UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT
INVESTMENT COMPANY
Investment Company Act file number: 811-02575
Morgan Stanley Liquid Asset Fund Inc.
(Exact name of registrant as specified in charter)
522 Fifth Avenue, New York,
New York 10036
(Address of principal executive
offices) (Zip code)
Kevin Klingert
522 Fifth Avenue, New York, New York 10036
(Name and address of agent for service)
Registrants telephone number, including area
code: 201-830-8894
Date of fiscal year end: August 31, 2013
Date of reporting period: May 31, 2013
Item 1. Schedule of Investments.
The Funds schedule of investments as of the
close of the reporting period prepared pursuant to Rule 12-12 of Regulation S-X is as follows:
Morgan Stanley Liquid Asset Fund Inc.
Portfolio of Investments
¡
May 31, 2013 (unaudited)
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PRINCIPAL
AMOUNT
(000)
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ANNUALIZED
YIELD
ON DATE OF
PURCHASE
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MATURITY
DATE
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VALUE
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Repurchase Agreements (35.6%)
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$ 175,000
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ABN Amro Securities LLC, (dated 05/31/13; proceeds $175,001,313; fully collateralized by U.S. Government Agencies; Federal Home
Loan Mortgage Corporation 1.00% - 5.00% due 07/28/17 - 05/01/41; Federal National Mortgage Association 0.88% - 5.50% due 08/28/17 - 05/01/42; valued at $180,097,543)
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0.09
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%
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06/03/13
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$
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175,000,000
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50,500
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Bank of Montreal, (dated 05/31/13; proceeds $50,500,687; fully collateralized by U.S. Government Agencies; Federal Home Loan Bank
0.65% - 0.90% due 08/22/16 - 10/23/17; Federal Home Loan Mortgage Corporation 2.35% due 01/11/23; valued at $51,484,970)
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0.07
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06/07/13
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50,500,000
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49,500
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Bank of Montreal, (dated 05/13/13; proceeds $49,504,950; fully collateralized by U.S. Government Agencies; Federal Home Loan
Mortgage Corporation 4.00% - 6.50% due 04/01/23 - 04/01/41; Federal National Mortgage Association 2.50% - 6.10% due 08/01/22 - 08/01/42; valued at $50,985,000) (Demand 06/07/13)
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0.12
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(a
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)
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06/12/13
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49,500,000
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180,000
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Bank of Nova Scotia, (dated 05/31/13; proceeds $180,001,350; fully collateralized by U.S. Government Agencies; Federal National
Mortgage Association 3.50% - 6.00% due 05/01/41 - 12/01/42; Government National Mortgage Association 5.00% due 04/20/41; valued at $185,694,860)
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0.09
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06/03/13
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180,000,000
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130,000
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Bank of Nova Scotia, (dated 01/07/13; proceeds $130,247,000; fully collateralized by U.S. Government Agencies; Federal Home Loan
Mortgage Corporation 2.50% - 4.50% due 08/01/26 - 01/01/43; Federal National Mortgage Association 2.50% - 4.50% due 04/01/26 - 05/01/43; valued at $133,861,467) (Demand 06/07/13)
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0.19
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(a
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)
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01/02/14
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130,000,000
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35,000
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Bank of Nova Scotia, (dated 03/06/13; proceeds $35,070,583; fully collateralized by U.S. Government Agencies; Federal Home Loan
Mortgage Corporation 2.50% - 3.50% due 07/01/27 - 09/01/42; Federal National Mortgage Association 2.50% - 5.00% due 09/01/27 - 05/01/43; valued at $36,170,362) (Demand 06/07/13)
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0.20
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(a
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03/04/14
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35,000,000
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105,000
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Bank of Nova Scotia, (dated 03/15/13; proceeds $105,210,000; fully collateralized by U.S. Government Agencies; Federal Home Loan
Mortgage Corporation 4.00% due 08/01/26; Federal National Mortgage Association 2.50% - 4.50% due 02/01/28 - 05/01/43; valued at $108,258,890) (Demand 06/07/13)
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0.20
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(a
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)
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03/10/14
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105,000,000
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1
Morgan Stanley Liquid Asset Fund Inc.
Portfolio of Investments
¡
May 31, 2013 (unaudited)
continued
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$ 110,000
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BMO Capital Markets Corp., (dated 05/31/13; proceeds $110,000,917; fully collateralized by U.S. Government Agencies; Federal
National Mortgage Association 3.00% - 5.50% due 09/01/25 - 11/01/42; and by a U.S. Government Obligation; U.S. Treasury Bill Zero Coupon due 11/14/13; valued at $113,232,009)
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0.10
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%
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06/03/13
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$
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110,000,000
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109,032
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BNP Paribas Securities Corp., (dated 05/31/13; proceeds $109,032,818; fully collateralized by U.S. Government Agencies;
Government National Mortgage Association 2.00% - 7.00% due 02/20/26 - 02/15/55; valued at $112,302,960)
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0.09
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06/03/13
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109,032,000
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75,000
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BNP Paribas Securities Corp., (dated 02/20/13; proceeds $75,052,771; fully collateralized by U.S. Government Agencies; Federal
Home Loan Mortgage Corporation 2.63% - 7.00% due 02/01/16 - 01/01/43; Federal National Mortgage Association 2.50% - 6.50% due 06/01/15 - 04/01/43; Government National Mortgage Association 3.00% - 3.50% due 01/20/41 - 07/20/42; valued at $77,250,000)
(Demand 06/07/13)
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0.17
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(a
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07/19/13
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75,000,000
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100,000
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BNP Paribas Securities Corp., (dated 01/08/13; proceeds $100,090,500; fully collateralized by U.S. Government Agencies; Federal
Home Loan Mortgage Corporation 2.12% - 6.50% due 01/01/20 - 05/01/43; Federal National Mortgage Association 2.05% - 7.00% due 05/01/19 - 04/01/43; Government National Mortgage Association 1.63% - 4.00% due 12/20/33 - 05/20/41; valued at
$103,000,000) (Demand 06/07/13)
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0.18
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(a
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07/08/13
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100,000,000
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35,000
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BNP Paribas Securities Corp., (dated 12/06/12; proceeds $35,035,194; fully collateralized by U.S. Government Agencies; Government
National Mortgage Association 1.63% - 4.50% due 08/20/21 - 02/20/43; valued at $36,050,000)
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0.20
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06/05/13
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35,000,000
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40,000
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BNP Paribas Securities Corp., (dated 12/04/12; proceeds $40,041,228; fully collateralized by U.S. Government Agencies; Government
National Mortgage Association 1.63% - 4.50% due 01/20/22 - 09/20/42; valued at $41,200,001)
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0.21
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06/03/13
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40,000,000
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230,000
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Credit Agricole Corp., (dated 05/31/13; proceeds $230,001,725; fully collateralized by U.S. Government Agencies; Federal National
Mortgage Association 2.50% - 5.00% due 04/01/28 - 04/01/43; valued at $236,859,466)
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0.09
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06/03/13
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230,000,000
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50,000
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Deutsche Bank Securities, Inc., (dated 05/30/13; proceeds $50,000,583; fully collateralized by U.S. Government Agencies;
Government National Mortgage Association 3.50% due 01/20/43 - 05/20/43; valued at $51,442,276)
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0.06
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06/06/13
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50,000,000
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75,000
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ING Financial Markets LLC, (dated 05/31/13; proceeds $75,000,563; fully collateralized by U.S. Government Agencies; Federal
National Mortgage Association 2.31% - 5.00% due 11/01/27 - 01/01/43; valued at $77,252,106)
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0.09
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06/03/13
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75,000,000
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2
Morgan Stanley Liquid Asset Fund Inc.
Portfolio of Investments
¡
May 31, 2013 (unaudited)
continued
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$ 150,000
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Merrill Lynch Pierce Fenner & Smith, (dated 04/10/13; proceeds $150,045,500; fully collateralized by U.S. Government
Obligations; U.S. Treasury Notes 0.75% - 1.38% due 02/28/18 - 12/31/18; valued at $153,174,515) (Demand 06/07/13)
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0.12
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(a
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%
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07/10/13
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$
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150,000,000
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62,000
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Merrill Lynch Pierce Fenner & Smith, (dated 04/10/13; proceeds $62,034,169; fully collateralized by a U.S. Government
Obligation; U.S. Treasury Bond 6.00% due 02/15/26; valued at $63,282,343) (Demand 06/07/13)
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0.16
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(a
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08/12/13
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62,000,000
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180,000
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Merrill Lynch Pierce Fenner & Smith, (dated 03/01/13; proceeds $180,186,000; fully collateralized by U.S. Government
Agencies; Federal Farm Credit Bank Zero Coupon - 2.17% due 02/05/14 - 05/02/22; Federal Home Loan Bank
0.15% -
5.38% due 01/23/14 - 08/15/24; Federal Home Loan Mortgage Corporation 0.10% - 5.50% due
08/01/13 - 02/25/28; Federal Home Loan Mortgage Corporation Strip Zero Coupon due 09/15/29; Federal National Mortgage Association Zero Coupon - 6.63% due 07/28/15 - 07/15/37; Federal National Mortgage Association Discount Note Zero Coupon due
06/03/13 - 09/03/13; Federal National Mortgage Association Strip Zero Coupon due 07/15/21 - 07/15/37; valued at $183,600,292) (Demand 06/07/13)
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0.20
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(a
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09/03/13
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180,000,000
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125,000
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Mizuho Securities USA, Inc., (dated 05/29/13; proceeds $125,002,188; fully collateralized by U.S. Government Agencies; Federal
Home Loan Mortgage Corporation 2.50% - 3.50% due 11/01/27 - 12/01/27; Federal National Mortgage Association 2.50% - 3.50% due 10/01/27 - 12/01/27; Government National Mortgage Association 4.50% - 5.00% due 08/15/39; and by a U.S. Government
Obligation; U.S. Treasury Note 2.25% due 05/31/14; valued at $128,822,921)
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0.09
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06/05/13
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125,000,000
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230,000
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Mizuho Securities USA, Inc., (dated 05/31/13; proceeds $230,002,300; fully collateralized by U.S. Government Agencies; Federal
Home Loan Mortgage Corporation 4.50% due 09/01/41; Federal National Mortgage Association 3.50% due 01/01/43; Government National Mortgage Association 2.48% - 5.00% due 06/20/27 - 03/15/54; valued at $237,372,392)
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0.12
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06/03/13
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230,000,000
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225,000
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RBC Capital Markets LLC, (dated 05/31/13; proceeds $225,001,688; fully collateralized by U.S. Government Agencies; Federal Home
Loan Mortgage Corporation 3.50% due 10/01/42; Federal National Mortgage Association 4.00% due 12/01/41; valued at $231,426,320)
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0.09
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06/03/13
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225,000,000
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285,000
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RBC Capital Markets LLC, (dated 04/01/13; proceeds $285,202,825; fully collateralized by U.S. Government Agencies; Federal Home
Loan Mortgage Corporation 3.00% due 04/01/27 - 10/01/42; Federal National Mortgage Association 2.50% - 4.00% due 08/01/26 - 05/01/43; valued at $293,607,419) (Demand 06/07/13)
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0.14
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(a
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10/01/13
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285,000,000
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300,000
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Wells Fargo Securities LLC, (dated 05/31/13; proceeds $300,002,500; fully collateralized by U.S. Government Agencies; Federal
Home Loan Bank Discount Note Zero Coupon due 08/28/13 - 10/16/13; Federal Home Loan Mortgage Corporation 2.50% due 04/01/28; and by a U.S. Government Obligation; U.S. Treasury Note 1.00% due 01/15/14; valued at $305,839,248)
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0.10
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06/03/13
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300,000,000
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125,000
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Wells Fargo Securities LLC, (dated 05/31/13; proceeds $125,001,042; fully collateralized by a U.S. Government Obligation; U.S. Treasury Note 0.25% due 11/30/14; valued at
$128,000,000)
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0.10
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06/03/13
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125,000,000
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Total Repurchase Agreements
(Cost $3,231,032,000)
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3,231,032,000
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3
Morgan Stanley Liquid Asset Fund Inc.
Portfolio of Investments
¡
May 31, 2013 (unaudited)
continued
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COUPON
RATE (a)
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DEMAND
DATE (b)
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Floating Rate Notes (27.4%)
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Domestic Banks (3.9%)
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$ 220,000
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JP Morgan Chase Bank NA
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0.36
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%
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06/07/13
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06/06/14
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$
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220,000,000
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138,000
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Wells Fargo Bank NA
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0.34
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06/20/13
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06/20/14
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138,000,000
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358,000,000
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International Banks (23.5%)
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69,000
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ASB Finance Ltd. (c)
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0.30
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07/03/13
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01/03/14
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69,000,000
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220,000
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Bank of Nova Scotia
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0.33 - 0.34
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07/02/13 - 07/30/13
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07/02/13 - 06/27/14
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220,000,000
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34,100
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BNZ International Funding Ltd.
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0.30
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06/06/13
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12/06/13
|
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34,100,000
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34,600
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BNZ International Funding Ltd. (c)
|
|
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0.30
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06/09/13
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12/09/13
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34,600,000
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140,000
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Credit Suisse NY
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0.25
|
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06/24/13
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08/29/13
|
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140,000,000
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388,400
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National Australia Bank
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0.27 - 0.28
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07/11/13 - 08/09/13
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08/09/13 - 10/11/13
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388,400,000
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215,000
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Rabobank Nederland NY
|
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0.33
|
|
|
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|
09/24/13
|
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03/24/14
|
|
|
|
215,000,000
|
|
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334,000
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|
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Royal Bank of Canada
|
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0.33 - 0.37
|
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07/01/13 - 07/26/13
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07/11/13 - 05/30/14
|
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333,987,981
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130,000
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Svenska Handelsbanken AB (c)
|
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0.29
|
|
|
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06/17/13
|
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11/15/13
|
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130,000,000
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332,500
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Toronto Dominion Bank
|
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0.28
|
|
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06/13/13 - 07/26/13
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07/26/13 - 10/21/13
|
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332,500,000
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141,000
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Westpac Banking Corp. (c)
|
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0.27
|
|
|
|
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08/27/13
|
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08/27/13
|
|
|
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140,998,402
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75,000
|
|
|
Westpac Banking Corp.
|
|
|
0.28
|
|
|
|
|
|
|
|
07/09/13
|
|
|
|
10/09/13
|
|
|
|
75,000,000
|
|
|
17,500
|
|
|
Westpac Securities NZ Ltd. (c)
|
|
|
0.25
|
|
|
|
|
|
|
|
06/18/13
|
|
|
|
07/18/13
|
|
|
|
17,499,100
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,131,085,483
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Floating Rate Notes
(Cost $2,489,085,483)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,489,085,483
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ANNUALIZED
YIELD
ON DATE OF
PURCHASE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial Paper (19.5%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Automobile (0.1%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,000
|
|
|
Toyota Credit Canada, Inc.
|
|
|
0.06
|
|
|
|
%
|
|
|
|
|
|
|
|
06/07/13
|
|
|
|
9,999,900
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International Banks (19.4%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
123,300
|
|
|
KFW International Finance, Inc. (c)
|
|
|
0.20
|
|
|
|
|
|
|
|
|
|
|
|
07/08/13 - 07/10/13
|
|
|
|
123,273,785
|
|
|
282,000
|
|
|
Mizuho Funding LLC (c)
|
|
|
0.24 - 0.25
|
|
|
|
|
|
|
|
|
|
|
|
07/12/13 - 07/19/13
|
|
|
|
281,920,099
|
|
|
123,336
|
|
|
Nordea North America, Inc.
|
|
|
0.30 - 0.31
|
|
|
|
|
|
|
|
|
|
|
|
06/05/13 - 06/12/13
|
|
|
|
123,331,033
|
|
|
375,000
|
|
|
NRW Bank
|
|
|
0.12
|
|
|
|
|
|
|
|
|
|
|
|
06/04/13 - 06/05/13
|
|
|
|
374,995,528
|
|
4
Morgan Stanley Liquid Asset Fund Inc.
Portfolio of Investments
¡
May 31, 2013 (unaudited)
continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 197,600
|
|
|
Oversea Chinese Banking Corporation
|
|
|
0.22 - 0.27
|
|
|
|
%
|
|
|
|
|
|
|
|
07/22/13 - 10/04/13
|
|
|
$
|
197,459,148
|
|
|
201,300
|
|
|
Skandin Ens Banken AB (c)
|
|
|
0.30
|
|
|
|
|
|
|
|
|
|
|
|
11/01/13
|
|
|
|
201,043,342
|
|
|
165,500
|
|
|
Sumitomo Mitsui Banking Corp.
|
|
|
0.24
|
|
|
|
|
|
|
|
|
|
|
|
08/27/13
|
|
|
|
165,404,010
|
|
|
224,200
|
|
|
Svenska Handelsbanken AB (c)
|
|
|
0.25 - 0.26
|
|
|
|
|
|
|
|
|
|
|
|
06/28/13 - 07/12/13
|
|
|
|
224,147,117
|
|
|
66,000
|
|
|
UOB Funding LLC
|
|
|
0.22
|
|
|
|
|
|
|
|
|
|
|
|
07/10/13 - 07/16/13
|
|
|
|
65,983,323
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,757,557,385
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Commercial Paper
(Cost $1,767,557,285)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,767,557,285
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Certificates of Deposit
(12.2%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International Banks
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
75,000
|
|
|
Bank of Montreal
|
|
|
0.05
|
|
|
|
|
|
|
|
|
|
|
|
06/06/13
|
|
|
|
75,000,000
|
|
|
95,000
|
|
|
Credit Suisse NY
|
|
|
0.25
|
|
|
|
|
|
|
|
|
|
|
|
07/31/13
|
|
|
|
95,000,000
|
|
|
231,200
|
|
|
Deutsche Bank AG
|
|
|
0.35 - 0.37
|
|
|
|
|
|
|
|
|
|
|
|
10/30/13 - 11/26/13
|
|
|
|
231,200,000
|
|
|
445,000
|
|
|
Lloyds TSB Bank PLC
|
|
|
0.10
|
|
|
|
|
|
|
|
|
|
|
|
06/04/13 - 06/06/13
|
|
|
|
445,000,000
|
|
|
94,000
|
|
|
Skandin Ens Banken AB
|
|
|
0.30
|
|
|
|
|
|
|
|
|
|
|
|
11/07/13
|
|
|
|
93,997,927
|
|
|
96,000
|
|
|
Svenska Handelsbanken AB
|
|
|
0.31
|
|
|
|
|
|
|
|
|
|
|
|
06/05/13
|
|
|
|
96,000,053
|
|
|
70,000
|
|
|
Swedbank AB
|
|
|
0.09
|
|
|
|
|
|
|
|
|
|
|
|
06/04/13
|
|
|
|
70,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Certificates of Deposit
(Cost $1,106,197,980)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,106,197,980
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COUPON
RATE (a)
|
|
|
|
|
|
DEMAND
DATE (b)
|
|
|
|
|
|
|
|
|
|
|
|
Tax-Exempt Instruments (4.2%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weekly Variable Rate Bonds (2.6%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
22,000
|
|
|
California Statewide Communities Development Authority, Kaiser Permanente Ser 2009 C-2
|
|
|
0.10
|
|
|
|
%
|
|
|
|
06/07/13
|
|
|
|
04/01/46
|
|
|
|
22,000,000
|
|
|
24,875
|
|
|
Eastern Municipal Water District, CA, Water & Sewer Ser 2008 A COPs
|
|
|
0.10
|
|
|
|
|
|
|
|
06/07/13
|
|
|
|
07/01/30
|
|
|
|
24,875,000
|
|
|
9,805
|
|
|
Fremont, CA, Ser 2008 COPs
|
|
|
0.11
|
|
|
|
|
|
|
|
06/07/13
|
|
|
|
08/01/38
|
|
|
|
9,805,000
|
|
|
10,000
|
|
|
Indiana Finance Authority, Parkview Health System Ser 2009 B
|
|
|
0.13
|
|
|
|
|
|
|
|
06/07/13
|
|
|
|
11/01/39
|
|
|
|
10,000,000
|
|
|
40,800
|
|
|
Los Angeles Department of Water & Power, CA, Water System 2001 Ser B Subser B-1
|
|
|
0.09
|
|
|
|
|
|
|
|
06/07/13
|
|
|
|
07/01/35
|
|
|
|
40,800,000
|
|
|
18,700
|
|
|
Miami-Dade County, FL, Professional Sports Franchise Facilities Tax Ser 2009 E
|
|
|
0.13
|
|
|
|
|
|
|
|
06/07/13
|
|
|
|
10/01/48
|
|
|
|
18,700,000
|
|
|
11,700
|
|
|
Nassau County Interim Finance Authority, NY, Sales Tax Ser 2008 A
|
|
|
0.11
|
|
|
|
|
|
|
|
06/07/13
|
|
|
|
11/15/25
|
|
|
|
11,700,000
|
|
|
|
|
|
New York State Housing Finance Agency,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15,000
|
|
|
10 Barclay Street 2004 Ser A
|
|
|
0.11
|
|
|
|
|
|
|
|
06/07/13
|
|
|
|
11/15/37
|
|
|
|
15,000,000
|
|
|
20,000
|
|
|
Gotham West Housing Ser 2011 B (Taxable)
|
|
|
0.18
|
|
|
|
|
|
|
|
06/07/13
|
|
|
|
05/01/45
|
|
|
|
20,000,000
|
|
|
27,400
|
|
|
NGSP, Inc., Ser 2006
|
|
|
0.18
|
|
|
|
|
|
|
|
06/07/13
|
|
|
|
06/01/46
|
|
|
|
27,400,000
|
|
|
9,210
|
|
|
Pennsylvania Housing Finance Agency, Single Family Mortgage Ser 2004-82C (AMT)
|
|
|
0.12
|
|
|
|
|
|
|
|
06/07/13
|
|
|
|
10/01/34
|
|
|
|
9,210,000
|
|
|
10,000
|
|
|
Sacramento Transportation Authority, CA, Measure A Sales Tax Ser 2009 A
|
|
|
0.09
|
|
|
|
|
|
|
|
06/07/13
|
|
|
|
10/01/38
|
|
|
|
10,000,000
|
|
|
15,750
|
|
|
Wyoming Student Loan Corporation, Student Loan Senior Ser 2010 A-2
|
|
|
0.12
|
|
|
|
|
|
|
|
06/07/13
|
|
|
|
04/01/39
|
|
|
|
15,750,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Weekly Variable Rate Bonds
(Cost $235,240,000)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
235,240,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5
Morgan Stanley Liquid Asset Fund Inc.
Portfolio
of Investments
¡
May 31, 2013 (unaudited)
continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COUPON
RATE
|
|
|
|
|
|
YIELD TO
MATURITY
ON DATE OF
PURCHASE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal Bond (1.6%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$149,500
|
|
|
California, Ser 2012-13 A-2 RANs, dtd 08/23/12
(Cost $149,660,521)
|
|
|
2.50
|
|
|
|
%
|
|
|
|
0.43
|
|
|
|
%
|
|
|
|
06/20/13
|
|
|
$
|
149,660,521
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Tax-Exempt Instruments
(Cost $384,900,521)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
384,900,521
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ANNUALIZED
YIELD ON
DATE OF
PURCHASE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time Deposit (1.7%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic Bank
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
150,000
|
|
|
US Bank Cayman Islands
(Cost $150,000,000)
|
|
|
0.12
|
|
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
06/03/13
|
|
|
|
150,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments
(Cost $9,128,773,269)
(d)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
100.6
|
%
|
|
|
9,128,773,269
|
|
|
|
|
|
Liabilities in Excess of Other Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(0.6
|
)
|
|
|
(53,263,524
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
100.0
|
%
|
|
$
|
9,075,509,745
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMT
|
Alternative Minimum Tax.
|
COPs
|
Certificates of Participation.
|
RANs
|
Revenue Anticipation Notes.
|
(a)
|
Rate shown is the rate in effect at May 31, 2013.
|
(b)
|
Date of next interest rate reset.
|
(c)
|
144A security Certain conditions for public sale may exist. Unless otherwise noted, these securities are deemed to be liquid.
|
(d)
|
Cost is the same for federal income tax purposes.
|
6
Morgan Stanley Liquid Asset Fund Inc.
Notes to Portfolio of Investments
¡
May 31, 2013 (unaudited)
Valuation of Investments
- Portfolio securities are valued at amortized cost, which approximates fair value, in accordance with Rule 2a-7 under the Investment Company Act of 1940.
Fair Valuation Measurements
Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 820,
Fair Value Measurements and Disclosures
(ASC 820), defines fair value as
the value that the Fund would receive to sell an investment or pay to transfer a liability in a timely transaction with an independent buyer in the principal market, or in the absence of a principal market the most advantageous market for the
investment or liability. ASC 820 establishes a three-tier hierarchy to distinguish between (1) inputs that reflect the assumptions market participants would use in valuing an asset or liability developed based on market data obtained from
sources independent of the reporting entity (observable inputs); and (2) inputs that reflect the reporting entitys own assumptions about the assumptions market participants would use in valuing an asset or liability developed based on the
best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Funds investments. The inputs are
summarized in the three broad levels listed below.
Level 1 unadjusted quoted prices in active markets for
identical investments
Level 2 other significant observable inputs (including quoted prices for similar
investments, interest rates, prepayment speeds, credit risk, etc.)
Level 3 significant unobservable inputs
including the Funds own assumptions in determining the fair value of investments. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, or the appropriate
stock exchange (for exchange-traded securities), analysis of the issuers financial statements or other available documents and, if necessary, available information concerning other securities in similar circumstances
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and the
determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to each security.
The following is a summary of the inputs used to value the Funds investments as of May 31, 2013.
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Investment Type
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Level 1
Unadjusted
quoted
prices
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Level 2
Other
significant
observable inputs
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Level 3
Significant
unobservable
inputs
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Total
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Assets:
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Repurchase Agreements
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$
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$
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3,231,032,000
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$
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$
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3,231,032,000
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Floating Rate Notes
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|
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2,489,085,483
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2,489,085,483
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Commercial Paper
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1,767,557,285
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1,767,557,285
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Certificates of Deposit
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1,106,197,980
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1,106,197,980
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Tax-Exempt Instruments
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Weekly Variable Rate Bonds
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235,240,000
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235,240,000
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Municipal Bond
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149,660,521
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149,660,521
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Total Tax-Exempt Instruments
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384,900,521
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384,900,521
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Time Deposit
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150,000,000
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150,000,000
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Total Asset
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$
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$
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9,128,773,269
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$
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$
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9,128,773,269
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Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an
investments valuation changes. The Fund recognizes transfers between the levels as of the end of the period. As of May 31, 2013, the Fund did not have any investments transfer between investment levels.
7
Item 2. Controls and Procedures.
(a) The Funds principal executive officer and principal financial officer have concluded that the Funds disclosure controls and procedures are sufficient to ensure that information required to
be disclosed by the Fund in this Form N-Q was recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commissions rules and forms, based upon such officers evaluation of these
controls and procedures as of a date within 90 days of the filing date of the report.
(b) There were no changes in the Funds internal
control over financial reporting that occurred during the registrants fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Funds internal control over financial reporting.
Item 3. Exhibits.
(a) A separate
certification for each principal executive officer and principal financial officer of the registrant are attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
Morgan Stanley Liquid Asset Fund Inc.
/s/ Kevin Klingert
Kevin Klingert
Principal Executive Officer
July 23, 2013
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed
by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
/s/ Kevin Klingert
Kevin Klingert
Principal Executive Officer
July 23, 2013
/s/ Francis
Smith
Francis Smith
Principal
Financial Officer
July 23, 2013
Grafico Azioni Wolverine Resources (PK) (USOTC:WOLV)
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