FACTSHEET | AS OF OCTOBER 31, 2018 Morgan Stanley ...

1 Morgan Stanley Institutional Liquidity FundsGovernment Securities Portfolio (AdministrativeGovernment Securities Portfolio (AdministrativeShare Class)Share Class)Investment ObjectiveInvestment ObjectiveThe Morgan Stanley Institutional Liquidity Funds (MSILF) Government Securities Portfolio seekspreservation of capital, daily liquidity, and maximum current income. Investment PhilosophyInvestment PhilosophyWe believe that a conservatively managed portfolio of debt securities issued by the governmentand Treasury can maximize current income while preserving capital and maintaining liquidity. Investment ProcessInvestment ProcessThe management team follows an investment process that seeks to select maturities based on theshape of the money market fund yield curve and on expectations as to future shifts in the level andshape of the curve, taking into consideration such factors as current short-term interest rates, FederalReserve policy regarding interest rates and economic activity.

2 fund HighlightsFund HighlightsThe MSILF Government Securities Portfolio offers the following benefits:Security: the fund is rated AAAm by S&P, and Aaa-mf by Moody s, reflecting the credit quality,diversification and security of the : competitive trading deadlines and same-day access give you flexibility and : provides a competitive rate of return. Average Annualized Monthly Net Yield (%)Average Annualized Monthly Net Yield (%)NOV2020 OCT2020 SEP2020 AUG2020 JUL2020 JUN2020 MAY2020 APR2020 MAR2020 FEB2020 JAN2020 DEC2019 Class data quoted represents past performance, which is no guarantee of future results, andcurrent performance may be lower or higher than the figures shown. For the most recent month-endperformance figures, please visit Investment returns willfluctuate and fund shares, when redeemed, may be worth more or less than their original cost. Yieldquotation more closely reflects the current earnings of the Portfolio than the total return.

3 Yields Portfolio MaturityAverage Portfolio Maturity(Month-end figures)Maturity DistributionMaturity DistributionThe maturity distribution reflects the final maturitydate except for floating rate securities for which thenext reset date is FactsFund FactsFund number8333 Total net assets$ 8, millionPurchase deadline3 PM ETRedemption deadline3 PM ETShare ClassShare ClassCLASS AMInception date03/19/2008 TickerMGAXXCUSIP61747C863 Net asset value ($) declaredDailyMinimum initial investment ($) 10,000,0001-day liquidity (%) liquidity (%) current yield subsidized (%) effective yield subsidized (%) are subsidized. As of November 30, 2020, thefund's 7 day and 30 day unsubsidized yields and , respectively, and its simple (7-day) yield, gross of all fee waivers and expensereimbursements, was quotations more closely reflect currentearnings of the money market fund than total returnquotations.

4 Yields are subject to and any future declines in interest rate levelscould cause these funds' earnings to fall below thefunds' expense ratios, resulting in a negative Average Maturity (Days)43 Weighted Average Life (Days)81 Breakdown by Instrument (%)Breakdown by Instrument (%)FUNDUS Treasury Government Agency repurchase agreements the portfolio maypurchase are limited to those with the FederalReserve Bank of New to change daily. Provided for informationalpurposes only and should not be deemed as arecommendation to buy or sell securities in thesectors shown LIQUIDITYFACTSHEET | November 30, 2020 CONTACT DETAILSFor further information, please contactyour Morgan Stanley Team:Tel: : Days464248444643888183869281 WAMWAL020406080100120140 Jun2020 Jul2020 Aug2020 Sep2020Oc t2020 Nov20202042527111310%10%20%30%40%1 Day2-7 Days8-30 Days31-60 Days61-90 Days91-180 Days181+Days**DEFINITIONSU nsubsidized yield The unsubsidized yield reflects what the yield wouldhave been had a fee and/or expense waiver not been in place during theperiod shown.

5 Total return A measure of a fund 's performance thatencompasses all elements of return: dividends, capital gain distributions, andchanges in net asset value . Total return is the change in value of aninvestment over a given period, assuming reinvestment of any dividends andcapital gain distributions, expressed as a percentage of the initial average life measures the weighted average of the maturities ofthe portfolio s individual holdings. Weighted average maturity measuresthe weighted average of the maturities of the portfolio's individual holdings,taking into account reset dates for floating rate securities. Yield definitionsThe 7-day current yield is an annualized net yield which assumes dividendsare not reinvested in the fund . The 30-day effective yields are annualized netyields that describe 1-year earnings assuming dividends are reinvested at theaverage rate of the last 30 days.

6 The 7-day simple yield describes theannualized income earned over the last 7 RATINGS DISCLOSURESR atings represent the opinions of the rating agency as to the quality of thesecurities they rate. Standard & Poor's, Moody's, Fitch and NAIC ratings ratethe investment quality of the fund 's shares. Independent rating agencyratings include, but are not limited to, a regular analysis of a fund 's liquidity,diversification, operational policies and internal controls, its managementcharacteristics and the creditworthiness of its are not intended as a recommendation and are subject to are relative and subjective and are not absolute standards of portfolio's credit quality does not remove market Ratings money market fund ratings are an opinion as to the capacityof a money market fund to preserve principal and provide shareholderliquidity. Money market fund ratings are distinguished from the long-termcredit-rating scale by the mmf rating subscript and range from AAAmmf to Bmmf.

7 For more information, please visit: & Poor's money market fund ratings are forward-looking opinionsabout a fixed-income fund 's capacity to maintain stable principal (net assetvalue). When assigning a principal stability rating to a fund , Standard &Poor's analysis focuses primarily on the creditworthiness of the fund 'sinvestments and counterparties, and also its investments maturity structureand management's ability and policies to maintain the fund 's stable net assetvalue. For more information, please visit: 's Investors Services Inc.'s money market fund ratings are opinionsof the investment quality of shares in mutual funds and similar investmentvehicles which principally invest in short-term fixed income obligations. Assuch, these ratings incorporate Moody's assessment of a fund 's publishedinvestment objectives and policies, the creditworthiness of the assets held bythe fund , the liquidity profile of the fund 's assets relative to the fund 'sinvestor base, the assets' susceptibility to market risk, as well as themanagement characteristics of the fund .

8 For more information, please visit: CONSIDERATIONSYou could lose money by investing in the fund . Although the Fundseeks to preserve the value of your investment at $ per share, itcannot guarantee it will do so. An investment in the fund is not insuredor guaranteed by the Federal Deposit Insurance Corporation or any othergovernment agency. The Funds sponsor has no legal obligation toprovide financial support to the fund , and you should not expect thatthe sponsor will provide financial support to the fund at any prices of fixed income securities respond to economicdevelopments, including interest rate changes. Indeed, prices tend to beinversely affected by changes in interest rates. Accordingly, the portfoliois subject to interest rate risk, and in a rising interest rate environment,portfolio shares can decline in CONSIDERATIONSM organ Stanley Institutional Liquidity Funds (MSILFs) MSILFs areinstitutional mutual funds offering seven different cash adviser The Morgan Stanley Institutional Liquidity Funds (MSILFs) aremanaged by Morgan Stanley Investment Management, returns are net of fees and assume the reinvestment of all dividendsand income.

9 Returns for less than one year are cumulative (unannualized).MSILF returns are reported for Administrative class shares. Performance forthe other classes will Portfolio s Adviser and Administrator, Morgan Stanley Investment Management Inc., has agreed to reduce itsadvisory fee, its administration fee and/or reimburse the Portfolio sAdministrative Share Class so that Total Annual Portfolio OperatingExpenses, excluding certain investment related expenses, taxes, interest andother extraordinary expenses (including litigation), will not exceed fee waivers and/or expense reimbursements will continue for at least oneyear or until such time as the Board of Trustees of Morgan StanleyInstitutional Liquidity Funds (the fund ) acts to discontinue all or a portionof such waivers and/or reimbursements when it deems such action material must be preceded or accompanied by a prospectus for theMorgan Stanley Institutional Liquidity Funds.

10 The prospectus containsinformation about the funds, including the investment objectives, risks,charges and expenses. For an additional copy of the prospectus, pleasevisit Please read the prospectus carefullybefore material is a general communication, which is not impartial and allinformation provided has been prepared solely for informational andeducational purposes and does not constitute an offer or a recommendationto buy or sell any particular security or to adopt any specific investmentstrategy. The information herein has not been based on a consideration ofany individual investor circumstances and is not investment advice, norshould it be construed in any way as tax, accounting, legal or regulatoryadvice. To that end, investors should seek independent legal and financialadvice, including advice as to tax consequences, before making anyinvestment Stanley Distribution, Inc.