# EDGAR Filing Document

**Accession Number:** 0000875186
**File Stem:** 0001193125-26-212124
**Filing Date:** 2026-5
**Character Count:** 18945
**Document Hash:** 4da85f831b29e714195c77c392e0658f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-212124.hdr.sgml**: 20260507

**ACCESSION NUMBER**: 0001193125-26-212124

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20260507

**DATE AS OF CHANGE**: 20260507

**EFFECTIVENESS DATE**: 20260507

**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:** 26954058

**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

### Emerging Markets Equity Fund (Series ID: S000008436)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000023144 | Emerging Markets Equity Fund | TEMUX           |

**MORGAN STANLEY PATHWAY FUNDS** 

**SUPPLEMENT DATED MAY 7, 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>INTERNATIONAL EQUITY FUND</u>**

*BlackRock Financial Management, Inc. ("BlackRock") is no longer an investment sub-adviser of the International Equity Fund. As such, all references to BlackRock as a sub-adviser to the International Equity Fund 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 International Equity Fund effective May 7, 2026.* 

*Related thereto, the sub-adviser investment allocation of the International Equity Fund is 24% to Causeway Capital Management LLC ("Causeway"), 35% to O'Shaughnessy, 16% to Schroder Investment Management North America Inc. ("Schroders"), 8% to Victory Capital Management, Inc. ("Victory Capital"), and 17% to Walter Scott & Partners Limited ("Walter Scott").* 

*Accordingly, the following replaces the chart in the section titled "Sub-advisers and portfolio managers" related to the International Equity Fund on page 14 of the Prospectus:* 

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| | | |
|:---|:---|:---|
| **Portfolio Manager** | **Sub-Adviser or<br>Adviser** | **Fund's Portfolio<br>Manager**<br> **Since** |
| Alessandro Valentini, CFA<sup>®</sup>, Portfolio Manager | Causeway | 2021 |
| Jonathan P. Eng, Portfolio Manager | Causeway | 2014 |
| Harry W. Hartford, President and Portfolio Manager | Causeway | 2014 |
| Sarah H. Ketterer, Chief Executive Officer and Portfolio Manager | Causeway | 2014 |
| Ellen Lee, Portfolio Manager | Causeway | 2015 |
| Conor S. Muldoon, CFA<sup>®</sup>, Portfolio Manager | Causeway | 2014 |
| Steven Nguyen, Portfolio Manager | Causeway | 2019 |
| Brian Cho, Portfolio Manager | Causeway | 2021 |
| Ehren Stanhope, CFA<sup>®</sup>, Chief Investment Strategist, Portfolio Manager | O'Shaughnessy | 2026 |
| Scott Bartone, CFA<sup>®</sup>, Chief Product Officer, Portfolio Manager | O'Shaughnessy | 2026 |
| Claire Noel, CFA<sup>®</sup>, Director of Research, Portfolio Manager | O'Shaughnessy | 2026 |
| Daniel Nitiutomo, CFA<sup>®</sup>, Portfolio Manager | O'Shaughnessy | 2026 |
| Joseph Giroux, Portfolio Manager | O'Shaughnessy | 2026 |
| James Gautrey, CFA<sup>®</sup>, Portfolio Manager | Schroders | 2014 |
| Simon Webber, CFA<sup>®</sup>, Portfolio Manager | Schroders | 2011 |
| Daniel B. LeVan, CFA<sup>®</sup>, Chief Investment Officer of Trivalent Investments, a Victory Capital investment franchise | Victory Capital | 2017 |
| John W. Evers, CFA<sup>®</sup>, Senior Portfolio Manager | Victory Capital | 2017 |
| Jane Henderson, Managing Director | Walter Scott | 2021 |
| Roy Leckie, Executive Director – Investment & Client Service | Walter Scott | 2021 |
| Maxim Skorniakov, Investment Manager | Walter Scott | 2022 |
| Fraser Fox, Investment Manager | Walter Scott | 2022 |

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*Further, the following disclosure related to the International Equity Fund is hereby added in the section titled "How the Sub-advisers select the Fund's investments" on page 58-61 of the Prospectus:* 

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

The O'Shaughnessy Developed Markets Ex North America - Canvas Tax Managed strategy seeks to provide long-term appreciation through passive exposure to primarily large and mid-cap stocks in Developed Market countries excluding the US and Canada. The investment process uses a risk-based sampling approach to closely track broad market exposure to developed market 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 800 -1000 securities.

*Finally, the following disclosure in the sub-section titled "The Sub-advisers" under the section titled "Fund Management" related to the International Equity Fund on pages 92-95 of the Prospectus is hereby added in alphabetical order with respect to the other Sub-advisers:* 

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Sub-Adviser or Adviser** | **Percentage** | **Fund Manager/Fund Management Team**<br> **Members, Title, Past 5 years' business**<br> **experience** | **Fund<br>Manager<br>Since** |
| **International Equity Fund** | O'Shaughnessy Asset Management, LLC ("O'Shaughnessy")<br> 100 First Stamford Pl, Stamford, CT 06902 | 35% | **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 Company, 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.<br>| 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 OSAM. Scott is involved in the day-to-day portfolio management activities and heads the trade support staff focused on delivering the firm's | 2026 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Sub-Adviser or**<br> **Adviser** | **Percentage** | **Fund Manager/Fund Management Team Members, Title, Past 5 years' business<br>experience** | **Fund**<br>**Manager**<br>**Since** |
|  |  |  | 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. |  |
|  |  |  | **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 |

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**<u>EMERGING MARKETS EQUITY FUND</u>**

*BlackRock Financial Management, Inc. ("BlackRock") is no longer an investment sub-adviser of the Emerging Markets Equity Fund. As such, all references to BlackRock as a sub-adviser to the Emerging Markets Equity Fund 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 Emerging Markets Equity Fund effective May 7, 2026.* 

*Related thereto, the target sub-adviser investment allocations of the Emerging Markets Equity Fund are 17.5% to Lazard Asset Management LLC ("Lazard"), 30% to ClearBridge Investment Management Limited ("CIML"), 35% to O'Shaughnessy, and 17.5% to Van Eck Associates Corporation ("VanEck").* 

*Accordingly, the following replaces the chart in the section titled "Sub-advisers and portfolio managers" related to the Emerging Markets Equity Fund on page 18 of the Prospectus:* 

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| | | |
|:---|:---|:---|
| **Portfolio Manager** | **Sub-Adviser or<br>Adviser** | **Fund's Portfolio<br>Manager**<br>**Since** |
| James M. Donald, CFA<sup>®</sup>, Managing Director, Portfolio Manager/Analyst and Head of Emerging Markets | Lazard | 2009 |
| Rohit Chopra, Managing Director and Portfolio Manager Analyst | Lazard | 2009 |
| Monika Shrestha, Managing Director and Portfolio Manager Analyst | Lazard | 2015 |
| Ganesh Ramachandran, Managing Director and Portfolio Manager Analyst | Lazard | 2020 |
| Alastair Reynolds, ASIP, Managing Director, Portfolio Manager | CIML | 2021 |
| Andrew Mathewson, CFA, Managing Director, Portfolio Manager | CIML | 2021 |
| Colin Dishington, CFA, Managing Director, Portfolio Manager | CIML | 2021 |
| Divya Mathur, ASIP, Managing Director, Portfolio Manager | CIML | 2021 |
| Paul Desoisa, CFA, Managing Director, Portfolio Manager | CIML | 2021 |
| Paul Sloane, ASIP, Managing Director, Portfolio Manager | CIML | 2021 |
| Aimee Truesdale, CFA, Managing Director, Portfolio Manager | CIML | 2022 |
| Ehren Stanhope, CFA<sup>®</sup>, Chief Investment Strategist, Portfolio Manager | O'Shaughnessy | 2026 |
| Scott Bartone, CFA<sup>®</sup>, Chief Product Officer, Portfolio Manager | O'Shaughnessy | 2026 |
| Claire Noel, CFA<sup>®</sup>, Director of Research, Portfolio Manager | O'Shaughnessy | 2026 |
| Daniel Nitiutomo, CFA<sup>®</sup>, Portfolio Manager | O'Shaughnessy | 2026 |
| Joseph Giroux, Portfolio Manager | O'Shaughnessy | 2026 |
| Angus Shillington, Deputy Portfolio Manager | VanEck | 2016 |
| Ola El-Shawarby, Portfolio Manager | VanEck | 2023 |

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*Further, the following disclosure related to the Emerging Markets Equity Fund is hereby added in the section titled "How the Sub-advisers select the Fund's investments" on page 61-64 of the Prospectus:* 

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

The O'Shaughnessy MSCI Emerging Markets - Canvas Tax Managed strategy seeks to provide long-term appreciation through passive exposure to emerging market equities. The MSCI Emerging Markets Index captures large and mid-cap representation across 24 Emerging Markets (EM) countries\*. The index covers approximately 85% of the free

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float-adjusted market capitalization in each country. The investment process uses a risk-based sampling approach to closely track broad market exposure to emerging market equities, 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 1000-1200 securities.

*Finally, the following disclosure in the sub-section titled "The Sub-advisers" under the section titled "Fund Management" related to the Emerging Markets Equity Fund on pages 95-99 of the Prospectus is hereby added in alphabetical order with respect to the other Sub-advisers:* 

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Sub-Adviser or Adviser** | **Percentage** | **Fund Manager/Fund Management Team**<br> **Members, Title, Past 5 years' business**<br> **experience** | **Fund<br>Manager<br>Since** |
| **Emerg-ing Markets Equity Fund** | O'Shaughnessy Asset Management, LLC ("O'Shaughnessy")<br> 100 First Stamford Pl, Stamford, CT 06902 | 35% | **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 Company, 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 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 | 2026 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Sub-Adviser or Adviser** | **Percentage** | **Fund Manager/Fund Management Team**<br> **Members, Title, Past 5 years' business**<br> **experience** | **Fund<br>Manager<br>Since** |
|  |  |  | from Cornell University. He is also a CFA charterholder. |  |
|  |  |  | **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 |

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There are no other changes to the Prospectus and Summary Prospectuses.