Government
Share Class :
 
MSGXX CUSIP: 61747C392 Fund Number: 8362
Government
MSGXX CUSIP: 61747C392 Fund Number: 8362
Share Class :

Government

SHARE CLASS :
MSGXX CUSIP: 61747C392 Fund Number: 8362
 
 
 
 
Investment Approach
The Morgan Stanley Institutional Liquidity Funds (MSILF) Government Portfolio seeks preservation of capital, daily liquidity and maximum current income.
Investment Philosophy
We believe that a conservatively managed portfolio of liquid, high-quality debt securities issued by the U.S. government may maximize current income while preserving capital and liquidity.
Investment Process
The management team follows an investment process that seeks to select maturities based on the shape of the money market yield curve and on expectations as to future shifts in the level and shape of the curve, taking into consideration such factors as current short-term interest rates, Federal Reserve policy regarding interest rates and U.S. economic activity.
 
Fund Highlights

Security:

  • AAAmmf – Fitch
  • AAAm – S&P
  • Aaa-mf – Moodys

The portfolio's credit quality does not remove market risk

 

Liquidity:

Competitive trading deadlines and same-day access

 

Yield:

Competitive rate of return

 
34
Weighted Average Maturity (Days)
113
Weighted Average Life (Days)
49.87
1-Day Liquidity (%)
65.38
7-Day Liquidity (%)
 
 
Pricing & Performance

Performance data quoted represents past performance, which is no guarantee of future results, and current performance may be lower or higher than the figures shown. Investment returns and principal value will fluctuate and fund shares, when redeemed, may be worth more or less than their original cost. For additional important information, please click here.

Historical Shareholder Flows
 
Daily Net Shareholder Flows

Daily Market NAV


Monthly Yields
 
(Average annualized monthly net yield %)
 
    May 2020 Apr 2020 Mar 2020 Feb 2020 Jan 2020 Dec 2019 Nov 2019 Oct 2019 Sep 2019 Aug 2019 Jul 2019 Jun 2019
MSGXX 0.01 0.05 0.62 1.33 1.34 1.37 1.42 1.63 1.85 1.87 2.10 2.11
Performance data quoted represents past performance, which is no guarantee of future results, and current performance may be lower or higher than the figures shown. Yields are subsidized and subject to change. For additional information, click here.
 
 
 
 
Composition
 
Daily/Weekly Liquid Assets

  Fund
Repurchase Agreements 45.42
US Government Agency Debt 38.48
US Treasury Debt 16.11

FUND
WAM 30
WAL 112

 
 

Where the net expense ratio is lower than the gross expense ratio, certain fees have been waived and/or expenses reimbursed. These waivers and/or reimbursements will continue for at least one year from the date of the applicable fund’s current prospectus (unless otherwise noted in the applicable prospectus) or until such time as the fund's Board of Directors /Trustees acts to discontinue all or a portion of such waivers and/or reimbursements. Absent such waivers and/or reimbursements, returns would have been lower. Expenses are based on the fund's current prospectus.

STABLE NAV FUNDS
You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Funds’ sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. 

Subject to change daily. Portfolio information and composition are provided for informational purposes only, and should not be deemed as a recommendation to buy or sell any security.

Total assets used in the calculation of Daily Liquid Assets and Weekly Liquid Assets may include interest receivables as well as other assets, like prepaid expenses. If these interest receivables and other assets were not reflected, the Daily Liquid Assets and/or Weekly Liquid Assets would be higher.

Although the portfolios seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the portfolios.

Morgan Stanley is a full service securities firm engaged in securities trading and brokerage activities, investment banking, research and analysis, financing and financial advisory services.

Amended rule 2a-7(a)(8) (defining “daily liquid asset” to mean (i) cash; (ii) direct obligations of the U.S. Government; and (iii) securities that will mature or are subject to a demand feature that is exercisable and payable within one business day).

Amended rule 2a-7(a)(32) (defining “weekly liquid assets” to mean (i) cash; (ii) direct obligations of the U.S. Government; (iii) Government securities issued by a person controlled or supervised by and acting as an instrumentality of the Government of the United States pursuant to authority granted by the Congress of the United States, that are issued at a discount to the principal amount to be repaid at maturity and have a remaining maturity of 60 days or less; and (iv) securities that will mature or are subject to a demand feature that is exercisable and payable within five business days).

Subject to change daily. Provided for informational purposes only and should not be deemed as a recommendation to buy or sell securities mentioned or securities in the industries shown above.

Ratings represent the opinions of the rating agency as to the quality of the securities they rate. Standard & Poor's, Moody's and Fitch ratings rate the investment quality of the fund's shares. Independent rating agency ratings include, but are not limited to, a regular analysis of a fund's liquidity, diversification, operational policies and internal controls, its management characteristics and the creditworthiness of its assets.

Ratings are relative and subjective and are not absolute standards of quality. Ratings are not intended as a recommendation and are subject to change.


Net Asset Value (NAV) is the dollar value of a single mutual fund share, based on the value of the underlying assets of the fund minus its liabilities, divided by the number of shares outstanding. It is calculated at the end of each business day.

Subsidized (Sub.) reflects current fee waivers in effect. Absent such fee waivers, the yield would have been lower. The Unsubsidized (Unsub.) does not reflect the fee waivers currently in effect. Current yield is a measure that looks at the current price of a bond instead of its face value and represents the return an investor would expect if he or she purchased the bond and held it for a year. Calculated by dividing the Annual Cash Inflows / Market Price. The 7-day effective yields are annualized net yields that describe 1-year earnings assuming dividends are reinvested at the average rate of the last 7 days.

SEC 30-day yield is a measure of the income generated by the portfolio's underlying asset over the trailing 30 days, relative to the asset base of the portfolio itself. The SEC 30-day yield - Subsidized (Sub.) reflects current fee waivers in effect. Absent such fee waivers, the yield would have been lower. The SEC 30-Day yield - Un-Subsidized (Un-Sub.) does not reflect the fee waivers currently in effect.

Weighted average maturity (WAM) – measures the weighted average of the maturities of the portfolio's individual holdings, taking into account reset dates for floating rate securities.

Weighted average life (WAL) – measures the weighted average of the maturities of the portfolio’s individual holdings.

Standard & Poor's money market fund ratings are forward-looking opinions about a fixed-income fund's capacity to maintain stable principal (net asset value). When assigning a principal stability rating to a fund, Standard & Poor's analysis focuses primarily on the creditworthiness of the fund's investments and counterparties, and also its investments maturity structure and management's ability and policies to maintain the fund's stable net asset value. For more information, please visit:http://www.understandingratings.com

Moody's Investors Services Inc.'s money market fund ratings are opinions of the investment quality of shares in mutual funds and similar investment vehicles which principally invest in short-term fixed income obligations. As such, these ratings incorporate Moody's assessment of a fund's published investment objectives and policies, the creditworthiness of the assets held by the fund, the liquidity profile of the fund's assets relative to the fund's investor base, the assets' susceptibility to market risk, as well as the management characteristics of the fund. For more information, please visit: http://v3.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_79004

Fitch Ratings’ money market fund ratings are an opinion as to the capacity of a money market fund to preserve principal and provide shareholder liquidity. Money market fund ratings are distinguished from the long-term credit-rating scale by the ‘mmf’ rating subscript and range from ‘AAAmmf’ to ‘Bmmf’. For more information, please visit:http://www.fitchratings.com/creditdesk/public/ratings_defintions/index.cfm

Weighted average maturity of the portfolio utilizes the interest-rate reset date, rather than a security's stated final maturity, for variable- and floating- rate securities. By looking to a portfolio's interest rate reset schedule in lieu of final maturity dates, the WAM measure effectively captures a fund's exposure to interest rate movements and the potential price impact resulting from interest rate movements.

Weighted average life of the portfolio utilizes a security's stated final maturity date or, when relevant, the date of the next demand feature when the fund may receive payment of principal and interest (such as a put feature). Accordingly, WAL reflects how a portfolio would react to deteriorating credit (widening spreads) or tightening liquidity condition.

Please consider the investment objectives, risks, charges and expenses of the portfolios carefully before investing. The prospectus contains this and other information about the portfolios. To obtain a prospectus, download one at www.morganstanley.com/liquidity or call 1.800.236.0992. Please read the prospectus carefully before investing.

 
 

WAM is the weighted average maturity of the portfolio. The WAM calculation utilizes the interest-rate reset date, rather than a security's stated final maturity, for variable- and floating- rate securities. By looking to a portfolio's interest rate reset schedule in lieu of final maturity dates, the WAM measure effectively captures a fund's exposure to interest rate movements and the potential price impact resulting from interest rate movements.

 

WAL is the weighted average life of the portfolio. The WAL calculation utilizes a security's stated final maturity date or, when relevant, the date of the next demand feature when the fund may receive payment of principal and interest (such as a put feature). Accordingly, WAL reflects how a portfolio would react to deteriorating credit (widening spreads) or tightening liquidity conditions.

 

Tracking error and information ratio are calculated using the Portfolio's Blended Index (added October 2, 2013), as this is a better representation of the Portfolio's global multi-asset strategy. The investment team manages the Portfolio relative to this Blended Index.

 

Excess return versus Custom Benchmark is calculated using the Portfolio's Blended Index based on the period since it was added as a benchmark on October 2, 2013.

 

NTM = Next Twelve Months