Fund Name Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio Statement Date Unaudited Holdings as of July 31, 2016 WAM (Days) 12 Days WAL (Days) 15 Days Net Assets 3,953,999,106 INVESTMENT CATEGORY ISSUER CUSIP PRINCIPAL AMOUNT COUPON RATE (¹) EFFECTIVE MATURITY DATE (²) FINAL MATURITY DATE(³) AMORTIZED COST (⁴)/VALUE % of Amortized Cost Certificate of Deposit Bank of Montreal 06427E4J7 $ 22,000,000 0.690% 10/05/16 10/05/16 $ 22,000,000 0.55% Certificate of Deposit Bank of Montreal 06427E3S8 50,000,000 0.560 08/26/16 08/26/16 50,000,000 1.26% Certificate of Deposit Bank of Montreal 06427E2Z3 40,000,000 0.530 08/22/16 08/22/16 40,000,000 1.01% Certificate of Deposit Bank of Nova Scotia 06417GLW6 25,000,000 0.600 09/29/16 09/29/16 25,000,000 Certificate of Deposit Citibank NA 17304U7E4 75,000,000 0.641 08/26/16 09/26/16 75,000,000 1.89% Certificate of Deposit Credit Industriel et Commercial 22536T4B6 40,000,000 0.390 08/02/16 08/02/16 40,000,000 1.01% Certificate of Deposit Credit Suisse 22549VQ48 45,000,000 0.774 08/09/16 08/09/16 45,000,000 1.13% Certificate of Deposit Landesbank Hessen- 51489NQH8 30,000,000 0.630 09/07/16 09/07/16 30,000,000 0.75% Thueringen Certificate of Deposit Mizuho Bank Ltd. ACI0MQJP8 50,000,000 0.750 08/26/16 08/26/16 49,974,008 1.26% Certificate of Deposit Mizuho Bank Ltd. 60689DXR9 27,000,000 0.530 08/12/16 08/12/16 27,000,000 0.68% Certificate of Deposit Oversea-Chinese Banking 69033LJD2 40,000,000 0.550 09/13/16 09/13/16 40,000,000 1.01% Corp. Ltd. Certificate of Deposit Sumitomo Mitsui Banking Corp. 86563QD80 55,000,000 0.724 08/08/16 08/08/16 55,000,000 1.38% Certificate of Deposit Sumitomo Mitsui Banking Corp. 86563QL40 5,000,000 0.710 08/29/16 08/29/16 5,000,000 0.13% Certificate of Deposit Sumitomo Mitsui Banking Corp. 86563QM49 40,000,000 0.710 08/31/16 08/31/16 40,000,000 1.01% Certificate of Deposit Sumitomo Mitsui Trust Bank 86564EDW3 80,000,000 0.420 08/05/16 08/05/16 80,000,000 2.01% Ltd. Certificate of Deposit Svenska Handelsbanken AB 86958DPD8 10,000,000 0.808 08/17/16 08/17/16 10,001,354 0.25% Certificate of Deposit Wells Fargo Bank NA 94988EJT6 5,000,000 0.767 08/22/16 09/22/16 5,000,640 0.13% Certificate of Deposit Westpac Banking Corp. 96121TK72 7,000,000 0.783 08/08/16 08/08/16 7,000,480 0.18% Page 1 of 6
Financial Company Commercial Paper ANZ New Zealand International 0018A2HW9 50,000,000 0.750 08/30/16 08/30/16 49,969,792 1.26% Ltd. Financial Company Commercial Paper Commonwealth Bank of 20272APZ3 5,000,000 0.828 08/11/16 08/11/16 5,000,344 0.13% Australia Financial Company Commercial Paper Commonwealth Bank of 20272DJM3 35,000,000 0.610 09/21/16 09/21/16 34,970,002 0.88% Australia Financial Company Commercial Paper Commonwealth Bank of 20272DHG8 35,000,000 0.420 08/16/16 08/16/16 34,993,875 0.88% Australia Financial Company Commercial Paper DBS Bank Ltd. 23305DKC8 25,000,000 0.710 10/12/16 10/12/16 24,964,500 Financial Company Commercial Paper DBS Bank Ltd. 23305DHX6 40,000,000 0.640 08/31/16 08/31/16 39,978,667 1.01% Financial Company Commercial Paper DBS Bank Ltd. 23305DH24 10,000,000 0.510 08/02/16 08/02/16 9,999,858 0.25% Financial Company Commercial Paper ING US Funding LLC 4497W0J25 35,000,000 0.710 09/02/16 09/02/16 34,977,911 0.88% Financial Company Commercial Paper ING US Funding LLC 4497W0J90 50,000,000 0.700 09/09/16 09/09/16 49,962,083 1.26% Financial Company Commercial Paper Macquarie Bank Ltd. 55607KHF6 25,000,000 0.550 08/15/16 08/15/16 24,994,653 Financial Company Commercial Paper Macquarie Bank Ltd. 55607KH90 50,000,000 0.550 08/09/16 08/09/16 49,993,889 1.26% Financial Company Commercial Paper Mizuho Bank Ltd. 60689FH84 45,000,000 0.460 08/08/16 08/08/16 44,995,946 1.13% Financial Company Commercial Paper Sumitomo Mitsui Banking Corp. 86563K6Q1 55,000,000 0.710 08/31/16 08/31/16 55,000,000 1.38% Financial Company Commercial Paper Sumitomo Mitsui Trust Bank 86563GH88 22,000,000 0.460 08/08/16 08/08/16 21,998,032 0.55% Ltd. Financial Company Commercial Paper United Overseas Bank Ltd. 91127PHV6 55,000,000 0.730 08/29/16 08/29/16 54,968,772 1.38% Financial Company Commercial Paper United Overseas Bank Ltd. 91127PHS3 45,000,000 0.730 08/26/16 08/26/16 44,977,187 1.13% Financial Company Commercial Paper United Overseas Bank Ltd. 91127PHW4 55,000,000 0.730 08/30/16 08/30/16 54,967,657 1.38% Financial Company Commercial Paper United Overseas Bank Ltd. 91127PHB0 25,000,000 0.430 08/11/16 08/11/16 24,997,014 Financial Company Commercial Paper United Overseas Bank Ltd. 91127PHG9 10,000,000 0.430 08/16/16 08/16/16 9,998,208 0.25% Financial Company Commercial Paper United Overseas Bank Ltd. 91127PHH7 35,000,000 0.430 08/17/16 08/17/16 34,993,311 0.88% Non-Financial Company Commercial Paper American Honda Finance Corp. 02665JHJ2 40,000,000 0.520 08/18/16 08/18/16 39,990,178 1.01% Non-Financial Company Commercial Paper American Honda Finance Corp. 02665JH86 9,000,000 0.420 08/08/16 08/08/16 8,999,265 0.23% Non-Financial Company Commercial Paper Erste Abwicklungsanstalt 29604BAS3 10,000,000 0.624 08/11/16 10/11/16 10,000,000 0.25% Non-Financial Company Commercial Paper Erste Abwicklungsanstalt 29604BAR5 30,000,000 0.618 08/03/16 10/03/16 30,000,000 0.75% Non-Financial Company Commercial Paper Toyota Motor Credit Corp. 89233ANN5 30,000,000 0.628 08/05/16 10/04/16 30,000,000 0.75% Non-Negotiable Time Deposit Credit Agricole CIB (Grand 190,000,000 0.310 08/01/16 08/01/16 190,000,000 4.78% Cayman) Non-Negotiable Time Deposit National Australia Bank Ltd. 180,000,000 0.280 08/01/16 08/01/16 180,000,000 4.53% (Cayman) Other Instrument Macquarie Bank Ltd. 55608PAC8 19,400,000 2.000 08/15/16 08/15/16 19,409,395 0.49% Other Instrument Toronto-Dominion Bank 89114QAL2 24,215,000 1.117 09/09/16 09/09/16 24,227,108 0.61% ABN Amro Securities LLC 40,000,000 0.400 08/01/16 08/01/16 40,000,000 1.01% Page 2 of 6
Bank of Montreal 10,000,000 0.620 08/05/16 08/05/16 10,000,000 0.25% Bank of Montreal 50,000,000 0.500 08/05/16 08/05/16 50,000,000 1.26% Bank of Montreal 15,000,000 0.400 08/01/16 08/01/16 15,000,000 0.38% BNP Paribas Securities Corp. 60,000,000 0.410 08/01/16 08/01/16 60,000,000 1.51% Citigroup Global Markets, Inc. 20,000,000 0.450 08/01/16 08/01/16 20,000,000 Credit Suisse Securities USA 60,000,000 1.052 08/17/16 09/09/16 (6) 60,000,000 1.51% HSBC Securities USA, Inc. 65,000,000 0.500 08/01/16 08/01/16 65,000,000 1.64% HSBC Securities USA, Inc. 45,000,000 0.400 08/01/16 08/01/16 45,000,000 1.13% ING Financial Markets LLC 25,000,000 0.530 08/01/16 08/01/16 25,000,000 ING Financial Markets LLC 25,000,000 0.400 08/01/16 08/01/16 25,000,000 ING Financial Markets LLC 20,000,000 0.400 08/01/16 08/01/16 20,000,000 JP Morgan Clearing Corp. 10,000,000 0.982 08/08/16 08/08/16 10,000,000 0.25% Page 3 of 6
JP Morgan Clearing Corp. 10,000,000 0.982 08/08/16 08/08/16 10,000,000 0.25% JP Morgan Clearing Corp. 5,000,000 0.882 08/08/16 08/08/16 5,000,000 0.13% JP Morgan Clearing Corp. 30,000,000 0.785 08/22/16 09/02/16 (6) 30,000,000 0.75% JP Morgan Clearing Corp. 100,000,000 0.630 08/05/16 08/26/16 (6) 100,000,000 2.52% Merrill Lynch Pierce Fenner & Smith 30,000,000 0.840 08/01/16 08/08/16 (6) 30,000,000 0.75% Scotia Capital USA, Inc. 100,000,000 0.500 08/01/16 08/01/16 100,000,000 2.52% SG Americas Securities 18,500,000 0.520 08/01/16 08/01/16 18,500,000 0.47% Wells Fargo Securities LLC 25,000,000 0.931 08/30/16 08/30/16 25,000,000 Wells Fargo Securities LLC 40,000,000 0.450 08/01/16 08/01/16 40,000,000 1.01% Wells Fargo Securities LLC 25,000,000 0.450 08/01/16 08/01/16 25,000,000 Wells Fargo Securities LLC 25,000,000 0.450 08/01/16 08/01/16 25,000,000 Wells Fargo Securities LLC 20,000,000 0.400 08/01/16 08/01/16 20,000,000 Page 4 of 6
Wells Fargo Securities LLC 20,000,000 0.400 08/01/16 08/01/16 20,000,000 and ABN Amro Securities LLC 295,000,000 0.380 08/01/16 08/01/16 295,000,000 7.42% and BNP Paribas Securities Corp. 175,000,000 0.360 08/01/16 08/01/16 175,000,000 4.40% and Credit Agricole Corp. 150,000,000 0.350 08/01/16 08/01/16 150,000,000 3.77% and Deutsche Bank Securities, Inc. 75,000,000 0.390 08/01/16 08/01/16 75,000,000 1.89% and Natixis 200,000,000 0.370 08/01/16 08/01/16 200,000,000 5.03% and Wells Fargo Bank NA 50,000,000 0.360 08/01/16 08/01/16 50,000,000 1.26% and Wells Fargo Securities LLC 200,000,000 0.360 08/01/16 08/01/16 200,000,000 5.03% and Wells Fargo Securities LLC 50,000,000 0.320 08/04/16 08/04/16 50,000,000 1.26% Total Amortized Cost $ 3,973,804,129 100.00% Net Assets (⁵) $ 3,953,999,106 Page 5 of 6
Institutional Funds Contact Details: Telephone Number: 1.800.236.0992 Email: msilfinternalsales@morganstanley.com Website: www.morganstanley.com/liquidity For institutional investor use only and may not be used with the general public. (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) Amortized Cost - A method of valuation, discussed in rule 2a-7 of the Investment Company Act of 1940, in which a portfolio security is carried at cost and any discount or premium from par is amortized to income on a daily basis over the life of the instrument. (5) 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. (6) 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. An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund. 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 1428585 Exp: 10/25/2016 Page 6 of 6