# EDGAR Filing Document

**Accession Number:** 0000875186
**File Stem:** 0000950130-26-000055
**Filing Date:** 2026-1
**Character Count:** 21886
**Document Hash:** 1a3d6a2d959b10f7dd16bf6296f42668
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950130-26-000055.hdr.sgml**: 20260106

**ACCESSION NUMBER**: 0000950130-26-000055

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20260106

**DATE AS OF CHANGE**: 20260106

**EFFECTIVENESS DATE**: 20260106

**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:** 033-40823
- **FILM NUMBER:** 26511181

**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

### International Equity Fund (Series ID: S000008435)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000023143 | International Equity Fund | TIEUX           |

![LOGO](g86010g01a01.jpg)

**January 1, 2026** 

*Summary Prospectus* 

Before you invest, you may want to review the Fund's prospectus, which contains more information about the Fund and its risks. The Fund's prospectus, dated January 1, 2026, and Statement of Additional Information, dated January 1, 2026 are incorporated by reference into the summary prospectus, making them legally part of the summary prospectus. You can find the Fund's prospectus and other information about the Fund online at www.morganstanley.com/wealth-investmentsolutions/cgcm. You can also get this information at no cost by calling 1-800-869-3326 or by sending an e-mail request to client.field.services@morganstanley.com.

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**Investment objective** 

Capital appreciation.

**Fund Fees and Expenses** 

This table describes the fees and expenses you may pay if you buy and hold shares of the Fund.

**Annual Advisory Program Fees** 

(fees paid directly from your investment in the applicable Morgan Stanley-sponsored investment advisory program)

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| | |
|:---|:---|
| &nbsp;&nbsp; Maximum annual fees in the Consulting Group Advisor, Select UMA, or Portfolio Management investment advisory programs (as a percentage of average prior quarter-end net assets)\* | 2.00% |

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**Annual Fund Operating Expenses** 

(expenses that you pay each year as a percentage of the value of your investment in the Fund)

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| | |
|:---|:---|
|  Management Fees\* | 0.70% |
|  Distribution (12b-1) Fees |  |
|  Other Expenses | 0.13% |
|  Total Annual Fund Operating Expenses | 0.83% |
|  Waiver\* | (0.23)% |
|  Net Annual Fund Operating Expenses\* | 0.60% |

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\* CGAS (defined herein) has contractually agreed to waive fees and reimburse expenses in order to keep the Fund's management fees from exceeding the total amount of sub-advisory fees paid by CGAS plus 0.20% based on average net assets. This contractual waiver will only apply if the Fund's total management fees exceed the total amount of sub-advisory fees paid by CGAS plus 0.20% and will not affect the Fund's total management fees if they are less than such amount. This fee waiver and/or reimbursement will continue for at least one year from the date of this prospectus or until such time as the Board of Trustees acts to discontinue all or a portion of such waiver and/or reimbursement when they deem such action is appropriate.

**Examples** 

These examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The examples assume that you invest $10,000 in the Fund for the time periods indicated. The examples also assume that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The effect of the Fund's contractual fee waiver is only reflected in the first year of the example. The figures are calculated based upon total annual Fund operating expenses and a maximum annual fee of 2.00% for the applicable Morgan Stanley-sponsored investment advisory program through which you invest. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **AFTER**<br> **1 YEAR** | **AFTER<br>3 YEARS** | **AFTER<br>5 YEARS** | **AFTER<br>10 YEARS** |
| &nbsp;&nbsp; $263 | $855 | $1474 | $3140 |

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**Portfolio turnover** 

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the above examples, affect the Fund's performance. During the fiscal year ended August 31, 2025, the Fund's portfolio turnover rate was 29% of the average value of its portfolio.

**Principal investment strategies** 

The Fund will invest, under normal market conditions, at least 80% of its net assets (plus the amount of any borrowing for investment purposes) in the equity securities of companies located outside the U.S. The Fund focuses on companies located in developed markets, but also may invest a portion of its assets in securities of companies located in emerging markets. The Fund intends to diversify its assets by investing primarily in securities of issuers located in at least three foreign countries. The Fund may attempt to hedge against unfavorable changes in currency exchange rates by engaging in forward currency transactions or currency swaps and trading currency futures contracts and options on these futures. However, a Sub-adviser (as defined below) may choose not to, or may be unable to, hedge the Fund's currency exposure. The Fund may also lend portfolio securities to earn additional income. Any income realized through securities lending may help Fund performance.

The Fund employs a "multi-manager" strategy whereby portions of the Fund are allocated to professional money managers (each, a "Sub-adviser," collectively, the "Sub-advisers") who are responsible for investing the assets of the Fund.

**Principal risks of investing in the Fund** 

Loss of money is a risk of investing in the Fund.

The Fund's principal risks include:

• *Market Risk*, which is the risk that stock prices decline overall. Markets are volatile and can decline significantly in response to real or perceived adverse issuer, political, regulatory, market or economic
developments in the U.S. and in other countries. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market
volatility in both the short and long-term. Market risk may affect a single company, sector of the economy or the market as a whole.

• *Equity Risk*, which is the risk that prices of equity securities rise and fall daily due to factors affecting individual companies, particular industries or the equity market as a whole.

• *Foreign Investment Risk*, which means risks unique to foreign securities, including less information about foreign issuers, less liquid securities markets, political instability and unfavorable changes in currency
exchange rates.

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| | |
|:---|:---|
| **2** | **MORGAN STANLEY \| 2026** |

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• *Currency Risk*, which refers to the risk that as a result of the Fund's investments in securities denominated in, and/or receiving revenues in, foreign currencies, those currencies will decline in value
relative to the U.S. dollar or, in the case of hedged positions, the U.S. dollar will decline in value relative to the currency hedged.

• *Forwards, Futures, Options and Swaps Risk*, which means that the Fund's use of forwards, futures, options and swaps to enhance returns or hedge against market declines subjects the Fund to potentially
greater volatility and/or losses. Even a small investment in forwards, futures, options or swaps can have a large impact on the Fund's interest rate, securities market and currency exposure. Therefore, using forwards, futures, options or swaps
can disproportionately increase losses and reduce opportunities for gains when interest rates, stock prices or currency rates are changing. The Fund may not fully benefit from or may lose money on its investment in forwards, futures, options or
swaps if changes in their value do not correspond accurately to changes in the value of the Fund's holdings. Investing in forwards, futures, options or swaps can also make the Fund's assets less liquid and harder to value, especially in
declining markets. The Fund may hold illiquid securities that may be difficult to sell and may be required to be fair valued.

• *Emerging Markets Risk*, emerging markets countries, which are generally defined as countries that may be represented in a market index such as the MSCI Emerging Markets Index (Net) or having per capita income in
the low to middle ranges, as determined by the World Bank. In addition to foreign investment and currency risks, emerging markets may experience rising interest rates, or, more significantly, rapid inflation or hyperinflation. Emerging market
securities may present market, credit, liquidity, legal, political and other risks different from, or greater than, the risks of investing in developed foreign countries. The Fund also could experience a loss from settlement and custody practices in
some emerging markets.

• *Small and Mid Cap Risk*, which refers to the fact that historically, small and mid cap stocks tend to be more vulnerable to adverse business and economic events, more sensitive to changes in earnings results and
forecasts and investor expectations and will experience sharper swings in market values than larger, more established companies. At times, small and mid cap stocks may be less liquid and harder to sell at prices the Sub-advisers believe are
appropriate.

• *Securities Lending Risk*, which includes the potential insolvency of a borrower and losses due to the re-investment of collateral received on loaned securities in investments that default or do not perform well.

• *Manager Risk*, which is the risk that poor security selection by a Sub-adviser will cause the Fund to underperform. This risk is common for all actively managed funds.

• *Multi-Manager Risk*, which is the risk that the investment styles of the Sub-advisers may not complement each other as expected by the Manager. The Fund may experience a

higher portfolio turnover rate, which can increase the Fund's transaction costs and result in more taxable short-term gains for shareholders.

• *LIBOR Transition Risk* refers to the fact that the elimination of the London Inter-Bank Offered Rate ("LIBOR") rate may adversely affect the interest rates on, and value of, certain Fund investments
that are tied to LIBOR. The U.K. Financial Conduct Authority ceased publishing all LIBOR settings on a representative basis after June 30, 2023. Some LIBOR rates continued to be published, but only on a temporary, synthetic, and
non-representative basis. These temporary, synthetic LIBOR rates were discontinued in September 2024. Alternatives to LIBOR are established or in development in most major currencies and markets are slowly responding to these new rates. It is
difficult to predict the full impact of the transition away from LIBOR on the Fund.

• *Issuer Risk*, which is the risk that the value of a security may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's
goods or services.

• *Sector Risk*, which is the risk that the value of securities in a particular industry or sector will decline because of changing expectations for the performance of that industry or sector. From time to time,
based on market or economic conditions, the Fund may have significant positions in one or more sectors of the market. To the extent the Fund invests more heavily in particular sectors, its performance will be especially sensitive to developments
that significantly affect those sectors. Individual sectors may be more volatile, and may perform differently, than the broader market. The industries that constitute a sector may all react in the same way to economic, political or regulatory
events.

An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. For more information on the risks of investing in the Fund please see the ***Fund details*** section of the Fund's Prospectus.

**Performance** 

The bar chart below shows how the Fund's investment results have varied from year to year, and the following table shows how the Fund's annual total returns for various periods compare to those of the Fund's benchmark index. This information provides some indication of the risks of investing in the Fund. The Fund is available only to investors participating in Morgan Stanley-sponsored investment advisory programs. These programs charge an annual fee (see Annual Advisory Program Fees above). **The performance information in the bar chart and table below does not reflect this fee, which would reduce your return.** The Fund's past performance, before and after taxes, does not necessarily indicate how the Fund will perform in the future. For current performance information please see www.morganstanley.com/wealth-investmentsolutions/cgcm.

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| | |
|:---|:---|
| **3** | **MORGAN STANLEY \| 2026** |

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**Annual total returns (%) calendar years** 

**International Equity Fund**![LOGO](g86010g08a01.jpg)

**Fund's best and worst calendar quarters** 

Best: 18.66% in 4th quarter 2022

Worst: (25.29)% in 1st quarter 2020

Year-to-date: 23.91% (through 3rd quarter 2025)

**Average Annual Total Returns** 

(for the periods ended December 31, 2024)

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **INCEPTION DATE: 11/18/1991** | **1 YEAR** | **5 YEARS** | **10 YEARS** |
| &nbsp;&nbsp; **Fund (without advisory program fee)** | &nbsp;&nbsp; **Fund (without advisory program fee)** | &nbsp;&nbsp; **Fund (without advisory program fee)** | &nbsp;&nbsp; **Fund (without advisory program fee)** |
| &nbsp;&nbsp; Return Before Taxes | 2.98% | 5.25% | 5.35% |
| &nbsp;&nbsp; Return After Taxes on<br> Distributions | 1.56% | 4.12% | 4.59% |
| &nbsp;&nbsp; Return After Taxes on<br> Distributions and Sale of Fund Shares | 2.91% | 4.05% | 4.26% |
| &nbsp;&nbsp; MSCI EAFE<sup>®</sup> Index (Net)<br> (reflects no deduction for fees, expenses or taxes) | 3.82% | 4.73% | 5.20% |

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The after-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.

The Fund's benchmark is the MSCI EAFE<sup>®</sup> Index (Net). The Benchmark is a composite portfolio of equity total returns for developed countries in Europe and the Far East and Australia and New Zealand. Unlike the Fund, the benchmark is

unmanaged and does not include any fees or expenses. An investor cannot invest directly in an index.

**Investment adviser** 

Consulting Group Advisory Services LLC ("CGAS" or the "Manager"), a business of Morgan Stanley Wealth Management ("MSWM"), serves as the investment adviser for the Fund. Subject to Board review, the Manager selects and oversees professional money managers (each a "Sub-adviser," collectively, the "Sub-advisers") who are responsible for investing the assets of the Fund. The Sub-advisers are selected based primarily upon the research and recommendation of the Manager, which includes a quantitative and qualitative evaluation of a Sub-adviser's skills and investment results in managing assets for specific asset classes, investment styles and strategies. The Manager allocates and, when appropriate, reallocates the Fund's assets among one or more Sub-advisers, continuously monitors and evaluates Sub-adviser performance (including trade execution), performs other due diligence functions (such as an assessment of changes in personnel or other developments at the Sub-advisers), and oversees Sub-adviser compliance with the Fund's investment objectives, policies and guidelines. The Manager also monitors changes in market conditions and considers whether changes in the allocation of Fund assets or the lineup of Sub-advisers should be made in response to such changes in market conditions. Sub-advisers may also periodically recommend changes or enhancements to the Fund's investment objectives, policies and guidelines, which are subject to the approval of the Manager and may also be subject to the approval of the Board.

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| | |
|:---|:---|
| **4** | **MORGAN STANLEY \| 2026** |

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**Sub-advisers and portfolio managers** 

BlackRock Financial Management, Inc. ("BlackRock")

Causeway Capital Management LLC ("Causeway")

Schroder Investment Management North America Inc. ("Schroders")

Victory Capital Management, Inc. ("Victory Capital")

Walter Scott & Partners Limited ("Walter Scott")

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **PORTFOLIO MANAGERS** | **SUB-ADVISER OR ADVISER** | **FUND'S PORTFOLIO<br>MANAGER SINCE** |
| &nbsp;&nbsp; Jennifer Hsui, CFA<sup>®</sup> Managing Director, Global Head of Index Equity | BlackRock | 2024 |
| &nbsp;&nbsp; Peter Sietsema, CFA<sup>®</sup> Director and Senior Portfolio Manager | BlackRock | 2024 |
| &nbsp;&nbsp; Matt Waldron, CFA<sup>®</sup> Managing Director and Portfolio Manager | BlackRock | 2024 |
| &nbsp;&nbsp; Steven White, Director and Portfolio Manager, Head of Active Risk ETF | BlackRock | 2025 |
| &nbsp;&nbsp; Alessandro Valentini, CFA<sup>®</sup>, Portfolio Manager | Causeway | 2021 |
| &nbsp;&nbsp; Jonathan P. Eng, Portfolio Manager | Causeway | 2014 |
| &nbsp;&nbsp; Harry W. Hartford, President and Portfolio Manager | Causeway | 2014 |
| &nbsp;&nbsp; Sarah H. Ketterer, Chief Executive Officer and Portfolio Manager | Causeway | 2014 |
| &nbsp;&nbsp; Ellen Lee, Portfolio Manager | Causeway | 2015 |
| &nbsp;&nbsp; Conor S. Muldoon, CFA<sup>®</sup>, Portfolio Manager | Causeway | 2014 |
| &nbsp;&nbsp; Steven Nguyen, Portfolio Manager | Causeway | 2019 |
| &nbsp;&nbsp; Brian Cho, Portfolio Manager | Causeway | 2021 |
| &nbsp;&nbsp; James Gautrey, CFA<sup>®</sup>, Portfolio Manager | Schroders | 2014 |
| &nbsp;&nbsp; Simon Webber, CFA<sup>®</sup>, Portfolio Manager | Schroders | 2011 |
| &nbsp;&nbsp; Daniel B. LeVan, CFA<sup>®</sup>, Chief Investment Officer of Trivalent Investments, a Victory Capital investment franchise | Victory Capital | 2017 |
| &nbsp;&nbsp; John W. Evers, CFA<sup>®</sup>, Senior Portfolio Manager | Victory Capital | 2017 |
| &nbsp;&nbsp; Jane Henderson, Managing Director | Walter Scott | 2021 |
| &nbsp;&nbsp; Roy Leckie, Executive Director – Investment & Client Service | Walter Scott | 2021 |
| &nbsp;&nbsp; Maxim Skorniakov, Investment Manager | Walter Scott | 2022 |
| &nbsp;&nbsp; Fraser Fox, Investment Manager | Walter Scott | 2022 |

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**Purchase and sale of Fund shares** 

Purchases of shares of the Fund must be made through an investment advisory program with Morgan Stanley. You may purchase or sell shares of the Fund at net asset value on any day the New York Stock Exchange ("NYSE") is open by contacting your Morgan Stanley Financial Advisor.

• The minimum initial aggregate investment in the Morgan Stanley-sponsored investment advisory programs is $1,000.

• There is no minimum on additional investments in the Fund or the applicable investment advisory program through which you invest.

• Each of the Fund and the Morgan Stanley-sponsored investment advisory programs through which investments in the Fund are offered may vary or waive these investment minimums at any time.

For more information about the Morgan Stanley-sponsored investment advisory programs, see the About the Funds section of this Prospectus.

**Tax information** 

The Fund's distributions are generally taxable to you as ordinary income, capital gains, or a combination of the two.

**Payments to financial intermediaries** 

If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your sales person to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

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|:---|:---|
| **5** | **MORGAN STANLEY \| 2026** |

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| **6** | **MORGAN STANLEY \| 2026** |

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------®2024 Morgan Stanley. Member SIPC CS-1 1/26