Fund Name Morgan Stanley Institutional Liquidity Funds - Prime Portfolio Statement Date Unaudited Holdings as of April 30, 2016 WAM (Days) 23 Days WAL (Days) 35 Days Net Assets 19,742,684,083 EFFECTIVE FINAL MATURITY % of Amortized INVESTMENT CATEGORY ISSUER CUSIP PRINCIPAL AMOUNT COUPON RATE MATURITY DATE (²) DATE(³) AMORTIZED COST (⁴)/VALUE Cost Certificate of Deposit Bank of America NA 06053PMS3 $ 80,000,000 0.791% 05/16/16 07/22/16 $ 80,000,000 0.41% Certificate of Deposit Bank of America NA 06053PNC7 250,000,000 0.720 07/08/16 07/08/16 250,000,000 1.27% Certificate of Deposit Bank of Montreal 06427EKN0 215,000,000 0.641 05/20/16 05/20/16 215,000,000 1.09% Certificate of Deposit Bank of Nova Scotia 06417GDX3 120,000,000 0.776 05/26/16 07/26/16 120,000,000 0.61% Certificate of Deposit Canadian Imperial Bank of 13606AQA9 260,000,000 0.771 05/16/16 07/22/16 260,000,000 1.32% Commerce Certificate of Deposit Citibank NA 17304U4Z0 300,000,000 0.710 07/08/16 07/08/16 300,000,000 1.52% Certificate of Deposit Citibank NA 17304U4Q0 205,000,000 0.640 06/01/16 06/01/16 205,000,000 1.04% Certificate of Deposit Credit Industriel et Commercial 22536EN85 120,000,000 0.841 05/23/16 07/21/16 120,000,000 0.61% Certificate of Deposit Credit Industriel et Commercial 22536TYX5 200,000,000 0.720 05/02/16 05/02/16 200,000,000 1.02% Certificate of Deposit Credit Suisse 22549VXL2 120,000,000 0.780 07/08/16 07/08/16 120,000,000 0.61% Certificate of Deposit Credit Suisse 22549VRL9 105,000,000 0.871 05/23/16 07/22/16 105,000,000 0.53% Certificate of Deposit Credit Suisse 22549VFC2 19,100,000 0.760 05/06/16 06/06/16 19,097,723 0.10% Certificate of Deposit Credit Suisse 22549VQ48 310,000,000 0.737 05/09/16 08/09/16 310,000,000 1.57% Certificate of Deposit DZ Bank AG 23328AND2 105,000,000 0.680 06/24/16 06/24/16 105,000,000 0.53% Certificate of Deposit DZ Bank AG 23328ANM2 101,000,000 0.680 06/17/16 06/17/16 101,000,000 0.51% Certificate of Deposit DZ Bank AG 23328ANN0 104,000,000 0.680 06/24/16 06/24/16 104,000,000 0.53% Certificate of Deposit HSBC Bank USA NA 40428AU21 200,000,000 0.749 05/24/16 06/24/16 200,000,000 1.02% Certificate of Deposit HSBC Bank USA NA 40428AU47 100,000,000 0.745 05/31/16 06/30/16 100,000,000 0.51% Certificate of Deposit HSBC Bank USA NA 40428AQ59 120,000,000 0.627 05/02/16 05/02/16 120,000,000 0.61% Certificate of Deposit HSBC Bank USA NA 40428AQ75 130,000,000 0.627 05/03/16 05/03/16 130,000,000 0.66% Certificate of Deposit Mizuho Bank 60689DSD6 106,000,000 0.700 06/16/16 06/16/16 106,000,000 0.54% Certificate of Deposit Mizuho Bank 60689DSM6 42,000,000 0.700 06/15/16 06/15/16 42,000,000 0.21% Page 1 of 7
Certificate of Deposit Mizuho Bank 60689DSN4 106,000,000 0.700 06/15/16 06/15/16 105,999,998 0.54% Certificate of Deposit Mizuho Bank 60689DUE1 353,000,000 0.681 05/23/16 07/21/16 353,000,000 1.79% Certificate of Deposit Mizuho Bank 60689DTV5 115,000,000 0.676 05/18/16 07/18/16 115,000,000 0.58% Certificate of Deposit Oversea Chinese Banking Corporation 69033LCZ0 104,000,000 0.700 07/08/16 07/08/16 104,000,000 0.53% Certificate of Deposit Oversea Chinese Banking 69033LBA6 200,000,000 0.669 05/23/16 05/23/16 200,000,000 1.02% Corporation Certificate of Deposit Oversea Chinese Banking 69033LCG2 100,000,000 0.650 06/03/16 06/03/16 100,000,000 0.51% Corporation Certificate of Deposit Royal Bank of Canada 78009NUU8 350,000,000 0.749 06/30/16 06/30/16 349,998,202 1.78% Certificate of Deposit State Street Bank and Trust 8574P1HG4 208,000,000 0.646 05/10/16 06/10/16 208,000,000 1.06% Company Certificate of Deposit Sumitomo Mitsui Banking Corp. 86563QD80 210,000,000 0.686 05/11/16 08/08/16 210,000,000 1.07% Certificate of Deposit Sumitomo Mitsui Banking Corp. 86563QL40 200,000,000 0.685 05/31/16 08/29/16 200,000,000 1.02% Certificate of Deposit Sumitomo Mitsui Trust Bank 86563K4W0 105,000,000 0.710 07/29/16 07/29/16 105,000,000 0.53% Certificate of Deposit Sumitomo Mitsui Trust Bank 86563K2V4 200,000,000 0.700 06/16/16 06/16/16 200,000,000 1.02% Certificate of Deposit Svenska Handelsbanken AB 86958DT77 150,000,000 0.655 06/24/16 06/24/16 150,001,102 0.76% Certificate of Deposit Svenska Handelsbanken AB 86958DV41 185,000,000 0.655 07/05/16 07/05/16 185,001,640 0.94% Certificate of Deposit Swedbank AB 87019UJH3 110,000,000 0.360 05/04/16 05/04/16 110,000,000 0.56% Certificate of Deposit Swedbank AB 87019UJL4 150,000,000 0.350 05/05/16 05/05/16 150,000,000 0.76% Certificate of Deposit Toronto Dominion Bank 89113EL38 207,800,000 0.607 05/24/16 05/24/16 207,800,000 1.06% Certificate of Deposit UBS AG 90267R4T3 425,000,000 0.667 05/03/16 06/03/16 425,000,000 2.16% Certificate of Deposit UBS AG 90267R4M8 250,000,000 0.664 05/03/16 06/01/16 250,000,000 1.27% Financial Company Commercial Paper Credit Agricole Corporate and Investment Bank 22533TE28 550,000,000 0.460 05/02/16 05/02/16 550,000,000 2.79% Financial Company Commercial Paper ING US Funding LLC 4497W0G10 215,000,000 0.770 07/01/16 07/01/16 214,724,083 1.09% Financial Company Commercial Paper ING US Funding LLC 4497W0EA2 202,000,000 0.700 05/10/16 05/10/16 201,968,578 1.03% Financial Company Commercial Paper ING US Funding LLC 4497W0FD5 150,000,000 0.670 06/13/16 06/13/16 149,882,750 0.76% Financial Company Commercial Paper Natixis SA 63873JE22 350,000,000 0.300 05/02/16 05/02/16 350,000,000 1.78% Financial Company Commercial Paper Sumitomo Mitsui Trust Bank 86563GFG2 121,000,000 0.700 06/16/16 06/16/16 120,894,125 0.61% Financial Company Commercial Paper Sumitomo Mitsui Trust Bank 86563GFF4 118,000,000 0.700 06/15/16 06/15/16 117,899,044 0.60% Page 2 of 7
Financial Company Commercial Paper Sumitomo Mitsui Trust Bank 86563GFQ0 107,000,000 0.700 06/24/16 06/24/16 106,889,730 0.54% Financial Company Commercial Paper United Overseas Bank 91127PH87 225,000,000 0.740 08/08/16 08/08/16 224,546,750 1.14% Financial Company Commercial Paper United Overseas Bank 91127PHV6 145,000,000 0.730 08/29/16 08/29/16 144,650,107 0.74% Financial Company Commercial Paper United Overseas Bank 91127PHS3 155,000,000 0.730 08/26/16 08/26/16 154,635,406 0.79% Financial Company Commercial Paper United Overseas Bank 91127PHW4 145,000,000 0.730 08/30/16 08/30/16 144,647,167 0.74% Financial Company Commercial Paper United Overseas Bank 91127PG54 45,000,000 0.700 07/05/16 07/05/16 44,944,000 0.23% Non-Financial Company Commercial Paper Erste Abwicklungsanstalt 29604CGM8 125,000,000 0.660 07/21/16 07/21/16 124,818,056 0.63% Non-Financial Company Commercial Paper Erste Abwicklungsanstalt 29604CGL0 90,000,000 0.660 07/20/16 07/20/16 89,869,650 0.46% Non-Financial Company Commercial Paper Erste Abwicklungsanstalt 29604CGD8 100,000,000 0.650 07/13/16 07/13/16 99,870,000 0.51% Non-Financial Company Commercial Paper Erste Abwicklungsanstalt 29604CG89 50,000,000 0.640 07/08/16 07/08/16 49,940,444 0.25% Non-Negotiable Time Deposit Bank of New York Mellon (Cayman) 965,000,000 0.290 05/02/16 05/02/16 965,000,000 4.90% Non-Negotiable Time Deposit DNB Bank ASA (New York 400,000,000 0.300 05/02/16 05/02/16 400,000,000 2.03% Branch) Non-Negotiable Time Deposit Lloyds Bank PLC (New York 175,000,000 0.300 05/02/16 05/02/16 175,000,000 0.89% Branch) Non-Negotiable Time Deposit Lloyds Bank PLC (New York 250,000,000 0.300 05/02/16 05/02/16 250,000,000 1.27% Branch) Other Instrument Apple, Inc. 037833AF7 12,500,000 0.669 05/03/16 05/03/16 12,499,982 0.06% Other Instrument JP Morgan Chase Bank NA 48125LKE1 420,000,000 0.796 06/07/16 06/07/16 420,000,000 2.13% Other Instrument Wells Fargo Bank NA 94985HX82 352,000,000 0.689 05/20/16 06/17/16 352,000,000 1.79% ABN Amro Securities LLC 235,000,000 0.390 05/02/16 05/02/16 235,000,000 1.19% Bank of Montreal 10,000,000 0.620 05/06/16 05/06/16 10,000,000 0.05% Bank of Montreal 20,000,000 0.434 05/06/16 05/06/16 20,000,000 0.10% Bank of Montreal 25,000,000 0.390 05/02/16 05/02/16 25,000,000 0.13% BNP Paribas Securities Corp. 160,000,000 0.400 05/02/16 05/02/16 160,000,000 0.81% Page 3 of 7
Citigroup Global Markets, Inc. 20,000,000 0.440 05/02/16 05/02/16 20,000,000 0.10% Credit Suisse Securities USA 120,000,000 1.007 05/25/16 07/25/16 (6) 120,000,000 0.61% HSBC Securities USA, Inc. 195,000,000 0.490 05/02/16 05/02/16 195,000,000 0.99% HSBC Securities USA, Inc. 130,000,000 0.390 05/02/16 05/02/16 130,000,000 0.66% ING Financial Markets LLC 90,000,000 0.520 05/02/16 05/02/16 90,000,000 0.46% ING Financial Markets LLC 105,000,000 0.390 05/02/16 05/02/16 105,000,000 0.53% ING Financial Markets LLC 50,000,000 0.390 05/02/16 05/02/16 50,000,000 0.25% JP Morgan Clearing Corp. 40,000,000 0.971 05/09/16 07/28/16 (6) 40,000,000 0.20% JP Morgan Clearing Corp. 140,000,000 0.971 05/09/16 07/28/16 (6) 140,000,000 0.71% JP Morgan Clearing Corp. 95,000,000 0.871 05/09/16 07/28/16 (6) 95,000,000 0.48% JP Morgan Clearing Corp. 110,000,000 0.733 05/20/16 06/03/16 (6) 110,000,000 0.56% Merrill Lynch Pierce Fenner & Smith 190,000,000 0.810 05/02/16 06/03/16 (6) 190,000,000 0.96% Scotia Capital USA, Inc. 280,000,000 0.490 05/02/16 05/02/16 280,000,000 1.42% Page 4 of 7
SG Americas Securities 92,000,000 0.510 05/02/16 05/02/16 92,000,000 0.47% Wells Fargo Securities LLC 65,000,000 0.600 05/26/16 05/26/16 65,000,000 0.33% Wells Fargo Securities LLC 115,000,000 0.440 06/01/16 06/01/16 115,000,000 0.58% Wells Fargo Securities LLC 100,000,000 0.390 05/02/16 05/02/16 100,000,000 0.51% and ABN Amro Securities LLC 575,000,000 0.320 05/02/16 05/02/16 575,000,000 2.92% and Bank of America 250,000,000 0.300 05/02/16 05/02/16 250,000,000 1.27% and Bank of Nova Scotia 375,000,000 0.450 05/06/16 05/06/16 375,000,000 1.90% and Bank of Nova Scotia 500,000,000 0.400 05/06/16 05/06/16 500,000,000 2.54% and BNP Paribas Securities Corp. 440,550,000 0.300 05/02/16 05/02/16 440,550,000 2.24% and Credit Agricole Corp. 550,000,000 0.310 05/02/16 05/02/16 550,000,000 2.79% and Merrill Lynch Pierce Fenner & Smith 155,000,000 0.300 05/02/16 05/02/16 155,000,000 0.79% Page 5 of 7
and Natixis 350,000,000 0.300 05/02/16 05/02/16 350,000,000 1.78% and Societe Generale 250,000,000 0.310 05/02/16 05/02/16 250,000,000 1.27% and Wells Fargo Bank NA 400,000,000 0.310 05/02/16 05/02/16 400,000,000 2.03% and Wells Fargo Securities LLC 100,000,000 0.310 05/04/16 05/04/16 100,000,000 0.51% and Wells Fargo Securities LLC 350,000,000 0.310 05/02/16 05/02/16 350,000,000 1.78% U.S. Treasury Repurchase Agreement, if collateralized only by U.S. Treasuries (including Strips) and Federal Reserve Bank of New York 500,000,000 0.250 05/02/16 05/02/16 500,000,000 2.54% Total Amortized Cost $ 19,688,128,537 100.00% Net Assets (5) $ 19,742,684,083 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 Page 6 of 7
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 7 of 7