Morgan Stanley Institutional Liquidity Funds Portfolio Holdings FUND NAME: MONEY MARKET PORTFOLIO UNAUDITED HOLDINGS AS OF NOVEMBER 30, 2018 WAM 23 DAYS WAL 79 DAYS NET ASSETS: 1,930,189,486 INVESTMENT CATEGORY ISSUER CUSIP PRINCIPAL AMOUNT COUPON RATE(¹) MATURITY DATE(²) DATE(³) MARKET VALUE Collateralized Commercial Paper Co. EFFECTIVE FINAL MATURITY % of MARKET 19422GRA4 $ 3,000,000 2.880% 04/10/19 04/10/19 $ 2,969,390 0.15% VALUE Collateralized Commercial Paper Co. 19423EFS2 10,000,000 2.537 12/28/18 01/28/19 9,999,709 0.52% Collateralized Commercial Paper II Co. 19423CJE3 10,000,000 2.645 12/24/18 07/23/19 10,001,207 0.52% Collateralized Commercial Paper II Co. 19423CHX3 10,000,000 2.505 12/24/18 04/23/19 9,999,151 0.52% Collateralized Commercial Paper II Co. 19423CHT2 5,000,000 2.454 12/27/18 03/25/19 4,999,452 0.26% Bank of America NA 06053PR90 15,000,000 2.448 01/02/19 04/02/19 15,000,162 0.78% Bank of Montreal 06371EAR8 5,000,000 1.576 12/12/18 06/12/19 5,004,766 0.26% Bank of Nova Scotia 06417GM47 2,480,000 2.513 12/21/18 12/21/18 2,480,347 0.13% Citibank NA 17305TC26 23,000,000 2.780 03/21/19 03/21/19 23,000,075 1.19% Credit Agricole 22532XJJ8 10,000,000 2.426 12/20/18 12/20/18 9,999,950 0.52% 22549LRN7 5,000,000 2.610 12/03/18 05/02/19 4,999,125 0.26% 22549LVE2 25,000,000 2.584 12/03/18 04/04/19 24,990,382 1.30% 22549LMA0 10,000,000 2.550 12/03/18 02/21/19 10,000,052 0.52% Page 1 of 7
22549LEX9 12,785,000 1.750 03/12/19 03/12/19 12,756,213 0.66% DBS Bank Ltd. 23305GAP3 5,000,000 2.497 12/31/18 01/30/19 5,001,146 0.26% HSBC Bank USA NA 40428A7J0 9,500,000 2.555 12/26/18 04/25/19 9,501,006 0.49% HSBC Bank USA NA 40428A7L5 15,000,000 2.555 12/26/18 04/26/19 15,001,535 0.78% HSBC Bank USA NA 40435RAN1 5,000,000 2.512 12/24/18 06/24/19 4,995,974 0.26% Mizuho Bank Ltd. 60700AM27 15,000,000 2.537 12/28/18 01/28/19 15,000,096 0.78% Mizuho Bank Ltd. 60700AM92 15,000,000 2.537 12/28/18 01/28/19 15,000,096 0.78% Mizuho Bank Ltd. 60700AV68 25,000,000 2.483 12/27/18 03/25/19 25,000,266 1.30% National Australia Bank Ltd. 63253TL63 3,600,000 2.522 12/14/18 03/14/19 3,599,301 0.19% Natixis NY 63873NVZ1 5,000,000 2.555 12/24/18 12/24/18 5,000,945 0.26% Nordea Bank AB 65590AUR5 14,000,000 2.608 01/07/19 04/05/19 14,005,793 0.73% Nordea Bank AB 65590ATD8 20,000,000 2.534 12/17/18 03/15/19 20,008,023 1.04% Nordea Bank AB 65590AK96 15,000,000 2.495 12/27/18 06/25/19 14,995,402 0.78% 78012UDP7 10,000,000 2.486 12/24/18 03/22/19 10,001,896 0.52% 78012UHK4 6,000,000 2.466 12/27/18 06/26/19 5,998,141 0.31% 78012UGV1 15,000,000 2.444 12/27/18 06/26/19 14,994,521 0.78% 78012UGE9 15,000,000 2.434 12/24/18 06/24/19 14,993,755 0.78% 78012UGL3 20,000,000 2.434 12/27/18 06/26/19 19,991,585 1.04% Skandinaviska Enskilda Banken AB 83050FU74 12,000,000 2.572 12/17/18 12/17/18 12,001,852 0.62% Svenska Handelsbanken AB 86958JY94 50,000,000 2.610 12/21/18 08/21/19 49,996,029 2.60% Svenska Handelsbanken AB 86958JC49 5,978,000 2.604 01/10/19 04/10/19 5,980,156 0.31% Page 2 of 7
Svenska Handelsbanken AB 86958JU72 10,000,000 2.456 12/28/18 06/28/19 9,996,880 0.52% Swedbank AB 87019VNX1 28,000,000 2.497 12/28/18 01/28/19 28,006,357 1.45% Swedbank AB 87019VLH8 5,000,000 2.453 12/27/18 03/25/19 4,999,901 0.26% 89114MKB2 15,000,000 2.622 12/24/18 07/22/19 15,000,463 0.78% 89113XZZ0 5,805,000 2.558 12/20/18 03/20/19 5,811,732 0.30% U.S. Bank NA 90333VB41 40,000,000 2.615 12/24/18 07/24/19 40,000,000 2.08% Wells Fargo Bank NA 94989R2X5 10,000,000 2.536 12/24/18 06/24/19 10,000,835 0.52% Westpac Banking Corp. 96121T7E2 12,666,000 2.534 12/12/18 03/12/19 12,680,585 0.66% 00182HGQ9 5,000,000 2.610 12/21/18 06/21/19 5,000,000 0.26% 00182HGM8 5,000,000 2.455 12/27/18 03/26/19 4,999,448 0.26% 00182HGH9 10,000,000 2.443 12/27/18 03/25/19 10,000,720 0.52% 00182HGL0 5,000,000 2.416 12/28/18 03/28/19 4,999,730 0.26% 00182HGF3 7,000,000 2.383 12/21/18 12/21/18 7,000,064 0.36% ASB Finance Ltd. London 0020P5JP5 15,000,000 2.602 12/24/18 06/24/19 15,000,000 0.78% ASB Finance Ltd. London 0020P5JH3 5,000,000 2.416 12/28/18 03/28/19 4,999,886 0.26% Australia & New Zealand Bank 05253MKG8 15,000,000 2.543 12/21/18 12/21/18 15,001,192 0.78% BNZ International Funding Ltd. 0556X4FC5 2,040,000 2.645 01/16/19 04/16/19 2,040,546 0.10% Canadian Imperial Bank of Commerce 13608CGG1 20,000,000 2.465 12/27/18 03/26/19 19,998,434 1.04% Commonwealth Bank of Australia 20272AB39 5,000,000 2.648 01/02/19 04/01/19 5,002,470 0.26% DBS Bank Ltd. 23305EQD8 3,325,000 2.680 03/13/19 03/13/19 3,299,723 0.17% DBS Bank Ltd. 23305EMM2 15,000,000 2.360 12/21/18 12/21/18 14,979,306 0.78% Page 3 of 7
Federation Des Caisses Desjardins 31428GQM8 20,000,000 2.790 03/21/19 03/21/19 19,837,200 1.03% 40433FNG0 5,000,000 2.939 03/25/19 09/25/19 5,000,208 0.26% 40433FLF4 3,000,000 2.665 12/27/18 02/26/19 3,001,798 0.15% 40433FLQ0 4,000,000 2.621 12/27/18 03/27/19 4,002,160 0.21% 40433FMN6 8,000,000 2.615 12/24/18 07/22/19 7,997,933 0.41% 40433FMT3 10,000,000 2.531 12/24/18 06/24/19 10,000,267 0.52% ING U.S. Funding 44988KFQ7 10,000,000 2.565 12/27/18 02/25/19 10,003,598 0.52% ING U.S. Funding 44988KER6 15,000,000 2.393 12/21/18 12/21/18 15,000,066 0.78% JP Morgan Securities 46640CFE7 8,500,000 2.616 01/15/19 04/15/19 8,501,640 0.44% Macquarie Bank Ltd. 55607LQM9 20,000,000 2.790 03/21/19 03/21/19 19,825,915 1.03% Oversea Chinese Banking Corporation 69034CGF9 20,000,000 2.465 12/27/18 02/25/19 20,001,948 1.04% Oversea Chinese Banking Corporation 69034CFZ6 5,000,000 2.463 12/27/18 03/25/19 4,999,747 0.26% Sumitomo Mitsui Banking Corp. 86562LQN5 15,000,000 2.790 03/22/19 03/22/19 14,870,593 0.77% Sumitomo Mitsui Banking Corp. 86562LQM7 7,000,000 2.780 03/21/19 03/21/19 6,940,236 0.36% Sumitomo Mitsui Trust Bank Ltd. 86564XQL1 5,000,000 2.820 03/20/19 03/20/19 4,957,757 0.26% Sumitomo Mitsui Trust Bank Ltd. 86564XML5 15,000,000 2.360 12/20/18 12/20/18 14,981,425 0.78% Suncorp-Metway Ltd. 8672E3QM1 15,000,000 2.620 03/21/19 03/21/19 14,872,396 0.77% 89120DLL1 10,000,000 2.844 03/25/19 09/25/19 9,998,626 0.52% 89120DKX6 15,000,000 2.658 12/24/18 08/23/19 14,999,231 0.78% 89120DEM7 15,000,000 2.496 12/24/18 03/22/19 15,002,844 0.78% 89120DJZ3 15,000,000 2.444 12/27/18 06/26/19 14,991,150 0.78% Page 4 of 7
89120DHZ5 17,000,000 2.443 12/27/18 03/25/19 17,001,743 0.88% 90276JEF9 10,761,000 2.721 12/20/18 06/20/19 10,770,110 0.56% 90276JEK8 15,000,000 2.635 12/27/18 03/25/19 15,007,044 0.78% 90276JDT0 10,000,000 2.466 12/24/18 12/24/18 10,000,219 0.52% 90276JFE1 10,000,000 2.466 12/24/18 06/24/19 9,996,929 0.52% 90276JDU7 10,000,000 2.453 12/21/18 12/21/18 10,000,183 0.52% 90276JFC5 25,000,000 2.450 12/24/18 06/24/19 24,992,317 1.30% United Overseas Bank Ltd. 91127QQM4 10,000,000 2.640 03/21/19 03/21/19 9,915,116 0.51% United Overseas Bank Ltd. 91127QQF9 5,950,000 2.630 03/15/19 03/15/19 5,902,363 0.31% Non- Toyota Credit Canada, Inc. 89232DQR8 15,000,000 2.820 03/25/19 03/25/19 14,870,242 0.77% Non- Toyota Motor Credit 89233AK81 15,000,000 2.440 12/03/18 01/17/19 14,999,637 0.78% Non- Toyota Motor Finance Netherlands 89233FQM3 10,000,000 2.720 03/21/19 03/21/19 9,916,657 0.51% Non-Negotiable Time Deposit Credit Agricole CIB (Grand Cayman) 86,000,000 2.170 12/03/18 12/03/18 86,000,000 4.47% Non-Negotiable Time Deposit Credit Industriel ET Commercial 20,000,000 2.160 12/03/18 12/03/18 20,000,000 1.04% ABN AMRO Securities 15,000,000 2.290 12/03/18 12/03/18 15,000,000 0.78% BMO Capital Markets Corp. 20,000,000 2.320 12/07/18 12/07/18 20,000,000 1.04% BMO Capital Markets Corp. 5,000,000 2.320 12/07/18 12/07/18 5,000,000 0.26% BMO Capital Markets Corp. 58,000,000 2.290 12/03/18 12/03/18 58,000,000 3.01% BNP Paribas Prime Brokerage, Inc. 15,000,000 2.882 12/26/18 02/28/19 15,000,000 0.78% BNP Paribas Prime Brokerage, Inc. 5,000,000 2.882 12/26/18 02/28/19 5,000,000 0.26% BNP Paribas Prime Brokerage, Inc. 76,000,000 2.420 12/03/18 12/03/18 76,000,000 3.95% Page 5 of 7
HSBC Securities USA, Inc. 25,000,000 2.390 12/03/18 12/03/18 25,000,000 1.30% HSBC Securities USA, Inc. 10,000,000 2.290 12/03/18 12/03/18 10,000,000 0.52% ING Financial Markets 35,000,000 2.290 12/03/18 12/03/18 35,000,000 1.82% JP Morgan Securities 14,000,000 2.825 12/24/18 02/28/19 14,000,000 0.73% JP Morgan Securities 10,000,000 2.825 12/24/18 02/28/19 10,000,000 0.52% JP Morgan Securities 10,000,000 2.811 12/24/18 02/28/19 10,000,000 0.52% Merrill Lynch Pierce Fenner & Smith 50,000,000 2.440 12/03/18 12/03/18 50,000,000 2.60% Mizuho Securities USA, Inc. 41,000,000 2.290 12/03/18 12/03/18 41,000,000 2.13% RBC Capital Markets 30,000,000 2.290 12/05/18 12/05/18 30,000,000 1.56% Scotia Capital USA, Inc. 94,000,000 2.390 12/03/18 12/03/18 94,000,000 4.88% SG Americas Securities 30,000,000 2.360 12/03/18 12/03/18 30,000,000 1.56% 20,000,000 2.770 12/18/18 12/18/18 20,000,000 1.04% 20,000,000 2.770 12/19/18 12/19/18 20,000,000 1.04% 7,000,000 2.340 12/03/18 12/03/18 7,000,000 0.36% 39,000,000 2.290 12/03/18 12/03/18 39,000,000 2.02% U.S. Government Agency Repurchase Agreement, collateralized only by U.S. Government Agency securities, U.S. Treasuries, and cash 131,000,000 2.290 12/03/18 12/03/18 131,000,000 6.80% Total Market Value $ 1,925,245,069 100.00% Net Assets(⁴) $ 1,930,189,486 Institutional Funds Contact Details: Telephone Number: 1.800.236.0992 Email: msilfinternalsales@morganstanley.com Website: www.morganstanley.com/liquidity Page 6 of 7
(1) The coupon rate shown reflects the effective rate as of the date on this report. (2) The date shown reflects the lower of the stated maturity date or the next interest rate reset date, which are used to calculate the portfolio's weighted average maturity (WAM). (3) The date shown reflects the lower of the stated final maturity date or the next demand feature date, which are used to calculate the portfolio's weighted average life (WAL). (4) Net Assets - The term used by an investment company to designate the access of the fair value of securities owned, cash, receivables, and other assets over the liabilities of the company. 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. Subject to change daily. Provided for informational purposes only and should not be deemed as a recommendation to buy or sell the securities mentioned or securities in the industries shown above. FLOATING NET ASSET VALUE (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. Please consider the investment objectives, risks, charges and expenses of the fund carefully before investing. The prospectus contains this and other information about the fund. To obtain a prospectus, contact your financial advisor or download a copy at morganstanley.com/liquidity. Please read the prospectus carefully before investing. 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. 2018 Morgan Stanley. Morgan Stanley Distribution, Inc. serves as the distributor for the Morgan Stanley Institutional Liquidity Funds and the Morgan Stanley Investment Adviser Funds. NOT FDIC INSURED OFFER NO BANK GUARANTEE MAY LOSE VALUE NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY NOT A DEPOSIT 2175951 Exp: 07/12/2019 Page 7 of 7