investors may lose a significant portion of their investment.

Morgan Stanley Finance LLC (guaranteed by Morgan Stanley) priced a structured notes offering: Dual Directional Buffered Jump Securities linked to the S&P 500® Futures Excess Return Index with a $1,000 stated principal per security and a 5‑year term (original issue date June 3, 2026, observation date May 29, 2031, maturity June 3, 2031). The notes pay no interest. At maturity the payout depends on the final index level versus the initial level, with (i) an upside payment of $535 per security if the upside condition applies, (ii) a 20% buffer that permits a capped positive return on certain declines, and (iii) downside loss of principal beyond the 20% buffer down to a minimum payment of 20% of principal. The pricing-date estimated value was $969.90 per security. All payments are subject to Morgan Stanley Finance LLC credit risk and the Morgan Stanley guarantee.

Morgan Stanley Finance LLC priced a preliminary offering of contingent income auto-callable principal-at-risk securities linked to the worst performing of the Nasdaq-100 Index and the S&P 500 Index. Each security has a stated principal amount of $1,000 and an estimated value on the pricing date of approximately $990.20. The securities pay a contingent coupon at an annual rate of 9.40% for an interest period only if both underliers meet their coupon barrier levels on observation dates. The notes feature automatic early redemption beginning on May 21, 2027 if both underliers meet call threshold levels, final observation on February 22, 2028, and maturity on February 25, 2028. If, at maturity, the final level of either underlier is below its downside threshold (70% of initial level), payment at maturity is the stated principal amount multiplied by the performance factor of the worst performing underlier, which could result in a loss of principal up to 100%.

Morgan Stanley Finance LLC is offering Structured Investments—Enhanced Buffered Jump Securities linked to the S&P 500® Index with a stated principal amount of $1,000 per security. The notes pay no interest and mature on June 10, 2032. If the final level on the observation date is at or above the buffer level (85% of the initial level), holders receive the stated principal plus a fixed upside payment of $552.50. If the final level is below the buffer level, holders incur losses of 1% for each 1% decline beyond the 15% buffer, subject to a minimum payment at maturity of 15% of principal. The securities are unsecured obligations of MSFL and are fully and unconditionally guaranteed by Morgan Stanley; all payments are subject to Morgan Stanley's credit risk. The estimated value on the pricing date was approximately $966.40 per security.

Morgan Stanley Finance LLC priced a preliminary offering of dual directional buffered jump securities due June 8, 2029, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and an upside payment of $192 (19.20%). The notes provide three payoff regimes on the observation date: full upside if the final level is at or above the initial level; an absolute return participation payment if the final level is below the initial level but at or above an 80% buffer level; and pro rata losses beyond the buffer if the final level is below the buffer. The absolute return participation rate is 400%, the buffer amount is 20%, and the minimum payment at maturity is 20% of principal. The estimated value on the pricing date is approximately $979.40 per security. All payments are subject to issuer and guarantor credit risk; investors may lose a significant portion of principal.

Morgan Stanley Finance LLC priced contingent income, auto-callable principal-at-risk securities due tied to the worst performing of the EURO STOXX 50®, iShares Expanded Tech-Software ETF and State Street Energy Select Sector ETF. The securities are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley, issued at $1,000 per security with an estimated value of approximately $970.60 on the pricing date. They pay a contingent coupon at an annual rate of 12.45% on scheduled coupon dates only if each underlier is at or above its coupon barrier (65% of initial level) on the observation date. The notes feature automatic early redemption on specified dates if each underlier is at or above its call threshold (100% of initial level). At maturity, if any underlier is below its downside threshold (65% of initial level), repayment is reduced pro rata based on the worst performing underlier; principal may be significantly reduced or zero. All payments are subject to Morgan Stanley's credit risk.

The issuer, Morgan Stanley Finance LLC (guaranteed by Morgan Stanley), proposes Principal at Risk notes linked to the worst performing of the Dow Jones Industrial Average and the S&P 500. Each security has a $1,000 stated principal amount and an original issue price of $1,000. The observation date is August 30, 2027 and the maturity date is September 2, 2027. Payouts are tied solely to closing levels on the observation date: investors may receive the stated principal plus upside (capped at $1,116.50), a limited positive return if the worst performing underlier declines but remains above an 81% buffer, or a loss of principal once the worst performing underlier falls below the 81% buffer down to a minimum payment of 19% of principal. All payments are subject to issuer and guarantor credit risk.

Morgan Stanley Finance LLC is offering contingent income, memory buffered, auto-callable notes due May 28, 2031, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and a contingent annual coupon of 12.50% payable only if the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index meets the coupon barrier on observation dates. The securities can auto-redeem early if the index is at or above the call threshold (100% of the initial level) on redemption determination dates. At maturity, if the final index level is below the buffer level (85% of initial), investors bear losses dollar-for-dollar beyond the 15% buffer, subject to a minimum payment of 15% of principal. Estimated value on pricing date was approximately $932.00 per security.

Morgan Stanley Finance LLC is offering Buffered Digital MSCI EAFE® Index-Linked Notes (principal at risk) fully and unconditionally guaranteed by Morgan Stanley. Each note has a Face Amount of $1,000. The notes pay no interest and mature based on the MSCI EAFE® Index performance with an expected term of approximately 24 to 27 months. If the Final Underlier Level is ≥ 87.50% of the Initial Underlier Level, holders receive a Maximum Settlement Amount expected between $1,159.60 and $1,187.70 per $1,000 note. If the Final Underlier Level is below that threshold, repayment is reduced by a formula using a Buffer Rate of approximately 114.29%, and investors may lose some or all principal. The estimated value on the Trade Date is approximately $989.50 per note. All payments are subject to issuer credit risk and secondary-market liquidity may be limited.

Morgan Stanley Finance LLC is offering principal-at-risk notes due July 9, 2027, linked to the worst performing of the Russell 2000® and the S&P 500®. Each security has a $1,000 stated principal amount and a fixed $136 upside payment if neither underlier falls below its downside threshold.

At maturity the payment is either the stated principal plus the upside payment if both underliers are at or above 85% of their initial levels on the observation date, or a loss equal to the full percentage decline of the worst performing underlier; there is no interest and no minimum payment.

Morgan Stanley Finance LLC (guaranteed by Morgan Stanley) is offering Performance Leveraged Upside Principal at Risk Securities (PLUS) linked to an equally weighted basket of ten stocks with a stated principal amount of $1,000 per PLUS and maturity date of June 10, 2027. The securities pay no interest, provide 150% leverage on positive basket performance up to a maximum payment of $1,315 per PLUS (131.50% of principal), and expose investors on a 1:1 basis to negative basket performance (principal can be fully lost). The pricing date is May 29, 2026 and the original issue date is June 3, 2026. The estimated value on the pricing date is approximately $952.40 per PLUS (within $35.00 of that estimate). The basket initial level is set to 100 and the valuation date is June 7, 2027. All payments are subject to issuer and guarantor credit risk; these PLUS are unsecured and unlisted.

Morgan Stanley Finance LLC is offering market-linked notes due May 30, 2031 that are unsecured obligations of MSFL and fully and unconditionally guaranteed by Morgan Stanley. Each note has a $1,000 stated principal amount and pays no periodic interest. At maturity investors receive the stated principal amount plus an upside payment only if the S&P 500® Futures Excess Return Index (the underlier) closes above its initial level on the observation date; the participation rate is 144%. The pricing date and strike date are May 26, 2026, the original issue date is May 29, 2026, and the observation date is May 27, 2031. The estimated value on the pricing date was approximately $970.90 per note. All payments are subject to Morgan Stanley’s credit risk; the notes are not listed and do not pay interest.

Morgan Stanley Finance LLC priced a preliminary pricing supplement to offer Buffered PLUS principal-at-risk securities linked to the worst performing of the iShares Russell Mid‑Cap ETF and the S&P 500 Index.

The securities have a $1,000 stated principal amount, 120% leverage on upside, a 20% buffer (80% buffer level), a maximum payment at maturity of $1,219 per security, a minimum payment of 20% of principal, a strike/pricing date of June 1, 2026, an observation date of December 1, 2027 (subject to postponement), and a maturity date of December 6, 2027.

Morgan Stanley Finance LLC is offering structured, principal-at-risk notes with a stated principal amount of $1,000 per security and an original issue price of $1,000. The notes pay a contingent coupon at an annual rate of 8.80% on each coupon payment date only if every referenced underlier meets its coupon barrier on the related observation date, are automatically redeemable early if all underliers meet call thresholds on a redemption determination date, and return principal at maturity only if each underlier is at or above its downside threshold; otherwise payment at maturity equals the stated principal multiplied by the performance factor of the worst performing underlier (potentially resulting in total loss). Key dates include strike/pricing on May 22, 2026, original issue date May 28, 2026, final observation date November 22, 2027, and maturity November 29, 2027. All payments are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley and remain subject to issuer credit risk.

Morgan Stanley Finance LLC is offering structured notes — Callable Contingent Income Memory Buffered Securities with principal at risk and a contingent 10.00% annual coupon (if all three underliers meet coupon barrier levels on observation dates). Each security has a $1,000 stated principal amount and an estimated pricing-date value of approximately $992.80. The securities reference the worst performing of the Russell 2000®, the S&P 500® and the State Street Health Care Select Sector SPDR® ETF. A 25% buffer applies; at maturity investors lose 1.3333% of principal for each 1% decline in the worst performing underlier beyond the buffer. The notes may be called beginning on June 25, 2026 if a risk neutral valuation model indicates redemption is economically rational; final observation date is February 22, 2028 and maturity is February 25, 2028. All payments are subject to issuer and guarantor credit risk.

Morgan Stanley Finance LLC offers contingent income auto-callable notes due July 2, 2027, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and a contingent coupon at an annual rate of 11.00%. Coupons pay only if both underliers meet coupon barrier levels on observation dates; automatic early redemption occurs if both underliers meet call thresholds on redemption determination dates beginning November 30, 2026. If not called, repayment at maturity depends on the worst performing underlier versus its downside threshold (both set at 80% of initial levels); losses are 1% per 1% decline of the worst performing underlier. The securities reference the Nasdaq-100® Technology Sector and the S&P 500® Index. Estimated value on the pricing date was approximately $968.10 per security. All payments are subject to issuer and guarantor credit risk.

Morgan Stanley Finance LLC is offering contingent income, memory buffered, auto-callable notes linked to the common stock of ServiceNow, Inc. (underlier). The notes have a stated principal amount of $1,000 per security, an issue price of $1,000, an estimated value on the pricing date of approximately $977.10, and mature on June 3, 2027. The notes pay a contingent coupon at an annual rate of 23.84% on each coupon payment date only if the closing level of the underlier is at or above the coupon barrier level on the related observation date. They are auto‑callable on specified redemption determination dates if the closing level is at or above the call threshold. The initial level (strike) was $95.07; the coupon barrier and buffer levels are $66.549 (70% of the initial level). If not auto‑redeemed and the final level is below the buffer level, investors suffer losses equal to the stated principal multiplied by (underlier percent change + 30%) times a downside factor of 1.4286. All payments are subject to issuer and guarantor credit risk.

Morgan Stanley Finance LLC is offering Structured Investments — Contingent Income Memory Auto-Callable Securities due June 3, 2027, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and an issue price of $1,000. The securities pay a contingent coupon at an annual rate of 11.76% on specified coupon payment dates only if the Nasdaq-100 closing level on the related observation date is at or above the coupon barrier level (23,300.16, 80% of the initial level). The securities are automatically redeemed early if the Nasdaq-100 closing level on a redemption determination date is at or above the call threshold (29,125.20, 100% of the initial level). If not redeemed, maturity payment is $1,000 if the final level is at or above the downside threshold (23,300.16); if below, payment equals stated principal × performance factor (final level/initial level) and could be significantly less than principal, including zero. Estimated value on the pricing date was approximately $985.30. The securities involve credit risk of MSFL/Morgan Stanley and uncertain U.S. federal tax treatment.

Morgan Stanley Finance LLC offers contingent income memory auto-callable securities due June 3, 2027, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000, an estimated value on the pricing date of approximately $985.10, and an annual contingent coupon rate of 8.68%.

Payments of coupons and principal depend on the S&P 500® closing levels on set observation and redemption determination dates. The initial level and call threshold are 7,408.50 (strike date May 15, 2026); the coupon barrier and downside threshold are 5,926.80 (80% of the initial level). If not auto‑redeemed and the final level is below the downside threshold, holders suffer losses proportional to the index decline and could lose their entire principal.

Morgan Stanley Finance LLC priced contingent income, memory auto-callable notes linked to the common stock of Blackstone Inc. The securities have a $1,000 stated principal amount per security, a 13.05% per annum contingent coupon, a strike date of May 18, 2026, a final observation date of May 18, 2029 and maturity on May 23, 2029. Coupons are payable only if the closing level of the underlier meets or exceeds the coupon barrier (70% of the initial level); automatic early redemption can occur if the closing level meets the call threshold (100% of the initial level) on scheduled redemption determination dates. At maturity, if the final level is below the downside threshold (70% of the initial level), the payment equals the stated principal multiplied by the performance factor (final level/initial level), and could be significantly less than the stated principal or zero. The estimated value on the pricing date was approximately $960.40 per security. All payments are subject to the issuer and guarantor credit risk.

Morgan Stanley Finance LLC is offering Trigger Autocallable GEARS linked to the Russell 2000® Index with a $10.00 Issue Price per Security. The securities are unsecured debt of MSFL, fully and unconditionally guaranteed by Morgan Stanley, with returns tied to the Russell 2000® Index and significant principal risk.

Key economic terms include an indicative Upside Gearing range of 1.50 to 1.62, an annual Call Return Rate of 12.00, an Autocall Barrier at 100% of the Initial Level and a Downside Threshold at 75% of the Initial Level. The Trade Date is May 18, 2026, Observation Date is May 25, 2027, Final Valuation Date is May 19, 2031 and Maturity Date is May 22, 2031. The securities do not pay interest and repayment at maturity depends on the Final Level relative to the Downside Threshold; holders may lose a significant portion or all principal.

Morgan Stanley Finance LLC offers contingent income auto-callable securities (principal at risk) linked to the worst performing of the Russell 2000® Index and the S&P 500® Index. The offering aggregates $2,144,000 of securities at a stated principal amount of $1,000 per security and an issue price of $1,000 per security. The securities pay a contingent coupon at an annual rate of 8.50% only if both underliers meet coupon barrier levels on observation dates, feature automatic early redemption if both underliers meet call thresholds on redemption determination dates, and expose investors to loss of principal if the worst performing underlier finishes below the 75% downside threshold. All payments are unsecured obligations of Morgan Stanley Finance LLC and are fully and unconditionally guaranteed by Morgan Stanley; payments are subject to the credit risk of Morgan Stanley.

Morgan Stanley Finance LLC offers Structured Investments — Buffered Jump Securities with an auto-callable feature, fully guaranteed by Morgan Stanley, with a stated principal amount of $1,000 per security and an issue price of $1,000 per security. The securities have an estimated value on the pricing date of approximately $940.10 per security and do not pay interest. The notes reference the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index, include a 15% buffer and a call threshold set at 95% of the initial level, and can be automatically redeemed on periodic determination dates starting May 24, 2027. Payments depend on the index final level and are subject to issuer and guarantor credit risk.

Morgan Stanley Finance LLC priced Market-Linked Notes due August 18, 2027 linked to the worst performing of the Russell 2000®, Dow Jones Industrial Average and Nasdaq-100. The notes have a $1,000 stated principal amount, an aggregate principal amount of $650,000, a participation rate of 100% and a capped maximum payment at maturity of $1,117.50 per note. The notes do not pay interest, are unsecured obligations of MSFL and are fully guaranteed by Morgan Stanley; all payments are subject to Morgan Stanley’s credit risk. The observation date is August 13, 2027, with maturity on August 18, 2027.

Morgan Stanley Finance LLC is offering $1,860,000 aggregate principal amount of Buffered PLUS with Downside Factor notes, fully and unconditionally guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and a 150% leverage factor tied to the MSCI EAFE® Index, maturing on February 29, 2028. Payments at maturity depend on the index closing on the observation date: upside is capped at $1,253 per security, a buffer protects the first 20% of decline (80% buffer level), and losses beyond the buffer are multiplied by a 1.25 downside factor. The securities pay no interest, are principal-at-risk, and are subject to issuer credit risk, tax uncertainty, and limited secondary-market liquidity.

Morgan Stanley Finance LLC is offering Principal at Risk auto-callable securities linked to the common stock of Super Micro Computer, Inc. (underlier). The securities have a stated principal amount of $1,000 per security and aggregate principal amount of $500,000.

The notes pay a contingent coupon of 34.84% per annum on each coupon payment date only if the closing level of the underlier meets or exceeds the coupon barrier level of $19.674 (60% of the initial level) on the related observation date. The securities may be automatically redeemed on scheduled redemption determination dates if the closing level is at or above the call threshold of $32.79 (100% of initial level), producing an early redemption payment equal to principal plus any payable contingent coupon. If not redeemed, maturity payment depends on the final level versus the downside threshold $19.674: if below, payment equals principal × (final level / initial level), exposing investors to full downside including possible loss of entire principal.

Morgan Stanley Finance LLC is offering Trigger Autocallable GEARS linked to a four‑stock basket, fully guaranteed by Morgan Stanley. The offering totals $9,810,000 at an Issue Price of $10.00 per Security with an estimated Trade Date value of $9.405 per Security. The Securities are automatically callable if the Basket’s Observation Date Closing Basket Level on May 19, 2027 is greater than or equal to the Autocall Barrier (100), in which case holders receive $12.325 per Security (a 23.25% annual Call Return expressed as a Call Price of $12.325 per $10 principal on the Call Settlement Date).

If not called, payment at maturity on May 16, 2031 depends on the Final Basket Level versus the Initial Level (100) and the Downside Threshold (75). If Basket Return > 0, maturity payoff = $10 + $10 × (Basket Return × 1.50) (Upside Gearing = 1.50). If Final Basket Level < 75, holders bear a principal loss proportionate to the negative Basket Return. All payments are subject to Morgan Stanley’s credit risk and there may be little or no secondary market.

Morgan Stanley Finance LLC offers $31,750,000 of capped, leveraged S&P 500® index-linked notes due November 15, 2027, guaranteed by Morgan Stanley. Each note has a Face Amount of $1,000 and pays no interest; payment at maturity depends on the S&P 500® performance from the Trade Date: May 13, 2026 to the Determination Date: November 11, 2027. If the Final Underlier Level is above the Initial Underlier Level (7,444.25), holders receive 150% participation in upside subject to a Cap Level of 8,594.386625 and a Maximum Settlement Amount of $1,231.75 per $1,000. If the Final Underlier Level is below the Initial Underlier Level, holders suffer a proportional loss of principal and could lose their entire investment. The Original Issue Price is $1,000; the estimated Trade Date value is $980.60 per note. All payments are subject to the issuer's and guarantor's credit risk; the notes are unsecured, not listed, and have no redemption rights.

Morgan Stanley Finance LLC is offering Trigger GEARS Linked to a Basket of International Indices due May 29, 2031, fully and unconditionally guaranteed by Morgan Stanley. These are five-year, principal-at-risk securities with an Issue Price of $10.00 and an estimated Trade Date value of $9.153. Payout at maturity depends on the Basket Return versus the Initial Basket Level and a Downside Threshold of 75 (75% of the Initial Basket Level). If the Basket Return is positive, holders receive the Principal plus the Basket Return multiplied by an Upside Gearing (range 1.4515–1.6515, final gearing set on the Trade Date). If the Final Basket Level is below the Downside Threshold, holders are exposed to negative Basket Return and may lose a significant portion or all of principal. All payments are subject to Morgan Stanley's credit risk; the securities do not pay interest or dividends and contingent principal repayment applies only at maturity.

Morgan Stanley Finance LLC is offering structured Principal at Risk securities linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index with a $1,000 stated principal amount per security. The securities feature an automatic early redemption on specified determination dates beginning May 28, 2027, fixed early redemption payments corresponding to an approximate 19.50% per annum return on the applicable determination dates, and a maturity date of May 30, 2031.

If not called early, the payment at maturity depends on the index final level: investors receive $1,975.00 per security if the final level is at or above the call threshold (100% of the initial level); they receive the stated principal if the final level is at or above the buffer level (85% of the initial level); and they suffer proportional losses beyond the 15% buffer, subject to a minimum payment at maturity of 15% of principal. The estimated value on the pricing date is approximately $901.90 per security. All payments are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley and are subject to the issuer's credit risk and the detailed terms in the accompanying supplements.

Morgan Stanley Finance LLC offers contingent income auto-callable principal-at-risk securities linked to International Business Machines Corporation stock, with a stated principal amount of $1,000 per security. The notes pay a 15.00% per annum contingent coupon on observation dates only if the underlier is at or above a coupon barrier set at 65.65% of the initial level. The notes may be automatically redeemed on specified redemption determination dates if the underlier is at or above the call threshold (100% of the initial level). At maturity, if not auto-redeemed and the final level is below the downside threshold (65.65% of the initial level), investors suffer a principal loss equal to the underlier’s decline (payment = stated principal × performance factor). All payments are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley and are subject to issuer credit risk. The pricing/strike date is May 19, 2026, original issue date is May 22, 2026, and maturity is November 24, 2028. The estimated value on the pricing date was approximately $973.20 per security, below the issue price.