Fund Name Morgan Stanley Institutional Liquidity Funds - Prime Portfolio Statement Date Unaudited Holdings as of May 31, 2017 WAM (Days) 13 Days WAL (Days) 59 Days Net Assets 4,038,761,466 INVESTMENT CATEGORY ISSUER CUSIP PRINCIPAL AMOUNT COUPON RATE (¹) EFFECTIVE MATURITY DATE (²) FINAL MATURITY DATE(³) MARKET VALUE % OF MARKET VALUE Asset Backed Commercial Paper Metlife Short Term Funding LLC 59157TTE3 $ 25,000,000 1.200% 06/14/17 06/14/17 $ 24,990,929 0.62% Asset Backed Commercial Paper Metlife Short Term Funding LLC 59157TTK9 14,000,000 1.130 06/19/17 06/19/17 13,992,944 0.35% Asset Backed Commercial Paper Metlife Short Term Funding LLC 59157TTM5 44,000,000 1.130 06/21/17 06/21/17 43,975,232 1.09% Certificate of Deposit Banco del Estado de Chile 05969YC43 27,000,000 1.110 06/22/17 06/22/17 27,001,472 0.67% Certificate of Deposit Bank of America NA 06053PUR6 25,000,000 1.382 06/16/17 10/16/17 25,000,449 0.62% Certificate of Deposit Bank of Montreal 06427KY43 45,000,000 1.141 06/20/17 11/20/17 44,998,847 1.11% Certificate of Deposit Bank of Montreal 06427KUJ4 44,000,000 1.140 06/20/17 06/20/17 44,001,944 1.09% Certificate of Deposit Canadian Imperial Bank of 13606A6V5 20,000,000 1.467 06/21/17 07/21/17 20,014,221 0.50% Certificate of Deposit Citibank NA 17305TGR7 20,000,000 1.250 06/12/17 06/12/17 20,002,103 0.49% Certificate of Deposit Credit Suisse AG 22549VGZ0 37,860,000 1.920 06/12/17 09/12/17 37,956,092 0.94% Certificate of Deposit Credit Suisse AG 22549VB93 15,000,000 1.689 06/12/17 07/10/17 15,012,932 0.37% Certificate of Deposit Credit Suisse AG 22549VQ55 30,000,000 1.308 07/20/17 10/20/17 30,007,238 0.74% Certificate of Deposit HSBC Bank USA NA 40428A3X3 15,000,000 1.455 06/01/17 11/01/17 15,025,463 0.37% Certificate of Deposit Mizuho Bank Ltd. 60689D2P7 28,000,000 1.599 06/13/17 07/13/17 28,022,608 0.69% Certificate of Deposit Mizuho Bank Ltd. 60689D4V2 43,000,000 1.384 06/26/17 08/24/17 43,040,698 1.07% Certificate of Deposit Nordea Bank Finland PLC 65558LSN3 8,000,000 1.600 06/06/17 09/06/17 8,013,662 0.20% Certificate of Deposit Nordea Bank Finland PLC 65558LQN5 12,010,000 1.520 06/13/17 06/13/17 12,012,607 0.30% 69033LUT4 30,000,000 1.150 06/15/17 06/15/17 30,003,410 0.74% 69033LUZ0 28,000,000 1.140 06/20/17 06/20/17 28,003,826 0.69% 69033LXM6 20,000,000 1.139 06/21/17 11/21/17 20,000,566 0.49% Certificate of Deposit Royal Bank of Canada 78009NR32 19,000,000 1.489 06/26/17 10/24/17 19,030,061 0.47% Page 1 of 5
Certificate of Deposit Royal Bank of Canada 78009NP67 12,800,000 1.433 06/05/17 08/04/17 12,810,973 0.32% Certificate of Deposit Royal Bank of Canada 78009NM52 21,000,000 1.369 06/12/17 06/12/17 21,003,178 0.52% Certificate of Deposit Royal Bank of Canada 78009NS23 25,000,000 1.190 06/20/17 09/20/17 25,010,188 0.62% Certificate of Deposit Skandinaviska Enskilda Banken 83050FRB9 29,500,000 1.310 06/21/17 09/21/17 29,523,644 0.73% Certificate of Deposit Skandinaviska Enskilda Banken 83050FTR2 26,150,000 1.133 06/26/17 10/26/17 26,155,516 0.65% Certificate of Deposit Sumitomo Mitsui Banking 86563YED1 46,500,000 1.831 06/15/17 09/15/17 46,597,057 1.15% Certificate of Deposit Sumitomo Mitsui Banking 86563YNQ2 17,000,000 1.593 06/06/17 07/06/17 17,010,869 0.42% Certificate of Deposit Sumitomo Mitsui Banking 86563YWA7 22,000,000 1.202 06/22/17 11/22/17 21,998,073 0.54% Certificate of Deposit Sumitomo Mitsui Trust Bank 86564EGU4 51,900,000 1.882 06/19/17 09/18/17 52,012,766 1.29% Ltd. Certificate of Deposit Svenska Handelsbanken 86958JJX8 25,000,000 1.264 06/27/17 09/27/17 25,015,877 0.62% Certificate of Deposit Svenska Handelsbanken 86958JMR7 45,000,000 1.075 06/02/17 10/27/17 45,004,727 1.11% Certificate of Deposit Toronto Dominion Bank 89113WKE5 22,000,000 1.558 07/17/17 10/17/17 22,039,285 0.55% Certificate of Deposit Toronto Dominion Bank 89113WWC6 25,000,000 1.403 06/06/17 11/06/17 25,036,300 0.62% Certificate of Deposit Toronto Dominion Bank 89113WYT7 30,000,000 1.264 06/09/17 12/11/17 30,023,553 0.74% Certificate of Deposit Toronto Dominion Bank 89113ESN7 7,000,000 1.240 06/16/17 06/16/17 7,000,772 0.17% Certificate of Deposit UBS AG 90275DDA5 15,000,000 1.780 06/20/17 06/20/17 15,007,084 0.37% Certificate of Deposit UBS AG 90275DDU1 25,000,000 1.393 06/02/17 07/03/17 25,011,457 0.62% Financial Company Commercial Paper ANZ New Zealand International 00182HFC1 15,000,000 1.441 06/14/17 07/14/17 15,009,100 0.37% Ltd. Financial Company Commercial Paper ASB Finance Ltd. London 0020P5GY9 20,000,000 1.441 06/19/17 07/17/17 20,012,844 0.50% Financial Company Commercial Paper ASB Finance Ltd. London 0020P5GZ6 26,135,000 1.374 06/09/17 11/09/17 26,166,696 0.65% Financial Company Commercial Paper BNZ International Funding Ltd. 0556X4DW3 45,000,000 1.262 06/05/17 09/05/17 45,030,830 1.11% Financial Company Commercial Paper BNZ International Funding Ltd. 0556X4DZ6 45,000,000 1.199 06/19/17 10/10/17 45,017,930 1.11% Financial Company Commercial Paper BNZ International Funding Ltd. 0556X4EE2 15,000,000 1.164 06/28/17 12/28/17 15,000,000 0.37% Financial Company Commercial Paper Canadian Imperial Bank of 13608CAR3 31,000,000 1.423 06/05/17 08/04/17 31,026,446 0.77% Financial Company Commercial Paper Commonwealth Bank of 20272AUY0 40,200,000 1.471 06/15/17 12/08/17 40,286,145 1.00% Australia Financial Company Commercial Paper Danske 2363F6VE7 22,000,000 1.330 08/14/17 08/14/17 21,943,396 0.54% Financial Company Commercial Paper DZ Bank AG 26821DAC7 20,000,000 1.389 06/12/17 07/11/17 20,010,576 0.50% Financial Company Commercial Paper DZ Bank AG 26821DAD5 20,000,000 1.192 06/05/17 09/05/17 20,009,436 0.50% Financial Company Commercial Paper HSBC Bank PLC 40433FHZ5 21,000,000 1.409 06/12/17 11/10/17 21,032,630 0.52% Financial Company Commercial Paper HSBC Bank PLC 40433FJD2 19,000,000 1.341 06/19/17 09/15/17 19,017,572 0.47% Financial Company Commercial Paper ING US Funding LLC 44988KBV0 23,000,000 1.172 06/05/17 11/06/17 23,000,621 0.57% Financial Company Commercial Paper ING US Funding LLC 44988KBW8 45,000,000 1.139 06/13/17 11/13/17 44,994,757 1.11% Page 2 of 5
Financial Company Commercial Paper JP Morgan Securities LLC 46640CDD1 20,000,000 1.445 06/01/17 11/01/17 20,029,952 0.50% Financial Company Commercial Paper National Australia Bank Ltd. 63254GCZ6 8,000,000 1.372 06/05/17 09/05/17 8,007,647 0.20% Financial Company Commercial Paper National Australia Bank Ltd. 63254GDV4 27,000,000 1.235 06/01/17 12/01/17 27,015,565 0.67% 69034CAR9 25,000,000 1.410 06/19/17 07/19/17 25,015,473 0.62% 69034CBC1 27,000,000 1.243 06/26/17 09/26/17 27,013,528 0.67% 69034CAT5 25,000,000 1.202 06/05/17 09/05/17 25,013,094 0.62% 69034CBV9 23,000,000 1.158 06/20/17 11/20/17 23,000,728 0.57% Financial Company Commercial Paper Suncorp-Metway Ltd. 8672E2WM6 10,000,000 1.440 09/21/17 09/21/17 9,958,912 0.25% Financial Company Commercial Paper Suncorp-Metway Ltd. 8672E2UK2 15,000,000 1.370 07/19/17 07/19/17 14,976,031 0.37% Financial Company Commercial Paper Suncorp-Metway Ltd. 8672E2UJ5 13,000,000 1.360 07/18/17 07/18/17 12,979,668 0.32% Financial Company Commercial Paper Suncorp-Metway Ltd. 8672E2UQ9 17,800,000 1.360 07/24/17 07/24/17 17,768,521 0.44% Financial Company Commercial Paper Suncorp-Metway Ltd. 8672E2VF2 20,000,000 1.360 08/15/17 08/15/17 19,948,404 0.49% Financial Company Commercial Paper Suncorp-Metway Ltd. 8672E2TD0 11,000,000 1.260 06/13/17 06/13/17 10,995,515 0.27% Financial Company Commercial Paper United Overseas Bank Ltd. 91127RAD9 50,000,000 1.220 07/06/17 10/06/17 50,023,709 1.24% Financial Company Commercial Paper Westpac Banking 9612C4VB4 27,000,000 1.514 06/26/17 01/26/18 27,060,803 0.67% Financial Company Commercial Paper Westpac Securities NZ Ltd. 96122JDZ9 16,000,000 1.383 06/02/17 11/02/17 16,019,720 0.40% Financial Company Commercial Paper Westpac Securities NZ Ltd. 96122JEA3 24,500,000 1.304 06/07/17 09/07/17 24,518,853 0.61% Financial Company Commercial Paper Westpac Securities NZ Ltd. 96122JEG0 50,000,000 1.114 06/19/17 12/19/17 49,993,102 1.24% Non-Financial Company Commercial Paper Erste Abwicklungsanstalt 29604BBK9 35,000,000 1.264 06/27/17 10/27/17 35,015,204 0.87% Non-Financial Company Commercial Paper Erste Abwicklungsanstalt 29604BBH6 18,000,000 1.164 06/19/17 07/18/17 18,005,254 0.45% Non-Financial Company Commercial Paper Erste Abwicklungsanstalt 29604BBF0 27,000,000 1.162 06/06/17 07/05/17 27,006,689 0.67% Non-Financial Company Commercial Paper Toyota Finance Australia Ltd. 89237B9 20,000,000 1.223 06/26/17 01/18/18 20,007,378 0.50% Non-Financial Company Commercial Paper Toyota Motor Credit 89233AVG1 45,000,000 1.160 06/20/17 02/16/18 44,999,144 1.11% Non-Negotiable Time Deposit Canadian Imperial Bank of 75,000,000 0.830 06/01/17 06/01/17 75,000,000 1.86% Non-Negotiable Time Deposit Credit Agricole CIB (Grand 164,000,000 0.830 06/01/17 06/01/17 164,000,000 4.06% Cayman) Non-Negotiable Time Deposit DNB Bank ASA (New York 175,000,000 0.820 06/01/17 06/01/17 175,000,000 4.33% Branch) Non-Negotiable Time Deposit National Bank of Canada 175,000,000 0.820 06/01/17 06/01/17 175,000,000 4.33% (Montreal Branch) Non-Negotiable Time Deposit Natixis (Grand Cayman) 200,000,000 0.820 06/01/17 06/01/17 200,000,000 4.95% Non-Negotiable Time Deposit Skandinaviska Enskilda Banken 146,000,000 0.820 06/01/17 06/01/17 146,000,000 3.61% Other Instrument Bank of America NA 06053PVR5 23,000,000 1.239 06/19/17 11/17/17 23,000,515 0.57% Other Instrument Bank of America NA 06053PWP8 27,000,000 1.174 06/19/17 11/17/17 27,000,000 0.67% N Amro Securities LLC 8,000,000 1.010 06/01/17 06/01/17 8,000,000 0.20% Page 3 of 5
Bank of Montreal 75,000,000 1.010 06/01/17 06/01/17 75,000,000 Citigroup Global Markets, Inc. 1,000,000 1.060 06/01/17 06/01/17 1,000,000 HSBC Securities USA, Inc. 64,000,000 1.110 06/01/17 06/01/17 64,000,000 ING Financial Markets LLC 45,000,000 1.140 06/01/17 06/01/17 45,000,000 ING Financial Markets LLC 75,000,000 1.010 06/01/17 06/01/17 75,000,000 JP Morgan Securities LLC 90,000,000 1.570 08/29/17 08/29/17 90,000,000 Mizuho Securities USA, Inc. 130,000,000 1.010 06/01/17 06/01/17 130,000,000 Scotia Capital USA, Inc. 201,000,000 1.110 06/01/17 06/01/17 201,000,000 SG Americas Securities 195,000,000 1.130 06/01/17 06/01/17 195,000,000 SG Americas Securities 6,000,000 1.080 06/01/17 06/01/17 6,000,000 Wells Fargo Securities LLC 30,000,000 1.570 07/21/17 07/21/17 30,000,000 Wells Fargo Securities LLC 30,000,000 1.570 07/21/17 07/21/17 30,000,000 Wells Fargo Securities LLC 31,000,000 1.550 06/23/17 06/23/17 31,000,000 Wells Fargo Securities LLC 110,000,000 1.060 06/01/17 06/01/17 110,000,000 1.86% 0.02% 1.58% 1.11% 1.86% 2.23% 3.22% 4.98% 4.83% 0.15% 0.74% 0.74% 0.77% 2.72% Page 4 of 5
U.S. Government Agency Repurchase Agreement, collateralized only by U.S. Government Agency securities, U.S. Treasuries, and Wells Fargo Securities LLC 5,000,000 0.820 06/01/17 06/01/17 5,000,000 0.12% Total Market Value $ 4,039,301,011 100.00% Net Assets (⁴) $ 4,038,761,466 Institutional Funds Contact Details: Telephone Number: 1.800.236.0992 Email: msilfinternalsales@morganstanley.com Website: www.morganstanley.com/liquidity (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,, receivables, and other assets over the liabilities of the company. WAM (Weighted Average Maturity): The weighted dollar average maturities of all securities held within a 2a-7 fund. WAM is used as a measure of sensitivity to interest rate risk (the longer the maturity the greater the sensitivity). WAM is calculated by using the asset weighted days until maturity of securities in the portfolio calculated by using the lower of the stated maturity date or the next interest rate reset date. WAL (Weighted Average Life): The weighted dollar average of the life of all securities held within a 2a-7 fund. WAL is used as a measure of sensitivity to liquidity and/or credit risk (the longer the maturity the greater the sensitivity). WAL is calculated by using the asset weighted days until maturity of securities in the portfolio calculated by using the lower of the stated maturity date or the next demand feature date. 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. 2016 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 1575266 Exp: 08/23/2017 Page 5 of 5