Morgan Stanley Institutional Liquidity Funds Portfolio Holdings FUND NAME: PRIME PORTFOLIO UNAUDITED HOLDINGS AS OF APRIL 20, 2018 WAM 27 DAYS WAL 60 DAYS NET ASSETS: 6,546,259,257 INVESTMENT CATEGORY ISSUER CUSIP PRINCIPAL AMOUNT RATE(¹) MATURITY DATE (²) DATE(³) MARKET VALUE MetLife Short Term Funding COUPON EFFECTIVE FINAL MATURITY % of MARKET 19423EDX3 $ 45,000,000 2.406% 06/25/18 06/25/18 $ 45,034,205 0.68% 19423EDY1 25,000,000 2.406 06/26/18 06/26/18 25,019,110 0.38% 19423EDP0 20,000,000 2.114 05/18/18 07/18/18 20,001,554 0.30% 19423CGH9 15,000,000 2.286 05/18/18 10/18/18 15,000,000 0.23% 19423CFN7 30,000,000 2.082 04/24/18 07/24/18 29,999,743 0.46% 19423CFV9 10,000,000 2.082 04/25/18 07/25/18 9,999,802 0.15% 59157UFK1 34,029,000 2.260 06/19/18 06/19/18 33,913,585 0.51% VALUE Bank of America NA Bank of America NA Bank of Montreal BNP Paribas SA Canadian Imperial Bank of Commerce Citibank NA Citibank NA DZ Bank AG Deutsche Zentral- Genossenschaftbank HSBC Bank USA NA Mizuho Bank Ltd. Oversea Chinese Banking Corporation 06053PH83 20,000,000 2.347 05/16/18 10/16/18 20,000,442 0.30% 06053PF77 90,000,000 2.062 04/26/18 08/24/18 89,965,368 1.37% 05574BHZ6 45,000,000 2.270 06/14/18 06/14/18 45,010,471 0.68% 05582WS70 30,000,000 2.052 04/25/18 07/25/18 29,996,984 0.46% 13606BUP9 25,000,000 2.297 04/23/18 09/21/18 25,004,437 0.38% 17305TXW7 45,000,000 2.200 06/14/18 06/14/18 45,012,351 0.68% 17305TXR8 22,000,000 2.100 06/14/18 06/14/18 22,002,667 0.33% 22549LHV0 65,000,000 2.442 06/21/18 09/21/18 65,009,364 0.99% 22549LHC2 17,000,000 2.154 05/17/18 08/17/18 16,996,450 0.26% 22549LHD0 75,000,000 2.082 04/24/18 07/24/18 74,998,962 1.14% 22549LQJ7 40,000,000 2.082 04/25/18 07/25/18 39,998,954 0.61% 23328AA38 65,000,000 2.260 06/21/18 06/21/18 65,027,314 0.99% 40428A6Q5 45,000,000 2.317 05/16/18 10/16/18 45,002,691 0.68% 60700AWQ3 45,000,000 2.340 07/09/18 07/09/18 45,014,572 0.68% 69033LX87 10,000,000 1.900 06/14/18 06/14/18 9,997,718 0.15% Page 1 of 5
Non- Non- U.S. Bank NA U.S. Bank NA ASB Finance Ltd. London Australia & New Zealand Bank Banque et Caisse d'epargne de l'etat BNZ International Funding Ltd. BNZ International Funding Ltd. Danske Corp. DBS Bank Ltd. DBS Bank Ltd. Federation Des Caisses Desjardins HSBC Bank PLC Mizuho Bank Ltd. National Australia Bank Ltd. Suncorp-Metway Ltd. Suncorp-Metway Ltd. UBS AG London UBS AG London Erste Abwicklungsanstalt Erste Abwicklungsanstalt 78009N2C9 27,000,000 2.395 06/26/18 06/26/18 27,019,945 0.41% 78012UBV6 27,000,000 2.248 06/21/18 09/21/18 27,005,683 0.41% 86958JZC6 35,000,000 2.126 05/21/18 11/19/18 34,972,458 0.53% 86958JXF1 70,000,000 2.052 04/24/18 08/24/18 69,968,930 1.06% 86958JYE3 143,000,000 2.042 04/24/18 08/24/18 142,931,772 2.17% 90333VWN6 43,000,000 2.055 04/27/18 08/27/18 42,979,850 0.65% 90333VVW7 22,000,000 2.001 04/23/18 07/23/18 21,996,232 0.33% 0020P5HR3 94,000,000 2.405 06/28/18 06/28/18 94,072,490 1.43% 05253MKG8 85,000,000 2.476 06/21/18 12/21/18 85,002,457 1.29% 0667K1FE6 40,000,000 1.890 06/14/18 06/14/18 39,876,372 0.61% 0556X4EG7 17,000,000 2.257 06/14/18 06/14/18 17,008,115 0.26% 0556X4EN2 45,000,000 2.074 05/18/18 07/18/18 44,999,116 0.68% 2254EBFE6 25,000,000 2.210 06/14/18 06/14/18 24,925,444 0.38% 2363F7FE3 110,000,000 2.200 06/14/18 06/14/18 109,648,260 1.66% 23305EFD0 45,000,000 2.210 06/13/18 06/13/18 44,861,287 0.68% 23305EFE8 90,000,000 1.910 06/14/18 06/14/18 89,716,750 1.36% 31428GFE8 95,000,000 1.860 06/14/18 06/14/18 94,711,173 1.44% 40433FKG3 70,000,000 2.057 05/16/18 08/10/18 69,972,910 1.06% 60689GFF8 80,000,000 2.310 06/15/18 06/15/18 79,752,605 1.21% 63254FFE2 45,000,000 1.870 06/14/18 06/14/18 44,863,531 0.68% 69034CDH8 35,000,000 2.348 06/22/18 06/22/18 35,012,760 0.53% 69034CDG0 23,000,000 2.348 06/26/18 06/26/18 23,010,832 0.35% 69034CDL9 45,000,000 2.064 05/18/18 07/17/18 44,997,303 0.68% 69034CEJ3 38,000,000 2.042 04/26/18 07/26/18 37,994,612 0.58% 69034CEN4 50,000,000 2.032 04/24/18 07/24/18 49,992,998 0.76% 78009BFJ6 30,000,000 2.270 06/18/18 06/18/18 29,898,717 0.45% 78009BFF4 45,000,000 2.210 06/15/18 06/15/18 44,856,850 0.68% 86564XG65 45,000,000 2.350 07/06/18 07/06/18 44,791,715 0.68% 86564XGA6 45,000,000 2.350 07/10/18 07/10/18 44,777,149 0.68% 86564XGB4 40,000,000 2.350 07/11/18 07/11/18 39,798,644 0.60% 86564XFE9 40,000,000 2.230 06/14/18 06/14/18 39,878,817 0.61% 8672E3FM3 20,000,000 2.320 06/21/18 06/21/18 19,926,909 0.30% 8672E3FE1 82,000,000 1.840 06/14/18 06/14/18 81,736,666 1.24% 89120DBS7 65,000,000 2.077 05/16/18 08/16/18 64,972,767 0.99% 89120DCN7 75,000,000 2.042 04/24/18 07/24/18 74,991,469 1.14% 89120DCX5 23,000,000 2.042 04/25/18 07/25/18 22,997,077 0.35% 90276JDL7 50,000,000 2.461 06/18/18 09/18/18 49,999,033 0.76% 90276JDF0 60,000,000 2.442 06/20/18 09/20/18 60,051,199 0.91% 91127QJA8 50,000,000 2.350 09/10/18 09/10/18 49,524,128 0.75% 91127QFC8 30,000,000 1.910 06/12/18 06/12/18 29,908,531 0.45% 91127QFE4 120,000,000 1.900 06/14/18 06/14/18 119,618,117 1.81% 29604BBU7 45,000,000 2.236 05/17/18 10/17/18 45,000,373 0.68% 29604DFE5 45,000,000 1.810 06/14/18 06/14/18 44,858,375 0.68% Page 2 of 5
Non- Non- Non- Non- Non- Non- Toyota Credit Canada, Inc. Toyota Motor Credit Toyota Motor Credit Toyota Motor Finance Toyota Motor Finance Australia Toyota Motor Finance Netherlands Cooperatieve Rabobank UA (New York Branch) Credit Agricole CIB (Grand Cayman) Natixis (Grand Cayman) ABN Amro Securities 89232DFJ8 45,000,000 2.240 06/18/18 06/18/18 44,853,164 0.68% 89233AA41 45,000,000 2.277 05/16/18 10/12/18 45,001,055 0.68% 89233AA66 45,000,000 2.276 05/17/18 10/15/18 45,000,589 0.68% 89233LAX3 45,000,000 2.327 05/24/18 10/24/18 45,000,000 0.68% 89237BAQ6 88,000,000 2.132 04/26/18 11/20/18 87,922,211 1.33% 89233LAU9 45,000,000 2.475 06/28/18 12/19/18 45,013,004 0.68% 127,000,000 1.690 04/23/18 04/23/18 127,000,000 1.93% 327,000,000 1.680 04/23/18 04/23/18 327,000,000 4.96% 150,000,000 1.680 04/23/18 04/23/18 150,000,000 2.28% 117,000,000 1.790 04/23/18 04/23/18 117,000,000 1.78% BMO Capital Markets Corp. 85,000,000 1.900 04/27/18 04/27/18 85,000,711 1.29% BMO Capital Markets Corp. 91,000,000 1.790 04/23/18 04/23/18 91,000,000 1.38% BNP Paribas Prime Brokerage, Inc. 55,000,000 2.437 07/19/18 07/19/18 55,000,000 0.83% BNP Paribas Prime Brokerage, Inc. 221,000,000 1.920 04/23/18 04/23/18 221,000,000 3.35% Citigroup Global Markets, Inc. 82,000,000 1.840 04/23/18 04/23/18 82,000,000 1.24% Credit Suisse Securities USA 40,000,000 2.639 06/21/18 12/21/18 (5) 40,000,000 0.61% HSBC Securities USA, Inc. 135,000,000 1.890 04/23/18 04/23/18 135,000,000 2.05% HSBC Securities USA, Inc. 48,000,000 1.790 04/23/18 04/23/18 48,000,000 0.73% ING Financial Markets 70,000,000 1.920 04/23/18 04/23/18 70,000,000 1.06% ING Financial Markets 235,000,000 1.790 04/23/18 04/23/18 235,000,000 3.56% JP Morgan Securities 60,000,000 2.407 07/19/18 07/19/18 60,000,000 0.91% JP Morgan Securities 85,000,000 1.942 04/23/18 04/23/18 85,000,000 1.29% Mizuho Securities USA, Inc. 130,000,000 1.790 04/23/18 04/23/18 130,000,000 1.97% Scotia Capital USA, Inc. 307,000,000 1.890 04/23/18 04/23/18 307,000,000 4.66% Page 3 of 5
SG Americas Securities 212,000,000 1.860 04/23/18 04/23/18 212,000,000 3.22% Wells Fargo Securities 80,000,000 2.690 06/14/18 06/14/18 80,000,000 1.21% Wells Fargo Securities 80,000,000 2.670 06/13/18 06/13/18 80,000,000 1.21% Wells Fargo Securities 45,000,000 1.840 04/23/18 04/23/18 45,000,000 0.68% U.S. Government Agency Repurchase Agreement, collateralized only by U.S. Government Agency securities, U.S. Treasuries, and cash Wells Fargo Securities 376,000,000 1.690 04/23/18 04/23/18 376,000,000 5.70% Total Market Value $ 6,593,677,899 100.00% Net Assets (⁴) $ 6,546,259,257 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, cash, 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 Page 4 of 5
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. 2017 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 1850575 Exp: 07/20/2018 Page 5 of 5