Oct. 31, 2024
The Treasury Securities Portfolio (the “Fund”) seeks preservation of capital, daily liquidity and maximum current income.
The table below describes the expenses that you may pay if you buy, hold and sell Institutional Plus Class shares of the Fund. The Fund does not charge any sales loads or other fees when you purchase or redeem shares. You may pay fees other than the fees and expenses of the Fund, such as brokerage commissions and other fees charged by financial intermediaries, which are not reflected in the tables and examples below.
| | Institutional Plus Class |
| Advisory Fee | 0.15% |
| Distribution and/or Shareholder Service (12b-1) Fee | None |
| Other Expenses1 | 0.06% |
| Shareholder Administration Fee | 0.02% |
| Total Annual Fund Operating Expenses2 | 0.23% |
| Fee Waiver and/or Expense Reimbursement2 | 0.01% |
| Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement2 | 0.22% |
| 1 | Other Expenses have been estimated for the current fiscal year. |
| 2 | The Fund’s “Adviser” and “Administrator,” Morgan Stanley Investment Management Inc. (“MSIM”), has agreed to reduce its advisory fee, its administration fee and/or reimburse the Fund’s Institutional Plus Class so that Total Annual Fund Operating Expenses, excluding acquired fund fees and expenses (as applicable), certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 0.22%. The fee waivers and/or expense reimbursements will continue for at least one year from the date of this Prospectus or until such time as the Board of Trustees of Morgan Stanley Institutional Liquidity Funds (the “Trust”) acts to discontinue all or a portion of such waivers and/or reimbursements when it deems such action is appropriate. |
The example below is intended to help you compare the cost of investing in the Fund’s Institutional Plus Class with the cost of investing in other mutual funds.
The example assumes that you invest $10,000 in the Fund’s Institutional Plus Class for the time periods indicated and then redeem all of your shares at the end of those periods, your investment has a 5% return each year and that the Fund’s operating expenses remain the same (except that the example incorporates the fee waiver and/or expense reimbursement arrangement for only the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:
|
|
1 Year
|
3 Years
|
5 Years
|
10 Years
|
|
|
Institutional Plus Class
|
$23 |
$73 |
$129 |
$292 |
The Fund has adopted a policy to invest exclusively in U.S. Treasury obligations, which are backed by the full faith and credit of the United States, and, accordingly, qualifies as a “government money market fund” under federal regulations. The Fund is permitted to hold a portion of its assets in cash.
A “government money market fund” is a money market fund that invests at least 99.5% of its total assets in cash, securities issued or guaranteed by the United States or certain U.S. government agencies or instrumentalities and/or repurchase agreements that are collateralized fully by the foregoing. A “government money market fund” is exempt from requirements that permit and, under certain circumstances, require money market funds to impose a “liquidity fee” on redemptions. In selecting investments, the Adviser seeks to maintain the Fund’s share price at $1.00. The share price remaining stable at $1.00 means that the Fund would preserve the principal value of your investment.
In addition, the Fund has adopted a policy that provides, under normal circumstances, at least 80% of the Fund’s assets will be invested in U.S. Treasury obligations, which are backed by the full faith and credit of the United States. This policy may be changed without shareholder approval; however, shareholders would be notified upon 60 days’ notice in writing of any changes.
The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the performance of the Fund’s Institutional Select Class shares from year-to-year and by showing the average annual returns of the Fund’s Institutional Select Class shares for the one, five and 10 year periods. The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available online at www.morganstanley.com/liquidity.
|
High Quarter
|
12/31/23
|
1.31%
|
|
Low Quarter
|
03/31/21
|
0.00%
|
The year-to-date total return as of June 30, 2025 was 2.06%.
| | Past One Year | Past Five Years | Past Ten Years |
| Treasury Securities Portfolio1 | 5.07% | 2.31% | 1.59% |
| 1 | Institutional Select Class shares are not offered in this Prospectus. Institutional Plus Class shares of the Fund had not completed a full calendar year of operations as of December 31, 2024 and therefore Institutional Plus Class shares do not have annualized return information to report. Institutional Plus Class shares would have substantially similar annual returns because the shares are invested in the same portfolio of securities and the annual returns would differ only to the extent that the Classes do not have the same expenses. Return information for the Fund’s Institutional Plus Class shares will be shown in future prospectuses offering the Fund’s Institutional Plus Class shares after the Fund’s Institutional Plus Class shares have a full calendar year of return information to report. |
You may obtain the Fund’s 7-day current yield by calling 1-888-378-1630.