MORGAN STANLEY PATHWAY FUNDS
SUPPLEMENT DATED AUGUST 19, 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.
MORGAN STANLEY PATHWAY LARGE CAP EQUITY ETF
ClearBridge Investments, LLC (“ClearBridge”) 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 ClearBridge as a sub-adviser to the Large Cap Equity ETF and any related disclosures are removed from the Prospectus and Summary Prospectus.
Further, Westfield Capital Management Company, L.P. (“Westfield”) will commence as a new investment sub-adviser to the Large Cap Equity ETF effective August 19, 2026.
Related thereto, the sub-adviser investment allocation of the Large Cap Equity ETF is 17% to Great Lakes Advisors, LLC (“Great Lakes”), 65% to O’Shaughnessy Asset Management, LLC (“O’Shaughnessy”), 9% to Principal Asset Management (“Principal”), and 9% to Westfield.
Accordingly, the following replaces the chart in the section titled “Sub-advisers and portfolio managers” related to the Large Cap Equity ETF on page 5 of the Prospectus:
| Portfolio Manager |
Sub-Adviser or Adviser |
Fund’s Portfolio Manager Since |
Predecessor Fund’s Portfolio Manager Since | |||
| Paul Roukis, CFA®, Portfolio Manager and Managing Director | Great Lakes | 2024 | 2015 | |||
| Jeff Agne, Portfolio Manager and Managing Director | Great Lakes | 2024 | 2014 | |||
| Ehren Stanhope, CFA®, Chief Investment Strategist, Portfolio Manager | O’Shaughnessy | 2026 | N/A | |||
| Scott Bartone, CFA®, Chief Product Officer, Portfolio Manager | O’Shaughnessy | 2026 | N/A | |||
| Claire Noel, CFA®, Director of Research, Portfolio Manager | O’Shaughnessy | 2026 | N/A | |||
| Daniel Nitiutomo, CFA®, 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 | 2019 | |||
| Tom Rozycki, Director of Research and Portfolio Manager | Principal | 2024 | 2021 | |||
| William A. Muggia, President, CEO and CIO | Westfield | 2026 | N/A | |||
| Richard D. Lee, CFA®, Managing Partner and CIO | Westfield | 2026 | N/A | |||
| Matthew R. Renna, Managing Partner | Westfield | 2026 | N/A | |||
| Edward D. Richardson, Partner | Westfield | 2026 | N/A |
Further, the following disclosure related to the Morgan Stanley Pathway Large 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:
Westfield Capital Management Company, L.P. (“Westfield”)
Westfield uses a fundamental bottom-up research approach, which seeks to identify reasonably priced stocks with high earnings potential. In order to seek the highest returns with the least degree of risk, Westfield generally favors stocks that, in the judgment of the firm, have: (i) sizeable management ownership; (ii) strong financial conditions; (iii) sufficient cash flow to fund growth internally; and (iv) strong pricing power. Westfield also considers factors such as earnings growth forecasts, price target estimates, total return potential, and business developments. Stocks may be sold when Westfield believes that the stocks no longer represent attractive investment opportunities, based on the factors described above. The percentage of the Fund’s assets allocated to Westfield is targeted at 8%.
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 Adviser |
Percentage |
Fund Manager/Fund Management Team Members, Title, Past 5 years’ business experience |
Fund | ||||
| Morgan Stanley Pathway Large Cap Equity ETF | Westfield Capital Management Company, L.P. (“Westfield”) One Financial Center |
9% | William A. Muggia President, CEO and CIO William A. Muggia is President, Chief Executive Officer, Chief Investment Officer, and Managing Partner of Westfield. In addition to leading Westfield’s Investment Committee, Mr. Muggia covers market outlook and strategy. Mr. Muggia has been at Westfield since 1994 and has managed the Fund since 2026. |
2026 | ||||
| Richard D. Lee, CFA® Managing Partner and CIO Richard D. Lee is a Managing Partner and Chief Investment Officer of Westfield. He covers Hardware, Semiconductors and IT Services. Mr. Lee has been at Westfield since 2004 and has managed the Fund since 2026. |
2026 | |||||||
| Matthew R. Renna Managing Partner Matthew R. Renna is a Managing Partner and covers Biopharma, and Life Sciences and Tools. Mr. Renna has been at Westfield since 2013 and has managed the Fund since 2026. |
2026 | |||||||
| Edward D. Richardson Partner Edward D. Richardson is a Partner and covers A&D, Consumer Cyclicals, and Restaurants. Mr. Richardson has been at Westfield since 2014 and has managed the Fund since 2026. |
2026 | |||||||
EMERGING MARKETS EQUITY FUND
Van Eck Associates Corporation (“VanEck”) is no longer an investment sub-adviser of the Emerging Markets Equity Fund. As such, all references to VanEck as a sub-adviser to the Emerging Markets Equity Fund and any related disclosures are removed from the Prospectus and Summary Prospectus.
Further, PanAgora Asset Management, Inc. (“PanAgora”) will commence as a new investment sub-adviser to the Emerging Markets Equity Fund effective September 21, 2026.
Related thereto, the target sub-adviser investment allocations of the Emerging Markets Equity Fund are 12% to Lazard Asset Management LLC (“Lazard”), 23% to ClearBridge Investment Management Limited (“CIML”), 40% to O’Shaughnessy, and 25% to PanAgora.
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:
| Portfolio Manager |
Sub-Adviser or Adviser |
Fund’s Portfolio Manager Since | ||
| James M. Donald, CFA®, 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®, Chief Investment Strategist, Portfolio Manager |
O’Shaughnessy | 2026 | ||
| Scott Bartone, CFA®, Chief Product Officer, Portfolio Manager |
O’Shaughnessy | 2026 | ||
| Claire Noel, CFA®, Director of Research, Portfolio Manager |
O’Shaughnessy | 2026 | ||
| Daniel Nitiutomo, CFA®, Portfolio Manager |
O’Shaughnessy | 2026 | ||
| Joseph Giroux, Portfolio Manager |
O’Shaughnessy | 2026 | ||
| George D. Mussalli, CFA |
PanAgora | 2026 |
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:
PanAgora Asset Management, Inc. (“PanAgora”)
PanAgora’s Dynamic Equity Team is led by George Mussalli, CFA, Global Chief Investment Officer. Day-to-day investment decisions are produced and analyzed by the Investment Team rather than being left to the subjective expertise of a single individual. Individual research projects are jointly conducted by multiple members of the team to provide sufficient coverage and minimize any errors. Mr. Mussalli is the lead portfolio manager of the Dynamic Equity strategies and is ultimately responsible for final decisions and overseeing the team.
The Dynamic Equity strategy is quantitative in nature. The final output of the Dynamic Equity Contextual Alpha Model is a ranking of every stock in the global equity universe based on the alpha score. Stocks that are top ranked have the highest potential to outperform the benchmark, based on PanAgora’s analysis. These stocks form the basis for consideration to be included in the portfolio, or to increase overweight positions relative to the benchmark. Stocks, whose rankings are deteriorating, as well as those not ranking highly, form the basis for consideration to be eliminated from the portfolio, or to be trimmed from existing positions.
The final buy and sell list must be further evaluated through the systematic portfolio construction/risk control process. PanAgora uses proprietary optimization techniques to select the portfolio that maximizes expected excess return for a given level of risk, considering several constraints, such as regional, country, and stock-specific limits as well as liquidity such as trading average daily volume and holding average daily volume. Forward-looking risk metrics are also applied to control portfolio exposures to thematic risk factors.
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:
| Fund |
Sub-Adviser or Adviser |
Percentage |
Fund Manager/Fund Management Team Members, Title, Past 5 years’ business experience |
Fund Manager Since | ||||
| Emerging Markets Equity Fund | PanAgora Asset Management, Inc. One International Place, 24th Floor, Boston, Massachusetts, 02110 |
25% | George D. Mussalli, CFA – Global Chief Investment Officer Mr. Mussalli is PanAgora’s Global Chief Investment Officer. He is responsible for the oversight of the firm’s Equity and Multi Asset investment teams, including research, portfolio management, portfolio construction, and trading. He is also a member of the firm’s Investment, Operating, Risk, and Sustainability Committees, as well as the Board of Directors. As Global Chief Investment Officer, Mr. Mussalli directs innovative research used in the development of models implemented in PanAgora’s investment strategies. As a leader in the field, he was appointed to the Editorial Boards of The Journal of Financial Data Science and The Journal of Impact and ESG Investing and is also a member of the MIT Sloan Finance Group Advisory Board. |
2026 |
INTERNATIONAL EQUITY FUND
Walter Scott & Partners Limited (“Walter Scott”) is no longer an investment sub-adviser of the International Equity Fund. As such, all references to Walter Scott as a sub-adviser to the International Equity Fund and any related disclosures are removed from the Prospectus and Summary Prospectus.
Related thereto, the sub-adviser investment allocation of the International Equity Fund is 24% to Causeway Capital Management LLC (“Causeway”), 45% to O’Shaughnessy, 21% to Schroder Investment Management North America Inc. (“Schroders”), and 10% to Victory Capital Management, Inc. (“Victory Capital”) effective August 19, 2026.
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:
| Portfolio Manager |
Sub-Adviser or Adviser |
Fund’s Portfolio Manager Since | ||
| Alessandro Valentini, CFA®, 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®, Portfolio Manager |
Causeway | 2014 | ||
| Steven Nguyen, Portfolio Manager |
Causeway | 2019 | ||
| Brian Cho, Portfolio Manager |
Causeway | 2021 | ||
| Ehren Stanhope, CFA®, Chief Investment Strategist, Portfolio Manager |
O’Shaughnessy | 2026 | ||
| Scott Bartone, CFA®, Chief Product Officer, Portfolio Manager |
O’Shaughnessy | 2026 | ||
| Claire Noel, CFA®, Director of Research, Portfolio Manager |
O’Shaughnessy | 2026 | ||
| Daniel Nitiutomo, CFA®, Portfolio Manager |
O’Shaughnessy | 2026 | ||
| Joseph Giroux, Portfolio Manager |
O’Shaughnessy | 2026 | ||
| James Gautrey, CFA®, Portfolio Manager |
Schroders | 2014 | ||
| Simon Webber, CFA®, Portfolio Manager |
Schroders | 2011 | ||
| Daniel B. LeVan, CFA®, Chief Investment Officer of Trivalent Investments, a Victory Capital investment franchise |
Victory Capital | 2017 | ||
| John W. Evers, CFA®, Senior Portfolio Manager |
Victory Capital | 2017 |
There are no other changes to the Prospectus and Summary Prospectuses.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
MORGAN STANLEY PATHWAY FUNDS
SUPPLEMENT DATED AUGUST 19, 2026,
TO THE STATEMENT OF ADDITIONAL INFORMATION (“SAI”) DATED JANUARY 1, 2026
This Supplement provides new and additional information beyond that contained in the SAI and should be read in conjunction with such SAI. To the extent that the following information is inconsistent with that contained in the SAI, this supplement supersedes the SAI.
MORGAN STANLEY PATHWAY LARGE CAP EQUITY ETF
ClearBridge Investments, LLC (“ClearBridge”) 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 ClearBridge and any related disclosures are removed from the SAI.
Further, Westfield Capital Management Company, L.P. (“Westfield”) will commence as a new investment sub-adviser to the Large Cap Equity ETF effective August 19, 2026.
Accordingly, the following is added to the disclosure related to the Large Cap Equity ETF in the sub-section titled “Other Accounts Managed by Portfolio Managers” in the section titled “Portfolio Manager Disclosure” beginning on page 69 of the SAI, in alphabetical order with respect to the other Sub-advisers:
Westfield Capital Management Company, L.P. (“Westfield”)
| Registered Investment Company |
Other Pooled Investment Vehicles |
Other Accounts | ||||||||||||||||
| Portfolio Manager(s) |
Accounts | Assets (in millions) | Accounts | Assets (in millions) | Accounts | Assets (in millions) | ||||||||||||
| William A. Muggia* |
13 | $ | 7,101 | 13 | $ | 3,726 | 260 | $ | 13,576 | |||||||||
| Richard D. Lee, CFA®* |
10 | $ | 5,176 | 9 | $ | 3,580 | 218 | $ | 12,166 | |||||||||
| Matthew R. Renna, CFA®* |
11 | $ | 5,202 | 11 | $ | 3,655 | 218 | $ | 12,166 | |||||||||
| Edward D. Richardson* |
10 | $ | 5,176 | 9 | $ | 3,580 | 218 | $ | 12,166 | |||||||||
| * | Portfolio manager manages accounts for which advisory fee is totally or partially based on performance, the number of accounts and assets for which advisory fee is totally or partially based on performance as of August 31, 2025 can be found in the table below: |
| Registered Investment Company |
Other Pooled Investment Vehicles |
Other Accounts | ||||||||||||||||
| Portfolio Manager(s) |
Accounts | Assets (in millions) | Accounts | Assets (in millions) | Accounts | Assets (in millions) | ||||||||||||
| William A. Muggia |
0 | $ | 0 | 1 | $ | 35.72 | 26 | $ | 3,762 | |||||||||
| Richard D. Lee, CFA® |
0 | $ | 0 | 0 | $ | 0 | 23 | $ | 2,807 | |||||||||
| Matthew R. Renna, CFA® |
0 | $ | 0 | 0 | $ | 0 | 23 | $ | 2,807 | |||||||||
| Edward D. Richardson |
0 | $ | 0 | 0 | $ | 0 | 23 | $ | 2,807 | |||||||||
EMERGING MARKETS EQUITY FUND
Van Eck Associates Corporation (“VanEck”) is no longer an investment sub-adviser of the Emerging Markets Equity Fund. As such, all references to VanEck as a sub-adviser to the Emerging Markets Equity Fund and any related disclosures are removed from the SAI.
Further, PanAgora Asset Management, Inc. (“PanAgora”) will commence as a new investment sub-adviser to the Emerging Markets Equity Fund effective September 21, 2026.
Accordingly, the following is added to the disclosure related to the Emerging Markets Equity Fund in the sub-section titled “Other Accounts Managed by Portfolio Managers” in the section titled “Portfolio Manager Disclosure” beginning on page 69 of the SAI, in alphabetical order with respect to the other Sub-advisers:
PanAgora Asset Management, Inc. (“PanAgora”)
| Registered Investment Company |
Other Pooled Investment Vehicles |
Other Accounts | ||||||||||||||||
| Portfolio Manager(s) |
Accounts | Assets (in millions) | Accounts | Assets (in millions) | Accounts | Assets (in millions) | ||||||||||||
| George D. Mussalli, CFA |
4 | $ | 1,575 | 54 | $ | 24,316 | 67 | $ | 17,285 | |||||||||
In addition, the following is added to the information under the section titled “Portfolio Manager Compensation” beginning on page 78 of the SAI, in alphabetical order with respect to the other Sub-advisers:
PanAgora Asset Management, Inc. (“PanAgora”)
All PanAgora investment professionals receive industry competitive salaries (based on an annual benchmarking study) and have the opportunity to be rewarded with meaningful performance-based annual bonuses. All employees of PanAgora are evaluated by comparing their performance against tailored and specific objectives. These goals are developed and monitored through the cooperation of employees and their immediate supervisors. Portfolio managers have specific goals regarding the investment performance of the accounts they manage and not revenue associated with these accounts. Long-term investment performance is typically assessed based on performance over multiple time periods against competitors or, for certain strategies, against other relevant investment benchmarks. Actual incentive compensation may be higher or lower than the target, based on individual, group, and subjective performance, and also reflect the performance of PanAgora as a firm. Such targets are reviewed each year to adjust for changes in responsibility and market conditions.
In addition, certain PanAgora employees own non-voting interests in PanAgora via PanAgora’s management equity plan. Assuming all employee stock and options are issued and exercised, up to 20% of the economic interests in PanAgora can be owned, in the aggregate, by PanAgora employees. To ensure the retention benefit of the plan, the ownership is subject to a vesting schedule. The ownership is primarily shared by members of the senior management team as well as senior investment and research professionals.
Finally, the following is added to the information under the section titled “Potential Conflicts of Interest” beginning on page 91 of the SAI:
PanAgora Asset Management, Inc. (“PanAgora”)
The portfolio managers’ management of other accounts may give rise to potential conflicts of interest in connection with their management of the fund’s investments, on the one hand, and the investments of the other accounts, on the other. The other accounts include retirement plans and separately managed accounts (“SMA’s”), as well as incubated accounts. The other accounts might have similar investment objectives as the fund, or hold, purchase or sell securities that are eligible to be held, purchased or sold by the fund. While the portfolio managers’ management of other accounts may give rise to the following potential conflicts of interest, PanAgora does not believe that the conflicts, if any, are material or, to the extent any such conflicts are material, PanAgora believes that it has designed policies and procedures to manage those conflicts in an appropriate way.
A potential conflict of interest may arise as a result of the portfolio managers’ day-to-day management of the fund. Because of their positions with the fund, the portfolio managers know the size, timing and possible market impact of the fund’s trades. It is theoretically possible that the portfolio managers could use this information to the advantage of other accounts they manage and to the possible detriment of the fund. However, PanAgora has adopted policies and procedures reasonably designed to allocate investment opportunities on a fair and equitable basis over time.
A potential conflict of interest may arise as a result of the portfolio managers’ management of the fund, and other accounts, which, in theory, may allow them to allocate investment opportunities in a way that favors other accounts over the fund. This conflict of interest may be exacerbated to the extent that PanAgora or the portfolio managers receive, or expect to receive, greater compensation from their management of the other accounts than the fund. Notwithstanding this theoretical conflict of interest, it is PanAgora’s policy to manage each account based on its investment objectives and related restrictions and, as discussed above, PanAgora has adopted policies and procedures reasonably designed to allocate investment opportunities on a fair and equitable basis over time and in a manner consistent with each account’s investment objectives and related restrictions. For example, while the portfolio managers may buy for other accounts securities that differ in identity or quantity from securities bought for the fund, such securities might not be suitable for the fund given its investment objective and related restrictions.
INTERNATIONAL EQUITY FUND
Walter Scott & Partners Limited (“Walter Scott”) is no longer an investment sub-adviser of the International Equity Fund. As such, all references to Walter Scott as a sub-adviser to the International Equity Fund and any related disclosures are removed from the SAI.
There are no other changes to the SAI.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE