MORGAN STANLEY SEC Filings

Morgan Stanley Finance LLC priced a preliminary pricing supplement for Principal-at-Risk structured notes due July 22, 2027 linked to the worst performing of the Nasdaq-100, Russell 2000 and S&P 500 indices. The securities are offered at a stated principal amount of $1,000 per security with an upside payment of $76 ( 7.60%) and an estimated value on the pricing date of approximately $989.60 per security.

Payments at maturity depend solely on the worst performing underlier on the observation date (July 19, 2027): if each underlier is at or above its upside threshold (60% of initial level) investors receive principal plus the upside payment; if all are at or above the downside threshold (50%), investors receive principal; if any underlier is below its downside threshold, investors suffer proportional loss (1% loss of principal for each 1% decline in the worst performing underlier), and loss could be total. All payments are subject to Morgan Stanley's credit risk.

Morgan Stanley Finance LLC offers callable Contingent Income Securities (principal at risk) due June 27, 2029. Each note has a $1,000 stated principal amount and an issue price of $1,000 per security; the estimated value on the pricing date was approximately $977.30 per security. The securities pay a 9.65% per annum contingent coupon on each coupon payment date only if the closing level of each underlier (the NDXT Technology Sector, RTY and SPX) is greater than or equal to its coupon barrier (60% of initial level) on the related observation date. If not redeemed early and every final underlier level is at or above its downside threshold (60% of initial), investors receive the stated principal; otherwise the payment at maturity equals the stated principal multiplied by the performance factor of the worst performing underlier and could be significantly less or zero. Early redemption may occur on specified redemption dates beginning June 28, 2027 if a risk neutral valuation model indicates it is economically rational for the issuer to call; all payments remain subject to Morgan Stanley's credit risk.

Morgan Stanley Finance LLC priced Principal at Risk securities linked to the S&P 500® Index with a $1,000 stated principal amount per security and an observation date of June 18, 2030 and maturity on June 24, 2030. If the final level is at or above the initial level, holders receive the stated principal plus an upside payment of $425 (42.50%). If the final level is below the downside threshold (75% of the initial level), holders suffer pro rata losses in principal; there is no minimum payment and the entire investment could be lost. The estimated value on the pricing date is approximately $990.80 per security. All payments are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley and are subject to the issuer’s credit risk.

Morgan Stanley Finance LLC is offering Buffered PLUS principal-at-risk securities tied to the EURO STOXX 50® Index. Each security has a stated principal amount of $1,000 and a 200% leverage factor for upside up to a $1,176 maximum payment. The securities include a 10% buffer (buffer level = 90% of the initial level) and a minimum payment at maturity of 10% of principal. The pricing and strike dates are June 30, 2026, the observation date is December 30, 2027, and the stated maturity date is January 4, 2028. All payments are unsecured obligations of MSFL and fully guaranteed by Morgan Stanley; payments are subject to issuer credit risk and complex tax treatment described in the tax supplement.

Morgan Stanley Finance LLC is offering Principal-at-Risk, contingent income aut0-callable securities due August 4, 2027, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 original issue price and pays a contingent coupon only if both underliers meet barrier tests on observation dates; principal is at risk based on the worst-performing of the Nasdaq-100® Technology Sector and the S&P 500®. The securities may be automatically redeemed early if both underliers meet call thresholds on specified redemption determination dates. If not redeemed, maturity payment equals principal when both final levels are at or above the downside thresholds; otherwise payment equals the stated principal multiplied by the performance factor of the worst performing underlier and could be significantly less or zero. All payments are subject to issuer and guarantor credit risk.

Morgan Stanley Finance LLC is offering Structured Investments — Buffered Jump Securities with an automatic early‑call feature due June 27, 2031, fully guaranteed by Morgan Stanley. Each security has a stated principal amount of $1,000 and an estimated value on the pricing date of approximately $907.40. The notes reference the worst performing of the iShares Silver Trust (SLV) and the VanEck Gold Miners ETF (GDX), include a 15% buffer and a minimum payment at maturity equal to 15% of principal. Automatic early redemption may occur on scheduled determination dates beginning June 25, 2027, with fixed early redemption payments rising up to $1,737.50 per security and a payment at maturity of $1,750.00 if both underliers meet call thresholds. If the worst performing underlier falls below its buffer level at maturity, investors lose 1% of principal for each 1% decline beyond the buffer, exposing principal to significant downside. All payments are subject to issuer and guarantor credit risk and U.S. federal income tax treatment is uncertain.

Morgan Stanley Finance LLC is offering Principal at Risk contingent income auto-callable securities tied to Netflix, Inc. common stock with a $1,000 stated principal per security. The notes pay a contingent coupon of 12.15% per annum on observation dates if the closing level meets the coupon barrier and may auto‑redeem early if the call threshold is met on a redemption determination date. If not auto‑redeemed, maturity is August 4, 2027; holders receive principal only if the final level is at or above the downside threshold (set at 68% of the initial level), otherwise the payment equals the principal multiplied by the performance factor and could be significantly less or zero. The estimated value on pricing date was approximately $969.50 per security. All payments are subject to the issuer’s and guarantor’s credit risk and U.S. federal tax treatment is uncertain.

Morgan Stanley Finance LLC is offering structured, principal‑at‑risk buffered jump securities due June 24, 2031, fully and unconditionally guaranteed by Morgan Stanley. Each security has a $1,000 stated principal amount and an estimated value on the pricing date of approximately $976.70. The securities are linked to the worst performing of three underliers: the Dow Jones Industrial Average (INDU), the S&P 500® Futures Excess Return Index (SPXFP) and the State Street Health Care Select Sector SPDR® ETF (XLV). They provide a 20% buffer (buffer amount) against losses: if the final level of the worst performing underlier is below its buffer level, investors lose 1% for each 1% decline beyond the buffer, subject to a minimum payment at maturity of 20% of principal. The securities may auto‑redeem on specified determination dates beginning June 28, 2027, with early redemption payments corresponding to an approximate 11.85% per annum return (examples range from $1,118.50 to $1,562.875 per security). All payments are subject to Morgan Stanley’s credit risk and the securities do not pay periodic interest.

Morgan Stanley Finance LLC is offering principal-at-risk structured notes due July 3, 2031 linked to the worst performer of the Russell 2000® and the S&P 500®. Each security has a stated principal amount of $1,000 and an upside payment of $450 (45%). The notes pay no interest; at maturity investors receive a payoff tied to the worst performing underlier on the observation date (June 30, 2031). If both underliers finish at or above their initial levels, holders receive principal plus the greater of the underlier percent change or the upside payment. If the worst performing underlier declines but remains at or above its downside threshold (75% of initial), holders receive a positive capped return (effectively limited to 25%). If the worst performing underlier is below its downside threshold, investors lose principal on a 1:1 basis and could lose the entire investment. The document discloses an estimated value on the pricing date of approximately $950.50 per security and states all payments are subject to issuer and guarantor credit risk.