I am no expert but isn't it just a trill on the Eb? You always start a trill with the written note. So Eb F Eb F until the grace notes. Maybe you should accent the first Eb note of each measure because the notes aren't tied together. Maybe you could restart the trill every measure.But those quarter note chords are no part of te trill.This is all interpretation, you don't have to do it the way Liszt did it or meant to do it or the way other people do it.
I am no expert but isn't it just a trill on the Eb? You always start a trill with the written note