0001104659-12-085756.txt : 20121221 0001104659-12-085756.hdr.sgml : 20121221 20121221110209 ACCESSION NUMBER: 0001104659-12-085756 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20121221 DATE AS OF CHANGE: 20121221 EFFECTIVENESS DATE: 20121221 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MORGAN STANLEY INSTITUTIONAL LIQUIDITY FUNDS CENTRAL INDEX KEY: 0001227155 IRS NUMBER: 000000000 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 333-104972 FILM NUMBER: 121279834 BUSINESS ADDRESS: STREET 1: 522 FIFTH AVENUE CITY: NEW YORK STATE: NY ZIP: 10036 BUSINESS PHONE: 212 296-6963 MAIL ADDRESS: STREET 1: 522 FIFTH AVENUE CITY: NEW YORK STATE: NY ZIP: 10036

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497 1 a12-28710_25497.htm 497

MORGAN STANLEY INSTITUTIONAL LIQUDITY FUNDS

522 Fifth Avenue

New York, New York 10036

VIA EDGAR

December 21, 2012

Securities and Exchange Commission

100 F Street, N.E.

Washington, D.C. 20549

Re:		Morgan Stanley Institutional Liquidity Funds
		File No. 811-21339

Ladies and Gentlemen:

On behalf of Morgan Stanley Institutional Liquidity Funds (“Registrant”), we hereby submit for filing pursuant to Rule 497(e) under the Securities Act of 1933, as amended, exhibits containing interactive data format risk/return summary information for the Registrant. These exhibits contain the risk/return summary information in the prospectuses for the Registrant dated March 1, 2012. The purpose of this filing is to submit the XBRL information from the 497(e) filing dated December 13, 2012 for the Registrant.

If you have any questions, please feel free to contact me at 212.296.6982 (tel) or 212.404.4691 (fax).

	Very truly yours,

	/s/ Edward Meehan, Jr.
	Edward Meehan, Jr.
	Assistant Secretary

Enclosures

cc: Stefanie V. Chang Yu, Esq.

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style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:21.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Morgan Stanley Institutional Liquidity Funds <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none">Supplement dated December 13, 2012 to the Morgan Stanley Institutional Liquidity Funds Prospectuses dated March 1, 2012, relating to the Money Market, Prime, Government, Government Securities, Treasury and Treasury Securities Portfolios (the "Portfolios") of each of the: <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:14.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Institutional Class Institutional Select Class Administrative Class 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Further, effective December 13, 2012, Morgan Stanley Investment Management Inc. terminated the advisory agreement with Morgan Stanley Investment Management Limited with respect to the Portfolios. Accordingly, all references to Morgan Stanley Investment Management Limited as sub-adviser to the Portfolios will be deleted. In addition, the following changes to each Prospectus are required:   <p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in; margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none">Please retain this supplement for future reference.   MVRXX Government Portfolio   <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;line-height: normal;text-autospace:none">  <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;line-height: normal;text-autospace:none">Prospectus Supplement <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:21.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">December 13, 2012 <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:21.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Morgan Stanley Institutional Liquidity Funds <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none">Supplement dated December 13, 2012 to the Morgan Stanley Institutional Liquidity Funds Prospectuses dated March 1, 2012, relating to the Money Market, Prime, Government, Government Securities, Treasury and Treasury Securities Portfolios (the "Portfolios") of each of the: <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:14.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Institutional Class Institutional Select Class Administrative Class Advisory Class Investor Class Participant Class Cash Management Class <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:10.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Effective December 13, 2012, the Board of Trustees of Morgan Stanley Institutional Liquidity Funds, on behalf of the Money Market and Prime Portfolios, has approved investments in municipal securities eligible under Rule 2a-7 of the Investment Company Act of 1940, as amended, as a principal investment strategy. Further, effective December 13, 2012, Morgan Stanley Investment Management Inc. terminated the advisory agreement with Morgan Stanley Investment Management Limited with respect to the Portfolios. Accordingly, all references to Morgan Stanley Investment Management Limited as sub-adviser to the Portfolios will be deleted. In addition, the following changes to each Prospectus are required:   <p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in; margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none">Please retain this supplement for future reference.   MGSXX Government Portfolio   <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;line-height: normal;text-autospace:none">  <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;line-height: normal;text-autospace:none">Prospectus Supplement <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:21.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">December 13, 2012 <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:21.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Morgan Stanley Institutional Liquidity Funds <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none">Supplement dated December 13, 2012 to the Morgan Stanley Institutional Liquidity Funds Prospectuses dated March 1, 2012, relating to the Money Market, Prime, Government, Government Securities, Treasury and Treasury Securities Portfolios (the "Portfolios") of each of the: <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:14.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Institutional Class Institutional Select Class Administrative Class Advisory Class Investor Class Participant Class Cash Management Class <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:10.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Effective December 13, 2012, the Board of Trustees of Morgan Stanley Institutional Liquidity Funds, on behalf of the Money Market and Prime Portfolios, has approved investments in municipal securities eligible under Rule 2a-7 of the Investment Company Act of 1940, as amended, as a principal investment strategy. Further, effective December 13, 2012, Morgan Stanley Investment Management Inc. terminated the advisory agreement with Morgan Stanley Investment Management Limited with respect to the Portfolios. Accordingly, all references to Morgan Stanley Investment Management Limited as sub-adviser to the Portfolios will be deleted. In addition, the following changes to each Prospectus are required:   <p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in; margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none">Please retain this supplement for future reference.   MGOXX Government Portfolio   <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;line-height: normal;text-autospace:none">  <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;line-height: normal;text-autospace:none">Prospectus Supplement <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:21.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">December 13, 2012 <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:21.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Morgan Stanley Institutional Liquidity Funds <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none">Supplement dated December 13, 2012 to the Morgan Stanley Institutional Liquidity Funds Prospectuses dated March 1, 2012, relating to the Money Market, Prime, Government, Government Securities, Treasury and Treasury Securities Portfolios (the "Portfolios") of each of the: <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:14.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Institutional Class Institutional Select Class Administrative Class Advisory Class Investor Class Participant Class Cash Management Class <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:10.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Effective December 13, 2012, the Board of Trustees of Morgan Stanley Institutional Liquidity Funds, on behalf of the Money Market and Prime Portfolios, has approved investments in municipal securities eligible under Rule 2a-7 of the Investment Company Act of 1940, as amended, as a principal investment strategy. Further, effective December 13, 2012, Morgan Stanley Investment Management Inc. terminated the advisory agreement with Morgan Stanley Investment Management Limited with respect to the Portfolios. Accordingly, all references to Morgan Stanley Investment Management Limited as sub-adviser to the Portfolios will be deleted. In addition, the following changes to each Prospectus are required:   <p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in; margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none">Please retain this supplement for future reference.   MAYXX Government Portfolio   <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;line-height: normal;text-autospace:none">  <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;line-height: normal;text-autospace:none">Prospectus Supplement <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:21.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">December 13, 2012 <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:21.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Morgan Stanley Institutional Liquidity Funds <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none">Supplement dated December 13, 2012 to the Morgan Stanley Institutional Liquidity Funds Prospectuses dated March 1, 2012, relating to the Money Market, Prime, Government, Government Securities, Treasury and Treasury Securities Portfolios (the "Portfolios") of each of the: <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:14.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Institutional Class Institutional Select Class Administrative Class Advisory Class Investor Class Participant Class Cash Management Class <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:10.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Effective December 13, 2012, the Board of Trustees of Morgan Stanley Institutional Liquidity Funds, on behalf of the Money Market and Prime Portfolios, has approved investments in municipal securities eligible under Rule 2a-7 of the Investment Company Act of 1940, as amended, as a principal investment strategy. Further, effective December 13, 2012, Morgan Stanley Investment Management Inc. terminated the advisory agreement with Morgan Stanley Investment Management Limited with respect to the Portfolios. Accordingly, all references to Morgan Stanley Investment Management Limited as sub-adviser to the Portfolios will be deleted. In addition, the following changes to each Prospectus are required:   <p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in; margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none">Please retain this supplement for future reference.   MVVXX Government Portfolio   <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;line-height: normal;text-autospace:none">  <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;line-height: normal;text-autospace:none">Prospectus Supplement <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:21.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">December 13, 2012 <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:21.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Morgan Stanley Institutional Liquidity Funds <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none">Supplement dated December 13, 2012 to the Morgan Stanley Institutional Liquidity Funds Prospectuses dated March 1, 2012, relating to the Money Market, Prime, Government, Government Securities, Treasury and Treasury Securities Portfolios (the "Portfolios") of each of the: <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:14.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Institutional Class Institutional Select Class Administrative Class Advisory Class Investor Class Participant Class Cash Management Class <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:10.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Effective December 13, 2012, the Board of Trustees of Morgan Stanley Institutional Liquidity Funds, on behalf of the Money Market and Prime Portfolios, has approved investments in municipal securities eligible under Rule 2a-7 of the Investment Company Act of 1940, as amended, as a principal investment strategy. Further, effective December 13, 2012, Morgan Stanley Investment Management Inc. terminated the advisory agreement with Morgan Stanley Investment Management Limited with respect to the Portfolios. Accordingly, all references to Morgan Stanley Investment Management Limited as sub-adviser to the Portfolios will be deleted. In addition, the following changes to each Prospectus are required:   <p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in; margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none">Please retain this supplement for future reference.   MPCXX Government Portfolio   <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;line-height: normal;text-autospace:none">  <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;line-height: normal;text-autospace:none">Prospectus Supplement <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:21.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">December 13, 2012 <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:21.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Morgan Stanley Institutional Liquidity Funds <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none">Supplement dated December 13, 2012 to the Morgan Stanley Institutional Liquidity Funds Prospectuses dated March 1, 2012, relating to the Money Market, Prime, Government, Government Securities, Treasury and Treasury Securities Portfolios (the "Portfolios") of each of the: <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:14.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Institutional Class Institutional Select Class Administrative Class Advisory Class Investor Class Participant Class Cash Management Class <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:10.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Effective December 13, 2012, the Board of Trustees of Morgan Stanley Institutional Liquidity Funds, on behalf of the Money Market and Prime Portfolios, has approved investments in municipal securities eligible under Rule 2a-7 of the Investment Company Act of 1940, as amended, as a principal investment strategy. Further, effective December 13, 2012, Morgan Stanley Investment Management Inc. terminated the advisory agreement with Morgan Stanley Investment Management Limited with respect to the Portfolios. Accordingly, all references to Morgan Stanley Investment Management Limited as sub-adviser to the Portfolios will be deleted. In addition, the following changes to each Prospectus are required:   <p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in; margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none">Please retain this supplement for future reference.   MSGXX Government Securities Portfolio   <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;line-height: normal;text-autospace:none">  <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;line-height: normal;text-autospace:none">Prospectus Supplement <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:21.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">December 13, 2012 <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:21.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Morgan Stanley Institutional Liquidity Funds <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none">Supplement dated December 13, 2012 to the Morgan Stanley Institutional Liquidity Funds Prospectuses dated March 1, 2012, relating to the Money Market, Prime, Government, Government Securities, Treasury and Treasury Securities Portfolios (the "Portfolios") of each of the: <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:14.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Institutional Class Institutional Select Class Administrative Class Advisory Class Investor Class Participant Class Cash Management Class <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:10.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Effective December 13, 2012, the Board of Trustees of Morgan Stanley Institutional Liquidity Funds, on behalf of the Money Market and Prime Portfolios, has approved investments in municipal securities eligible under Rule 2a-7 of the Investment Company Act of 1940, as amended, as a principal investment strategy. Further, effective December 13, 2012, Morgan Stanley Investment Management Inc. terminated the advisory agreement with Morgan Stanley Investment Management Limited with respect to the Portfolios. Accordingly, all references to Morgan Stanley Investment Management Limited as sub-adviser to the Portfolios will be deleted. In addition, the following changes to each Prospectus are required:   <p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in; margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none">Please retain this supplement for future reference.   MUIXX Government Securities Portfolio   <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;line-height: normal;text-autospace:none">  <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;line-height: normal;text-autospace:none">Prospectus Supplement <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:21.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">December 13, 2012 <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:21.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Morgan Stanley Institutional Liquidity Funds <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none">Supplement dated December 13, 2012 to the Morgan Stanley Institutional Liquidity Funds Prospectuses dated March 1, 2012, relating to the Money Market, Prime, Government, Government Securities, Treasury and Treasury Securities Portfolios (the "Portfolios") of each of the: <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:14.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Institutional Class Institutional Select Class Administrative Class Advisory Class Investor Class Participant Class Cash Management Class <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:10.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Effective December 13, 2012, the Board of Trustees of Morgan Stanley Institutional Liquidity Funds, on behalf of the Money Market and Prime Portfolios, has approved investments in municipal securities eligible under Rule 2a-7 of the Investment Company Act of 1940, as amended, as a principal investment strategy. Further, effective December 13, 2012, Morgan Stanley Investment Management Inc. terminated the advisory agreement with Morgan Stanley Investment Management Limited with respect to the Portfolios. Accordingly, all references to Morgan Stanley Investment Management Limited as sub-adviser to the Portfolios will be deleted. In addition, the following changes to each Prospectus are required:   <p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in; margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none">Please retain this supplement for future reference.   MSVXX Government Securities Portfolio   <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;line-height: normal;text-autospace:none">  <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;line-height: normal;text-autospace:none">Prospectus Supplement <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:21.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">December 13, 2012 <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:21.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Morgan Stanley Institutional Liquidity Funds <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none">Supplement dated December 13, 2012 to the Morgan Stanley Institutional Liquidity Funds Prospectuses dated March 1, 2012, relating to the Money Market, Prime, Government, Government Securities, Treasury and Treasury Securities Portfolios (the "Portfolios") of each of the: <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:14.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Institutional Class Institutional Select Class Administrative Class Advisory Class Investor Class Participant Class Cash Management Class <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:10.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Effective December 13, 2012, the Board of Trustees of Morgan Stanley Institutional Liquidity Funds, on behalf of the Money Market and Prime Portfolios, has approved investments in municipal securities eligible under Rule 2a-7 of the Investment Company Act of 1940, as amended, as a principal investment strategy. Further, effective December 13, 2012, Morgan Stanley Investment Management Inc. terminated the advisory agreement with Morgan Stanley Investment Management Limited with respect to the Portfolios. Accordingly, all references to Morgan Stanley Investment Management Limited as sub-adviser to the Portfolios will be deleted. In addition, the following changes to each Prospectus are required:   <p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in; margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none">Please retain this supplement for future reference.   MGAXX Government Securities Portfolio   <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;line-height: normal;text-autospace:none">  <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;line-height: normal;text-autospace:none">Prospectus Supplement <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:21.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">December 13, 2012 <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:21.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Morgan Stanley Institutional Liquidity Funds <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none">Supplement dated December 13, 2012 to the Morgan Stanley Institutional Liquidity Funds Prospectuses dated March 1, 2012, relating to the Money Market, Prime, Government, Government Securities, Treasury and Treasury Securities Portfolios (the "Portfolios") of each of the: <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:14.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Institutional Class Institutional Select Class Administrative Class Advisory Class Investor Class Participant Class Cash Management Class <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:10.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Effective December 13, 2012, the Board of Trustees of Morgan Stanley Institutional Liquidity Funds, on behalf of the Money Market and Prime Portfolios, has approved investments in municipal securities eligible under Rule 2a-7 of the Investment Company Act of 1940, as amended, as a principal investment strategy. Further, effective December 13, 2012, Morgan Stanley Investment Management Inc. terminated the advisory agreement with Morgan Stanley Investment Management Limited with respect to the Portfolios. Accordingly, all references to Morgan Stanley Investment Management Limited as sub-adviser to the Portfolios will be deleted. In addition, the following changes to each Prospectus are required:   <p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in; margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none">Please retain this supplement for future reference.   MVAXX Government Securities Portfolio   <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;line-height: normal;text-autospace:none">  <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;line-height: normal;text-autospace:none">Prospectus Supplement <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:21.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">December 13, 2012 <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:21.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Morgan Stanley Institutional Liquidity Funds <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none">Supplement dated December 13, 2012 to the Morgan Stanley Institutional Liquidity Funds Prospectuses dated March 1, 2012, relating to the Money Market, Prime, Government, Government Securities, Treasury and Treasury Securities Portfolios (the "Portfolios") of each of the: <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:14.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Institutional Class Institutional Select Class Administrative Class Advisory Class Investor Class Participant Class Cash Management Class <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:10.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Effective December 13, 2012, the Board of Trustees of Morgan Stanley Institutional Liquidity Funds, on behalf of the Money Market and Prime Portfolios, has approved investments in municipal securities eligible under Rule 2a-7 of the Investment Company Act of 1940, as amended, as a principal investment strategy. Further, effective December 13, 2012, Morgan Stanley Investment Management Inc. terminated the advisory agreement with Morgan Stanley Investment Management Limited with respect to the Portfolios. Accordingly, all references to Morgan Stanley Investment Management Limited as sub-adviser to the Portfolios will be deleted. In addition, the following changes to each Prospectus are required:   <p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in; margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none">Please retain this supplement for future reference.   MVIXX Government Securities Portfolio   <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;line-height: normal;text-autospace:none">  <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;line-height: normal;text-autospace:none">Prospectus Supplement <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:21.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">December 13, 2012 <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:21.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Morgan Stanley Institutional Liquidity Funds <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none">Supplement dated December 13, 2012 to the Morgan Stanley Institutional Liquidity Funds Prospectuses dated March 1, 2012, relating to the Money Market, Prime, Government, Government Securities, Treasury and Treasury Securities Portfolios (the "Portfolios") of each of the: <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:14.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Institutional Class Institutional Select Class Administrative Class Advisory Class Investor Class Participant Class Cash Management Class <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:10.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Effective December 13, 2012, the Board of Trustees of Morgan Stanley Institutional Liquidity Funds, on behalf of the Money Market and Prime Portfolios, has approved investments in municipal securities eligible under Rule 2a-7 of the Investment Company Act of 1940, as amended, as a principal investment strategy. Further, effective December 13, 2012, Morgan Stanley Investment Management Inc. terminated the advisory agreement with Morgan Stanley Investment Management Limited with respect to the Portfolios. Accordingly, all references to Morgan Stanley Investment Management Limited as sub-adviser to the Portfolios will be deleted. In addition, the following changes to each Prospectus are required:   <p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in; margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none">Please retain this supplement for future reference.   MGIPXX Government Securities Portfolio   <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;line-height: normal;text-autospace:none">  <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;line-height: normal;text-autospace:none">Prospectus Supplement <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:21.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">December 13, 2012 <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:21.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Morgan Stanley Institutional Liquidity Funds <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none">Supplement dated December 13, 2012 to the Morgan Stanley Institutional Liquidity Funds Prospectuses dated March 1, 2012, relating to the Money Market, Prime, Government, Government Securities, Treasury and Treasury Securities Portfolios (the "Portfolios") of each of the: <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:14.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Institutional Class Institutional Select Class Administrative Class Advisory Class Investor Class Participant Class Cash Management Class <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:10.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Effective December 13, 2012, the Board of Trustees of Morgan Stanley Institutional Liquidity Funds, on behalf of the Money Market and Prime Portfolios, has approved investments in municipal securities eligible under Rule 2a-7 of the Investment Company Act of 1940, as amended, as a principal investment strategy. Further, effective December 13, 2012, Morgan Stanley Investment Management Inc. terminated the advisory agreement with Morgan Stanley Investment Management Limited with respect to the Portfolios. Accordingly, all references to Morgan Stanley Investment Management Limited as sub-adviser to the Portfolios will be deleted. In addition, the following changes to each Prospectus are required:   <p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in; margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none">Please retain this supplement for future reference.   MCHXX Money Market Portfolio   <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;line-height: normal;text-autospace:none">  <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;line-height: normal;text-autospace:none">Prospectus Supplement <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:21.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">December 13, 2012 <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:21.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Morgan Stanley Institutional Liquidity Funds <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none">Supplement dated December 13, 2012 to the Morgan Stanley Institutional Liquidity Funds Prospectuses dated March 1, 2012, relating to the Money Market, Prime, Government, Government Securities, Treasury and Treasury Securities Portfolios (the "Portfolios") of each of the: <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:14.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Institutional Class Institutional Select Class Administrative Class Advisory Class Investor Class Participant Class Cash Management Class <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:10.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Effective December 13, 2012, the Board of Trustees of Morgan Stanley Institutional Liquidity Funds, on behalf of the Money Market and Prime Portfolios, has approved investments in municipal securities eligible under Rule 2a-7 of the Investment Company Act of 1940, as amended, as a principal investment strategy. Further, effective December 13, 2012, Morgan Stanley Investment Management Inc. terminated the advisory agreement with Morgan Stanley Investment Management Limited with respect to the Portfolios. Accordingly, all references to Morgan Stanley Investment Management Limited as sub-adviser to the Portfolios will be deleted. In addition, the following changes to each Prospectus are required:   The last sentence of the first paragraph of the section of each Prospectus entitled "Portfolio Summary—Money Market Portfolio—Principal Investment Strategies" is hereby deleted and replaced with the following:   <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none">The Portfolio's money market investments may include commercial paper, corporate debt obligations, debt obligations (including certificates of deposit and promissory notes) of U.S. banks or foreign banks, or of U.S. branches of foreign banks, or foreign branches of U.S. banks (such as Yankee obligations), certificates of deposit of savings banks and savings and loan organizations, asset-backed securities, repurchase agreements and municipal obligations. <p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in; margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none">***   The following is hereby added as the last paragraph of the section of each Prospectus entitled "Portfolio Summary—Money Market Portfolio—Principal Risks":   <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none">•   Municipal Obligations. To the extent the Portfolio invests in municipal obligations issued by state and local governments and their agencies, the Portfolio may be susceptible to political, economic, regulatory or other factors affecting issuers of these municipal obligations. <p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in; margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none">***   <p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in; margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none">Please retain this supplement for future reference.   MPUXX Money Market Portfolio   <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;line-height: normal;text-autospace:none">  <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;line-height: normal;text-autospace:none">Prospectus Supplement <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:21.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">December 13, 2012 <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:21.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Morgan Stanley Institutional Liquidity Funds <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none">Supplement dated December 13, 2012 to the Morgan Stanley Institutional Liquidity Funds Prospectuses dated March 1, 2012, relating to the Money Market, Prime, Government, Government Securities, Treasury and Treasury Securities Portfolios (the "Portfolios") of each of the: <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:14.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Institutional Class Institutional Select Class Administrative Class Advisory Class Investor Class Participant Class Cash Management Class <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:10.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Effective December 13, 2012, the Board of Trustees of Morgan Stanley Institutional Liquidity Funds, on behalf of the Money Market and Prime Portfolios, has approved investments in municipal securities eligible under Rule 2a-7 of the Investment Company Act of 1940, as amended, as a principal investment strategy. Further, effective December 13, 2012, Morgan Stanley Investment Management Inc. terminated the advisory agreement with Morgan Stanley Investment Management Limited with respect to the Portfolios. Accordingly, all references to Morgan Stanley Investment Management Limited as sub-adviser to the Portfolios will be deleted. In addition, the following changes to each Prospectus are required:   The last sentence of the first paragraph of the section of each Prospectus entitled "Portfolio Summary—Money Market Portfolio—Principal Investment Strategies" is hereby deleted and replaced with the following:   <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none">The Portfolio's money market investments may include commercial paper, corporate debt obligations, debt obligations (including certificates of deposit and promissory notes) of U.S. banks or foreign banks, or of U.S. branches of foreign banks, or foreign branches of U.S. banks (such as Yankee obligations), certificates of deposit of savings banks and savings and loan organizations, asset-backed securities, repurchase agreements and municipal obligations. <p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in; margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none">***   The following is hereby added as the last paragraph of the section of each Prospectus entitled "Portfolio Summary—Money Market Portfolio—Principal Risks":   <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none">•   Municipal Obligations. To the extent the Portfolio invests in municipal obligations issued by state and local governments and their agencies, the Portfolio may be susceptible to political, economic, regulatory or other factors affecting issuers of these municipal obligations. <p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in; margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none">***   <p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in; margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none">Please retain this supplement for future reference.   MMRXX Money Market Portfolio   <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;line-height: normal;text-autospace:none">  <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;line-height: normal;text-autospace:none">Prospectus Supplement <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:21.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">December 13, 2012 <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:21.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Morgan Stanley Institutional Liquidity Funds <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none">Supplement dated December 13, 2012 to the Morgan Stanley Institutional Liquidity Funds Prospectuses dated March 1, 2012, relating to the Money Market, Prime, Government, Government Securities, Treasury and Treasury Securities Portfolios (the "Portfolios") of each of the: <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:14.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Institutional Class Institutional Select Class Administrative Class Advisory Class Investor Class Participant Class Cash Management Class <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:10.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Effective December 13, 2012, the Board of Trustees of Morgan Stanley Institutional Liquidity Funds, on behalf of the Money Market and Prime Portfolios, has approved investments in municipal securities eligible under Rule 2a-7 of the Investment Company Act of 1940, as amended, as a principal investment strategy. Further, effective December 13, 2012, Morgan Stanley Investment Management Inc. terminated the advisory agreement with Morgan Stanley Investment Management Limited with respect to the Portfolios. Accordingly, all references to Morgan Stanley Investment Management Limited as sub-adviser to the Portfolios will be deleted. In addition, the following changes to each Prospectus are required:   The last sentence of the first paragraph of the section of each Prospectus entitled "Portfolio Summary—Money Market Portfolio—Principal Investment Strategies" is hereby deleted and replaced with the following:   <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none">The Portfolio's money market investments may include commercial paper, corporate debt obligations, debt obligations (including certificates of deposit and promissory notes) of U.S. banks or foreign banks, or of U.S. branches of foreign banks, or foreign branches of U.S. banks (such as Yankee obligations), certificates of deposit of savings banks and savings and loan organizations, asset-backed securities, repurchase agreements and municipal obligations. <p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in; margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none">***   The following is hereby added as the last paragraph of the section of each Prospectus entitled "Portfolio Summary—Money Market Portfolio—Principal Risks":   <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none">•   Municipal Obligations. To the extent the Portfolio invests in municipal obligations issued by state and local governments and their agencies, the Portfolio may be susceptible to political, economic, regulatory or other factors affecting issuers of these municipal obligations. <p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in; margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none">***   <p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in; margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none">Please retain this supplement for future reference.   MANXX Money Market Portfolio   <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;line-height: normal;text-autospace:none">  <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;line-height: normal;text-autospace:none">Prospectus Supplement <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:21.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">December 13, 2012 <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:21.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Morgan Stanley Institutional Liquidity Funds <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none">Supplement dated December 13, 2012 to the Morgan Stanley Institutional Liquidity Funds Prospectuses dated March 1, 2012, relating to the Money Market, Prime, Government, Government Securities, Treasury and Treasury Securities Portfolios (the "Portfolios") of each of the: <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:14.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Institutional Class Institutional Select Class Administrative Class Advisory Class Investor Class Participant Class Cash Management Class <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:10.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Effective December 13, 2012, the Board of Trustees of Morgan Stanley Institutional Liquidity Funds, on behalf of the Money Market and Prime Portfolios, has approved investments in municipal securities eligible under Rule 2a-7 of the Investment Company Act of 1940, as amended, as a principal investment strategy. Further, effective December 13, 2012, Morgan Stanley Investment Management Inc. terminated the advisory agreement with Morgan Stanley Investment Management Limited with respect to the Portfolios. Accordingly, all references to Morgan Stanley Investment Management Limited as sub-adviser to the Portfolios will be deleted. In addition, the following changes to each Prospectus are required:   The last sentence of the first paragraph of the section of each Prospectus entitled "Portfolio Summary—Money Market Portfolio—Principal Investment Strategies" is hereby deleted and replaced with the following:   <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none">The Portfolio's money market investments may include commercial paper, corporate debt obligations, debt obligations (including certificates of deposit and promissory notes) of U.S. banks or foreign banks, or of U.S. branches of foreign banks, or foreign branches of U.S. banks (such as Yankee obligations), certificates of deposit of savings banks and savings and loan organizations, asset-backed securities, repurchase agreements and municipal obligations. <p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in; margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none">***   The following is hereby added as the last paragraph of the section of each Prospectus entitled "Portfolio Summary—Money Market Portfolio—Principal Risks":   <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none">•   Municipal Obligations. To the extent the Portfolio invests in municipal obligations issued by state and local governments and their agencies, the Portfolio may be susceptible to political, economic, regulatory or other factors affecting issuers of these municipal obligations. <p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in; margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none">***   <p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in; margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none">Please retain this supplement for future reference.   MVSXX Money Market Portfolio   <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;line-height: normal;text-autospace:none">  <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;line-height: normal;text-autospace:none">Prospectus Supplement <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:21.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">December 13, 2012 <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:21.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Morgan Stanley Institutional Liquidity Funds <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none">Supplement dated December 13, 2012 to the Morgan Stanley Institutional Liquidity Funds Prospectuses dated March 1, 2012, relating to the Money Market, Prime, Government, Government Securities, Treasury and Treasury Securities Portfolios (the "Portfolios") of each of the: <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:14.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Institutional Class Institutional Select Class Administrative Class Advisory Class Investor Class Participant Class Cash Management Class <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:10.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Effective December 13, 2012, the Board of Trustees of Morgan Stanley Institutional Liquidity Funds, on behalf of the Money Market and Prime Portfolios, has approved investments in municipal securities eligible under Rule 2a-7 of the Investment Company Act of 1940, as amended, as a principal investment strategy. Further, effective December 13, 2012, Morgan Stanley Investment Management Inc. terminated the advisory agreement with Morgan Stanley Investment Management Limited with respect to the Portfolios. Accordingly, all references to Morgan Stanley Investment Management Limited as sub-adviser to the Portfolios will be deleted. In addition, the following changes to each Prospectus are required:   The last sentence of the first paragraph of the section of each Prospectus entitled "Portfolio Summary—Money Market Portfolio—Principal Investment Strategies" is hereby deleted and replaced with the following:   <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none">The Portfolio's money market investments may include commercial paper, corporate debt obligations, debt obligations (including certificates of deposit and promissory notes) of U.S. banks or foreign banks, or of U.S. branches of foreign banks, or foreign branches of U.S. banks (such as Yankee obligations), certificates of deposit of savings banks and savings and loan organizations, asset-backed securities, repurchase agreements and municipal obligations. <p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in; margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none">***   The following is hereby added as the last paragraph of the section of each Prospectus entitled "Portfolio Summary—Money Market Portfolio—Principal Risks":   <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none">•   Municipal Obligations. To the extent the Portfolio invests in municipal obligations issued by state and local governments and their agencies, the Portfolio may be susceptible to political, economic, regulatory or other factors affecting issuers of these municipal obligations. <p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in; margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none">***   <p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in; margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none">Please retain this supplement for future reference.   MIOXX Money Market Portfolio   <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;line-height: normal;text-autospace:none">  <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;line-height: normal;text-autospace:none">Prospectus Supplement <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:21.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">December 13, 2012 <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:21.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Morgan Stanley Institutional Liquidity Funds <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none">Supplement dated December 13, 2012 to the Morgan Stanley Institutional Liquidity Funds Prospectuses dated March 1, 2012, relating to the Money Market, Prime, Government, Government Securities, Treasury and Treasury Securities Portfolios (the "Portfolios") of each of the: <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:14.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Institutional Class Institutional Select Class Administrative Class Advisory Class Investor Class Participant Class Cash Management Class <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:10.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Effective December 13, 2012, the Board of Trustees of Morgan Stanley Institutional Liquidity Funds, on behalf of the Money Market and Prime Portfolios, has approved investments in municipal securities eligible under Rule 2a-7 of the Investment Company Act of 1940, as amended, as a principal investment strategy. Further, effective December 13, 2012, Morgan Stanley Investment Management Inc. terminated the advisory agreement with Morgan Stanley Investment Management Limited with respect to the Portfolios. Accordingly, all references to Morgan Stanley Investment Management Limited as sub-adviser to the Portfolios will be deleted. In addition, the following changes to each Prospectus are required:   The last sentence of the first paragraph of the section of each Prospectus entitled "Portfolio Summary—Money Market Portfolio—Principal Investment Strategies" is hereby deleted and replaced with the following:   <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none">The Portfolio's money market investments may include commercial paper, corporate debt obligations, debt obligations (including certificates of deposit and promissory notes) of U.S. banks or foreign banks, or of U.S. branches of foreign banks, or foreign branches of U.S. banks (such as Yankee obligations), certificates of deposit of savings banks and savings and loan organizations, asset-backed securities, repurchase agreements and municipal obligations. <p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in; margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none">***   The following is hereby added as the last paragraph of the section of each Prospectus entitled "Portfolio Summary—Money Market Portfolio—Principal Risks":   <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none">•   Municipal Obligations. To the extent the Portfolio invests in municipal obligations issued by state and local governments and their agencies, the Portfolio may be susceptible to political, economic, regulatory or other factors affecting issuers of these municipal obligations. <p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in; margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none">***   <p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in; margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none">Please retain this supplement for future reference.   MMNXX Money Market Portfolio   <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;line-height: normal;text-autospace:none">  <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;line-height: normal;text-autospace:none">Prospectus Supplement <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:21.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">December 13, 2012 <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:21.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Morgan Stanley Institutional Liquidity Funds <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none">Supplement dated December 13, 2012 to the Morgan Stanley Institutional Liquidity Funds Prospectuses dated March 1, 2012, relating to the Money Market, Prime, Government, Government Securities, Treasury and Treasury Securities Portfolios (the "Portfolios") of each of the: <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:14.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Institutional Class Institutional Select Class Administrative Class Advisory Class Investor Class Participant Class Cash Management Class <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:10.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Effective December 13, 2012, the Board of Trustees of Morgan Stanley Institutional Liquidity Funds, on behalf of the Money Market and Prime Portfolios, has approved investments in municipal securities eligible under Rule 2a-7 of the Investment Company Act of 1940, as amended, as a principal investment strategy. Further, effective December 13, 2012, Morgan Stanley Investment Management Inc. terminated the advisory agreement with Morgan Stanley Investment Management Limited with respect to the Portfolios. Accordingly, all references to Morgan Stanley Investment Management Limited as sub-adviser to the Portfolios will be deleted. In addition, the following changes to each Prospectus are required:   The last sentence of the first paragraph of the section of each Prospectus entitled "Portfolio Summary—Money Market Portfolio—Principal Investment Strategies" is hereby deleted and replaced with the following:   <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none">The Portfolio's money market investments may include commercial paper, corporate debt obligations, debt obligations (including certificates of deposit and promissory notes) of U.S. banks or foreign banks, or of U.S. branches of foreign banks, or foreign branches of U.S. banks (such as Yankee obligations), certificates of deposit of savings banks and savings and loan organizations, asset-backed securities, repurchase agreements and municipal obligations. <p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in; margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none">***   The following is hereby added as the last paragraph of the section of each Prospectus entitled "Portfolio Summary—Money Market Portfolio—Principal Risks":   <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none">•   Municipal Obligations. To the extent the Portfolio invests in municipal obligations issued by state and local governments and their agencies, the Portfolio may be susceptible to political, economic, regulatory or other factors affecting issuers of these municipal obligations. <p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in; margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none">***   <p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in; margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none">Please retain this supplement for future reference.   MSHXX Prime Portfolio   <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;line-height: normal;text-autospace:none">  <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;line-height: normal;text-autospace:none">Prospectus Supplement <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:21.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">December 13, 2012 <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:21.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Morgan Stanley Institutional Liquidity Funds <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none">Supplement dated December 13, 2012 to the Morgan Stanley Institutional Liquidity Funds Prospectuses dated March 1, 2012, relating to the Money Market, Prime, Government, Government Securities, Treasury and Treasury Securities Portfolios (the "Portfolios") of each of the: <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:14.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Institutional Class Institutional Select Class Administrative Class Advisory Class Investor Class Participant Class Cash Management Class <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:10.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Effective December 13, 2012, the Board of Trustees of Morgan Stanley Institutional Liquidity Funds, on behalf of the Money Market and Prime Portfolios, has approved investments in municipal securities eligible under Rule 2a-7 of the Investment Company Act of 1940, as amended, as a principal investment strategy. Further, effective December 13, 2012, Morgan Stanley Investment Management Inc. terminated the advisory agreement with Morgan Stanley Investment Management Limited with respect to the Portfolios. Accordingly, all references to Morgan Stanley Investment Management Limited as sub-adviser to the Portfolios will be deleted. In addition, the following changes to each Prospectus are required:   The last sentence of the first paragraph of the section of each Prospectus entitled "Portfolio Summary—Prime Portfolio—Principal Investment Strategies" is hereby deleted and replaced with the following:   <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none">The Portfolio's money market investments may include commercial paper, corporate debt obligations, debt obligations (including certificates of deposit and promissory notes) of U.S. banks or foreign banks, or of U.S. branches of foreign banks, or foreign branches of U.S. banks (such as Yankee obligations), certificates of deposit of savings banks and savings and loan organizations, asset-backed securities, repurchase agreements and municipal obligations. <p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in; margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none">***   The following is hereby added as the last paragraph of the section of each Prospectus entitled "Portfolio Summary—Prime Portfolio—Principal Risks":   <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none">  <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none">•   Municipal Obligations. To the extent the Portfolio invests in municipal obligations issued by state and local governments and their agencies, the Portfolio may be susceptible to political, economic, regulatory or other factors affecting issuers of these municipal obligations. <p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in; margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none">***   <p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in; margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none">Please retain this supplement for future reference.   MPFXX Prime Portfolio   <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;line-height: normal;text-autospace:none">  <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;line-height: normal;text-autospace:none">Prospectus Supplement <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:21.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">December 13, 2012 <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:21.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Morgan Stanley Institutional Liquidity Funds <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none">Supplement dated December 13, 2012 to the Morgan Stanley Institutional Liquidity Funds Prospectuses dated March 1, 2012, relating to the Money Market, Prime, Government, Government Securities, Treasury and Treasury Securities Portfolios (the "Portfolios") of each of the: <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:14.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Institutional Class Institutional Select Class Administrative Class Advisory Class Investor Class Participant Class Cash Management Class <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:10.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Effective December 13, 2012, the Board of Trustees of Morgan Stanley Institutional Liquidity Funds, on behalf of the Money Market and Prime Portfolios, has approved investments in municipal securities eligible under Rule 2a-7 of the Investment Company Act of 1940, as amended, as a principal investment strategy. Further, effective December 13, 2012, Morgan Stanley Investment Management Inc. terminated the advisory agreement with Morgan Stanley Investment Management Limited with respect to the Portfolios. Accordingly, all references to Morgan Stanley Investment Management Limited as sub-adviser to the Portfolios will be deleted. In addition, the following changes to each Prospectus are required:   The last sentence of the first paragraph of the section of each Prospectus entitled "Portfolio Summary—Prime Portfolio—Principal Investment Strategies" is hereby deleted and replaced with the following:   <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none">The Portfolio's money market investments may include commercial paper, corporate debt obligations, debt obligations (including certificates of deposit and promissory notes) of U.S. banks or foreign banks, or of U.S. branches of foreign banks, or foreign branches of U.S. banks (such as Yankee obligations), certificates of deposit of savings banks and savings and loan organizations, asset-backed securities, repurchase agreements and municipal obligations. <p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in; margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none">***   The following is hereby added as the last paragraph of the section of each Prospectus entitled "Portfolio Summary—Prime Portfolio—Principal Risks":   <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none">  <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none">  <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none">•   Municipal Obligations. To the extent the Portfolio invests in municipal obligations issued by state and local governments and their agencies, the Portfolio may be susceptible to political, economic, regulatory or other factors affecting issuers of these municipal obligations. <p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in; margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none">***   <p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in; margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none">Please retain this supplement for future reference.   MPEXX Prime Portfolio   <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;line-height: normal;text-autospace:none">  <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;line-height: normal;text-autospace:none">Prospectus Supplement <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:21.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">December 13, 2012 <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:21.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Morgan Stanley Institutional Liquidity Funds <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none">Supplement dated December 13, 2012 to the Morgan Stanley Institutional Liquidity Funds Prospectuses dated March 1, 2012, relating to the Money Market, Prime, Government, Government Securities, Treasury and Treasury Securities Portfolios (the "Portfolios") of each of the: <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:14.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Institutional Class Institutional Select Class Administrative Class Advisory Class Investor Class Participant Class Cash Management Class <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:10.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Effective December 13, 2012, the Board of Trustees of Morgan Stanley Institutional Liquidity Funds, on behalf of the Money Market and Prime Portfolios, has approved investments in municipal securities eligible under Rule 2a-7 of the Investment Company Act of 1940, as amended, as a principal investment strategy. Further, effective December 13, 2012, Morgan Stanley Investment Management Inc. terminated the advisory agreement with Morgan Stanley Investment Management Limited with respect to the Portfolios. Accordingly, all references to Morgan Stanley Investment Management Limited as sub-adviser to the Portfolios will be deleted. In addition, the following changes to each Prospectus are required:   The last sentence of the first paragraph of the section of each Prospectus entitled "Portfolio Summary—Prime Portfolio—Principal Investment Strategies" is hereby deleted and replaced with the following:   <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none">The Portfolio's money market investments may include commercial paper, corporate debt obligations, debt obligations (including certificates of deposit and promissory notes) of U.S. banks or foreign banks, or of U.S. branches of foreign banks, or foreign branches of U.S. banks (such as Yankee obligations), certificates of deposit of savings banks and savings and loan organizations, asset-backed securities, repurchase agreements and municipal obligations. <p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in; margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none">***   The following is hereby added as the last paragraph of the section of each Prospectus entitled "Portfolio Summary—Prime Portfolio—Principal Risks":   <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none">  <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none">•   Municipal Obligations. To the extent the Portfolio invests in municipal obligations issued by state and local governments and their agencies, the Portfolio may be susceptible to political, economic, regulatory or other factors affecting issuers of these municipal obligations. <p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in; margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none">***   <p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in; margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none">Please retain this supplement for future reference.   MPMXX Advisory Class <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;line-height: normal;text-autospace:none">  <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;line-height: normal;text-autospace:none">Prospectus Supplement <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:21.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">December 13, 2012 <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:21.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Morgan Stanley Institutional Liquidity Funds <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none">Supplement dated December 13, 2012 to the Morgan Stanley Institutional Liquidity Funds Prospectuses dated March 1, 2012, relating to the Money Market, Prime, Government, Government Securities, Treasury and Treasury Securities Portfolios (the "Portfolios") of each of the: <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:14.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Institutional Class Institutional Select Class Administrative Class Advisory Class Investor Class Participant Class Cash Management Class <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:10.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Effective December 13, 2012, the Board of Trustees of Morgan Stanley Institutional Liquidity Funds, on behalf of the Money Market and Prime Portfolios, has approved investments in municipal securities eligible under Rule 2a-7 of the Investment Company Act of 1940, as amended, as a principal investment strategy. Further, effective December 13, 2012, Morgan Stanley Investment Management Inc. terminated the advisory agreement with Morgan Stanley Investment Management Limited with respect to the Portfolios. Accordingly, all references to Morgan Stanley Investment Management Limited as sub-adviser to the Portfolios will be deleted. In addition, the following changes to each Prospectus are required:   The last sentence of the first paragraph of the section of each Prospectus entitled "Portfolio Summary—Prime Portfolio—Principal Investment Strategies" is hereby deleted and replaced with the following:   <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none">The Portfolio's money market investments may include commercial paper, corporate debt obligations, debt obligations (including certificates of deposit and promissory notes) of U.S. banks or foreign banks, or of U.S. branches of foreign banks, or foreign branches of U.S. banks (such as Yankee obligations), certificates of deposit of savings banks and savings and loan organizations, asset-backed securities, repurchase agreements and municipal obligations. <p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in; margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none">***   The following is hereby added as the last paragraph of the section of each Prospectus entitled "Portfolio Summary—Prime Portfolio—Principal Risks":   <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none">•   Municipal Obligations. To the extent the Portfolio invests in municipal obligations issued by state and local governments and their agencies, the Portfolio may be susceptible to political, economic, regulatory or other factors affecting issuers of these municipal obligations. <p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in; margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none">***   <p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in; margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none">Please retain this supplement for future reference.   MAVXX Prime Portfolio   <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;line-height: normal;text-autospace:none">  <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;line-height: normal;text-autospace:none">Prospectus Supplement <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:21.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">December 13, 2012 <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:21.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Morgan Stanley Institutional Liquidity Funds <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none">Supplement dated December 13, 2012 to the Morgan Stanley Institutional Liquidity Funds Prospectuses dated March 1, 2012, relating to the Money Market, Prime, Government, Government Securities, Treasury and Treasury Securities Portfolios (the "Portfolios") of each of the: <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:14.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Institutional Class Institutional Select Class Administrative Class Advisory Class Investor Class Participant Class Cash Management Class <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:10.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Effective December 13, 2012, the Board of Trustees of Morgan Stanley Institutional Liquidity Funds, on behalf of the Money Market and Prime Portfolios, has approved investments in municipal securities eligible under Rule 2a-7 of the Investment Company Act of 1940, as amended, as a principal investment strategy. Further, effective December 13, 2012, Morgan Stanley Investment Management Inc. terminated the advisory agreement with Morgan Stanley Investment Management Limited with respect to the Portfolios. Accordingly, all references to Morgan Stanley Investment Management Limited as sub-adviser to the Portfolios will be deleted. In addition, the following changes to each Prospectus are required:   The last sentence of the first paragraph of the section of each Prospectus entitled "Portfolio Summary—Prime Portfolio—Principal Investment Strategies" is hereby deleted and replaced with the following:   <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none">The Portfolio's money market investments may include commercial paper, corporate debt obligations, debt obligations (including certificates of deposit and promissory notes) of U.S. banks or foreign banks, or of U.S. branches of foreign banks, or foreign branches of U.S. banks (such as Yankee obligations), certificates of deposit of savings banks and savings and loan organizations, asset-backed securities, repurchase agreements and municipal obligations. <p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in; margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none">***   The following is hereby added as the last paragraph of the section of each Prospectus entitled "Portfolio Summary—Prime Portfolio—Principal Risks":   <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none">  <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none">•   Municipal Obligations. To the extent the Portfolio invests in municipal obligations issued by state and local governments and their agencies, the Portfolio may be susceptible to political, economic, regulatory or other factors affecting issuers of these municipal obligations. <p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in; margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none">***   <p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in; margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none">Please retain this supplement for future reference.   MPVXX Prime Portfolio   <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;line-height: normal;text-autospace:none">  <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;line-height: normal;text-autospace:none">Prospectus Supplement <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:21.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">December 13, 2012 <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:21.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Morgan Stanley Institutional Liquidity Funds <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none">Supplement dated December 13, 2012 to the Morgan Stanley Institutional Liquidity Funds Prospectuses dated March 1, 2012, relating to the Money Market, Prime, Government, Government Securities, Treasury and Treasury Securities Portfolios (the "Portfolios") of each of the: <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:14.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Institutional Class Institutional Select Class Administrative Class Advisory Class Investor Class Participant Class Cash Management Class <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:10.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Effective December 13, 2012, the Board of Trustees of Morgan Stanley Institutional Liquidity Funds, on behalf of the Money Market and Prime Portfolios, has approved investments in municipal securities eligible under Rule 2a-7 of the Investment Company Act of 1940, as amended, as a principal investment strategy. Further, effective December 13, 2012, Morgan Stanley Investment Management Inc. terminated the advisory agreement with Morgan Stanley Investment Management Limited with respect to the Portfolios. Accordingly, all references to Morgan Stanley Investment Management Limited as sub-adviser to the Portfolios will be deleted. In addition, the following changes to each Prospectus are required:   The last sentence of the first paragraph of the section of each Prospectus entitled "Portfolio Summary—Prime Portfolio—Principal Investment Strategies" is hereby deleted and replaced with the following:   <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none">The Portfolio's money market investments may include commercial paper, corporate debt obligations, debt obligations (including certificates of deposit and promissory notes) of U.S. banks or foreign banks, or of U.S. branches of foreign banks, or foreign branches of U.S. banks (such as Yankee obligations), certificates of deposit of savings banks and savings and loan organizations, asset-backed securities, repurchase agreements and municipal obligations. <p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in; margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none">***   The following is hereby added as the last paragraph of the section of each Prospectus entitled "Portfolio Summary—Prime Portfolio—Principal Risks":   <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none">  <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none">•   Municipal Obligations. To the extent the Portfolio invests in municipal obligations issued by state and local governments and their agencies, the Portfolio may be susceptible to political, economic, regulatory or other factors affecting issuers of these municipal obligations. <p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in; margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none">***   <p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in; margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none">Please retain this supplement for future reference.   MPNXX Prime Portfolio   <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;line-height: normal;text-autospace:none">  <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;line-height: normal;text-autospace:none">Prospectus Supplement <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:21.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">December 13, 2012 <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:21.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Morgan Stanley Institutional Liquidity Funds <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none">Supplement dated December 13, 2012 to the Morgan Stanley Institutional Liquidity Funds Prospectuses dated March 1, 2012, relating to the Money Market, Prime, Government, Government Securities, Treasury and Treasury Securities Portfolios (the "Portfolios") of each of the: <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:14.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Institutional Class Institutional Select Class Administrative Class Advisory Class Investor Class Participant Class Cash Management Class <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:10.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Effective December 13, 2012, the Board of Trustees of Morgan Stanley Institutional Liquidity Funds, on behalf of the Money Market and Prime Portfolios, has approved investments in municipal securities eligible under Rule 2a-7 of the Investment Company Act of 1940, as amended, as a principal investment strategy. Further, effective December 13, 2012, Morgan Stanley Investment Management Inc. terminated the advisory agreement with Morgan Stanley Investment Management Limited with respect to the Portfolios. Accordingly, all references to Morgan Stanley Investment Management Limited as sub-adviser to the Portfolios will be deleted. In addition, the following changes to each Prospectus are required:   The last sentence of the first paragraph of the section of each Prospectus entitled "Portfolio Summary—Prime Portfolio—Principal Investment Strategies" is hereby deleted and replaced with the following:   <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none">The Portfolio's money market investments may include commercial paper, corporate debt obligations, debt obligations (including certificates of deposit and promissory notes) of U.S. banks or foreign banks, or of U.S. branches of foreign banks, or foreign branches of U.S. banks (such as Yankee obligations), certificates of deposit of savings banks and savings and loan organizations, asset-backed securities, repurchase agreements and municipal obligations. <p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in; margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none">***   The following is hereby added as the last paragraph of the section of each Prospectus entitled "Portfolio Summary—Prime Portfolio—Principal Risks":   <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none">  <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none">•   Municipal Obligations. To the extent the Portfolio invests in municipal obligations issued by state and local governments and their agencies, the Portfolio may be susceptible to political, economic, regulatory or other factors affecting issuers of these municipal obligations. <p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in; margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none">***   <p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in; margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none">Please retain this supplement for future reference.   MSPXX Treasury Portfolio   <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;line-height: normal;text-autospace:none">  <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;line-height: normal;text-autospace:none">Prospectus Supplement <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:21.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">December 13, 2012 <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:21.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Morgan Stanley Institutional Liquidity Funds <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none">Supplement dated December 13, 2012 to the Morgan Stanley Institutional Liquidity Funds Prospectuses dated March 1, 2012, relating to the Money Market, Prime, Government, Government Securities, Treasury and Treasury Securities Portfolios (the "Portfolios") of each of the: <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:14.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Institutional Class Institutional Select Class Administrative Class Advisory Class Investor Class Participant Class Cash Management Class <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:10.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Effective December 13, 2012, the Board of Trustees of Morgan Stanley Institutional Liquidity Funds, on behalf of the Money Market and Prime Portfolios, has approved investments in municipal securities eligible under Rule 2a-7 of the Investment Company Act of 1940, as amended, as a principal investment strategy. Further, effective December 13, 2012, Morgan Stanley Investment Management Inc. terminated the advisory agreement with Morgan Stanley Investment Management Limited with respect to the Portfolios. Accordingly, all references to Morgan Stanley Investment Management Limited as sub-adviser to the Portfolios will be deleted. In addition, the following changes to each Prospectus are required:   <p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in; margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none">Please retain this supplement for future reference.   MISXX Treasury Portfolio   <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;line-height: normal;text-autospace:none">  <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;line-height: normal;text-autospace:none">Prospectus Supplement <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:21.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">December 13, 2012 <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:21.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Morgan Stanley Institutional Liquidity Funds <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none">Supplement dated December 13, 2012 to the Morgan Stanley Institutional Liquidity Funds Prospectuses dated March 1, 2012, relating to the Money Market, Prime, Government, Government Securities, Treasury and Treasury Securities Portfolios (the "Portfolios") of each of the: <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:14.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Institutional Class Institutional Select Class Administrative Class Advisory Class Investor Class Participant Class Cash Management Class <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:10.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Effective December 13, 2012, the Board of Trustees of Morgan Stanley Institutional Liquidity Funds, on behalf of the Money Market and Prime Portfolios, has approved investments in municipal securities eligible under Rule 2a-7 of the Investment Company Act of 1940, as amended, as a principal investment strategy. Further, effective December 13, 2012, Morgan Stanley Investment Management Inc. terminated the advisory agreement with Morgan Stanley Investment Management Limited with respect to the Portfolios. Accordingly, all references to Morgan Stanley Investment Management Limited as sub-adviser to the Portfolios will be deleted. In addition, the following changes to each Prospectus are required:   <p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in; margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none">Please retain this supplement for future reference.   MTSXX Treasury Portfolio   <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;line-height: normal;text-autospace:none">  <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;line-height: normal;text-autospace:none">Prospectus Supplement <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:21.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">December 13, 2012 <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:21.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Morgan Stanley Institutional Liquidity Funds <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none">Supplement dated December 13, 2012 to the Morgan Stanley Institutional Liquidity Funds Prospectuses dated March 1, 2012, relating to the Money Market, Prime, Government, Government Securities, Treasury and Treasury Securities Portfolios (the "Portfolios") of each of the: <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:14.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Institutional Class Institutional Select Class Administrative Class Advisory Class Investor Class Participant Class Cash Management Class <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:10.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Effective December 13, 2012, the Board of Trustees of Morgan Stanley Institutional Liquidity Funds, on behalf of the Money Market and Prime Portfolios, has approved investments in municipal securities eligible under Rule 2a-7 of the Investment Company Act of 1940, as amended, as a principal investment strategy. Further, effective December 13, 2012, Morgan Stanley Investment Management Inc. terminated the advisory agreement with Morgan Stanley Investment Management Limited with respect to the Portfolios. Accordingly, all references to Morgan Stanley Investment Management Limited as sub-adviser to the Portfolios will be deleted. In addition, the following changes to each Prospectus are required:   <p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in; margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none">Please retain this supplement for future reference.   MTTXX Treasury Portfolio   <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;line-height: normal;text-autospace:none">  <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;line-height: normal;text-autospace:none">Prospectus Supplement <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:21.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">December 13, 2012 <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:21.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Morgan Stanley Institutional Liquidity Funds <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none">Supplement dated December 13, 2012 to the Morgan Stanley Institutional Liquidity Funds Prospectuses dated March 1, 2012, relating to the Money Market, Prime, Government, Government Securities, Treasury and Treasury Securities Portfolios (the "Portfolios") of each of the: <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:14.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Institutional Class Institutional Select Class Administrative Class Advisory Class Investor Class Participant Class Cash Management Class <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:10.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Effective December 13, 2012, the Board of Trustees of Morgan Stanley Institutional Liquidity Funds, on behalf of the Money Market and Prime Portfolios, has approved investments in municipal securities eligible under Rule 2a-7 of the Investment Company Act of 1940, as amended, as a principal investment strategy. Further, effective December 13, 2012, Morgan Stanley Investment Management Inc. terminated the advisory agreement with Morgan Stanley Investment Management Limited with respect to the Portfolios. Accordingly, all references to Morgan Stanley Investment Management Limited as sub-adviser to the Portfolios will be deleted. In addition, the following changes to each Prospectus are required:   <p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in; margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none">Please retain this supplement for future reference.   MAOXX Treasury Portfolio   <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;line-height: normal;text-autospace:none">  <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;line-height: normal;text-autospace:none">Prospectus Supplement <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:21.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">December 13, 2012 <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:21.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Morgan Stanley Institutional Liquidity Funds <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none">Supplement dated December 13, 2012 to the Morgan Stanley Institutional Liquidity Funds Prospectuses dated March 1, 2012, relating to the Money Market, Prime, Government, Government Securities, Treasury and Treasury Securities Portfolios (the "Portfolios") of each of the: <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:14.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Institutional Class Institutional Select Class Administrative Class Advisory Class Investor Class Participant Class Cash Management Class <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:10.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Effective December 13, 2012, the Board of Trustees of Morgan Stanley Institutional Liquidity Funds, on behalf of the Money Market and Prime Portfolios, has approved investments in municipal securities eligible under Rule 2a-7 of the Investment Company Act of 1940, as amended, as a principal investment strategy. Further, effective December 13, 2012, Morgan Stanley Investment Management Inc. terminated the advisory agreement with Morgan Stanley Investment Management Limited with respect to the Portfolios. Accordingly, all references to Morgan Stanley Investment Management Limited as sub-adviser to the Portfolios will be deleted. In addition, the following changes to each Prospectus are required:   <p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in; margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none">Please retain this supplement for future reference.   MTNXX Treasury Portfolio   <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;line-height: normal;text-autospace:none">  <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;line-height: normal;text-autospace:none">Prospectus Supplement <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:21.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">December 13, 2012 <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:21.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Morgan Stanley Institutional Liquidity Funds <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none">Supplement dated December 13, 2012 to the Morgan Stanley Institutional Liquidity Funds Prospectuses dated March 1, 2012, relating to the Money Market, Prime, Government, Government Securities, Treasury and Treasury Securities Portfolios (the "Portfolios") of each of the: <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:14.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Institutional Class Institutional Select Class Administrative Class Advisory Class Investor Class Participant Class Cash Management Class <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:10.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Effective December 13, 2012, the Board of Trustees of Morgan Stanley Institutional Liquidity Funds, on behalf of the Money Market and Prime Portfolios, has approved investments in municipal securities eligible under Rule 2a-7 of the Investment Company Act of 1940, as amended, as a principal investment strategy. Further, effective December 13, 2012, Morgan Stanley Investment Management Inc. terminated the advisory agreement with Morgan Stanley Investment Management Limited with respect to the Portfolios. Accordingly, all references to Morgan Stanley Investment Management Limited as sub-adviser to the Portfolios will be deleted. In addition, the following changes to each Prospectus are required:   <p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in; margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none">Please retain this supplement for future reference.   MTCXX Treasury Portfolio   <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;line-height: normal;text-autospace:none">  <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;line-height: normal;text-autospace:none">Prospectus Supplement <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:21.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">December 13, 2012 <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:21.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Morgan Stanley Institutional Liquidity Funds <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none">Supplement dated December 13, 2012 to the Morgan Stanley Institutional Liquidity Funds Prospectuses dated March 1, 2012, relating to the Money Market, Prime, Government, Government Securities, Treasury and Treasury Securities Portfolios (the "Portfolios") of each of the: <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:14.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Institutional Class Institutional Select Class Administrative Class Advisory Class Investor Class Participant Class Cash Management Class <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:10.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Effective December 13, 2012, the Board of Trustees of Morgan Stanley Institutional Liquidity Funds, on behalf of the Money Market and Prime Portfolios, has approved investments in municipal securities eligible under Rule 2a-7 of the Investment Company Act of 1940, as amended, as a principal investment strategy. Further, effective December 13, 2012, Morgan Stanley Investment Management Inc. terminated the advisory agreement with Morgan Stanley Investment Management Limited with respect to the Portfolios. Accordingly, all references to Morgan Stanley Investment Management Limited as sub-adviser to the Portfolios will be deleted. In addition, the following changes to each Prospectus are required:   <p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in; margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none">Please retain this supplement for future reference.   Treasury Securities Portfolio   <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;line-height: normal;text-autospace:none">  <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;line-height: normal;text-autospace:none">Prospectus Supplement <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:21.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">December 13, 2012 <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:21.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Morgan Stanley Institutional Liquidity Funds <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none">Supplement dated December 13, 2012 to the Morgan Stanley Institutional Liquidity Funds Prospectuses dated March 1, 2012, relating to the Money Market, Prime, Government, Government Securities, Treasury and Treasury Securities Portfolios (the "Portfolios") of each of the: <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:14.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Institutional Class Institutional Select Class Administrative Class Advisory Class Investor Class Participant Class Cash Management Class <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:10.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Effective December 13, 2012, the Board of Trustees of Morgan Stanley Institutional Liquidity Funds, on behalf of the Money Market and Prime Portfolios, has approved investments in municipal securities eligible under Rule 2a-7 of the Investment Company Act of 1940, as amended, as a principal investment strategy. Further, effective December 13, 2012, Morgan Stanley Investment Management Inc. terminated the advisory agreement with Morgan Stanley Investment Management Limited with respect to the Portfolios. Accordingly, all references to Morgan Stanley Investment Management Limited as sub-adviser to the Portfolios will be deleted. In addition, the following changes to each Prospectus are required:   <p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in; margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none">Please retain this supplement for future reference.   MSUXX Treasury Securities Portfolio   <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;line-height: normal;text-autospace:none">  <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;line-height: normal;text-autospace:none">Prospectus Supplement <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:21.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">December 13, 2012 <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:21.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Morgan Stanley Institutional Liquidity Funds <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none">Supplement dated December 13, 2012 to the Morgan Stanley Institutional Liquidity Funds Prospectuses dated March 1, 2012, relating to the Money Market, Prime, Government, Government Securities, Treasury and Treasury Securities Portfolios (the "Portfolios") of each of the: <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:14.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Institutional Class Institutional Select Class Administrative Class Advisory Class Investor Class Participant Class Cash Management Class <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:10.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Effective December 13, 2012, the Board of Trustees of Morgan Stanley Institutional Liquidity Funds, on behalf of the Money Market and Prime Portfolios, has approved investments in municipal securities eligible under Rule 2a-7 of the Investment Company Act of 1940, as amended, as a principal investment strategy. Further, effective December 13, 2012, Morgan Stanley Investment Management Inc. terminated the advisory agreement with Morgan Stanley Investment Management Limited with respect to the Portfolios. Accordingly, all references to Morgan Stanley Investment Management Limited as sub-adviser to the Portfolios will be deleted. In addition, the following changes to each Prospectus are required:   <p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in; margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none">Please retain this supplement for future reference.   MSSXX Treasury Securities Portfolio   <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;line-height: normal;text-autospace:none">  <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;line-height: normal;text-autospace:none">Prospectus Supplement <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:21.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">December 13, 2012 <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:21.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Morgan Stanley Institutional Liquidity Funds <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none">Supplement dated December 13, 2012 to the Morgan Stanley Institutional Liquidity Funds Prospectuses dated March 1, 2012, relating to the Money Market, Prime, Government, Government Securities, Treasury and Treasury Securities Portfolios (the "Portfolios") of each of the: <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:14.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Institutional Class Institutional Select Class Administrative Class Advisory Class Investor Class Participant Class Cash Management Class <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:10.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Effective December 13, 2012, the Board of Trustees of Morgan Stanley Institutional Liquidity Funds, on behalf of the Money Market and Prime Portfolios, has approved investments in municipal securities eligible under Rule 2a-7 of the Investment Company Act of 1940, as amended, as a principal investment strategy. Further, effective December 13, 2012, Morgan Stanley Investment Management Inc. terminated the advisory agreement with Morgan Stanley Investment Management Limited with respect to the Portfolios. Accordingly, all references to Morgan Stanley Investment Management Limited as sub-adviser to the Portfolios will be deleted. In addition, the following changes to each Prospectus are required:   <p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in; margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none">Please retain this supplement for future reference.   MAMXX Treasury Securities Portfolio   <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;line-height: normal;text-autospace:none">  <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;line-height: normal;text-autospace:none">Prospectus Supplement <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:21.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">December 13, 2012 <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:21.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Morgan Stanley Institutional Liquidity Funds <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none">Supplement dated December 13, 2012 to the Morgan Stanley Institutional Liquidity Funds Prospectuses dated March 1, 2012, relating to the Money Market, Prime, Government, Government Securities, Treasury and Treasury Securities Portfolios (the "Portfolios") of each of the: <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:14.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Institutional Class Institutional Select Class Administrative Class Advisory Class Investor Class Participant Class Cash Management Class <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:10.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Effective December 13, 2012, the Board of Trustees of Morgan Stanley Institutional Liquidity Funds, on behalf of the Money Market and Prime Portfolios, has approved investments in municipal securities eligible under Rule 2a-7 of the Investment Company Act of 1940, as amended, as a principal investment strategy. Further, effective December 13, 2012, Morgan Stanley Investment Management Inc. terminated the advisory agreement with Morgan Stanley Investment Management Limited with respect to the Portfolios. Accordingly, all references to Morgan Stanley Investment Management Limited as sub-adviser to the Portfolios will be deleted. In addition, the following changes to each Prospectus are required:   <p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in; margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none">Please retain this supplement for future reference.   MVYXX Treasury Securities Portfolio   <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;line-height: normal;text-autospace:none">  <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;line-height: normal;text-autospace:none">Prospectus Supplement <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:21.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">December 13, 2012 <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:21.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Morgan Stanley Institutional Liquidity Funds <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none">Supplement dated December 13, 2012 to the Morgan Stanley Institutional Liquidity Funds Prospectuses dated March 1, 2012, relating to the Money Market, Prime, Government, Government Securities, Treasury and Treasury Securities Portfolios (the "Portfolios") of each of the: <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:14.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Institutional Class Institutional Select Class Administrative Class Advisory Class Investor Class Participant Class Cash Management Class <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:10.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Effective December 13, 2012, the Board of Trustees of Morgan Stanley Institutional Liquidity Funds, on behalf of the Money Market and Prime Portfolios, has approved investments in municipal securities eligible under Rule 2a-7 of the Investment Company Act of 1940, as amended, as a principal investment strategy. Further, effective December 13, 2012, Morgan Stanley Investment Management Inc. terminated the advisory agreement with Morgan Stanley Investment Management Limited with respect to the Portfolios. Accordingly, all references to Morgan Stanley Investment Management Limited as sub-adviser to the Portfolios will be deleted. In addition, the following changes to each Prospectus are required:   <p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in; margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none">Please retain this supplement for future reference.   MNVXX Treasury Securities Portfolio   <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;line-height: normal;text-autospace:none">  <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;line-height: normal;text-autospace:none">Prospectus Supplement <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:21.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">December 13, 2012 <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:21.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Morgan Stanley Institutional Liquidity Funds <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none">Supplement dated December 13, 2012 to the Morgan Stanley Institutional Liquidity Funds Prospectuses dated March 1, 2012, relating to the Money Market, Prime, Government, Government Securities, Treasury and Treasury Securities Portfolios (the "Portfolios") of each of the: <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:14.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Institutional Class Institutional Select Class Administrative Class Advisory Class Investor Class Participant Class Cash Management Class <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:10.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Effective December 13, 2012, the Board of Trustees of Morgan Stanley Institutional Liquidity Funds, on behalf of the Money Market and Prime Portfolios, has approved investments in municipal securities eligible under Rule 2a-7 of the Investment Company Act of 1940, as amended, as a principal investment strategy. Further, effective December 13, 2012, Morgan Stanley Investment Management Inc. terminated the advisory agreement with Morgan Stanley Investment Management Limited with respect to the Portfolios. Accordingly, all references to Morgan Stanley Investment Management Limited as sub-adviser to the Portfolios will be deleted. In addition, the following changes to each Prospectus are required:   <p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in; margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none">Please retain this supplement for future reference.   MPRXX Treasury Securities Portfolio   <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;line-height: normal;text-autospace:none">  <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;line-height: normal;text-autospace:none">Prospectus Supplement <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:21.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">December 13, 2012 <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:21.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Morgan Stanley Institutional Liquidity Funds <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:8.0pt;margin-right:0in;margin-bottom:0in; margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none">Supplement dated December 13, 2012 to the Morgan Stanley Institutional Liquidity Funds Prospectuses dated March 1, 2012, relating to the Money Market, Prime, Government, Government Securities, Treasury and Treasury Securities Portfolios (the "Portfolios") of each of the: <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:14.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Institutional Class Institutional Select Class Administrative Class Advisory Class Investor Class Participant Class Cash Management Class <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:10.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none">Effective December 13, 2012, the Board of Trustees of Morgan Stanley Institutional Liquidity Funds, on behalf of the Money Market and Prime Portfolios, has approved investments in municipal securities eligible under Rule 2a-7 of the Investment Company Act of 1940, as amended, as a principal investment strategy. Further, effective December 13, 2012, Morgan Stanley Investment Management Inc. terminated the advisory agreement with Morgan Stanley Investment Management Limited with respect to the Portfolios. Accordingly, all references to Morgan Stanley Investment Management Limited as sub-adviser to the Portfolios will be deleted. 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