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
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Re: |
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Morgan Stanley Institutional Liquidity Funds |
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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).
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Very truly yours, |
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/s/ Edward Meehan, Jr. |
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Edward Meehan, Jr. |
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Assistant Secretary |
Enclosures
cc: Stefanie V. Chang Yu, Esq.
| Label | Element | Value |
|---|---|---|
| Risk/Return: | rr_RiskReturnAbstract | |
| Prospectus Date | rr_ProspectusDate | Mar. 01, 2012 |
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Money Market Portfolio (Fourth Summary Prospectus) | Money Market Portfolio
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| Risk/Return: | rr_RiskReturnAbstract | |
| Risk/Return, Heading | rr_RiskReturnHeading | Money Market Portfolio |
| Supplement Text | ck0001227155_SupplementTextBlock |
Prospectus Supplement December 13, 2012 Morgan Stanley Institutional Liquidity Funds 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: Institutional Class 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:
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| Investment Strategy, Heading | rr_StrategyHeading | 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: |
| Investment Strategy, Narrative | rr_StrategyNarrativeTextBlock | 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. ***
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| Risk, Heading | rr_RiskHeading | The following is hereby added as the last paragraph of the section of each Prospectus entitled "Portfolio Summary—Money Market Portfolio—Principal Risks": |
| Risk, Narrative | rr_RiskNarrativeTextBlock | • 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. ***
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| Supplement Closing | ck0001227155_SupplementClosingTextBlock | Please retain this supplement for future reference.
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Money Market Portfolio | Investor Class
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| Risk/Return: | rr_RiskReturnAbstract | |
| Trading Symbol | dei_TradingSymbol | MIOXX |
| Prime Portfolio (Sixth Summary Prospectus) | Prime Portfolio |
| Prime Portfolio |
Prospectus Supplement December 13, 2012 Morgan Stanley Institutional Liquidity Funds 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: Institutional Class 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:
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| 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: |
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. ***
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| The following is hereby added as the last paragraph of the section of each Prospectus entitled "Portfolio Summary—Prime Portfolio—Principal Risks": |
• 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. ***
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Please retain this supplement for future reference.
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| Prime Portfolio (Third Summary Prospectus) | Prime Portfolio |
| Prime Portfolio |
Prospectus Supplement December 13, 2012 Morgan Stanley Institutional Liquidity Funds 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: Institutional Class 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: |
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. ***
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| The following is hereby added as the last paragraph of the section of each Prospectus entitled "Portfolio Summary—Prime Portfolio—Principal Risks": |
• 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. ***
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Please retain this supplement for future reference.
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| Treasury Portfolio (Seventh Summary Prospectus) | Treasury Portfolio |
| Treasury Portfolio |
Prospectus Supplement December 13, 2012 Morgan Stanley Institutional Liquidity Funds 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: Institutional Class 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:
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Please retain this supplement for future reference.
|
| Label | Element | Value |
|---|---|---|
| Risk/Return: | rr_RiskReturnAbstract | |
| Prospectus Date | rr_ProspectusDate | Mar. 01, 2012 |
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Prime Portfolio (Sixth Summary Prospectus) | Prime Portfolio
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| Risk/Return: | rr_RiskReturnAbstract | |
| Risk/Return, Heading | rr_RiskReturnHeading | Prime Portfolio |
| Supplement Text | ck0001227155_SupplementTextBlock |
Prospectus Supplement December 13, 2012 Morgan Stanley Institutional Liquidity Funds 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: Institutional Class 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:
|
| Investment Strategy, Heading | rr_StrategyHeading | 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: |
| Investment Strategy, Narrative | rr_StrategyNarrativeTextBlock | 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. ***
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| Risk, Heading | rr_RiskHeading | The following is hereby added as the last paragraph of the section of each Prospectus entitled "Portfolio Summary—Prime Portfolio—Principal Risks": |
| Risk, Narrative | rr_RiskNarrativeTextBlock |
• 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. ***
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| Supplement Closing | ck0001227155_SupplementClosingTextBlock | Please retain this supplement for future reference.
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Prime Portfolio | Participant Class
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| Risk/Return: | rr_RiskReturnAbstract | |
| Trading Symbol | dei_TradingSymbol | MPNXX |
| Treasury Securities Portfolio (Fourth Summary Prospectus) | Treasury Securities Portfolio |
| Treasury Securities Portfolio |
Prospectus Supplement December 13, 2012 Morgan Stanley Institutional Liquidity Funds 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: Institutional Class 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:
|
Please retain this supplement for future reference.
|
| Prime Portfolio (Second Summary Prospectus) | Prime Portfolio |
| Prime Portfolio |
Prospectus Supplement December 13, 2012 Morgan Stanley Institutional Liquidity Funds 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: Institutional Class 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: |
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. ***
|
| The following is hereby added as the last paragraph of the section of each Prospectus entitled "Portfolio Summary—Prime Portfolio—Principal Risks": |
• 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. ***
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Please retain this supplement for future reference.
|
| Label | Element | Value |
|---|---|---|
| Risk/Return: | rr_RiskReturnAbstract | |
| Prospectus Date | rr_ProspectusDate | Mar. 01, 2012 |
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Money Market Portfolio (Seventh Summary Prospectus) | Money Market Portfolio
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||
| Risk/Return: | rr_RiskReturnAbstract | |
| Risk/Return, Heading | rr_RiskReturnHeading | Money Market Portfolio |
| Supplement Text | ck0001227155_SupplementTextBlock |
Prospectus Supplement December 13, 2012 Morgan Stanley Institutional Liquidity Funds 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: Institutional Class 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:
|
| Investment Strategy, Heading | rr_StrategyHeading | 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: |
| Investment Strategy, Narrative | rr_StrategyNarrativeTextBlock | 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. ***
|
| Risk, Heading | rr_RiskHeading | The following is hereby added as the last paragraph of the section of each Prospectus entitled "Portfolio Summary—Money Market Portfolio—Principal Risks": |
| Risk, Narrative | rr_RiskNarrativeTextBlock | • 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. ***
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| Supplement Closing | ck0001227155_SupplementClosingTextBlock | Please retain this supplement for future reference.
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Money Market Portfolio | Institutional Select Class
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| Risk/Return: | rr_RiskReturnAbstract | |
| Trading Symbol | dei_TradingSymbol | MMRXX |
| Label | Element | Value |
|---|---|---|
| Risk/Return: | rr_RiskReturnAbstract | |
| Prospectus Date | rr_ProspectusDate | Mar. 01, 2012 |
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Treasury Securities Portfolio (Fourth Summary Prospectus) | Treasury Securities Portfolio
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| Risk/Return: | rr_RiskReturnAbstract | |
| Risk/Return, Heading | rr_RiskReturnHeading | Treasury Securities Portfolio |
| Supplement Text | ck0001227155_SupplementTextBlock |
Prospectus Supplement December 13, 2012 Morgan Stanley Institutional Liquidity Funds 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: Institutional Class 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:
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| Supplement Closing | ck0001227155_SupplementClosingTextBlock | Please retain this supplement for future reference.
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Treasury Securities Portfolio | Advisory Class
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| Risk/Return: | rr_RiskReturnAbstract | |
| Trading Symbol | dei_TradingSymbol | MVYXX |
| Label | Element | Value |
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| Risk/Return: | rr_RiskReturnAbstract | |
| Prospectus Date | rr_ProspectusDate | Mar. 01, 2012 |
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Treasury Securities Portfolio (Prospectus Summary): | Treasury Securities Portfolio
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| Risk/Return: | rr_RiskReturnAbstract | |
| Risk/Return, Heading | rr_RiskReturnHeading | Treasury Securities Portfolio |
| Supplement Text | ck0001227155_SupplementTextBlock |
Prospectus Supplement December 13, 2012 Morgan Stanley Institutional Liquidity Funds 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: Institutional Class 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:
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| Supplement Closing | ck0001227155_SupplementClosingTextBlock | Please retain this supplement for future reference.
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Treasury Securities Portfolio | Institutional Class
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| Risk/Return: | rr_RiskReturnAbstract | |
| Trading Symbol | dei_TradingSymbol | MSUXX |
| Label | Element | Value |
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| Risk/Return: | rr_RiskReturnAbstract | |
| Prospectus Date | rr_ProspectusDate | Mar. 01, 2012 |
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Prime Portfolio (Seventh Summary Prospectus) | Prime Portfolio
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| Risk/Return: | rr_RiskReturnAbstract | |
| Risk/Return, Heading | rr_RiskReturnHeading | Prime Portfolio |
| Supplement Text | ck0001227155_SupplementTextBlock |
Prospectus Supplement December 13, 2012 Morgan Stanley Institutional Liquidity Funds 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: Institutional Class 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:
|
| Investment Strategy, Heading | rr_StrategyHeading | 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: |
| Investment Strategy, Narrative | rr_StrategyNarrativeTextBlock | 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. ***
|
| Risk, Heading | rr_RiskHeading | The following is hereby added as the last paragraph of the section of each Prospectus entitled "Portfolio Summary—Prime Portfolio—Principal Risks": |
| Risk, Narrative | rr_RiskNarrativeTextBlock |
• 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. ***
|
| Supplement Closing | ck0001227155_SupplementClosingTextBlock | Please retain this supplement for future reference.
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Prime Portfolio | Cash Management Class
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| Risk/Return: | rr_RiskReturnAbstract | |
| Trading Symbol | dei_TradingSymbol | MSPXX |
| Treasury Securities Portfolio (Third Summary Prospectus) | Treasury Securities Portfolio |
| Treasury Securities Portfolio |
Prospectus Supplement December 13, 2012 Morgan Stanley Institutional Liquidity Funds 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: Institutional Class 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:
|
Please retain this supplement for future reference.
|