Fund Name Morgan Stanley Institutional Liquidity Funds - Prime Portfolio Statement Date Unaudited Holdings as of July 31, 2017 WAM (Days) 25 Days WAL (Days) 59 Days Net Assets 4,210,049,275 INVESTMENT CATEGORY ISSUER CUSIP PRINCIPAL AMOUNT COUPON RATE (¹) EFFECTIVE MATURITY DATE (²) FINAL MATURITY DATE(³) MARKET VALUE % OF MARKET VALUE 19423CED0 $ 20,000,000 1.423% 08/29/17 02/26/18 $ 19,999,973 0.47% 19423CDX7 14,000,000 1.416 09/27/17 12/27/17 14,005,464 0.33% 19423CDV1 28,000,000 1.413 09/27/17 12/27/17 28,010,781 0.67% Asset Backed Commercial Paper Metlife Short Term Funding LLC 59157TWR0 7,000,000 1.310 09/25/17 09/25/17 6,986,422 0.17% Asset Backed Commercial Paper Metlife Short Term Funding LLC 59157TWM1 48,000,000 1.290 09/21/17 09/21/17 47,914,096 1.14% Asset Backed Commercial Paper Metlife Short Term Funding LLC 59157TWK5 25,000,000 1.280 09/19/17 09/19/17 24,957,118 0.59% Certificate of Deposit Bank of America NA 06053PUR6 25,000,000 1.616 08/16/17 10/16/17 25,000,247 0.59% Certificate of Deposit Bank of Montreal 05574BGR5 40,000,000 1.360 09/21/17 09/21/17 40,005,440 0.95% Certificate of Deposit Bank of Montreal 06427KY43 45,000,000 1.358 08/21/17 11/20/17 45,007,947 1.07% Certificate of Deposit Citibank NA 17305TRM6 21,000,000 1.420 12/14/17 12/14/17 21,004,525 0.50% Certificate of Deposit Credit Suisse AG 22549VGZ0 37,860,000 2.028 09/12/17 09/12/17 37,897,016 0.90% Certificate of Deposit HSBC Bank USA NA 40428A3X3 15,000,000 1.687 08/01/17 11/01/17 15,016,147 0.36% Certificate of Deposit Lloyds Bank PLC 53943NP77 20,900,000 1.730 09/21/17 12/20/17 20,934,718 0.50% 69033LXM6 20,000,000 1.369 08/21/17 11/21/17 20,004,138 0.48% 69033LYN3 37,000,000 1.300 09/20/17 09/20/17 37,001,524 0.88% 69033LYK9 30,000,000 1.280 09/25/17 09/25/17 30,000,276 0.71% Certificate of Deposit Royal Bank of Canada 78009NR32 19,000,000 1.687 08/24/17 10/24/17 19,019,043 0.45% Page 1 of 5
Certificate of Deposit Royal Bank of Canada 78009NS23 25,000,000 1.408 08/21/17 09/20/17 25,006,827 0.59% Certificate of Deposit Skandinaviska Enskilda Banken 83050FRB9 29,500,000 1.529 08/21/17 09/21/17 29,513,251 0.70% Certificate of Deposit Skandinaviska Enskilda Banken 83050FTR2 26,150,000 1.333 08/29/17 10/26/17 26,154,033 0.62% Certificate of Deposit Sumitomo Mitsui Trust Bank 86564EGU4 51,900,000 1.997 09/18/17 09/18/17 51,951,508 1.23% Ltd Certificate of Deposit Sumitomo Mitsui Banking 86563YED1 46,500,000 1.946 09/15/17 09/15/17 46,540,540 1.10% Certificate of Deposit Sumitomo Mitsui Trust Bank 86564EKQ8 20,330,000 1.817 10/27/17 10/27/17 20,353,699 0.48% Ltd Certificate of Deposit Sumitomo Mitsui Banking 86563YWA7 22,000,000 1.407 08/22/17 11/22/17 22,003,525 0.52% Certificate of Deposit Svenska Handelsbanken 86958JJX8 25,000,000 1.453 08/29/17 09/27/17 25,008,329 0.59% Certificate of Deposit Svenska Handelsbanken 86958JQP7 48,000,000 1.352 08/25/17 01/25/18 48,000,168 1.14% Certificate of Deposit Svenska Handelsbanken 86958JRE1 40,000,000 1.350 08/25/17 01/25/18 39,997,933 0.95% Certificate of Deposit Svenska Handelsbanken 86958JQJ1 40,000,000 1.346 09/27/17 12/27/17 40,008,957 0.95% Certificate of Deposit Toronto Dominion Bank 89113WKE5 22,000,000 1.704 10/17/17 10/17/17 22,021,299 0.52% Certificate of Deposit Toronto Dominion Bank 89113WWC6 25,000,000 1.633 08/07/17 11/06/17 25,024,451 0.59% Certificate of Deposit Toronto Dominion Bank 89113WYT7 30,000,000 1.494 08/09/17 12/11/17 30,021,451 0.71% Certificate of Deposit UBS AG 90275DCY4 20,000,000 1.511 09/20/17 09/20/17 20,019,932 0.48% Financial Company Commercial Paper N Amro Funding USA LLC 00084BZJ6 23,000,000 1.430 12/18/17 12/18/17 22,879,966 0.54% Financial Company Commercial Paper ASB Finance Ltd. London 0020P5GZ6 26,135,000 1.604 08/09/17 11/09/17 26,158,624 0.62% Financial Company Commercial Paper Banque Et Caisse 0667K1AC5 14,000,000 1.450 01/12/18 01/12/18 13,916,070 0.33% Financial Company Commercial Paper Banque Et Caisse 0667K1AA9 55,000,000 1.440 01/10/18 01/10/18 54,675,268 1.30% Financial Company Commercial Paper BNZ International Funding Ltd. 0556X4DZ6 45,000,000 1.426 08/18/17 10/10/17 45,016,410 1.07% Financial Company Commercial Paper BNZ International Funding Ltd. 0556X4EE2 15,000,000 1.373 08/29/17 12/28/17 15,001,367 0.36% Financial Company Commercial Paper Commonwealth Bank of 20272AUY0 40,200,000 1.586 09/15/17 12/08/17 40,246,290 0.96% Australia Financial Company Commercial Paper DBS Bank Ltd. 23305DWN1 70,000,000 1.300 09/22/17 09/22/17 69,877,364 1.66% Financial Company Commercial Paper Federation Des Caisses 31428FWS0 25,000,000 1.290 09/26/17 09/26/17 24,952,777 0.59% Financial Company Commercial Paper HSBC Bank PLC 40433FHZ5 21,000,000 1.644 08/10/17 11/10/17 21,021,956 0.50% Financial Company Commercial Paper HSBC Bank PLC 40433FJD2 19,000,000 1.566 08/17/17 09/15/17 19,008,711 0.45% Financial Company Commercial Paper ING US Funding LLC 44988KBV0 23,000,000 1.407 08/07/17 11/06/17 23,008,019 0.55% Financial Company Commercial Paper ING US Funding LLC 44988KBW8 45,000,000 1.374 08/14/17 11/13/17 45,011,474 1.07% Financial Company Commercial Paper JP Morgan Securities LLC 46640CDD1 20,000,000 1.677 08/01/17 11/01/17 20,020,910 0.48% Financial Company Commercial Paper JP Morgan Securities LLC 46640EEQ7 45,000,000 1.402 08/25/17 01/25/18 45,012,790 1.07% Financial Company Commercial Paper National Australia Bank Ltd. 63254GDV4 27,000,000 1.467 08/01/17 12/01/17 27,014,223 0.64% Financial Company Commercial Paper National Australia Bank Ltd. 63254GEX9 45,000,000 1.333 08/29/17 01/29/18 44,997,032 1.07% Financial Company Commercial Paper Oversea-Chinese Banking 69034CBC1 27,000,000 1.443 08/29/17 09/26/17 27,009,225 0.64% Page 2 of 5
Financial Company Commercial Paper Oversea-Chinese Banking 69034CBV9 23,000,000 1.368 08/21/17 11/20/17 23,004,775 0.55% Financial Company Commercial Paper Suncorp-Metway Ltd. 8672E2WM6 10,000,000 1.440 09/21/17 09/21/17 9,981,078 0.24% Financial Company Commercial Paper Suncorp-Metway Ltd. 8672E2ZE1 15,000,000 1.420 12/14/17 12/14/17 14,919,987 0.35% Financial Company Commercial Paper Suncorp-Metway Ltd. 8672E2ZK7 16,000,000 1.420 12/19/17 12/19/17 15,911,013 0.38% Financial Company Commercial Paper Suncorp-Metway Ltd. 8672E2YU6 11,000,000 1.400 11/28/17 11/28/17 10,949,217 0.26% Financial Company Commercial Paper Toronto Dominion Holding 89116EWR0 51,000,000 1.310 09/25/17 09/25/17 50,903,055 1.21% Financial Company Commercial Paper United Overseas Bank Ltd. 91127RAD9 50,000,000 1.372 10/06/17 10/06/17 50,012,201 1.19% Financial Company Commercial Paper United Overseas Bank Ltd. 91127PWM9 25,000,000 1.300 09/21/17 09/21/17 24,957,028 0.59% Financial Company Commercial Paper United Overseas Bank Ltd. 91127PWN7 25,000,000 1.300 09/22/17 09/22/17 24,956,201 0.59% Financial Company Commercial Paper Westpac Banking 9612C4VB4 27,000,000 1.703 08/28/17 01/26/18 27,050,390 0.64% Financial Company Commercial Paper Westpac Securities NZ Ltd. 96122JDZ9 16,000,000 1.614 08/02/17 11/02/17 16,014,017 0.38% Financial Company Commercial Paper Westpac Securities NZ Ltd. 96122JEG0 50,000,000 1.338 08/21/17 12/19/17 50,002,975 1.19% Non-Financial Company Commercial Paper Erste Abwicklungsanstalt 29604BBK9 35,000,000 1.453 08/29/17 10/27/17 35,013,230 0.83% Non-Financial Company Commercial Paper Erste Abwicklungsanstalt 29604CZF2 26,000,000 1.360 12/15/17 12/15/17 25,875,726 0.61% Non-Financial Company Commercial Paper Toyota Finance Australia Ltd. 89237B9 20,000,000 1.423 08/29/17 01/18/18 20,009,165 0.48% Non-Financial Company Commercial Paper Toyota Motor Credit 89233AWN5 45,000,000 1.443 08/29/17 03/23/18 45,014,279 1.07% Non-Financial Company Commercial Paper Toyota Motor Credit 89233AWF2 40,000,000 1.407 09/22/17 03/15/18 40,010,502 0.95% Non-Financial Company Commercial Paper Toyota Motor Credit 89233AVG1 45,000,000 1.378 08/21/17 02/16/18 45,006,284 1.07% Non-Financial Company Commercial Paper Toyota Motor Finance 89233LAL9 20,000,000 1.433 08/29/17 04/24/18 20,001,451 0.47% Netherlands Non-Negotiable Time Deposit Canadian Imperial Bank of 210,000,000 1.070 08/01/17 08/01/17 210,000,000 4.98% Commerce Non-Negotiable Time Deposit Credit Agricole CIB (Grand 71,000,000 1.070 08/01/17 08/01/17 71,000,000 1.69% Cayman) Non-Negotiable Time Deposit DNB Bank ASA (New York 170,000,000 1.070 08/01/17 08/01/17 170,000,000 4.04% Branch) Non-Negotiable Time Deposit National Bank of Canada 210,000,000 1.060 08/01/17 08/01/17 210,000,000 4.98% (Montreal Branch) Non-Negotiable Time Deposit Natixis (Grand Cayman) 110,000,000 1.080 08/01/17 08/01/17 110,000,000 2.61% Non-Negotiable Time Deposit Skandinaviska Enskilda Banken 5,000,000 1.070 08/01/17 08/01/17 5,000,000 0.12% Other Instrument Bank of America NA 06053PVR5 23,000,000 1.466 08/18/17 11/17/17 23,000,327 0.55% Other Instrument Bank of America NA 06053PWP8 27,000,000 1.174 08/21/17 11/17/17 27,000,000 0.64% N Amro Securities LLC 36,000,000 1.260 08/01/17 08/01/17 36,000,000 0.85% Bank of Montreal 73,000,000 1.260 08/01/17 08/01/17 73,000,000 1.73% Page 3 of 5
Citigroup Global Markets, Inc. 1,000,000 1.310 08/01/17 08/01/17 1,000,000 0.02% HSBC Securities USA, Inc. 73,000,000 1.360 08/01/17 08/01/17 73,000,000 1.73% HSBC Securities USA, Inc. 81,000,000 1.260 08/01/17 08/01/17 81,000,000 1.92% ING Financial Markets LLC 50,000,000 1.260 08/01/17 08/01/17 50,000,000 1.19% JP Morgan Securities LLC 90,000,000 1.787 08/21/17 10/29/17 (5) 90,000,000 2.14% Mizuho Securities USA, Inc. 182,000,000 1.260 08/01/17 08/01/17 182,000,000 4.32% Scotia Capital USA, Inc. 210,000,000 1.360 08/01/17 08/01/17 210,000,000 4.98% SG Americas Securities 85,000,000 1.380 08/01/17 08/01/17 85,000,000 2.02% SG Americas Securities 6,000,000 1.330 08/01/17 08/01/17 6,000,000 0.14% Wells Fargo Securities LLC 60,000,000 1.700 09/21/17 09/21/17 60,000,000 1.42% Wells Fargo Securities LLC 70,000,000 1.660 09/21/17 09/21/17 70,000,000 1.66% Wells Fargo Securities LLC 79,000,000 1.310 08/01/17 08/01/17 79,000,000 1.88% 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 232,000,000 1.060 08/01/17 08/01/17 232,000,000 5.51% Total Market Value $ 4,212,812,155 100.00% Net Assets (⁴) $ 4,210,049,275 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. 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