Morgan Stanley Investment Management and CastleOak Securities, L.P. Debut New Share Class

Morgan Stanley Investment Management (”MSIM”) and CastleOak Securities, L.P. (“CastleOak”), an industry-leading, minority-owned, boutique investment bank are pleased to announce an expansion of their long-standing partnership by debuting two new co-branded share class offerings that provide clients an expanded menu of short-term cash investment services. As clients increasingly look to maximize their social impact, these two new products provide a solution that brings together CastleOak’s strong institutional relationships and Morgan Stanley’s unparalleled investment experience.

CastleOak shares of the Morgan Stanley Institutional Liquidity Funds Government (ticker COSXX) and ESG Money Market Fund Portfolios (ticker OAKXX) are now available, enabling clients to help meet their primary cash investment goals of principle preservation and liquidity, while supporting their Diversity & Inclusion (D&I) efforts in a transparent and meaningful way.

“Morgan Stanley Investment Management has been an outstanding partner,” said David R. Jones, President and CEO of CastleOak Securities, L.P. “The Morgan Stanley team recognized the expertise, experience, and relationships of an independent investment bank like ours. Launching these new share classes gives our clients yet another way to meet their ESG goals without compromising the standards they expect when choosing where to put their money to work.” The addition of new share classes underscores CastleOak’s ongoing efforts to expand its Money Fund Access web-based liquidity solutions platform.

“This partnership is a unique opportunity for Morgan Stanley Investment Management to team up with a best-in-class firm like CastleOak to deliver treasury management solutions that can help companies advance their D&I objectives,” said Fred McMullen, Managing Director and Co-Head of MSIM’s Global Liquidity Solutions business. “We are proud to be working together on this exciting product offering.”

About CastleOak Securities, L.P.

CastleOak Securities, L.P. is a premier boutique investment bank serving a broad array of corporate, governmental and institutional investor clients. Headquartered in New York City, with five regional offices, CastleOak specializes in financial advisory, capital markets, equities and fixed income sales and trading. For additional information, visit www.castleoaklp.com.

About Morgan Stanley Investment Management

Morgan Stanley Investment Management, together with its investment advisory affiliates, has more than 731 investment professionals around the world and $1.4 trillion in assets under management or supervision as of March 31, 2021.1 Morgan Stanley Investment Management strives to provide outstanding long-term investment performance, service and a comprehensive suite of investment management solutions to a diverse client base, which includes governments, institutions, corporations and individuals worldwide. For further information about Morgan Stanley Investment Management, please visit www.morganstanley.com/im.

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.

ESG Money Market Portfolio - This Portfolio will be required to price and transact in their shares at a floating Net asset value (“NAV”) and will be permitted to impose a liquidity fee on redemptions or temporarily restrict redemptions in the event that the Portfolio's weekly liquid assets fall below certain thresholds.

FLOATING NAV FUNDS: You could lose money by investing in the Fund. Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. 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.

ESG Strategies that incorporate impact investing and/or Environmental, Social and Governance (ESG) factors could result in relative investment performance deviating from other strategies or broad market benchmarks, depending on whether such sectors or investments are in or out of favor in the market. As a result, there is no assurance ESG strategies could result in more favorable investment performance.

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.

1 AUM includes all discretionary and non-discretionary assets of Morgan Stanley Investment Management (MSIM) and all advisory affiliates. MSIM Fund of Fund assets represent assets under management and assets under supervision. MSIM direct private investing assets represents the basis on which the firm earns management fees, not the market value of the assets owned.

Morgan Stanley Distribution, Inc is the distributor of the Morgan Stanley Liquidity Funds.

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