Institutional Fund Trust ULTRA-SHORT INCOME PORTFOLIO

UNAUDITED HOLDINGS AS OF SEPTEMBER 24, 2021 | WAM 59 DAYS | WAL 105 DAYS | NET ASSETS: 13,082,318,887

COUPON EFFECTIVE FINAL MATURITY % OF MARKET INVESTMENT CATEGORY ISSUER CUSIP PRINCIPAL AMOUNT RATE⁽¹⁾ MATURITY DATE⁽²⁾ DATE⁽³⁾ MARKET VALUE VALUE Asset Backed Commercial Paper Collateralized Commercial Paper FLEX 19423JYH4 $ 52,000,000 0.330% 11/17/21 11/17/21 $ 51,991,732 0.40% Co. LLC

Asset Backed Commercial Paper Collateralized Commercial Paper V Co. 19424JFA9 73,000,000 0.200 06/10/22 06/10/22 72,903,890 0.56%

Certificate of Deposit of Nova Scotia 06417MPB5 375,000,000 0.270 09/27/21 06/03/22 375,275,250 2.88%

Certificate of Deposit Canadian Imperial Bank of Commerce 13606CJU9 150,000,000 0.218 12/13/21 12/13/21 150,049,950 1.15%

Certificate of Deposit Credit Industriel ET Commercial ACI1XH9N0 150,000,000 0.290 05/04/22 05/04/22 149,842,914 1.15%

Certificate of Deposit Credit Industriel ET Commercial ACI1XDBW6 250,000,000 0.230 12/07/21 12/07/21 249,949,135 1.92%

Certificate of Deposit Credit Industriel ET Commercial ACI1YF9K9 287,500,000 0.220 04/07/22 04/07/22 287,254,159 2.20%

Certificate of Deposit Credit Suisse AG 22549L6H3 100,000,000 0.340 12/28/21 12/28/21 100,049,489 0.77%

Certificate of Deposit Credit Suisse AG 22549L6R1 125,000,000 0.340 12/28/21 12/28/21 125,061,865 0.96%

Certificate of Deposit Credit Suisse NY 22549L5Z4 150,000,000 0.340 12/27/21 12/27/21 150,073,843 1.15%

Certificate of Deposit Credit Suisse NY 22552G2B5 250,000 0.250 12/13/21 12/13/21 250,059 0.00%

Certificate of Deposit Credit Suisse NY 22552G2N9 20,000,000 0.220 11/29/21 11/29/21 20,003,146 0.15%

Certificate of Deposit First Abu Dhabi Bank USA NV IA 31851XDG4 382,584,000 0.286 12/14/21 12/14/21 382,678,116 2.93%

Certificate of Deposit Bank USA 40054PGA7 200,000,000 0.230 09/27/21 08/26/22 200,056,058 1.53%

Certificate of Deposit Landesbank Baden-wuerttemberg 51501HQE2 500,000,000 0.100 09/29/21 09/29/21 500,000,210 3.83%

Certificate of Deposit Ltd. 60710AXN7 250,000,000 0.240 11/03/21 11/03/21 250,047,187 1.92%

Certificate of Deposit Mizuho Bank Ltd. 60710AYK2 150,000,000 0.230 11/17/21 11/17/21 150,035,974 1.15%

Certificate of Deposit NY 63873QLP7 300,000,000 0.340 11/16/21 11/16/21 300,110,286 2.30%

Certificate of Deposit Qatar National Bank ACI1TFSY4 70,000,000 0.600 12/09/21 12/09/21 69,981,089 0.54%

Certificate of Deposit Qatar National Bank ACI1TGB53 100,000,000 0.600 12/13/21 12/13/21 99,970,675 0.77%

Certificate of Deposit Qatar National Bank ACI1TLRQ9 175,000,000 0.600 12/17/21 12/17/21 174,944,892 1.34%

Certificate of Deposit Qatar National Bank ACI1TWQ45 100,000,000 0.580 01/05/22 01/05/22 99,959,103 0.77%

Certificate of Deposit Qatar National Bank ACI20K1C9 130,000,000 0.400 09/19/22 09/19/22 129,666,757 0.99%

Certificate of Deposit Sumitomo Mitsui Banking Corp. 86565C7B9 100,000,000 0.230 09/27/21 10/24/22 100,014,800 0.77%

Certificate of Deposit Sumitomo Mitsui Banking Corp. 86565CD63 150,000,000 0.179 12/22/21 12/22/21 150,030,600 1.15%

Certificate of Deposit Sumitomo Mitsui Trust Bank Ltd. ACI1XC8X0 150,000,000 0.230 11/08/21 11/08/21 149,979,940 1.15%

Certificate of Deposit Sumitomo Mitsui Trust NY 86564GW31 50,000,000 0.070 09/28/21 09/28/21 49,999,944 0.38%

Certificate of Deposit Sumitomo Mitsui Trust NY 86564GX48 200,000,000 0.070 09/30/21 09/30/21 199,999,666 1.53%

Page 1 of 5 Financial Company Commercial Paper Bank of America Securities, Inc. 06054CAB1 200,000,000 0.230 09/27/21 06/22/22 200,022,200 1.53%

Financial Company Commercial Paper Bank PLC 06742XAX5 200,000,000 0.270 12/08/21 12/08/21 199,947,916 1.53%

Financial Company Commercial Paper Barclays Bank PLC 06742VQL8 75,000,000 0.260 12/07/21 12/07/21 74,980,729 0.57%

Financial Company Commercial Paper Barclays Bank PLC 06742XAF4 80,000,000 0.260 12/14/21 12/14/21 79,977,140 0.61%

Financial Company Commercial Paper Barclays Bank PLC 06742XEX1 100,000,000 0.220 12/15/21 12/15/21 99,971,072 0.77%

Financial Company Commercial Paper Barclays Capital, Inc. 06743VAT7 290,000,000 0.380 01/27/22 01/27/22 289,869,097 2.22%

Financial Company Commercial Paper Barclays Capital, Inc. 06743VAU4 25,000,000 0.370 01/28/22 01/28/22 24,988,625 0.19%

Financial Company Commercial Paper BPCE SA 05571BZ14 124,000,000 0.200 12/01/21 12/01/21 123,975,875 0.95%

Financial Company Commercial Paper Canadian Imperial Bank of Commerce 13608AZ74 25,000,000 0.200 12/07/21 12/07/21 24,995,683 0.19%

Financial Company Commercial Paper Collateralized Commercial Paper FLEX 19421MBG6 131,000,000 0.260 09/19/22 09/19/22 130,978,021 1.00% Co. LLC Financial Company Commercial Paper Goldman Sachs International 38150TZN7 186,000,000 0.350 12/22/21 12/22/21 185,944,819 1.42%

Financial Company Commercial Paper Goldman Sachs International 38150UAE1 175,000,000 0.330 01/14/22 01/14/22 174,918,877 1.34%

Financial Company Commercial Paper Macquarie Bank Ltd. 55607NJS0 230,000,000 0.230 09/27/21 09/16/22 230,033,810 1.76%

Financial Company Commercial Paper National Australia Bank Ltd. 63254GQR9 325,000,000 0.250 09/27/21 04/22/22 325,185,250 2.49%

Financial Company Commercial Paper Prudential Financial, Inc. 74432JWT4 60,000,000 0.120 09/27/21 09/27/21 59,999,400 0.46%

Financial Company Commercial Paper 78014XGJ0 50,000,000 0.232 12/16/21 12/16/21 50,016,000 0.38%

Financial Company Commercial Paper Royal Bank of Canada 78014XGK7 75,000,000 0.226 12/14/21 12/14/21 75,023,250 0.57%

Financial Company Commercial Paper Societe Generale 83368YFV4 233,000,000 0.370 12/16/21 12/16/21 232,948,966 1.78%

Financial Company Commercial Paper Societe Generale 83368YGB7 95,000,000 0.300 02/01/22 02/01/22 94,961,234 0.73%

Financial Company Commercial Paper UBS AG 90276JMJ2 65,000,000 0.300 03/15/22 03/15/22 65,026,986 0.50%

Financial Company Commercial Paper UBS AG London 90276JML7 100,000,000 0.290 09/27/21 05/04/22 100,006,400 0.77%

Financial Company Commercial Paper UBS AG London 90276JMN3 125,000,000 0.290 09/27/21 05/12/22 124,943,000 0.96%

Financial Company Commercial Paper UBS AG London 90276JMZ6 16,500,000 0.260 06/30/22 06/30/22 16,497,961 0.13%

Financial Company Commercial Paper UBS AG London 90276JMS2 75,000,000 0.240 09/27/21 06/15/22 75,010,500 0.57%

Financial Company Commercial Paper UBS AG London 90276JNA0 100,000,000 0.240 09/27/21 07/13/22 100,012,000 0.77%

Financial Company Commercial Paper UBS AG London 90276JMR4 100,000,000 0.200 09/27/21 06/14/22 100,016,000 0.77%

Non-Financial Company Commercial Paper CommonSpirit Health 14918EXM8 16,950,000 0.240 10/21/21 10/21/21 16,948,246 0.13%

Non-Financial Company Commercial Paper Danaher Corp. 23585LZ19 92,000,000 0.220 12/01/21 12/01/21 91,968,198 0.70%

Non-Financial Company Commercial Paper EI Du Pont De Nemours & Co 2635J4Z13 19,233,000 0.320 12/01/21 12/01/21 19,228,134 0.15%

Non-Financial Company Commercial Paper EI Du Pont De Nemours & Co 2635J4Z21 25,000,000 0.320 12/02/21 12/02/21 24,993,675 0.19%

Non-Financial Company Commercial Paper EI Du Pont De Nemours & Co 2635J4ZA3 47,000,000 0.320 12/10/21 12/10/21 46,985,625 0.36%

Non-Financial Company Commercial Paper EI Du Pont De Nemours & Co 2635J4Z88 11,000,000 0.310 12/08/21 12/08/21 10,996,792 0.08%

Non-Financial Company Commercial Paper Fidelity National Information Services, 31621YY11 131,000,000 0.240 11/01/21 11/01/21 130,978,567 1.00% Inc. Non-Financial Company Commercial Paper Keurig Dr Pepper, Inc. 49271JYW1 145,000,000 0.250 11/30/21 11/30/21 144,952,775 1.11%

Non-Financial Company Commercial Paper Toyota Credit Canada, Inc. 89232CYH3 98,000,000 0.200 11/17/21 11/17/21 97,973,540 0.75%

Non-Financial Company Commercial Paper VW Credit, Inc. 91842KCJ3 45,000,000 0.380 03/18/22 03/18/22 44,945,750 0.34%

Non-Financial Company Commercial Paper VW Credit, Inc. 91842KCN4 50,000,000 0.380 03/22/22 03/22/22 49,937,847 0.38%

Non-Financial Company Commercial Paper VW Credit, Inc. 91842KHR0 41,000,000 0.350 08/25/22 08/25/22 40,889,357 0.31%

Non-Financial Company Commercial Paper Walt Disney Co. 2546R2ZF6 35,000,000 0.260 12/15/21 12/15/21 34,987,484 0.27%

Non-Negotiable Time Deposit Credit Agricole Corporate and 25,000,000 0.060 09/27/21 09/27/21 25,000,000 0.19% Investment Bank

Non-Negotiable Time Deposit DNB Bank ASA ( Branch) 578,000,000 0.060 09/27/21 09/27/21 578,000,000 4.43%

Page 2 of 5 Non-Negotiable Time Deposit ING Bank NV 300,000,000 0.070 09/27/21 09/27/21 300,000,000 2.30%

Other Instrument American Express Co. 025816BY4 31,174,000 3.700 11/05/21 11/05/21 31,193,992 0.24%

Other Instrument Global Markets Holdings, Inc. 172967FT3 1,339,000 4.500 01/14/22 01/14/22 1,355,917 0.01%

Other Instrument Citigroup, Inc. 172967LG4 129,934,000 2.750 04/25/22 04/25/22 131,568,648 1.01%

Other Instrument Citigroup, Inc. 172967LB5 6,000,000 1.185 12/08/21 12/08/21 6,007,206 0.05%

Other Instrument Citigroup, Inc. 172967LH2 27,077,000 1.085 10/25/21 04/25/22 27,197,745 0.21%

Other Instrument Macquarie Bank Ltd. 55608PBD5 4,000,000 0.578 11/24/21 11/24/21 4,002,857 0.03%

Other Instrument Mizuho Financial Group, Inc. 60687YAH2 144,266,000 2.953 02/28/22 02/28/22 145,928,666 1.12%

Other Instrument Mizuho Securities USA LLC 60688DCA0 50,000,000 0.306 09/27/21 09/27/21 50,000,000 0.38%

Other Instrument Mizuho Securities USA LLC 60688DCH5 20,000,000 0.266 12/10/21 12/10/21 20,004,999 0.15%

Other Instrument Mizuho Securities USA LLC 60688DCQ5 20,000,000 0.215 12/17/21 12/17/21 20,003,165 0.15%

Other Instrument QNB Finance Ltd. ZP8978204 25,800,000 1.275 09/27/21 02/12/22 25,890,300 0.20%

Other Instrument Sumitomo Mitsui Financial Group, Inc. 86562MAM2 5,522,000 2.846 01/11/22 01/11/22 5,563,680 0.04%

Other Instrument Sumitomo Mitsui Financial Group, Inc. 86562MAQ3 111,436,000 2.784 07/12/22 07/12/22 113,683,553 0.87%

Other Instrument Sumitomo Mitsui Financial Group, Inc. 86562MAU4 3,159,000 2.778 10/18/22 10/18/22 3,244,729 0.02%

Other Instrument Sumitomo Mitsui Financial Group, Inc. 86562MAH3 21,235,000 2.442 10/19/21 10/19/21 21,263,243 0.16%

Other Instrument Sumitomo Mitsui Financial Group, Inc. 86562MAL4 995,000 1.089 10/12/21 01/11/22 997,676 0.01%

Other Instrument Sumitomo Mitsui Financial Group, Inc. 86562MAP5 1,500,000 0.899 10/12/21 07/12/22 1,508,583 0.01%

Other Instrument Sumitomo Mitsui Financial Group, Inc. 86562MAT7 1,184,000 0.874 10/18/21 10/18/22 1,192,421 0.01%

Other Repurchase Agreement, if any collateral falls ABN Amro Securities LLC 1,000,000 0.220 09/27/21 09/27/21 1,000,000 0.01% outside Treasury, Government Agency and cash

Other Repurchase Agreement, if any collateral falls Bank of America Securities, Inc. 300,000,000 0.470 09/27/21 12/23/21 300,000,000 2.30% outside Treasury, Government Agency and cash

Other Repurchase Agreement, if any collateral falls Bank of America Securities, Inc. 175,000,000 0.420 09/27/21 11/28/21 175,000,000 1.34% outside Treasury, Government Agency and cash

Other Repurchase Agreement, if any collateral falls BNP Paribas 16,000,000 0.360 12/20/21 12/20/21 16,000,000 0.12% outside Treasury, Government Agency and cash

Other Repurchase Agreement, if any collateral falls BNP Paribas , Inc. 115,000,000 0.420 10/27/21 10/27/21 115,000,000 0.88% outside Treasury, Government Agency and cash

Other Repurchase Agreement, if any collateral falls BNP Paribas Prime Brokerage, Inc. 300,000,000 0.380 09/27/21 10/01/21 300,000,000 2.30% outside Treasury, Government Agency and cash

Other Repurchase Agreement, if any collateral falls BNP Paribas Prime Brokerage, Inc. 5,000,000 0.340 09/27/21 09/27/21 5,000,000 0.04% outside Treasury, Government Agency and cash

Other Repurchase Agreement, if any collateral falls Credit Agricole Corporate and 130,000,000 0.140 09/27/21 10/01/21 130,000,000 1.00% outside Treasury, Government Agency and cash Investment Bank

Other Repurchase Agreement, if any collateral falls Credit Agricole Corporate and 231,000,000 0.140 09/27/21 10/01/21 231,000,000 1.77% outside Treasury, Government Agency and cash Investment Bank

Other Repurchase Agreement, if any collateral falls Credit Agricole Corporate and 75,000,000 0.140 09/27/21 09/27/21 75,000,000 0.57% outside Treasury, Government Agency and cash Investment Bank

Page 3 of 5 Other Repurchase Agreement, if any collateral falls JP Morgan Securities LLC 250,000,000 0.450 09/27/21 11/28/21 250,000,000 1.92% outside Treasury, Government Agency and cash

Other Repurchase Agreement, if any collateral falls JP Morgan Securities LLC 100,000,000 0.450 09/27/21 11/28/21 100,000,000 0.77% outside Treasury, Government Agency and cash

Other Repurchase Agreement, if any collateral falls Pershing LLC 100,000,000 0.380 09/27/21 09/27/21 100,000,000 0.77% outside Treasury, Government Agency and cash

Other Repurchase Agreement, if any collateral falls Scotia Capital USA, Inc. 210,000,000 0.420 09/27/21 09/27/21 210,000,000 1.61% outside Treasury, Government Agency and cash

Other Repurchase Agreement, if any collateral falls Scotia Capital USA, Inc. 60,000,000 0.320 09/27/21 09/27/21 60,000,000 0.46% outside Treasury, Government Agency and cash

Other Repurchase Agreement, if any collateral falls Societe Generale 55,000,000 0.220 09/27/21 09/27/21 55,000,000 0.42% outside Treasury, Government Agency and cash

Other Repurchase Agreement, if any collateral falls Societe Generale 210,000,000 0.190 09/27/21 10/01/21 210,000,000 1.61% outside Treasury, Government Agency and cash

Other Repurchase Agreement, if any collateral falls Societe Generale 53,000,000 0.150 09/27/21 09/27/21 53,000,000 0.41% outside Treasury, Government Agency and cash

Other Repurchase Agreement, if any collateral falls TD Securities USA LLC 34,000,000 0.140 09/27/21 09/27/21 34,000,000 0.26% outside Treasury, Government Agency and cash

Other Repurchase Agreement, if any collateral falls Securities LLC 125,000,000 0.350 10/20/21 10/20/21 125,000,000 0.96% outside Treasury, Government Agency and cash

Other Repurchase Agreement, if any collateral falls Wells Fargo Securities LLC 70,000,000 0.340 10/28/21 10/28/21 70,000,000 0.54% outside Treasury, Government Agency and cash

Other Repurchase Agreement, if any collateral falls Wells Fargo Securities LLC 6,000,000 0.340 11/30/21 11/30/21 6,000,000 0.05% outside Treasury, Government Agency and cash

Other Repurchase Agreement, if any collateral falls Wells Fargo Securities LLC 65,000,000 0.330 12/07/21 12/07/21 65,000,000 0.50% outside Treasury, Government Agency and cash

Other Repurchase Agreement, if any collateral falls Wells Fargo Securities LLC 90,000,000 0.320 11/01/21 11/01/21 90,000,000 0.69% outside Treasury, Government Agency and cash

Other Repurchase Agreement, if any collateral falls Wells Fargo Securities LLC 5,000,000 0.170 09/27/21 09/27/21 5,000,000 0.04% outside Treasury, Government Agency and cash

Total Market Value $ 13,050,824,910 100.00%

Net Assets⁽⁴⁾ $ 13,082,318,887

Institutional Funds Contact Details: Telephone Number: 1.800.236.0992 Email: [email protected] Website: www.morganstanley.com/liquidity

Page 4 of 5 (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.

Weighted average maturity (WAM) – measures the weighted average of the maturities of the portfolio's individual holdings, taking into account reset dates for floating rate securities.

Weighted average life (WAL) – measures the weighted average of the maturities of the portfolio’s individual holdings.

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.

RISK CONSIDERATIONS

There is no assurance that a portfolio will achieve its investment objective. Portfolios are subject to market risk, which is the possibility that the market values of securities owned by the portfolio will decline. Market values can change daily due to economic and other events (e.g. natural disasters, health crises, terrorism, conflicts and social unrest) that affect markets, countries, companies or governments. It is difficult to predict the timing, duration, and potential adverse effects (e.g. portfolio liquidity) of events. Accordingly, you can lose money investing in this portfolio. Please be aware that this portfolio may be subject to certain additional risks. Fixed-income securities are subject to the ability of an issuer to make timely principal and interest payments (credit risk), changes in interest rates (interest-rate risk), the creditworthiness of the issuer and general market liquidity (market risk). In a rising interest-rate environment, prices may fall and may result in periods of volatility and increased portfolio redemptions. In a declining interest-rate environment, the portfolio may generate less income. Longer-term securities may be more sensitive to interest rate changes. The Portfolio is more susceptible to any economic, business, political, regulatory or other developments that adversely affect issuers in the industry than a fund that does not concentrate its investments in the financial services industry. Asset-backed securities are sensitive to early prepayment risk and a higher risk of default and may be hard to value and difficult to sell (liquidity risk). They are also subject to credit, market and interest rate risks. Certain U.S. Government securities purchased by the Strategy, such as those issued by Fannie Mae and Freddie Mac, are not backed by the full faith and credit of the U.S. It is possible that these issuers will not have the funds to meet their payment obligations in the future. Repurchase agreements are subject to default and credit risks. By investing in municipal obligations, the Fund may be susceptible to political, economic, regulatory or other factors affecting their issuers. Foreign securities are subject to currency, political, economic and market risks. Illiquid securities may be more difficult to sell and value than publicly traded securities (liquidity risk).

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, , research and analysis, financing and financial advisory services.

© 2021 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

3454798 Exp: 02/28/2022

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