# EDGAR Filing Document

**Accession Number:** 0000875186
**File Stem:** 0000950130-26-000136
**Filing Date:** 2026-3
**Character Count:** 17876
**Document Hash:** a040c8734b5166c56885576406bda9d2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950130-26-000136.hdr.sgml**: 20260324

**ACCESSION NUMBER**: 0000950130-26-000136

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 4

**FILED AS OF DATE**: 20260324

**DATE AS OF CHANGE**: 20260323

**EFFECTIVENESS DATE**: 20260324

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MORGAN STANLEY PATHWAY FUNDS
- **CENTRAL INDEX KEY:** 0000875186

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-281658
- **FILM NUMBER:** 26783689

**BUSINESS ADDRESS:**
- **STREET 1:** 2000 WESTCHESTER AVENUE
- **CITY:** PURCHASE
- **STATE:** NY
- **ZIP:** 10577
- **BUSINESS PHONE:** 8883749999

**MAIL ADDRESS:**
- **STREET 1:** 2000 WESTCHESTER AVENUE
- **CITY:** PURCHASE
- **STATE:** NY
- **ZIP:** 10577

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CONSULTING GROUP CAPITAL MARKETS FUNDS
- **DATE OF NAME CHANGE:** 19950125

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TRUST FOR TRAK INVESTMENTS
- **DATE OF NAME CHANGE:** 19920929

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** INSTITUTIONAL ADVISORS PORTFOLIOS
- **DATE OF NAME CHANGE:** 19600201

## Series and Classes Contracts Data

### Morgan Stanley Pathway Large Cap Equity ETF (Series ID: S000088119)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000254172 | Morgan Stanley Pathway Large Cap Equity ETF | MSLC            |

**MORGAN STANLEY PATHWAY FUNDS** 

**SUPPLEMENT DATED MARCH 23, 2026,** 

**TO THE STATUTORY AND SUMMARY PROSPECTUSES DATED JANUARY 1, 2026** 

This Supplement provides new and additional information beyond that contained in the Prospectus and Summary Prospectuses and should be read in conjunction with such Prospectus and Summary Prospectuses.

**<u>MORGAN STANLEY PATHWAY LARGE CAP EQUITY ETF</u>**

*BlackRock Financial Management, Inc. ("BlackRock") is no longer an investment sub-adviser of the Morgan Stanley Pathway Large Cap Equity ETF ("Large Cap Equity ETF"). As such, all references to BlackRock as a sub-adviser to the Large Cap Equity ETF and any related disclosures are removed from the Prospectus and Summary Prospectus.* 

*Further, O'Shaughnessy Asset Management, LLC ("O'Shaughnessy") will commence as a new investment sub-adviser to the Large Cap Equity ETF effective March 23, 2026.* 

*Related thereto, the sub-adviser investment allocation of the Large Cap Equity ETF is 8% to ClearBridge Investments, LLC ("ClearBridge"), 17% to Great Lakes Advisors, LLC ("Great Lakes"), 63% to O'Shaughnessy, and 12% Principal Asset Management ("Principal").* 

*Accordingly, the following replaces the chart in the section titled "Sub-advisers and portfolio managers" related to the Large Cap Equity ETF on page 4 of the Prospectus:* 

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio Manager** | **Sub-Adviser or<br>Adviser** | **Fund's<br>Portfolio<br>Manager**<br>**Since** | **Predecessor<br>Fund's<br>Portfolio<br>Manager<br>Since** |
|  Erica Furfaro, Director and Portfolio Manager | ClearBridge | 2024 | 2024 |
|  Margaret Vitrano, Managing Director and Portfolio Manager | ClearBridge | 2024 | 2017 |
|  Paul Roukis, CFA<sup>®</sup>, Portfolio Manager and Managing Director | Great Lakes | 2024 | 2023 |
|  Jeff Agne, Portfolio Manager and Managing Director | Great Lakes | 2024 | 2023 |
|  Ehren Stanhope, CFA<sup>®</sup>, Chief Investment Strategist, Portfolio Manager | O'Shaughnessy | 2026 | N/A |
|  Scott Bartone, CFA<sup>®</sup>, Chief Product Officer, Portfolio Manager | O'Shaughnessy | 2026 | N/A |
|  Claire Noel, CFA<sup>®</sup>, Director of Research, Portfolio Manager | O'Shaughnessy | 2026 | N/A |
|  Daniel Nitiutomo, CFA<sup>®</sup>, Portfolio Manager | O'Shaughnessy | 2026 | N/A |
|  Joseph Giroux, Portfolio Manager | O'Shaughnessy | 2026 | N/A |
|  Bill Nolan, Chief Investment Officer and Portfolio Manager | Principal | 2024 | 2023 |
|  Tom Rozycki, Director of Research and Portfolio Manager | Principal | 2024 | 2023 |

---

*Further, the following disclosure related to the Large Cap Equity ETF is hereby added in the section titled "How the Sub-advisers select the Fund's investments" on page 55-56 of the Prospectus:* 

------

**O'Shaughnessy Asset Management, LLC ("O'Shaughnessy")** 

The O'Shaughnessy US Large Cap Passive—Canvas Tax Managed strategy seeks to provide long-term appreciation through passive exposure to primarily large-cap US equities. The investment process uses a risk-based sampling approach to closely track broad market exposure to US large capitalization stocks, while also providing portfolio-level customizations and tax management strategies designed to seek optimized after-tax returns, which may include tax-loss harvesting, as applicable. This strategy generally samples from a universe of approximately 1,000 securities.

*Finally, the following disclosure in the sub-section titled "The Sub-advisers" under the section titled "Fund Management" related to the Large Cap Equity ETF on pages 88-90 of the Prospectus is hereby added in alphabetical order with respect to the other Sub-advisers:* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Sub-Adviser or<br>Adviser** | **Percentage** | **Fund Manager/Fund Management Team**<br> **Members, Title, Past 5 years' business**<br> **experience** | **Fund<br>Manager<br>Since** |
| **Morgan Stanley Pathway Large Cap Equity ETF** | O'Shaughnessy Asset Management, LLC ("O'Shaughnessy") <br>100 First Stamford Pl, Stamford, CT 06902 | 63% | **Ehren Stanhope, CFA<sup>®</sup>**<br> **Chief Investment Strategist, Portfolio Manager**<br> Ehren Stanhope is a Principal, Chief Investment Strategist, Portfolio Manager, and Co-Head of the Investment Team at O'Shaughnessy Asset Management (OSAM). Ehren has deep expertise in OSAM's investment philosophy, portfolio construction, and implementation, which enables him to represent the investment process to key clients throughout the United States and Canada. He is responsible for positioning the firm's investment capabilities within the context of client needs and the current market environment. Ehren has authored several whitepapers including Dimensions of Return and Microcaps—Factor Spreads, Structural Biases, and the Institutional Imperative. Prior to joining OSAM, Ehren worked at Western Asset Management Co (WAMCO), where he was a member of the Analytics team in the Client Service/Marketing group. In that role, he specialized in relationships with insurance clients handling inquiries related to portfolio performance, structure, and strategy. Ehren holds a B.S. in Management from Tulane University with concentrations in Finance and Legal Studies, and a M.B.A. from the Yale School of Management with a focus in Asset Management. He is a CFA charterholder and member of the CFA Society New York. | 2026 |
|  |  |  | **Scott Bartone. CFA<sup>®</sup>**<br> **Chief Product Officer, Portfolio Manager**<br> Scott Bartone is the Chief Product Officer, a Portfolio Manager, and Co-Head of the Investment Team at O'Shaughnessy Asset Management (OSAM). Scott is involved in the day-to-day portfolio management activities and heads the trade support staff focused on delivering the firm's strategies to clients. Prior to joining OSAM, Scott | 2026 |

---

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---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Sub-Adviser or<br>Adviser** | **Percentage** | **Fund Manager/Fund Management Team**<br> **Members, Title, Past 5 years' business**<br> **experience** | **Fund<br>Manager<br>Since** |
|  |  |  | worked at Bear Stearns and Co. in New York where he was responsible for providing operational and trade support for broker staff and third-party money managers utilized by Bear Stearns' Private Client Service team. Scott has a B.A. from the State University of New York at Albany and an M.B.A from Cornell University. He is also a CFA charterholder. | 2026 |
|  |  |  | **Claire Noel, CFA<sup>®</sup>,**<br> **Director of Research, Portfolio Manager**<br> Ms. Noel also began managing the Fund in November 2022 and has been associated with the Adviser in an investment capacity since June 2021. From 2012 to 2021, Ms. Noel was a Partner at AJO Partners, an institutional investment manager based in Philadelphia, Pennsylvania. At AJO, she served as a senior member of the portfolio management and 13 quantitative research teams responsible for building diversified, value-oriented portfolios of U.S. and international equities. | 2026 |
|  |  |  | **Daniel Nitiutomo, CFA<sup>®</sup>,**<br> **Portfolio Manager**<br> Mr. Nitiutomo began managing the Fund in November 2022 and has been associated with the Adviser in an investment capacity since April 2015. | 2026 |
|  |  |  | **Joseph Giroux,**<br> **Managing Director, Portfolio Manager**<br> Joe is responsible for developing, managing, and improving OSAM's quantitative equity factor strategies. Prior to joining OSAM, Joe was a Global Equity Portfolio Manager at Franklin Templeton Investment Solutions, and predecessor firms Batterymarch/QS Investors over the past 11 years, where he was the lead Portfolio Manager on multiple funds, including the Franklin Global Equity Fund, Franklin Global Systematic Fund, Franklin Global Dividend Fund, Franklin Global Responsible Fund, and Franklin Global Market Neutral fund, achieving Morningstar Ratings of 4 and 5 Stars, and winning 12 Lipper Awards. Joe has over 30 years of quantitative investing experience and worked previously at Invesco; Standish, Ayer & Wood; The Boston Company; Evergreen Investments and Wells Capital. Joe holds a B.S. in Computer Science and M.S. in Information Technology from the New England Institute of Technology. | 2026 |

---

------

**<u>MORGAN STANLEY PATHWAY SMALL-MID CAP EQUITY ETF</u>**

*BlackRock Financial Management, Inc. ("BlackRock") is no longer an investment sub-adviser of the Morgan Stanley Pathway Small-Mid Cap Equity ETF ("Small-Mid Cap Equity ETF"). As such, all references to BlackRock as a sub-adviser to the Small-Mid Cap Equity ETF and any related disclosures are removed from the Prospectus and Summary Prospectus.* 

*Further, O'Shaughnessy Asset Management, LLC ("O'Shaughnessy") will commence as a new investment sub-adviser to the Small-Mid Cap Equity ETF effective March 23, 2026.* 

*Related thereto, the target sub-adviser investment allocations of the Small-Mid Cap Equity ETF are 20% to AllianceBernstein L.P. ("AB"), 17% to Neuberger Berman Investment Advisers LLC ("Neuberger"), 40% to O'Shaughnessy, and 23% to Westfield Capital Management Company, L.P. ("Westfield").* 

*Accordingly, the following replaces the chart in the section titled "Sub-advisers and portfolio managers" related to the Small-Mid Cap Equity ETF on page 9 of the Prospectus:* 

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio Manager** | **Sub-Adviser or<br>Adviser** | **Fund's<br>Portfolio<br>Manager**<br>**Since** | **Predecessor<br>Fund's<br>Portfolio<br>Manager<br>Since** |
|  James MacGregor, CFA<sup>®</sup>, Chief Investment Officer | AllianceBernstein | 2024 | 2024 |
|  Erik Turenchalk, CFA<sup>®</sup>, Portfolio Manager | AllianceBernstein | 2024 | 2024 |
|  Benjamin H. Nahum, Managing Director | Neuberger | 2016 | 2016 |
|  Ehren Stanhope, CFA<sup>®</sup>, Chief Investment Strategist, Portfolio Manager | O'Shaughnessy | 2026 | N/A |
|  Scott Bartone, CFA<sup>®</sup>, Chief Product Officer, Portfolio Manager | O'Shaughnessy | 2026 | N/A |
|  Claire Noel, CFA<sup>®</sup>, Director of Research, Portfolio Manager | O'Shaughnessy | 2026 | N/A |
|  Daniel Nitiutomo, CFA<sup>®</sup>, Portfolio Manager | O'Shaughnessy | 2026 | N/A |
|  Joseph Giroux, Portfolio Manager | O'Shaughnessy | 2026 | N/A |
|  William A. Muggia, President, CEO and CIO | Westfield | 2024 | 2004 |
|  Richard D. Lee, CFA<sup>®</sup>, Managing Partner and CIO | Westfield | 2024 | 2004 |
|  Matthew R. Renna, Managing Partner | Westfield | 2025 | N/A |
|  Edward D. Richardson, Partner | Westfield | 2025 | N/A |

---

*Further, the following disclosure related to the Small-Mid Cap Equity ETF is hereby added in the section titled "How the Sub-advisers select the Fund's investments" on page 56-58 of the Prospectus:* 

**O'Shaughnessy Asset Management, LLC ("O'Shaughnessy")** 

The O'Shaughnessy US Small to Mid-Cap Passive—Canvas Tax Managed strategy seeks to provide long-term appreciation through passive exposure to primarily small and mid-cap US equities. The investment process uses a risk-based sampling approach to closely track broad market exposure to US small to mid-capitalization stocks, while also providing portfolio-level customizations and tax management strategies designed to seek optimized after-tax returns, which may include tax-loss harvesting, as applicable. This strategy generally samples from a universe of approximately 2,500 securities.

*Finally, the following disclosure in the sub-section titled "The Sub-advisers" under the section titled "Fund Management" related to the Small-Mid Cap Equity ETF on pages 90-92 of the Prospectus is hereby added in alphabetical order with respect to the other Sub-advisers:* 

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Sub-Adviser or<br>Adviser** | **Percentage** | **Fund Manager/Fund Management Team**<br> **Members, Title, Past 5 years' business**<br> **experience** | **Fund<br>Manager<br>Since** |
| **Morgan Stanley Pathway Small-Mid Cap Equity ETF** | O'Shaughnessy Asset Management, LLC ("O'Shaughnessy") <br>100 First Stamford Pl, Stamford, CT 06902 | 40% | **Ehren Stanhope, CFA<sup>®</sup>**<br> **Chief Investment Strategist, Portfolio Manager**<br> Ehren Stanhope is a Principal, Chief Investment Strategist, Portfolio Manager, and Co-Head of the Investment Team at O'Shaughnessy Asset Management (OSAM). Ehren has deep expertise in OSAM's investment philosophy, portfolio construction, and implementation, which enables him to represent the investment process to key clients throughout the United States and Canada. He is responsible for positioning the firm's investment capabilities within the context of client needs and the current market environment. Ehren has authored several whitepapers including Dimensions of Return and Microcaps—Factor Spreads, Structural Biases, and the Institutional Imperative. Prior to joining OSAM, Ehren worked at Western Asset Management Co (WAMCO), where he was a member of the Analytics team in the Client Service/Marketing group. In that role, he specialized in relationships with insurance clients handling inquiries related to portfolio performance, structure, and strategy. Ehren holds a B.S. in Management from Tulane University with concentrations in Finance and Legal Studies, and a M.B.A. from the Yale School of Management with a focus in Asset Management. He is a CFA charterholder and member of the CFA Society New York. | 2026 |
|  |  |  | **Scott Bartone. CFA<sup>®</sup>**<br> **Chief Product Officer, Portfolio Manager**<br> Scott Bartone is the Chief Product Officer, a Portfolio Manager, and Co-Head of the Investment Team at O'Shaughnessy Asset Management (OSAM). Scott is involved in the day-to-day portfolio management activities and heads the trade support staff focused on delivering the firm's strategies to clients. Prior to joining OSAM, Scott worked at Bear Stearns and Co. in New York where he was responsible for providing operational and trade support for broker staff and third-party money managers utilized by Bear Stearns' Private Client Service team. Scott has a B.A. from the State University of New York at Albany and an M.B.A from Cornell University. He is also a CFA charterholder. | 2026 |
|  |  |  | **Claire Noel, CFA<sup>®</sup>,**<br> **Director of Research, Portfolio Manager**<br> Ms. Noel also began managing the Fund in November 2022 and has been associated with the Adviser in an investment capacity since June 2021. From 2012 to 2021, Ms. Noel was a Partner at AJO | 2026 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Sub-Adviser or<br>Adviser** | **Percentage** | **Fund Manager/Fund Management Team**<br> **Members, Title, Past 5 years' business**<br> **experience** | **Fund<br>Manager<br>Since** |
|  |  |  | Partners, an institutional investment manager based in Philadelphia, Pennsylvania. At AJO, she served as a senior member of the portfolio management and 13 quantitative research teams responsible for building diversified, value-oriented portfolios of U.S. and international equities. |  |
|  |  |  | **Daniel Nitiutomo, CFA<sup>®</sup>,**<br> **Portfolio Manager**<br> Mr. Nitiutomo began managing the Fund in November 2022 and has been associated with the Adviser in an investment capacity since April 2015. | 2026 |
|  |  |  | **Joseph Giroux,**<br> **Managing Director, Portfolio Manager**<br> Joe is responsible for developing, managing, and improving OSAM's quantitative equity factor strategies. Prior to joining OSAM, Joe was a Global Equity Portfolio Manager at Franklin Templeton Investment Solutions, and predecessor firms Batterymarch/QS Investors over the past 11 years, where he was the lead Portfolio Manager on multiple funds, including the Franklin Global Equity Fund, Franklin Global Systematic Fund, Franklin Global Dividend Fund, Franklin Global Responsible Fund, and Franklin Global Market Neutral fund, achieving Morningstar Ratings of 4 and 5 Stars, and winning 12 Lipper Awards. Joe has over 30 years of quantitative investing experience and worked previously at Invesco; Standish, Ayer & Wood; The Boston Company; Evergreen Investments and Wells Capital. Joe holds a B.S. in Computer Science and M.S. in Information Technology from the New England Institute of Technology. | 2026 |

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There are no other changes to the Prospectus.