Fund Name Morgan Stanley Institutional Liquidity Funds - Prime Portfolio Statement Date Unaudited Holdings as of March 31, 2017 WAM (Days) 21 Days WAL (Days) 62 Days Net Assets 3,280,914,350 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 $ 24,945,312 0.76% Asset Backed Commercial Paper Metlife Short Term Funding LLC 59157TTK9 14,000,000 1.130 06/19/17 06/19/17 13,966,773 0.43% Asset Backed Commercial Paper Metlife Short Term Funding LLC 59157TTM5 44,000,000 1.130 06/21/17 06/21/17 43,892,161 1.34% Certificate of Deposit Bank of America NA 06053PUR6 25,000,000 1.318 04/17/17 10/16/17 25,000,000 0.76% Certificate of Deposit Bank of Montreal 06427KUJ4 44,000,000 1.140 06/20/17 06/20/17 44,004,802 1.34% Certificate of Deposit Canadian Imperial Bank of 13606A6V5 20,000,000 1.427 04/21/17 07/21/17 20,018,282 0.61% Certificate of Deposit Citibank NA 17305TGR7 20,000,000 1.250 06/12/17 06/12/17 20,011,957 0.61% Certificate of Deposit Credit Suisse AG 22549VGZ0 34,560,000 1.920 06/12/17 09/12/17 34,642,094 1.06% Certificate of Deposit Credit Suisse AG 22549VB93 15,000,000 1.591 04/10/17 07/10/17 15,019,371 0.46% Certificate of Deposit DZ Bank AG 23328ATG9 4,000,000 1.200 04/24/17 04/24/17 4,000,500 0.12% Certificate of Deposit HSBC Bank USA NA 40428A3X3 15,000,000 1.244 04/03/17 11/01/17 15,019,612 0.46% Certificate of Deposit Mizuho Bank Ltd. 60689D2P7 28,000,000 1.491 04/13/17 07/13/17 28,023,887 0.85% Certificate of Deposit Mizuho Bank Ltd. 60689D4V2 43,000,000 1.384 04/24/17 08/24/17 43,009,894 1.31% Certificate of Deposit National Australia Bank Ltd. 63253TG77 30,000,000 1.414 04/10/17 04/10/17 30,004,181 0.91% Certificate of Deposit Nordea Bank Finland PLC 65558LSN3 8,000,000 1.600 06/06/17 09/06/17 8,015,529 0.24% Certificate of Deposit Nordea Bank Finland PLC 65558LQN5 12,010,000 1.520 06/13/17 06/13/17 12,021,480 0.37% Certificate of Deposit Nordea Bank Finland PLC 65558LPV8 20,000,000 1.441 04/21/17 04/21/17 20,005,871 0.61% Certificate of Deposit Oversea Chinese Banking 69033LUT4 30,000,000 1.150 06/15/17 06/15/17 30,004,645 0.91% Certificate of Deposit Oversea Chinese Banking 69033LUZ0 28,000,000 1.140 06/20/17 06/20/17 28,002,245 0.85% Certificate of Deposit Royal Bank of Canada 78009NR32 19,000,000 1.444 04/24/17 10/24/17 19,023,272 0.58% Certificate of Deposit Royal Bank of Canada 78009NM52 21,000,000 1.261 04/12/17 06/12/17 21,012,545 0.64% Certificate of Deposit Royal Bank of Canada 78009NS23 25,000,000 1.158 04/20/17 09/20/17 24,998,471 0.76% Page 1 of 6
Certificate of Deposit Skandinaviska Enskilda Banken 83050FRB9 29,500,000 1.276 04/21/17 09/21/17 29,515,765 0.90% AB Certificate of Deposit Sumitomo Mitsui Banking Corp. 86563YNQ2 17,000,000 1.430 04/06/17 07/06/17 17,015,781 0.52% Certificate of Deposit Svenska Handelsbanken AB 86958JEV7 45,000,000 1.423 04/27/17 04/27/17 45,015,938 1.37% Certificate of Deposit Svenska Handelsbanken AB 86958JJX8 25,000,000 1.202 04/27/17 09/27/17 25,008,421 0.76% Certificate of Deposit Toronto Dominion Bank 89113WEP7 20,000,000 1.536 04/20/17 04/20/17 20,006,708 0.61% Certificate of Deposit Toronto Dominion Bank 89113WBC9 20,000,000 1.265 06/01/17 06/01/17 20,009,893 0.61% Certificate of Deposit Toronto Dominion Bank 89113ESN7 7,000,000 1.240 06/16/17 06/16/17 7,002,579 0.21% Certificate of Deposit Toronto Dominion Bank 89113WWC6 25,000,000 1.240 04/06/17 11/06/17 25,023,362 0.76% Certificate of Deposit Toronto Dominion Bank 89113WYT7 30,000,000 1.124 04/10/17 12/11/17 29,993,276 0.91% Certificate of Deposit Toronto Dominion Bank 89113WTD8 30,000,000 1.080 04/10/17 04/10/17 30,002,131 0.91% Certificate of Deposit UBS AG 90275DDA5 15,000,000 1.748 04/20/17 06/20/17 15,023,000 0.46% Certificate of Deposit UBS AG 90275DDU1 25,000,000 1.230 04/03/17 07/03/17 25,018,194 0.76% Financial Company Commercial Paper ANZ New Zealand International 00182HFC1 15,000,000 1.383 04/18/17 07/14/17 15,012,591 0.46% Ltd. Financial Company Commercial Paper ASB Finance Ltd. London 0020P5GY9 20,000,000 1.383 04/18/17 07/17/17 20,017,208 0.61% Financial Company Commercial Paper ASB Finance Ltd. London 0020P5GZ6 20,000,000 1.234 04/10/17 11/09/17 20,014,006 0.61% Financial Company Commercial Paper Bank of Nova Scotia 06417LBS5 11,000,000 1.454 05/12/17 05/12/17 11,006,031 0.34% Financial Company Commercial Paper BNZ International Funding Ltd. 0556X4DW3 45,000,000 1.049 04/05/17 09/05/17 45,000,000 1.37% Financial Company Commercial Paper BPCE SA 05571BS46 20,000,000 1.200 05/04/17 05/04/17 19,982,830 0.61% Financial Company Commercial Paper Canadian Imperial Bank of 13608CAR3 31,000,000 1.260 04/04/17 08/04/17 31,026,937 0.95% Financial Company Commercial Paper Canadian Imperial Bank of 13608CAF9 21,000,000 1.144 04/03/17 06/01/17 21,011,326 0.64% Financial Company Commercial Paper Commonwealth Bank of 20272AUY0 40,200,000 1.471 06/15/17 12/08/17 40,261,411 1.23% Australia Financial Company Commercial Paper Commonwealth Bank of 20272DRJ1 11,400,000 1.110 04/18/17 04/18/17 11,395,172 0.35% Australia Financial Company Commercial Paper Danske Corp. 2363F6VE7 22,000,000 1.330 08/14/17 08/14/17 21,886,969 0.67% Financial Company Commercial Paper DZ Bank AG 26821DAC7 20,000,000 1.281 04/11/17 07/11/17 20,014,521 0.61% Financial Company Commercial Paper DZ Bank AG 26821DAD5 20,000,000 0.989 04/05/17 09/05/17 19,999,703 0.61% Financial Company Commercial Paper HSBC Bank PLC 40433FHZ5 21,000,000 1.311 04/10/17 11/10/17 21,020,574 0.64% Financial Company Commercial Paper JP Morgan Securities LLC 46640CDD1 20,000,000 1.234 04/03/17 11/01/17 20,023,056 0.61% Financial Company Commercial Paper National Australia Bank Ltd. 63254GCZ6 8,000,000 1.210 04/05/17 09/05/17 8,006,017 0.24% Financial Company Commercial Paper National Australia Bank Ltd. 63254GDV4 27,000,000 1.024 04/03/17 12/01/17 26,993,408 0.82% Financial Company Commercial Paper Oversea-Chinese Banking 69034CAR9 25,000,000 1.376 04/19/17 07/19/17 25,018,975 0.76% Corp. Financial Company Commercial Paper Oversea-Chinese Banking 69034CAT5 25,000,000 1.040 04/05/17 09/05/17 24,999,115 0.76% Corp. Financial Company Commercial Paper Suncorp-Metway Ltd. 8672E2WM6 10,000,000 1.440 09/21/17 09/21/17 9,930,303 0.30% Financial Company Commercial Paper Suncorp-Metway Ltd. 8672E2UK2 15,000,000 1.370 07/19/17 07/19/17 14,940,325 0.46% Financial Company Commercial Paper Suncorp-Metway Ltd. 8672E2UJ5 13,000,000 1.360 07/18/17 07/18/17 12,948,870 0.39% Page 2 of 6
Financial Company Commercial Paper Suncorp-Metway Ltd. 8672E2UQ9 17,800,000 1.360 07/24/17 07/24/17 17,725,341 0.54% Financial Company Commercial Paper Suncorp-Metway Ltd. 8672E2VF2 20,000,000 1.360 08/15/17 08/15/17 19,896,337 0.61% Financial Company Commercial Paper Suncorp-Metway Ltd. 8672E2TD0 11,000,000 1.260 06/13/17 06/13/17 10,972,460 0.33% Financial Company Commercial Paper United Overseas Bank Ltd. 91127PUM1 15,000,000 1.200 07/21/17 07/21/17 14,950,720 0.46% Financial Company Commercial Paper United Overseas Bank Ltd. 91127PUQ2 23,000,000 1.200 07/24/17 07/24/17 22,921,899 0.70% Financial Company Commercial Paper Westpac Securities NZ Ltd. 96122JDZ9 16,000,000 1.220 04/03/17 11/02/17 16,012,568 0.49% Financial Company Commercial Paper Westpac Securities NZ Ltd. 96122JEA3 24,500,000 1.164 04/07/17 09/07/17 24,511,315 0.75% Non-Financial Company Commercial Paper Erste Abwicklungsanstalt 29604BBK9 35,000,000 1.202 04/27/17 10/27/17 34,997,481 1.07% Non-Financial Company Commercial Paper Erste Abwicklungsanstalt 29604CRQ7 16,000,000 1.140 04/24/17 04/24/17 15,991,019 0.49% Non-Financial Company Commercial Paper Erste Abwicklungsanstalt 29604CSS2 10,000,000 1.130 05/26/17 05/26/17 9,986,031 0.30% Non-Financial Company Commercial Paper Erste Abwicklungsanstalt 29604BBH6 18,000,000 1.098 04/18/17 07/18/17 17,995,689 0.55% Non-Financial Company Commercial Paper Erste Abwicklungsanstalt 29604BBF0 27,000,000 0.981 04/05/17 07/05/17 26,994,523 0.82% Non-Negotiable Time Deposit BNP Paribas SA (Cayman 55,000,000 0.800 04/03/17 04/03/17 55,000,000 1.68% Islands) Non-Negotiable Time Deposit Canadian Imperial Bank of 82,000,000 0.820 04/03/17 04/03/17 82,000,000 2.50% Non-Negotiable Time Deposit Credit Agricole CIB (Grand 143,000,000 0.800 04/03/17 04/03/17 143,000,000 4.36% Cayman) Non-Negotiable Time Deposit DNB Bank ASA (New York 155,000,000 0.800 04/03/17 04/03/17 155,000,000 4.72% Branch) Non-Negotiable Time Deposit National Australia Bank Ltd. 10,000,000 0.800 04/03/17 04/03/17 10,000,000 0.31% (Cayman) Non-Negotiable Time Deposit National Bank of Canada 84,000,000 0.810 04/03/17 04/03/17 84,000,000 2.56% (Montreal Branch) Non-Negotiable Time Deposit Natixis (Grand Cayman) 45,000,000 0.820 04/03/17 04/03/17 45,000,000 1.37% Non-Negotiable Time Deposit Skandinaviska Enskilda Banken 90,000,000 0.810 04/03/17 04/03/17 90,000,000 2.74% AB Other Instrument Bank of America NA 06053PVR5 23,000,000 1.224 04/24/17 11/17/17 23,000,000 0.70% ABN Amro Securities LLC 88,000,000 1.010 04/03/17 04/03/17 88,000,000 2.68% Bank of Montreal 116,000,000 1.010 04/03/17 04/03/17 116,000,000 3.53% Citigroup Global Markets, Inc. 8,000,000 1.060 04/03/17 04/03/17 8,000,000 0.24% HSBC Securities USA, Inc. 89,000,000 1.110 04/03/17 04/03/17 89,000,000 2.71% Page 3 of 6
ING Financial Markets LLC 12,000,000 1.160 04/03/17 04/03/17 12,000,000 0.37% ING Financial Markets LLC 96,000,000 1.010 04/03/17 04/03/17 96,000,000 2.93% JP Morgan Securities LLC 25,000,000 1.538 04/20/17 06/29/17 (5) 25,000,000 0.76% Merrill Lynch Pierce Fenner & Smith 35,000,000 1.150 04/13/17 04/13/17 35,000,000 1.07% Merrill Lynch Pierce Fenner & Smith 25,000,000 1.150 04/13/17 04/13/17 25,000,000 0.76% Mizuho Securities USA, Inc. 89,000,000 1.010 04/03/17 04/03/17 89,000,000 2.71% RBC Capital Markets LLC 35,000,000 1.130 04/07/17 04/07/17 35,000,000 1.07% Scotia Capital USA, Inc. 147,000,000 1.110 04/03/17 04/03/17 147,000,000 4.48% SG Americas Securities 160,000,000 1.130 04/03/17 04/03/17 160,000,000 4.88% Wells Fargo Securities LLC 31,000,000 1.550 06/23/17 06/23/17 31,000,000 0.94% Wells Fargo Securities LLC 30,000,000 1.290 04/25/17 04/25/17 30,000,000 0.91% Wells Fargo Securities LLC 89,000,000 1.060 04/03/17 04/03/17 89,000,000 2.71% Page 4 of 6
Wells Fargo Securities LLC 11,000,000 1.010 04/03/17 04/03/17 11,000,000 0.34% U.S. Government Agency Repurchase Agreement, collateralized only by U.S. Government Agency securities, U.S. Treasuries, and ABN Amro Securities LLC 1,000,000 0.820 04/03/17 04/03/17 1,000,000 0.03% U.S. Government Agency Repurchase Agreement, collateralized only by U.S. Government Agency securities, U.S. Treasuries, and Credit Agricole Corp. 1,000,000 0.820 04/03/17 04/03/17 1,000,000 0.03% Total Market Value $ 3,281,742,663 100.00% Net Assets (⁴) $ 3,280,914,350 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. (5) Put Date. 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. Page 5 of 6
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 6 of 6