Morgan Stanley Emerging Markets Domestic Debt Fund, Inc.
Third Quarter Report – July 31, 2025 (unaudited)
Portfolio of Investments
(Showing Percentage of Total Value of Investments)
| Face Amount (000) | Value (000) | |||||||
| FIXED INCOME SECURITIES (89.9%) | ||||||||
| Albania (2.8%) | ||||||||
| Sovereign (2.8%) | ||||||||
| Albanian Government Bond, | ||||||||
| 3.70%, 1/10/28 | ALL | 1,800 | $ | 21 | ||||
| 3.90%, 1/22/30 | 75,900 | 914 | ||||||
| 4.05%, 2/7/32 | 43,200 | 521 | ||||||
| 4.30%, 7/10/27 | 114,500 | 1,369 | ||||||
| 4.70%, 2/23/27 | 37,000 | 442 | ||||||
| 4.95%, 7/22/29 | 353,300 | 4,408 | ||||||
| 5.25%, 1/26/29 - 1/23/35 | 254,100 | 3,196 | ||||||
| 5.59%, 2/19/40 | 6,100 | 75 | ||||||
| 6.13%, 7/25/34 | 17,100 | 218 | ||||||
| 11,164 | ||||||||
| Angola (0.1%) | ||||||||
| Sovereign (0.1%) | ||||||||
| Angolan Government International Bond, | ||||||||
| 9.13%, 11/26/49 | $ | 575 | 458 | |||||
| Argentina (0.8%) | ||||||||
| Sovereign (0.8%) | ||||||||
| Argentina Treasury Bonds BONTE, | ||||||||
| 29.50%, 5/30/30 | ARS | 987,000 | 744 | |||||
| Bono Del Tesoro Nacional Capitalizable en Pesos, | ||||||||
| 2.05%, 1/15/27 | 1,003,600 | 683 | ||||||
| 2.15%, 6/30/26 | 1,739,853 | 1,147 | ||||||
| 2.60%, 2/13/26 | 33,453 | 23 | ||||||
| 2.65%, 1/30/26 | 687,800 | 511 | ||||||
| 3,108 | ||||||||
| Armenia (2.8%) | ||||||||
| Sovereign (2.8%) | ||||||||
| Republic of Armenia Treasury Bond, | ||||||||
| 9.00%, 4/29/26 | AMD | 99,880 | 262 | |||||
| 9.25%, 4/29/28 | 786,700 | 2,049 | ||||||
| 9.60%, 10/29/33 | 2,602,928 | 6,708 | ||||||
| 9.75%, 10/29/50 - 10/29/52 | 757,312 | 1,939 | ||||||
| 10,958 | ||||||||
| Bahamas (0.6%) | ||||||||
| Sovereign (0.6%) | ||||||||
| Bahamas Government International Bond, | ||||||||
| 6.63%, 5/15/33 | $ | 719 | 655 | |||||
| 8.25%, 6/24/36 (a) | 275 | 280 | ||||||
| 8.95%, 10/15/32 | 1,174 | 1,251 | ||||||
| 9.00%, 6/16/29 | 222 | 235 | ||||||
| 2,421 | ||||||||
| Benin (0.5%) | ||||||||
| Sovereign (0.5%) | ||||||||
| Benin Government International Bond, | ||||||||
| 4.88%, 1/19/32 | EUR | 223 | 238 | |||||
| 6.88%, 1/19/52 | 1,077 | 1,056 | ||||||
| 7.96%, 2/13/38 | $ | 559 | 542 | |||||
| 1,836 | ||||||||
| Brazil (0.8%) | ||||||||
| Sovereign (0.8%) | ||||||||
| Brazil Notas do Tesouro Nacional, | ||||||||
| 6.00%, 8/15/30 | BRL | 4,200 | 3,242 | |||||
| Cameroon (0.1%) | ||||||||
| Sovereign (0.1%) | ||||||||
| Republic of Cameroon International Bond, | ||||||||
| 5.95%, 7/7/32 | EUR | 411 | 375 | |||||
| Colombia (7.5%) | ||||||||
| Corporate Bond (0.2%) | ||||||||
| Fideicomiso PA Costera, | ||||||||
| 6.25%, 1/15/34 (a) | COP | 4,979,415 | 1,065 | |||||
| Sovereign (7.3%) | ||||||||
| Colombian TES, Series B | ||||||||
| 5.75%, 11/3/27 | 24,995,000 | 5,567 | ||||||
| 6.00%, 4/28/28 | 71,997,000 | 15,690 | ||||||
| 6.25%, 7/9/36 | 4,382,700 | 697 | ||||||
| 7.00%, 6/30/32 | 15,440,600 | 2,907 | ||||||
| 9.25%, 5/28/42 | 1,486,900 | 284 | ||||||
Morgan Stanley Emerging Markets Domestic Debt Fund, Inc.
Third Quarter Report – July 31, 2025 (unaudited)
Portfolio of Investments (cont’d)
(Showing Percentage of Total Value of Investments)
| Face Amount (000) |
Value (000) | |||||||
| Sovereign (cont’d) | ||||||||
| Colombian TES, | ||||||||
| 7.00%, 3/26/31 | COP | 8,239,000 | $ | 1,618 | ||||
| 13.25%, 2/9/33 | 8,253,900 | 2,105 | ||||||
| 28,868 | ||||||||
| 29,933 | ||||||||
| Dominican Republic (1.1%) | ||||||||
| Sovereign (1.1%) | ||||||||
| Dominican Republic Central Bank Note, | ||||||||
| 8.00%, 3/12/27 (a) | DOP | 15,000 | 237 | |||||
| Dominican Republic International Bond, | ||||||||
| 8.00%, 1/15/27 - 2/12/27 (a) | 114,000 | 1,797 | ||||||
| 11.25%, 9/15/35 | 40,450 | 723 | ||||||
| 12.00%, 8/8/25 (a) | 61,080 | 1,004 | ||||||
| 12.75%, 9/23/29 (a) | 41,000 | 742 | ||||||
| 4,503 | ||||||||
| Egypt (5.5%) | ||||||||
| Sovereign (5.5%) | ||||||||
| Egypt Government Bond, | ||||||||
| 19.98%, 5/20/30 | EGP | 505,088 | 9,607 | |||||
| 24.46%, 10/1/27 | 587,636 | 12,083 | ||||||
| 21,690 | ||||||||
| Ethiopia (1.1%) | ||||||||
| Sovereign (1.1%) | ||||||||
| Ethiopia International Bond, | ||||||||
| 6.63%, 12/11/24 | $ | 4,412 | 4,070 | |||||
| 6.63%, 12/11/25 (a) | 290 | 267 | ||||||
| 4,337 | ||||||||
| Ghana (0.8%) | ||||||||
| Sovereign (0.8%) | ||||||||
| Ghana Cocoa Bond, | ||||||||
| 13.00%, 8/30/27 - 8/28/28 | GHS | 3,790 | 312 | |||||
| Republic of Ghana Government Bond, 5.00% Cash, 3.35% PIK | ||||||||
| 8.35%, 2/16/27 (b) | 6,901 | 592 | ||||||
| 5.00% Cash, 3.50% PIK | ||||||||
| 8.50%, 2/15/28 (b) | 5,732 | 464 | ||||||
| 5.00% Cash, 3.65% PIK | ||||||||
| 8.65%, 2/13/29 (b) | 2,411 | 186 | ||||||
| 5.00% Cash, 3.80% PIK | ||||||||
| 8.80%, 2/12/30 (b) | 4,323 | 320 | ||||||
| 5.00% Cash, 3.95% PIK | ||||||||
| 8.95%, 2/11/31 (b) | 3,922 | 280 | ||||||
| 5.00% Cash, 4.25% PIK | ||||||||
| 9.25%, 2/8/33 (b) | 4,646 | 316 | ||||||
| 5.00% Cash, 4.55% PIK | ||||||||
| 9.55%, 2/6/35 (b) | 1,490 | 98 | ||||||
| 5.00% Cash, 4.70% PIK | ||||||||
| 9.70%, 2/5/36 (b) | 3,816 | 250 | ||||||
| 5.00% Cash, 4.85% PIK | ||||||||
| 9.85%, 2/3/37 (b) | 938 | 61 | ||||||
| Republic of Ghana Government Bond, | ||||||||
| 10.00%, 8/17/27 | 989 | 82 | ||||||
| 5.00% Cash, 5.00% PIK | ||||||||
| 10.00%, 2/2/38 (b) | 2,346 | 153 | ||||||
| 3,114 | ||||||||
| Guatemala (0.1%) | ||||||||
| Sovereign (0.1%) | ||||||||
| Guatemala Government Bond, | ||||||||
| 6.60%, 6/13/36 | $ | 283 | 291 | |||||
| Honduras (0.5%) | ||||||||
| Sovereign (0.5%) | ||||||||
| Honduras Government International Bond, | ||||||||
| 8.63%, 11/27/34 | 1,790 | 1,871 | ||||||
| Hungary (0.2%) | ||||||||
| Sovereign (0.2%) | ||||||||
| Hungary Government Bond, | ||||||||
| 3.00%, 4/25/41 | HUF | 452,940 | 774 | |||||
| 4.00%, 4/28/51 | 139,450 | 240 | ||||||
| 1,014 | ||||||||
| Indonesia (7.6%) | ||||||||
| Sovereign (7.6%) | ||||||||
| Indonesia Treasury Bond, | ||||||||
| 6.75%, 7/15/35 | IDR | 47,031,000 | 2,901 | |||||
| 7.00%, 9/15/30 - 2/15/33 | 178,804,000 | 11,193 | ||||||
| 7.13%, 6/15/38 - 6/15/43 | 86,468,000 | 5,370 | ||||||
| 7.50%, 6/15/35 | 83,000,000 | 5,363 | ||||||
Morgan Stanley Emerging Markets Domestic Debt Fund, Inc.
Third Quarter Report – July 31, 2025 (unaudited)
Portfolio of Investments (cont’d)
(Showing Percentage of Total Value of Investments)
| Face Amount (000) |
Value (000) | |||||||
| Sovereign (cont’d) | ||||||||
| 8.38%, 4/15/39 | IDR | 20,000,000 | $ | 1,377 | ||||
| 8.75%, 5/15/31 | 58,978,000 | 3,997 | ||||||
| 30,201 | ||||||||
| Kazakhstan (1.5%) | ||||||||
| Sovereign (1.5%) | ||||||||
| Development Bank of Kazakhstan JSC, | ||||||||
| 13.00%, 4/15/27 (a) | KZT | 1,922,000 | 3,386 | |||||
| Kazakhstan Government Bond - MEUKAM, | ||||||||
| 5.00%, 4/18/28 | 148,388 | 209 | ||||||
| 5.50%, 9/20/28 | 209,238 | 288 | ||||||
| 10.55%, 7/28/29 | 502,000 | 773 | ||||||
| 14.00%, 5/12/31 - 5/19/32 | 774,179 | 1,303 | ||||||
| 5,959 | ||||||||
| Lebanon (0.3%) | ||||||||
| Sovereign (0.3%) | ||||||||
| Lebanon Government International Bond, | ||||||||
| 5.80%, 4/14/20 (c)(d) | $ | 469 | 88 | |||||
| 6.00%, 1/27/23 (c)(d) | 532 | 99 | ||||||
| 6.10%, 10/4/22 (c)(d) | 1,187 | 221 | ||||||
| 6.15%, 6/19/20 (c)(d) | 68 | 13 | ||||||
| 6.20%, 2/26/25 (c)(d) | 58 | 11 | ||||||
| 6.25%, 5/27/22 - 6/12/25 (c)(d) | 372 | 70 | ||||||
| 6.38%, 3/9/20 (c)(d) | 637 | 119 | ||||||
| 6.40%, 5/26/23 (c)(d) | 2,260 | 422 | ||||||
| 6.60%, 11/27/26 (c)(d) | 34 | 6 | ||||||
| 6.65%, 4/22/24 - 11/3/28 (c)(d) | 117 | 22 | ||||||
| 6.75%, 11/29/27 (c)(d) | 54 | 10 | ||||||
| 6.85%, 3/23/27 - 5/25/29 (c)(d) | 252 | 47 | ||||||
| 7.00%, 3/20/28 - 3/23/32 (c)(d) | 314 | 59 | ||||||
| 7.25%, 3/23/37 (c)(d) | 177 | 33 | ||||||
| 8.25%, 4/12/21 (c)(d) | 492 | 92 | ||||||
| 1,312 | ||||||||
| Malaysia (0.9%) | ||||||||
| Sovereign (0.9%) | ||||||||
| Malaysia Government Bond, | ||||||||
| 3.76%, 5/22/40 | MYR | 11,420 | 2,705 | |||||
| 4.70%, 10/15/42 | 3,900 | 1,023 | ||||||
| 3,728 | ||||||||
| Mexico (10.2%) | ||||||||
| Sovereign (10.2%) | ||||||||
| Mexican Bonos, | ||||||||
| 7.75%, 11/23/34 | MXN | 135,015 | 6,489 | |||||
| 8.00%, 11/7/47 - 7/31/53 | 178,199 | 7,758 | ||||||
| 8.50%, 5/31/29 - 11/18/38 | 381,323 | 18,705 | ||||||
| Mexico Udibonos, | ||||||||
| 2.75%, 11/27/31 | 121,895 | 5,706 | ||||||
| Petroleos Mexicanos, | ||||||||
| 6.88%, 10/16/25 | $ | 1,720 | 1,723 | |||||
| 40,381 | ||||||||
| Mongolia (0.1%) | ||||||||
| Sovereign (0.1%) | ||||||||
| Mongolia Government International Bond, | ||||||||
| 6.63%, 2/25/30 (a) | 200 | 200 | ||||||
| 6.63%, 2/25/30 | 200 | 200 | ||||||
| 400 | ||||||||
| Montenegro (0.8%) | ||||||||
| Sovereign (0.8%) | ||||||||
| Montenegro Government International Bond, | ||||||||
| 2.88%, 12/16/27 | EUR | 261 | 292 | |||||
| 4.88%, 4/1/32 | 1,963 | 2,221 | ||||||
| 7.25%, 3/12/31 (a) | $ | 200 | 208 | |||||
| 7.25%, 3/12/31 | 270 | 280 | ||||||
| 3,001 | ||||||||
| Paraguay (2.3%) | ||||||||
| Corporate Bond (0.7%) | ||||||||
| Itau BBA International PLC, | ||||||||
| 0.00%, 2/19/30 | 18,493,970 | 2,644 | ||||||
| Sovereign (1.6%) | ||||||||
| Paraguay Government International Bond, | ||||||||
| 7.90%, 2/9/31 | PYG | 9,630,000 | 1,238 | |||||
Morgan Stanley Emerging Markets Domestic Debt Fund, Inc.
Third Quarter Report – July 31, 2025 (unaudited)
Portfolio of Investments (cont’d)
(Showing Percentage of Total Value of Investments)
| Face Amount (000) |
Value (000) | |||||||
| Sovereign (cont’d) | ||||||||
| 7.90%, 2/9/31 (a) | PYG | 37,776,000 | $ | 4,854 | ||||
| 8.50%, 3/4/35 (a) | 1,804,000 | 233 | ||||||
| 6,325 | ||||||||
| 8,969 | ||||||||
| Peru (5.1%) | ||||||||
| Sovereign (5.1%) | ||||||||
| Peru Government Bond, | ||||||||
| 5.40%, 8/12/34 | PEN | 23,391 | 6,159 | |||||
| 6.85%, 8/12/35 | 2,172 | 622 | ||||||
| 6.90%, 8/12/37 | 23,639 | 6,671 | ||||||
| 7.30%, 8/12/33 | 1,091 | 332 | ||||||
| 7.60%, 8/12/39 | 21,662 | 6,394 | ||||||
| 20,178 | ||||||||
| Philippines (3.0%) | ||||||||
| Sovereign (3.0%) | ||||||||
| Philippine Government Bond, | ||||||||
| 3.63%, 4/22/28 | PHP | 230,370 | 3,739 | |||||
| 6.38%, 7/27/30 | 380,820 | 6,658 | ||||||
| Philippines Government Bond, | ||||||||
| 6.38%, 4/28/35 | 80,820 | 1,409 | ||||||
| 11,806 | ||||||||
| Poland (4.2%) | ||||||||
| Sovereign (4.2%) | ||||||||
| Republic of Poland Government Bond, | ||||||||
| 2.00%, 8/25/36 | PLN | 56,532 | 13,532 | |||||
| 5.00%, 10/25/34 | 12,266 | 3,189 | ||||||
| 16,721 | ||||||||
| Romania (1.5%) | ||||||||
| Sovereign (1.5%) | ||||||||
| Romania Government Bond, | ||||||||
| 4.25%, 4/28/36 | RON | 8,910 | 1,586 | |||||
| 4.75%, 10/11/34 | 23,000 | 4,354 | ||||||
| 5,940 | ||||||||
| Serbia (1.8%) | ||||||||
| Sovereign (1.8%) | ||||||||
| Serbia Treasury Bond, | ||||||||
| 4.50%, 8/20/32 | RSD | 45,030 | 427 | |||||
| 7.00%, 10/26/31 | 619,130 | 6,725 | ||||||
| 7,152 | ||||||||
| South Africa (7.5%) | ||||||||
| Sovereign (7.5%) | ||||||||
| Republic of South Africa Government Bond, | ||||||||
| 8.00%, 1/31/30 | ZAR | 17,350 | 946 | |||||
| 8.50%, 1/31/37 | 38,329 | 1,873 | ||||||
| 8.75%, 1/31/44 | 106,539 | 4,911 | ||||||
| 8.88%, 2/28/35 | 232,217 | 12,175 | ||||||
| 9.00%, 1/31/40 | 200,655 | 9,781 | ||||||
| 29,686 | ||||||||
| Sri Lanka (1.9%) | ||||||||
| Sovereign (1.9%) | ||||||||
| Sri Lanka Government Bond, | ||||||||
| 9.00%, 6/1/33 - 11/1/33 | LKR | 115,000 | 345 | |||||
| 9.75%, 7/1/30 (e) | 14,000 | 46 | ||||||
| 10.25%, 9/15/34 | 535,000 | 1,687 | ||||||
| 10.35%, 10/15/29 | 14,000 | 48 | ||||||
| 11.00%, 10/15/28 - 10/15/30 | 1,257,000 | 4,382 | ||||||
| 11.25%, 3/15/31 | 6,000 | 21 | ||||||
| 11.50%, 12/15/32 | 311,000 | 1,080 | ||||||
| 7,609 | ||||||||
| Suriname (1.0%) | ||||||||
| Sovereign (1.0%) | ||||||||
| Suriname Government International Bond, 4.95% Cash, 3.00% PIK | ||||||||
| 7.95%, 7/15/33 (a)(b) | $ | 146 | 146 | |||||
| 7.95%, 7/15/33 (b) | 1,862 | 1,857 | ||||||
| Suriname Government International Bond, | ||||||||
| 9.00%, 12/31/50 (a)(f) | 675 | 786 | ||||||
| 9.00%, 12/31/50 (f) | 956 | 1,114 | ||||||
| 3,903 | ||||||||
| Thailand (2.3%) | ||||||||
| Sovereign (2.3%) | ||||||||
| Thailand Government Bond, | ||||||||
| 1.60%, 6/17/35 | THB | 30,700 | 948 | |||||
| 1.88%, 6/17/49 | 50,000 | 1,465 | ||||||
| 2.00%, 6/17/42 | 158,500 | 4,913 | ||||||
| 3.30%, 6/17/38 | 50,000 | 1,809 | ||||||
| 9,135 | ||||||||
Morgan Stanley Emerging Markets Domestic Debt Fund, Inc.
Third Quarter Report – July 31, 2025 (unaudited)
Portfolio of Investments (cont’d)
(Showing Percentage of Total Value of Investments)
| Face Amount (000) |
Value (000) | |||||||
| Turkey (2.6%) | ||||||||
| Sovereign (2.6%) | ||||||||
| Turkiye Government Bond, | ||||||||
| 17.30%, 7/19/28 | TRY | 50,000 | $ | 871 | ||||
| 17.80%, 7/13/33 | 3,000 | 49 | ||||||
| 26.20%, 10/5/33 | 211,726 | 4,783 | ||||||
| 27.70%, 9/27/34 | 157,736 | 3,670 | ||||||
| 30.00%, 9/12/29 | 44,155 | 999 | ||||||
| 31.08%, 11/8/28 | 3,000 | 69 | ||||||
| 10,441 | ||||||||
| Uganda (0.5%) | ||||||||
| Sovereign (0.5%) | ||||||||
| Republic of Uganda Government Bond, | ||||||||
| 15.00%, 6/18/43 | UGX | 2,129,400 | 512 | |||||
| 15.80%, 6/23/39 | 5,390,100 | 1,410 | ||||||
| 1,922 | ||||||||
| Uruguay (0.6%) | ||||||||
| Sovereign (0.6%) | ||||||||
| Uruguay Government International Bond, | ||||||||
| 3.40%, 5/16/45 | UYU | 5,139 | 131 | |||||
| Uruguay Monetary Regulation Bill, | ||||||||
| 9.27%, 10/1/25 | 26,730 | 656 | ||||||
| 9.38%, 10/31/25 | 9,572 | 233 | ||||||
| 9.39%, 11/7/25 | 8,824 | 216 | ||||||
| 9.45%, 12/30/25 | 4,038 | 98 | ||||||
| 9.46%, 12/5/25 | 37,000 | 897 | ||||||
| 2,231 | ||||||||
| Uzbekistan (7.9%) | ||||||||
| Corporate Bonds (4.1%) | ||||||||
| European Bank for Reconstruction & Development, | ||||||||
| 17.20%, 4/9/26 | $ | 1,700 | 1,718 | |||||
| 17.35%, 3/1/27 | 564 | 562 | ||||||
| Ipoteka-Bank ATIB, | ||||||||
| 20.50%, 4/25/27 | UZS | 15,590,000 | 1,262 | |||||
| TBC Bank Group PLC, | ||||||||
| 22.00%, 6/5/28 (a) | 15,360,000 | 1,213 | ||||||
| Uzbek Industrial & Construction Bank ATB, | ||||||||
| 21.00%, 7/24/27 | 141,910,000 | 11,596 | ||||||
| 16,351 | ||||||||
| Loan Participation Notes (0.5%) | ||||||||
| Europe Asia Investment Finance BV, | ||||||||
| 18.70%, 7/21/26 | 25,786,585 | 2,035 | ||||||
| Sovereign (3.3%) | ||||||||
| Asian Development Bank, | ||||||||
| 14.50%, 6/26/28 | 7,716,500 | 611 | ||||||
| National Bank of Uzbekistan, | ||||||||
| 19.88%, 7/5/27 | 14,170,000 | 1,149 | ||||||
| Republic of Uzbekistan International Bond, | ||||||||
| 15.50%, 2/25/28 | 42,000,000 | 3,337 | ||||||
| 16.25%, 10/12/26 | 55,720,000 | 4,490 | ||||||
| 16.63%, 5/29/27 | 40,000,000 | 3,228 | ||||||
| 12,815 | ||||||||
| 31,201 | ||||||||
| Venezuela (0.9%) | ||||||||
| Sovereign (0.9%) | ||||||||
| Petroleos de Venezuela SA, | ||||||||
| 5.38%, 4/12/27 (c)(d) | $ | 1,817 | 255 | |||||
| 5.50%, 4/12/37 (c)(d) | 507 | 71 | ||||||
| 6.00%, 5/16/24 - 11/15/26 (c)(d) | 10,902 | 1,540 | ||||||
| 9.00%, 11/17/21 (c)(d) | 375 | 54 | ||||||
| 9.75%, 5/17/35 (c)(d) | 690 | 110 | ||||||
| 12.75%, 2/17/22 (c)(d) | 291 | 45 | ||||||
| Venezuela Government International Bond, | ||||||||
| 6.00%, 12/9/20 (c)(d) | 322 | 50 | ||||||
| 7.00%, 3/31/38 (c)(d) | 430 | 86 | ||||||
| 7.65%, 4/21/25 (c)(d) | 466 | 86 | ||||||
| 7.75%, 10/13/19 (c)(d) | 710 | 112 | ||||||
| 8.25%, 10/13/24 (c)(d) | 1,410 | 264 | ||||||
| 9.00%, 5/7/23 (c)(d) | 307 | 56 | ||||||
| 9.25%, 9/15/27 - 5/7/28 (c)(d) | 3,831 | 812 | ||||||
| 9.38%, 1/13/34 (c)(d) | 108 | 28 | ||||||
| 11.75%, 10/21/26 (c)(d) | 366 | 81 | ||||||
Morgan Stanley Emerging Markets Domestic Debt Fund, Inc.
Third Quarter Report – July 31, 2025 (unaudited)
Portfolio of Investments (cont’d)
(Showing Percentage of Total Value of Investments)
| Face Amount (000) |
Value (000) | |||||||
| Sovereign (cont’d) | ||||||||
| 11.95%, 8/5/31 (c)(d) | $ | 405 | $ | 84 | ||||
| 12.75%, 8/23/22 (c)(d) | 237 | 47 | ||||||
| 3,781 | ||||||||
| Zambia (0.1%) | ||||||||
| Sovereign (0.1%) | ||||||||
| Zambia Government International Bond, | ||||||||
| 0.50%, 12/31/53 | 701 | 514 | ||||||
| TOTAL FIXED INCOME SECURITIES (Cost $354,850) | 356,486 | |||||||
| No. of Warrants |
||||||||
| WARRANTS (1.2%) | ||||||||
| Ukraine (1.2%) | ||||||||
| Ukraine Government International Bond, expires 8/1/41 (f)(g) (Cost $4,711) | 6,338,000 | 4,719 | ||||||
| Face Amount (000) | ||||||||
| SHORT-TERM INVESTMENTS (8.8%) | ||||||||
| U.S. Treasury Securities (2.5%) | ||||||||
| U.S. Treasury Bill, | ||||||||
| 4.32%, 8/5/25 (h) | 3,000 | 2,998 | ||||||
| 4.30%, 11/20/25 (h) | 7,000 | 6,910 | ||||||
| TOTAL U.S. TREASURY SECURITIES (Cost $9,909) | 9,908 | |||||||
| Shares | ||||||||
| Investment Company (2.3%) | ||||||||
| Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class, 4.13% (Cost $9,047) (i) | 9,047,307 | 9,047 | ||||||
| Face Amount (000) |
||||||||
| Sovereign (4.0%) | ||||||||
| Albania (0.0%)‡ | ||||||||
| Albanian Treasury Bill, 2.70%, 3/12/26 | ALL | 9,300 | 107 | |||||
| Argentina (0.1%) | ||||||||
| Letra Del Tesoro Nacional Capitalizable En Pesos, 2.35%, 5/29/26 (Cost $262) | ARS | 334,533 | 229 | |||||
| Egypt (1.9%) | ||||||||
| Egypt Treasury Bill, | ||||||||
| 26.75%, 9/9/25 | EGP | 4,100 | 82 | |||||
| 26.75%, 10/28/25 | 13,725 | 265 | ||||||
| 27.00%, 8/5/25 | 54,250 | 1,119 | ||||||
| 27.25%, 8/19/25 | 35,225 | 716 | ||||||
| 27.99%, 12/23/25 | 196,225 | 3,640 | ||||||
| 28.00%, 8/5/25 | 70,450 | 1,453 | ||||||
| 28.00%, 9/9/25 | 2,900 | 58 | ||||||
| 29.00%, 9/16/25 | 17,625 | 351 | ||||||
| 7,684 | ||||||||
| Nigeria (1.2%) | ||||||||
| Nigeria OMO Bill, | ||||||||
| 26.64%, 12/16/25 | NGN | 405,384 | 242 | |||||
| 26.67%, 11/18/25 | 428,687 | 260 | ||||||
| 27.37%, 10/14/25 | 3,141,209 | 1,947 | ||||||
| 29.63%, 9/30/25 | 94,135 | 59 | ||||||
| 30.24%, 9/30/25 | 963,280 | 603 | ||||||
| 30.80%, 10/7/25 | 1,038,996 | 648 | ||||||
| 30.86%, 9/30/25 | 20,789 | 13 | ||||||
| 31.58%, 10/7/25 | 1,565,057 | 975 | ||||||
| 4,747 | ||||||||
| Uruguay (0.8%) | ||||||||
| Uruguay Monetary Regulation Bill, | ||||||||
| 9.36%, 9/10/25 | UYU | 90,000 | 2,225 | |||||
Morgan Stanley Emerging Markets Domestic Debt Fund, Inc.
Third Quarter Report – July 31, 2025 (unaudited)
Portfolio of Investments (cont’d)
(Showing Percentage of Total Value of Investments)
| Face Amount (000) |
Value (000) | |||||||
| Uruguay (cont’d) | ||||||||
| 9.37%, 12/19/25 | UYU | 29,910 | $ | 723 | ||||
| 9.53%, 3/6/26 | 8,824 | 210 | ||||||
| 3,158 | ||||||||
| Total Sovereign (Cost $15,357) | 15,925 | |||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $34,313) | 34,880 | |||||||
| TOTAL INVESTMENTS EXCLUDING PURCHASED OPTIONS (99.9%)(Cost $393,874) | 396,085 | |||||||
| TOTAL PURCHASED OPTIONS OUTSTANDING (0.1%) (Cost $371) | 264 | |||||||
| TOTAL INVESTMENTS (100%) (Cost $394,245)(j)(k) | 396,349 | |||||||
| LIABILITIES IN EXCESS OF OTHER ASSETS | (46,953 | ) | ||||||
| NET ASSETS | $ | 349,396 | ||||||
Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund’s prospectus and/or statement of additional information relating to geographic classifications.
| ‡ | Amount is less than 0.05%. |
| (a) | 144A security — Certain conditions for public sale may exist. Unless otherwise noted, these securities are deemed to be liquid. |
| (b) | Income may be paid in additional securities and/or cash at the discretion of the issuer. |
| (c) | Issuer in bankruptcy. |
| (d) | Non-income producing security; bond in default. |
| (e) | When-issued security. |
| (f) | Floating or variable rate securities: The rates disclosed are as of July 31, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description in the Portfolio of Investments. Certain variable rate securities may not be based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description in the Portfolio of Investments. |
| (g) | Non-income producing security. |
| (h) | Rate shown is the yield to maturity at July 31, 2025. |
| (i) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the “Liquidity Fund”), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the nine months ended July 31, 2025, advisory fees paid were reduced by approximately $22,000 relating to the Fund’s investment in the Liquidity Fund. |
| (j) | Securities are available for collateral in connection with securities purchased on a forward commitment basis, open foreign currency forward exchange contracts, futures contracts and swap agreements. |
| (k) | At July 31, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $16,715,000 and the aggregate gross unrealized depreciation is approximately $14,611,000, resulting in net unrealized appreciation of approximately $2,104,000. |
| PIK | Payment-in-Kind. |
Morgan Stanley Emerging Markets Domestic Debt Fund, Inc.
Third Quarter Report – July 31, 2025 (unaudited)
Portfolio of Investments (cont’d)
Foreign Currency Forward Exchange Contracts:
The Fund had the following foreign currency forward exchange contracts open at July 31, 2025:
| Counterparty | Contracts to Deliver (000) |
In Exchange For (000) |
Delivery Date |
Unrealized Appreciation (Depreciation) (000) |
||||||||||
| Australia & New Zealand Banking Group Ltd. | THB | 339,120 | $ | 10,463 | 9/17/25 | $ | 50 | |||||||
| Australia & New Zealand Banking Group Ltd. | $ | 5,115 | THB | 165,787 | 9/17/25 | (25 | ) | |||||||
| Australia & New Zealand Banking Group Ltd. | $ | 24,931 | THB | 808,012 | 9/17/25 | (120 | ) | |||||||
| Bank of America NA | EUR | 1,165 | CZK | 29,000 | 9/17/25 | 15 | ||||||||
| Bank of America NA | EUR | 683 | CZK | 17,000 | 9/17/25 | 9 | ||||||||
| Bank of America NA | EUR | 1,727 | CZK | 43,000 | 9/17/25 | 22 | ||||||||
| Bank of America NA | EUR | 857 | HUF | 345,000 | 9/17/25 | 1 | ||||||||
| Bank of America NA | MXN | 8,276 | $ | 430 | 9/17/25 | (6 | ) | |||||||
| Bank of America NA | PLN | 16,200 | EUR | 3,789 | 9/17/25 | 17 | ||||||||
| Bank of America NA | $ | 2,588 | CNH | 18,500 | 9/17/25 | (13 | ) | |||||||
| Bank of America NA | $ | 1,229 | EGP | 62,578 | 10/15/25 | 12 | ||||||||
| Bank of America NA | $ | 1,057 | MXN | 20,000 | 9/17/25 | (2 | ) | |||||||
| Bank of America NA | $ | 814 | PEN | 2,906 | 9/17/25 | (6 | ) | |||||||
| Bank of America NA | $ | 782 | UYU | 32,000 | 10/9/25 | 7 | ||||||||
| Bank of America NA | ZAR | 7,000 | $ | 390 | 9/17/25 | 7 | ||||||||
| Barclays Bank PLC | CLP | 8,723,000 | $ | 9,183 | 9/17/25 | 214 | ||||||||
| Barclays Bank PLC | CZK | 121,380 | EUR | 4,878 | 9/17/25 | (59 | ) | |||||||
| Barclays Bank PLC | EUR | 844 | CZK | 21,000 | 9/17/25 | 10 | ||||||||
| Barclays Bank PLC | EUR | 362 | CZK | 9,000 | 9/17/25 | 4 | ||||||||
| Barclays Bank PLC | EUR | 563 | CZK | 14,000 | 9/17/25 | 7 | ||||||||
| Barclays Bank PLC | EUR | 2,802 | CZK | 69,709 | 9/17/25 | 34 | ||||||||
| Barclays Bank PLC | EUR | 4,686 | CZK | 116,598 | 9/17/25 | 57 | ||||||||
| Barclays Bank PLC | EUR | 6,914 | CZK | 172,037 | 9/17/25 | 83 | ||||||||
| Barclays Bank PLC | EUR | 21,200 | PLN | 91,298 | 9/17/25 | 81 | ||||||||
| Barclays Bank PLC | EUR | 1,140 | PLN | 4,909 | 9/17/25 | 4 | ||||||||
| Barclays Bank PLC | EUR | 528 | RON | 2,699 | 9/17/25 | 1 | ||||||||
| Barclays Bank PLC | EUR | 4,086 | RON | 20,886 | 9/17/25 | 8 | ||||||||
| Barclays Bank PLC | IDR | 26,566,145 | $ | 1,624 | 9/17/25 | 12 | ||||||||
| Barclays Bank PLC | IDR | 319,689,073 | $ | 19,547 | 9/17/25 | 141 | ||||||||
| Barclays Bank PLC | IDR | 10,371,000 | $ | 639 | 9/17/25 | 9 | ||||||||
| Barclays Bank PLC | MXN | 70,578 | $ | 3,700 | 9/17/25 | (23 | ) | |||||||
| Barclays Bank PLC | MYR | 11,895 | $ | 2,821 | 9/17/25 | 27 | ||||||||
| Barclays Bank PLC | MYR | 7,400 | $ | 1,745 | 9/17/25 | 7 | ||||||||
| Barclays Bank PLC | PLN | 820 | EUR | 190 | 9/17/25 | (1 | ) | |||||||
| Barclays Bank PLC | PLN | 48,969 | EUR | 11,371 | 9/17/25 | (43 | ) | |||||||
| Barclays Bank PLC | PLN | 22,195 | EUR | 5,154 | 9/17/25 | (20 | ) | |||||||
Morgan Stanley Emerging Markets Domestic Debt Fund, Inc.
Third Quarter Report – July 31, 2025 (unaudited)
Portfolio of Investments (cont’d)
Foreign Currency Forward Exchange Contracts: (cont’d)
| Counterparty | Contracts to Deliver (000) |
In Exchange For (000) |
Delivery Date |
Unrealized Appreciation (Depreciation) (000) |
||||||||||
| Barclays Bank PLC | RON | 2,803 | EUR | 510 | 5/12/26 | $ | (27 | ) | ||||||
| Barclays Bank PLC | RON | 7,921 | EUR | 1,550 | 9/17/25 | (3 | ) | |||||||
| Barclays Bank PLC | TRY | 22,963 | $ | 433 | 3/23/26 | (32 | ) | |||||||
| Barclays Bank PLC | TRY | 21,377 | $ | 468 | 9/22/25 | (36 | ) | |||||||
| Barclays Bank PLC | TRY | 88,547 | $ | 1,636 | 3/26/26 | (152 | ) | |||||||
| Barclays Bank PLC | TRY | 20,426 | $ | 381 | 3/26/26 | (31 | ) | |||||||
| Barclays Bank PLC | TRY | 25,630 | $ | 591 | 9/17/25 | (17 | ) | |||||||
| Barclays Bank PLC | TRY | 101,400 | $ | 2,333 | 9/16/25 | (72 | ) | |||||||
| Barclays Bank PLC | TRY | 16,453 | $ | 379 | 9/16/25 | (11 | ) | |||||||
| Barclays Bank PLC | $ | 10,312 | CNH | 73,514 | 9/17/25 | (82 | ) | |||||||
| Barclays Bank PLC | $ | 8,261 | IDR | 135,111,289 | 9/17/25 | (59 | ) | |||||||
| Barclays Bank PLC | $ | 7,503 | IDR | 122,712,199 | 9/17/25 | (54 | ) | |||||||
| Barclays Bank PLC | $ | 969 | IDR | 15,770,000 | 9/17/25 | (12 | ) | |||||||
| Barclays Bank PLC | $ | 8,032 | INR | 687,000 | 9/17/25 | (205 | ) | |||||||
| Barclays Bank PLC | $ | 3,143 | INR | 270,000 | 9/17/25 | (67 | ) | |||||||
| Barclays Bank PLC | $ | 684 | KRW | 943,350 | 9/17/25 | (2 | ) | |||||||
| Barclays Bank PLC | $ | 2,061 | MXN | 39,700 | 9/17/25 | 34 | ||||||||
| Barclays Bank PLC | $ | 1,972 | MXN | 38,000 | 9/17/25 | 33 | ||||||||
| Barclays Bank PLC | $ | 14,619 | MYR | 61,653 | 9/17/25 | (139 | ) | |||||||
| Barclays Bank PLC | $ | 7,469 | MYR | 31,500 | 9/17/25 | (71 | ) | |||||||
| Barclays Bank PLC | $ | 8,783 | MYR | 37,039 | 9/17/25 | (83 | ) | |||||||
| Barclays Bank PLC | $ | 763 | MYR | 3,200 | 9/17/25 | (11 | ) | |||||||
| Barclays Bank PLC | $ | 4,248 | MYR | 18,000 | 9/17/25 | (21 | ) | |||||||
| Barclays Bank PLC | $ | 474 | TRY | 21,377 | 9/22/25 | 30 | ||||||||
| Barclays Bank PLC | $ | 2,045 | TRY | 108,973 | 3/26/26 | 155 | ||||||||
| Barclays Bank PLC | $ | 2,045 | TRY | 93,844 | 9/26/25 | 163 | ||||||||
| Barclays Bank PLC | $ | 938 | TRY | 40,716 | 9/17/25 | 26 | ||||||||
| Barclays Bank PLC | $ | 445 | TRY | 19,325 | 9/17/25 | 13 | ||||||||
| BNP Paribas SA | IDR | 11,460,911 | $ | 705 | 9/17/25 | 10 | ||||||||
| BNP Paribas SA | PHP | 396,296 | $ | 7,069 | 5/12/26 | 316 | ||||||||
| BNP Paribas SA | $ | 4,039 | IDR | 65,595,000 | 9/17/25 | (57 | ) | |||||||
| BNP Paribas SA | $ | 15,439 | ZAR | 275,850 | 9/17/25 | (342 | ) | |||||||
| BNP Paribas SA | ZAR | 164,640 | $ | 9,215 | 9/17/25 | 204 | ||||||||
| BNP Paribas SA | ZAR | 146,420 | $ | 8,195 | 9/17/25 | 181 | ||||||||
| BNP Paribas SA | ZAR | 570 | $ | 32 | 9/17/25 | 1 | ||||||||
| Citibank NA | COP | 25,492,951 | $ | 6,117 | 9/17/25 | 53 | ||||||||
| Citibank NA | COP | 7,885,597 | $ | 1,930 | 9/17/25 | 54 | ||||||||
| Citibank NA | COP | 3,541,238 | $ | 862 | 9/17/25 | 19 | ||||||||
| Citibank NA | EUR | 1,997 | CZK | 49,350 | 9/17/25 | 8 | ||||||||
| Citibank NA | EUR | 979 | RON | 5,000 | 9/17/25 | 1 | ||||||||
Morgan Stanley Emerging Markets Domestic Debt Fund, Inc.
Third Quarter Report – July 31, 2025 (unaudited)
Portfolio of Investments (cont’d)
Foreign Currency Forward Exchange Contracts: (cont’d)
| Counterparty | Contracts to Deliver (000) |
In Exchange For (000) |
Delivery Date |
Unrealized Appreciation (Depreciation) (000) |
||||||||||
| Citibank NA | MXN | 7,353 | $ | 380 | 9/17/25 | $ | (8 | ) | ||||||
| Citibank NA | THB | 21,930 | $ | 675 | 9/17/25 | 2 | ||||||||
| Citibank NA | THB | 251,700 | $ | 7,761 | 9/17/25 | 32 | ||||||||
| Citibank NA | TRY | 46,113 | $ | 1,015 | 9/26/25 | (69 | ) | |||||||
| Citibank NA | $ | 1,536 | CLP | 1,430,000 | 9/17/25 | (66 | ) | |||||||
| Citibank NA | $ | 1,549 | CLP | 1,446,000 | 9/17/25 | (62 | ) | |||||||
| Citibank NA | $ | 1,495 | EGP | 81,572 | 8/12/25 | 176 | ||||||||
| Citibank NA | $ | 2 | EGP | 121 | 12/18/25 | —@ | ||||||||
| Citibank NA | $ | 242 | EGP | 12,367 | 9/9/25 | 7 | ||||||||
| Citibank NA | $ | 1,834 | IDR | 30,132,000 | 9/17/25 | (5 | ) | |||||||
| Citibank NA | $ | 1,077 | IDR | 17,710,020 | 9/17/25 | (2 | ) | |||||||
| Citibank NA | $ | 1,238 | IDR | 20,368,000 | 9/17/25 | (1 | ) | |||||||
| Citibank NA | $ | 10,537 | KRW | 14,392,500 | 9/17/25 | (134 | ) | |||||||
| Citibank NA | $ | 363 | UYU | 15,000 | 9/17/25 | 8 | ||||||||
| Citibank NA | $ | 1,413 | UYU | 57,000 | 9/17/25 | (3 | ) | |||||||
| Citibank NA | $ | 707 | UYU | 28,830 | 9/9/25 | 6 | ||||||||
| Goldman Sachs International | CLP | 66,346 | $ | 71 | 9/17/25 | 3 | ||||||||
| Goldman Sachs International | CLP | 820,580 | $ | 859 | 9/17/25 | 15 | ||||||||
| Goldman Sachs International | COP | 16,550,000 | $ | 3,878 | 9/17/25 | (58 | ) | |||||||
| Goldman Sachs International | CZK | 55,900 | EUR | 2,262 | 9/17/25 | (10 | ) | |||||||
| Goldman Sachs International | EUR | 391 | CZK | 9,760 | 9/17/25 | 7 | ||||||||
| Goldman Sachs International | EUR | 7,420 | HUF | 3,029,468 | 9/17/25 | 131 | ||||||||
| Goldman Sachs International | EUR | 1,025 | PLN | 4,400 | 9/17/25 | (—@ | ) | |||||||
| Goldman Sachs International | EUR | 1,264 | PLN | 5,400 | 9/17/25 | (7 | ) | |||||||
| Goldman Sachs International | HUF | 545,314 | EUR | 1,336 | 9/17/25 | (24 | ) | |||||||
| Goldman Sachs International | HUF | 395,810 | EUR | 985 | 9/17/25 | —@ | ||||||||
| Goldman Sachs International | IDR | 16,000,000 | $ | 985 | 9/17/25 | 14 | ||||||||
| Goldman Sachs International | MXN | 272,714 | $ | 14,159 | 9/17/25 | (229 | ) | |||||||
| Goldman Sachs International | NGN | 1,078,204 | $ | 552 | 10/7/25 | (133 | ) | |||||||
| Goldman Sachs International | $ | 865 | BRL | 5,040 | 9/3/25 | 28 | ||||||||
| Goldman Sachs International | $ | 7,303 | CLP | 6,850,494 | 9/17/25 | (259 | ) | |||||||
| Goldman Sachs International | $ | 3,936 | CLP | 3,692,441 | 9/17/25 | (140 | ) | |||||||
| Goldman Sachs International | $ | 2,183 | CLP | 2,056,450 | 9/17/25 | (68 | ) | |||||||
| Goldman Sachs International | $ | 4 | EGP | 225 | 10/27/25 | —@ | ||||||||
| Goldman Sachs International | $ | 528 | EGP | 28,802 | 8/11/25 | 63 | ||||||||
| Goldman Sachs International | $ | 6 | EGP | 298 | 8/12/25 | —@ | ||||||||
| Goldman Sachs International | $ | 10,113 | MXN | 194,775 | 9/17/25 | 164 | ||||||||
| Goldman Sachs International | $ | 1,264 | MXN | 24,341 | 9/17/25 | 20 | ||||||||
| Goldman Sachs International | $ | 6,017 | MXN | 115,900 | 9/17/25 | 97 | ||||||||
| Goldman Sachs International | $ | 263 | MYR | 1,110 | 9/17/25 | (2 | ) | |||||||
Morgan Stanley Emerging Markets Domestic Debt Fund, Inc.
Third Quarter Report – July 31, 2025 (unaudited)
Portfolio of Investments (cont’d)
Foreign Currency Forward Exchange Contracts: (cont’d)
| Counterparty | Contracts to Deliver (000) |
In Exchange For (000) |
Delivery Date |
Unrealized Appreciation (Depreciation) (000) |
||||||||||
| Goldman Sachs International | $ | 2,890 | THB | 94,000 | 9/17/25 | $ | (3 | ) | ||||||
| Goldman Sachs International | ZAR | 15,635 | $ | 869 | 9/17/25 | 13 | ||||||||
| Goldman Sachs International | ZAR | 15,721 | $ | 876 | 9/17/25 | 15 | ||||||||
| HSBC Bank PLC | EUR | 2,811 | PLN | 12,000 | 9/17/25 | (18 | ) | |||||||
| HSBC Bank PLC | EUR | 878 | RON | 4,500 | 9/17/25 | 4 | ||||||||
| HSBC Bank PLC | IDR | 130,054,000 | $ | 7,994 | 9/17/25 | 100 | ||||||||
| HSBC Bank PLC | MXN | 17,501 | $ | 916 | 9/17/25 | (8 | ) | |||||||
| HSBC Bank PLC | $ | 8,138 | EUR | 6,952 | 8/8/25 | (203 | ) | |||||||
| HSBC Bank PLC | $ | 149 | EUR | 127 | 8/8/25 | (4 | ) | |||||||
| HSBC Bank PLC | $ | 535 | IDR | 8,856,125 | 9/17/25 | 3 | ||||||||
| JPMorgan Chase Bank NA | BRL | 39,626 | $ | 6,840 | 9/3/25 | (181 | ) | |||||||
| JPMorgan Chase Bank NA | BRL | 19,260 | $ | 3,493 | 9/3/25 | 80 | ||||||||
| JPMorgan Chase Bank NA | COP | 347,300 | $ | 81 | 9/17/25 | (1 | ) | |||||||
| JPMorgan Chase Bank NA | EUR | 524 | RON | 2,803 | 5/12/26 | 11 | ||||||||
| JPMorgan Chase Bank NA | NGN | 1,565,057 | $ | 798 | 10/15/25 | (191 | ) | |||||||
| JPMorgan Chase Bank NA | NGN | 1,038,996 | $ | 535 | 10/10/25 | (123 | ) | |||||||
| JPMorgan Chase Bank NA | PEN | 2,169 | $ | 598 | 9/17/25 | (5 | ) | |||||||
| JPMorgan Chase Bank NA | PEN | 4,220 | $ | 1,164 | 9/17/25 | (9 | ) | |||||||
| JPMorgan Chase Bank NA | PEN | 7,387 | $ | 2,038 | 9/17/25 | (16 | ) | |||||||
| JPMorgan Chase Bank NA | PEN | 48,177 | $ | 13,289 | 9/17/25 | (104 | ) | |||||||
| JPMorgan Chase Bank NA | $ | 1,156 | BRL | 6,688 | 9/3/25 | 29 | ||||||||
| JPMorgan Chase Bank NA | $ | 27,286 | BRL | 158,073 | 9/3/25 | 722 | ||||||||
| JPMorgan Chase Bank NA | $ | 5,160 | BRL | 29,896 | 9/3/25 | 136 | ||||||||
| JPMorgan Chase Bank NA | $ | 4,401 | CNH | 31,450 | 9/17/25 | (25 | ) | |||||||
| JPMorgan Chase Bank NA | $ | 4,180 | COP | 16,897,300 | 9/17/25 | (161 | ) | |||||||
| JPMorgan Chase Bank NA | $ | 1,367 | IDR | 22,505,138 | 9/17/25 | (1 | ) | |||||||
| JPMorgan Chase Bank NA | $ | 2,244 | KZT | 1,237,772 | 9/17/25 | 15 | ||||||||
| JPMorgan Chase Bank NA | $ | 2,525 | PEN | 9,153 | 9/17/25 | 20 | ||||||||
| Standard Chartered Bank | COP | 7,687,976 | $ | 1,813 | 9/17/25 | (15 | ) | |||||||
| Standard Chartered Bank | COP | 15,751,829 | $ | 3,715 | 9/17/25 | (32 | ) | |||||||
| Standard Chartered Bank | COP | 16,806,502 | $ | 3,964 | 9/17/25 | (34 | ) | |||||||
| Standard Chartered Bank | GHS | 2,487 | $ | 199 | 8/22/25 | (36 | ) | |||||||
| Standard Chartered Bank | MXN | 10,000 | $ | 515 | 9/17/25 | (12 | ) | |||||||
| Standard Chartered Bank | MXN | 77,700 | $ | 4,112 | 9/17/25 | 13 | ||||||||
| Standard Chartered Bank | $ | 3,439 | CNH | 24,504 | 9/17/25 | (29 | ) | |||||||
| Standard Chartered Bank | $ | 3,711 | COP | 15,733,486 | 9/17/25 | 32 | ||||||||
| Standard Chartered Bank | $ | 766 | EUR | 668 | 8/8/25 | (4 | ) | |||||||
| Standard Chartered Bank | $ | 7,989 | TWD | 232,830 | 9/17/25 | (160 | ) | |||||||
| State Street Bank and Trust Co. | BRL | 19,200 | $ | 3,410 | 9/17/25 | 19 | ||||||||
| State Street Bank and Trust Co. | COP | 12,765,788 | $ | 3,082 | 9/17/25 | 45 | ||||||||
Morgan Stanley Emerging Markets Domestic Debt Fund, Inc.
Third Quarter Report – July 31, 2025 (unaudited)
Portfolio of Investments (cont’d)
Foreign Currency Forward Exchange Contracts: (cont’d)
| Counterparty | Contracts to Deliver (000) |
In Exchange For (000) |
Delivery Date |
Unrealized Appreciation (Depreciation) (000) |
||||||||||
| State Street Bank and Trust Co. | EUR | 158 | $ | 186 | 8/8/25 | $ | 5 | |||||||
| State Street Bank and Trust Co. | EUR | 157 | $ | 185 | 8/8/25 | 5 | ||||||||
| State Street Bank and Trust Co. | EUR | 2,185 | $ | 2,566 | 8/8/25 | 72 | ||||||||
| State Street Bank and Trust Co. | EUR | 9,575 | $ | 11,247 | 8/8/25 | 317 | ||||||||
| State Street Bank and Trust Co. | EUR | 1,320 | $ | 1,551 | 8/8/25 | 44 | ||||||||
| State Street Bank and Trust Co. | EUR | 11,345 | $ | 13,327 | 8/8/25 | 376 | ||||||||
| State Street Bank and Trust Co. | EUR | 3,719 | $ | 4,368 | 8/8/25 | 123 | ||||||||
| State Street Bank and Trust Co. | EUR | 78 | $ | 91 | 8/8/25 | 3 | ||||||||
| State Street Bank and Trust Co. | EUR | 1,086 | $ | 1,275 | 8/8/25 | 36 | ||||||||
| State Street Bank and Trust Co. | EUR | 6,966 | $ | 8,182 | 8/8/25 | 231 | ||||||||
| State Street Bank and Trust Co. | EUR | 2,793 | $ | 3,281 | 8/8/25 | 93 | ||||||||
| State Street Bank and Trust Co. | EUR | 4,563 | $ | 5,360 | 8/8/25 | 151 | ||||||||
| State Street Bank and Trust Co. | INR | 525,200 | $ | 6,097 | 9/17/25 | 113 | ||||||||
| State Street Bank and Trust Co. | PHP | 251,700 | $ | 4,469 | 5/12/26 | 180 | ||||||||
| State Street Bank and Trust Co. | PHP | 85,000 | $ | 1,523 | 5/12/26 | 75 | ||||||||
| State Street Bank and Trust Co. | TWD | 119,100 | $ | 4,128 | 9/17/25 | 123 | ||||||||
| State Street Bank and Trust Co. | $ | 2,804 | BRL | 15,490 | 9/3/25 | (60 | ) | |||||||
| State Street Bank and Trust Co. | $ | 1,349 | CNH | 9,600 | 9/17/25 | (13 | ) | |||||||
| State Street Bank and Trust Co. | $ | 19,214 | EUR | 16,357 | 8/8/25 | (542 | ) | |||||||
| State Street Bank and Trust Co. | $ | 586 | EUR | 498 | 8/8/25 | (17 | ) | |||||||
| State Street Bank and Trust Co. | $ | 33,689 | EUR | 28,680 | 8/8/25 | (950 | ) | |||||||
| State Street Bank and Trust Co. | $ | 5,377 | INR | 462,000 | 9/17/25 | (113 | ) | |||||||
| State Street Bank and Trust Co. | $ | 1,042 | KRW | 1,400,000 | 9/17/25 | (30 | ) | |||||||
| UBS AG | CNH | 34,719 | $ | 4,869 | 9/17/25 | 38 | ||||||||
| UBS AG | CNH | 34,400 | $ | 4,816 | 9/17/25 | 29 | ||||||||
| UBS AG | MXN | 35,573 | $ | 1,837 | 9/17/25 | (40 | ) | |||||||
| UBS AG | RON | 8,896 | EUR | 1,740 | 9/17/25 | (3 | ) | |||||||
| UBS AG | TRY | 47,730 | $ | 1,051 | 9/26/25 | (71 | ) | |||||||
| UBS AG | $ | 7,326 | CNH | 52,240 | 9/17/25 | (57 | ) | |||||||
| UBS AG | $ | 15,115 | CNH | 107,775 | 9/17/25 | (118 | ) | |||||||
| UBS AG | $ | 100 | EUR | 86 | 8/8/25 | (2 | ) | |||||||
| UBS AG | $ | 1,533 | EUR | 1,320 | 8/8/25 | (25 | ) | |||||||
| UBS AG | $ | 3,927 | IDR | 64,459,000 | 9/17/25 | (14 | ) | |||||||
| UBS AG | $ | 3,494 | IDR | 57,459,823 | 9/17/25 | (6 | ) | |||||||
| UBS AG | $ | 1,351 | IDR | 22,345,350 | 9/17/25 | 5 | ||||||||
| UBS AG | $ | 1,001 | INR | 86,100 | 9/17/25 | (20 | ) | |||||||
| UBS AG | $ | 3,373 | INR | 290,094 | 9/17/25 | (68 | ) | |||||||
| UBS AG | $ | 1,110 | INR | 95,424 | 9/17/25 | (22 | ) | |||||||
| UBS AG | $ | 27,727 | INR | 2,384,390 | 9/17/25 | (561 | ) | |||||||
| UBS AG | $ | 3,961 | INR | 343,460 | 9/17/25 | (48 | ) | |||||||
| UBS AG | $ | 448 | TRY | 22,963 | 3/23/26 | 16 | ||||||||
| UBS AG | $ | 4,054 | TWD | 119,100 | 9/17/25 | (50 | ) | |||||||
| $ | (1,184 | ) | ||||||||||||
Morgan Stanley Emerging Markets Domestic Debt Fund, Inc.
Third Quarter Report – July 31, 2025 (unaudited)
Portfolio of Investments (cont’d)
Call Options Written:
The Fund had the following call options written open at July 31, 2025:
| Counterparty | Description | Strike Price | Expiration Date | Number
of Contracts | Notional Amount (000) | Value (000) | Premiums Received (000) | Unrealized Appreciation (000) | ||||||||||||||||||
| Barclays Bank PLC | USD/BRL | BRL7.00 | Jul-27 | 6,303,000 | $ | 6,303 | $ | (390 | ) | $ | (424 | ) | $ | 34 | ||||||||||||
Put Options Purchased:
The Fund had the following put options purchased open at July 31, 2025:
| Counterparty | Description | Strike Price | Expiration Date | Number
of Contracts | Notional Amount (000) | Value (000) | Premiums Paid (000) | Unrealized Depreciation (000) | ||||||||||||||||||
| Citibank NA | USD/CNH | CNH7.00 | Jan–26 | 6,000,000 | $ | 6,000 | $ | 28 | $ | 45 | $ | (17 | ) | |||||||||||||
| Standard Chartered Bank | USD/CNH | CNH7.00 | Jan–26 | 2,900,000 | 2,900 | 15 | 26 | (11 | ) | |||||||||||||||||
| Barclays Bank PLC | USD/CNH | CNH7.00 | Jan–26 | 7,100,000 | 7,100 | 36 | 69 | (33 | ) | |||||||||||||||||
| Citibank NA | USD/CNH | CNH7.00 | Jan–26 | 8,060,000 | 8,060 | 56 | 56 | — | ||||||||||||||||||
| JPMorgan Chase Bank NA | USD/INR | INR85.50 | Jan–29 | 9,800,000 | 9,800 | 60 | 80 | (20 | ) | |||||||||||||||||
| JPMorgan Chase Bank NA | USD/INR | INR85.50 | Jan–29 | 11,200,000 | 11,200 | 69 | 95 | (26 | ) | |||||||||||||||||
| $ | 264 | $ | 371 | $ | (107 | ) | ||||||||||||||||||||
Put Options Written:
The Fund had the following put options written open at July 31, 2025:
| Counterparty | Description | Strike Price | Expiration Date | Number
of Contracts | Notional Amount (000) | Value (000) | Premiums Received (000) | Unrealized Appreciation (000) | ||||||||||||||||||
| JPMorgan Chase Bank NA | USD/KRW | KRW1,300.00 | Jan–26 | 3,900,000 | $ | 3,900 | $ | (22 | ) | $ | (34 | ) | $ | 12 | ||||||||||||
| Standard Chartered Bank | USD/KRW | KRW1,300.00 | Jan–26 | 1,370,000 | 1,370 | (8 | ) | (15 | ) | 7 | ||||||||||||||||
| Barclays Bank PLC | USD/KRW | KRW1,300.00 | Jan–26 | 2,800,000 | 2,800 | (16 | ) | (31 | ) | 15 | ||||||||||||||||
| $ | (46 | ) | $ | (80 | ) | $ | 34 | |||||||||||||||||||
Morgan Stanley Emerging Markets Domestic Debt Fund, Inc.
Third Quarter Report – July 31, 2025 (unaudited)
Portfolio of Investments (cont’d)
Futures Contracts:
The Fund had the following futures contracts open at July 31, 2025:
| Number of Contracts | Expiration Date | Notional Amount (000) | Value (000) | Unrealized Appreciation (Depreciation) (000) | ||||||||||||
| Short: | ||||||||||||||||
| Euro-Buxl 30 yr. Bond Index (Germany) | 3 | Sep-25 | EUR | (300) | $ | (402 | ) | $ | 11 | |||||||
| German Euro-Bobl Index (Germany) | 21 | Sep-25 | (2,100) | (2,810 | ) | 18 | ||||||||||
| German Euro-Bund Index (Germany) | 5 | Sep-25 | (500) | (740 | ) | 7 | ||||||||||
| German Euro-Schatz Index (Germany) | 5 | Sep-25 | (500) | (611 | ) | 2 | ||||||||||
| U.S. Treasury Long Bond (United States) | 3 | Sep-25 | $ | (300) | (343 | ) | (11 | ) | ||||||||
| U.S. Treasury 5 yr. Note (United States) | 40 | Sep-25 | (4,000) | (4,327 | ) | (29 | ) | |||||||||
| U.S. Treasury 10 yr. Note (United States) | 34 | Sep-25 | (3,400) | (3,776 | ) | (49 | ) | |||||||||
| U.S. Treasury 10 yr. Ultra Note (United States) | 4 | Sep-25 | (400) | (452 | ) | (9 | ) | |||||||||
| $ | (60 | ) | ||||||||||||||
Centrally Cleared Interest Rate Swap Agreements:
The Fund had the following centrally cleared interest rate swap agreements open at July 31, 2025:
| Swap Counterparty | Floating Rate Index | Pay/ Receive Floating Rate | Fixed Rate | Payment Frequency Paid/ Received | Maturity Date | Notional Amount (000) |
Value (000) | Upfront Payment Received (000) | Unrealized Appreciation (Depreciation) (000) | |||||||||||||||||||
| Morgan Stanley & Co. LLC | 3 Month JIBAR | Pay | 8.47% | Quarterly/Quarterly | 9/17/35 | ZAR | 80,300 | $ | 43 | $ | — | $ | 43 | |||||||||||||||
| Morgan Stanley & Co. LLC | 3 Month KLIBOR | Pay | 3.18 | Quarterly/Quarterly | 9/17/30 | MYR | 10,100 | 6 | — | 6 | ||||||||||||||||||
| Morgan Stanley & Co. LLC | 3 Month KLIBOR | Pay | 3.18 | Quarterly/Quarterly | 9/17/30 | 28,000 | 18 | — | 18 | |||||||||||||||||||
| Morgan Stanley & Co. LLC | 3 Month KLIBOR | Pay | 3.20 | Quarterly/Quarterly | 9/17/30 | 14,900 | 13 | — | 13 | |||||||||||||||||||
| Morgan Stanley & Co. LLC | 3 Month KLIBOR | Pay | 3.27 | Quarterly/Quarterly | 9/17/30 | 4,300 | 7 | — | 7 | |||||||||||||||||||
| BNP Paribas Suisse SA | 3 Month KLIBOR | Pay | 3.48 | Quarterly/Quarterly | 6/18/30 | 105,420 | 398 | — | 398 | |||||||||||||||||||
| JPMorgan Chase Bank NA | 3 Month KLIBOR | Pay | 3.68 | Quarterly/Quarterly | 6/19/29 | 45,400 | 233 | — | 233 | |||||||||||||||||||
| Morgan Stanley & Co. LLC | 3 Month KSDA | Receive | 2.81 | Quarterly/Quarterly | 3/19/35 | KRW | 2,042,000 | (23 | ) | — | (23 | ) | ||||||||||||||||
| Morgan Stanley & Co. LLC | 3 Month KSDA | Receive | 2.79 | Quarterly/Quarterly | 3/19/35 | 769,000 | (8 | ) | — | (8 | ) | |||||||||||||||||
| Morgan Stanley & Co. LLC | 3 Month KSDA | Receive | 2.79 | Quarterly/Quarterly | 3/19/35 | 1,021,000 | (11 | ) | — | (11 | ) | |||||||||||||||||
| Morgan Stanley & Co. LLC | 3 Month KSDA | Receive | 2.70 | Quarterly/Quarterly | 3/19/35 | 805,000 | (4 | ) | — | (4 | ) | |||||||||||||||||
| Morgan Stanley & Co. LLC | 3 Month KSDA | Receive | 2.69 | Quarterly/Quarterly | 3/19/35 | 2,018,000 | (8 | ) | — | (8 | ) | |||||||||||||||||
| Morgan Stanley & Co. LLC | 3 Month KSDA | Receive | 2.69 | Quarterly/Quarterly | 3/19/35 | 985,000 | (3 | ) | — | (3 | ) | |||||||||||||||||
| Morgan Stanley & Co. LLC | 3 Month KSDA | Receive | 2.64 | Quarterly/Quarterly | 9/17/35 | 4,380,000 | (—@ | ) | — | (—@ | ) | |||||||||||||||||
Morgan Stanley Emerging Markets Domestic Debt Fund, Inc.
Third Quarter Report – July 31, 2025 (unaudited)
Portfolio of Investments (cont’d)
Centrally Cleared Interest Rate Swap Agreements: (cont’d)
| Swap Counterparty | Floating Rate Index | Pay/ Receive Floating Rate | Fixed Rate | Payment Frequency Paid/ Received | Maturity Date | Notional Amount (000) |
Value (000) | Upfront Payment Received (000) | Unrealized Appreciation (Depreciation) (000) | |||||||||||||||||||
| Morgan Stanley & Co. LLC | 3 Month KSDA | Receive | 2.63% | Quarterly/Quarterly | 3/19/35 | KRW | 546,000 | $ | —@ | $ | — | $ | —@ | |||||||||||||||
| Morgan Stanley & Co. LLC | 3 Month KSDA | Receive | 2.51 | Quarterly/Quarterly | 3/19/30 | 4,695,500 | (2 | ) | (26 | ) | 24 | |||||||||||||||||
| Morgan Stanley & Co. LLC | 3 Month KSDA | Pay | 2.32 | Quarterly/Quarterly | 9/17/27 | 19,421,000 | (15 | ) | — | (15 | ) | |||||||||||||||||
| Morgan Stanley & Co. LLC | 3 Month KSDA | Pay | 2.33 | Quarterly/Quarterly | 6/18/27 | 36,378,000 | (44 | ) | — | (44 | ) | |||||||||||||||||
| Morgan Stanley & Co. LLC | 3 Month KSDA | Pay | 2.51 | Quarterly/Quarterly | 6/18/30 | 4,695,500 | 1 | — | 1 | |||||||||||||||||||
| Morgan Stanley & Co. LLC | 6 Month BIBOR | Receive | 6.46 | Annual/Maturity | 9/17/30 | HUF | 715,030 | (6 | ) | — | (6 | ) | ||||||||||||||||
| Morgan Stanley & Co. LLC | 6 Month BIBOR | Pay | 6.87 | Semi-Annual/Annual | 12/18/34 | 914,000 | 107 | — | 107 | |||||||||||||||||||
| Morgan Stanley & Co. LLC | 6 Month BIBOR | Pay | 6.92 | Semi-Annual/Annual | 6/19/29 | 99,867 | 6 | — | 6 | |||||||||||||||||||
| Morgan Stanley & Co. LLC | 6 Month CLICP | Pay | 4.75 | Semi-Annual/Semi-Annual | 6/18/30 | CLP | 5,150,000 | (1 | ) | — | (1 | ) | ||||||||||||||||
| Morgan Stanley & Co. LLC | 6 Month CLICP | Pay | 4.79 | Semi-Annual/Semi-Annual | 6/21/29 | 2,750,000 | 13 | — | 13 | |||||||||||||||||||
| Morgan Stanley & Co. LLC | 6 Month PRIBOR | Receive | 3.86 | Annual/Maturity | 9/17/30 | CZK | 67,810 | 3 | — | 3 | ||||||||||||||||||
| Morgan Stanley & Co. LLC | 6 Month PRIBOR | Pay | 3.49 | Semi-Annual/Annual | 6/18/30 | 32,140 | (25 | ) | — | (25 | ) | |||||||||||||||||
| Morgan Stanley & Co. LLC | 6 Month PRIBOR | Pay | 3.66 | Semi-Annual/Annual | 9/17/30 | 49,170 | (23 | ) | — | (23 | ) | |||||||||||||||||
| Morgan Stanley & Co. LLC | 6 Month PRIBOR | Pay | 3.76 | Semi-Annual/Annual | 9/18/29 | 259,000 | 186 | — | 186 | |||||||||||||||||||
| Morgan Stanley & Co. LLC | 6 Month PRIBOR | Pay | 3.96 | Semi-Annual/Annual | 9/20/33 | 49,943 | 36 | — | 36 | |||||||||||||||||||
| Morgan Stanley & Co. LLC | 6 Month PRIBOR | Pay | 3.96 | Semi-Annual/Annual | 9/20/33 | 20,700 | 15 | — | 15 | |||||||||||||||||||
| Morgan Stanley & Co. LLC | 6 Month PRIBOR | Pay | 4.15 | Semi-Annual/Annual | 9/20/28 | 37,900 | 57 | — | 57 | |||||||||||||||||||
| Morgan Stanley & Co. LLC | 6 Month PRIBOR | Pay | 4.33 | Semi-Annual/Annual | 12/20/33 | 30 | —@ | — | —@ | |||||||||||||||||||
| Morgan Stanley & Co. LLC | 6 Month WIBOR | Receive | 4.34 | Annual/Semi-Annual | 6/18/35 | PLN | 15,735 | 80 | — | 80 | ||||||||||||||||||
| Morgan Stanley & Co. LLC | 6 Month WIBOR | Receive | 4.31 | Annual/Semi-Annual | 6/18/35 | 6,584 | 37 | — | 37 | |||||||||||||||||||
| Morgan Stanley & Co. LLC | 6 Month WIBOR | Pay | 5.02 | Semi-Annual/Annual | 9/18/29 | 7,600 | 106 | — | 106 | |||||||||||||||||||
Morgan Stanley Emerging Markets Domestic Debt Fund, Inc.
Third Quarter Report – July 31, 2025 (unaudited)
Portfolio of Investments (cont’d)
Centrally Cleared Interest Rate Swap Agreements: (cont’d)
| Swap Counterparty | Floating Rate Index | Pay/ Receive Floating Rate | Fixed Rate | Payment Frequency Paid/ Received | Maturity Date | Notional Amount (000) |
Value (000) | Upfront Payment Received (000) | Unrealized Appreciation (Depreciation) (000) | |||||||||||||||||||
| Morgan Stanley & Co. LLC | 6 Month WIBOR | Pay | 5.16% | Semi-Annual/Annual | 6/21/28 | PLN | 17,000 | $ | 124 | $ | — | $ | 124 | |||||||||||||||
| Morgan Stanley & Co. LLC | 6 Month WIBOR | Pay | 5.26 | Semi-Annual/Annual | 6/12/28 | 40,000 | 321 | — | 321 | |||||||||||||||||||
| Morgan Stanley & Co. LLC | 6 Month WIBOR | Pay | 5.42 | Semi-Annual/Annual | 6/19/29 | 13,500 | 163 | — | 163 | |||||||||||||||||||
| Morgan Stanley & Co. LLC | BRL-CDI | Pay | 9.70 | Maturity/ Maturity | 1/4/27 | BRL | 20,700 | (387 | ) | — | (387 | ) | ||||||||||||||||
| Morgan Stanley & Co. LLC | BRL-CDI | Pay | 9.88 | Maturity/ Maturity | 1/4/27 | 15,600 | (271 | ) | — | (271 | ) | |||||||||||||||||
| Morgan Stanley & Co. LLC | BRL-CDI | Pay | 10.65 | Maturity/ Maturity | 1/2/26 | 51,283 | (343 | ) | — | (343 | ) | |||||||||||||||||
| Morgan Stanley & Co. LLC | BRL-CDI | Pay | 10.78 | Maturity/ Maturity | 1/4/27 | 7,060 | (86 | ) | — | (86 | ) | |||||||||||||||||
| Morgan Stanley & Co. LLC | BRL-CDI | Pay | 11.18 | Maturity/ Maturity | 1/2/26 | 47,700 | (248 | ) | — | (248 | ) | |||||||||||||||||
| Morgan Stanley & Co. LLC | BRL-CDI | Pay | 11.65 | Maturity/ Maturity | 1/4/27 | 6,800 | (57 | ) | — | (57 | ) | |||||||||||||||||
| Morgan Stanley & Co. LLC | BRL-CDI | Pay | 12.75 | Maturity/ Maturity | 1/2/29 | 6,200 | (32 | ) | — | (32 | ) | |||||||||||||||||
| Morgan Stanley & Co. LLC | BRL-CDI | Pay | 13.02 | Maturity/ Maturity | 1/2/29 | 10,040 | (28 | ) | — | (28 | ) | |||||||||||||||||
| Morgan Stanley & Co. LLC | BRL-CDI | Pay | 13.18 | Maturity/ Maturity | 1/2/29 | 18,380 | (34 | ) | — | (34 | ) | |||||||||||||||||
| Morgan Stanley & Co. LLC | BRL-CDI | Pay | 13.51 | Maturity/ Maturity | 1/2/29 | 13,456 | (4 | ) | — | (4 | ) | |||||||||||||||||
| Morgan Stanley & Co. LLC | BRL-CDI | Pay | 14.78 | Maturity/ Maturity | 1/4/27 | 16,670 | 22 | — | 22 | |||||||||||||||||||
| Morgan Stanley & Co. LLC | BRL-CDI | Pay | 15.23 | Maturity/ Maturity | 1/4/27 | 16,500 | 54 | — | 54 | |||||||||||||||||||
| Morgan Stanley & Co. LLC | CNRR | Pay | 1.39 | Quarterly/Quarterly | 6/18/30 | CNY | 25,942 | (30 | ) | — | (30 | ) | ||||||||||||||||
| Morgan Stanley & Co. LLC | CNRR | Pay | 1.44 | Quarterly/Quarterly | 3/19/30 | 15,550 | (12 | ) | — | (12 | ) | |||||||||||||||||
| Morgan Stanley & Co. LLC | CNRR | Pay | 1.46 | Quarterly/Quarterly | 3/19/30 | 12,650 | (8 | ) | — | (8 | ) | |||||||||||||||||
| Morgan Stanley & Co. LLC | CNRR | Pay | 1.46 | Quarterly/Quarterly | 9/17/30 | 20,210 | (14 | ) | — | (14 | ) | |||||||||||||||||
| Morgan Stanley & Co. LLC | CNRR | Pay | 1.48 | Quarterly/Quarterly | 6/18/30 | 17,350 | (10 | ) | — | (10 | ) | |||||||||||||||||
| Morgan Stanley & Co. LLC | CNRR | Pay | 1.48 | Quarterly/Quarterly | 9/17/30 | 23,940 | (14 | ) | — | (14 | ) | |||||||||||||||||
| Morgan Stanley & Co. LLC | CNRR | Pay | 1.50 | Quarterly/Quarterly | 3/19/30 | 24,200 | (9 | ) | — | (9 | ) | |||||||||||||||||
| Morgan Stanley & Co. LLC | CNRR | Pay | 1.73 | Quarterly/Quarterly | 12/18/29 | 9,000 | 9 | — | 9 | |||||||||||||||||||
| Morgan Stanley & Co. LLC | CNRR | Pay | 2.03 | Quarterly/Quarterly | 9/18/29 | 14,100 | 38 | — | 38 | |||||||||||||||||||
| Morgan Stanley & Co. LLC | CNRR | Pay | 2.12 | Quarterly/Quarterly | 6/19/29 | 13,600 | 42 | — | 42 | |||||||||||||||||||
Morgan Stanley Emerging Markets Domestic Debt Fund, Inc.
Third Quarter Report – July 31, 2025 (unaudited)
Portfolio of Investments (cont’d)
Centrally Cleared Interest Rate Swap Agreements: (cont’d)
| Swap Counterparty | Floating Rate Index | Pay/ Receive Floating Rate | Fixed Rate | Payment Frequency Paid/ Received | Maturity Date | Notional Amount (000) |
Value (000) | Upfront Payment Received (000) | Unrealized Appreciation (Depreciation) (000) | |||||||||||||||||||
| Morgan Stanley & Co. LLC | CNRR | Pay | 2.35% | Quarterly/Quarterly | 3/20/29 | CNY | 12,000 | $ | 49 | $ | — | $ | 49 | |||||||||||||||
| Morgan Stanley & Co. LLC | CNRR | Pay | 2.39 | Quarterly/Quarterly | 12/20/28 | 17,330 | 68 | — | 68 | |||||||||||||||||||
| Morgan Stanley & Co. LLC | CNRR | Pay | 2.42 | Quarterly/Quarterly | 12/21/27 | 134,000 | 395 | — | 395 | |||||||||||||||||||
| Morgan Stanley & Co. LLC | CNRR | Pay | 2.44 | Quarterly/Quarterly | 12/20/28 | 89,100 | 370 | — | 370 | |||||||||||||||||||
| Morgan Stanley & Co. LLC | CNRR | Pay | 2.48 | Quarterly/Quarterly | 9/20/28 | 14,400 | 58 | — | 58 | |||||||||||||||||||
| Morgan Stanley & Co. LLC | CPIBR | Receive | 8.52 | Quarterly/Quarterly | 6/18/28 | COP | 9,526,000 | (11 | ) | — | (11 | ) | ||||||||||||||||
| Morgan Stanley & Co. LLC | CPIBR | Receive | 8.42 | Quarterly/Quarterly | 6/18/28 | 4,062,000 | (2 | ) | — | (2 | ) | |||||||||||||||||
| Morgan Stanley & Co. LLC | CPIBR | Receive | 8.29 | Quarterly/Quarterly | 6/18/28 | 23,833,000 | 8 | — | 8 | |||||||||||||||||||
| Morgan Stanley & Co. LLC | CPIBR | Receive | 8.25 | Quarterly/Quarterly | 6/18/28 | 7,079,000 | 4 | — | 4 | |||||||||||||||||||
| Morgan Stanley & Co. LLC | CPIBR | Receive | 8.24 | Quarterly/Quarterly | 6/18/28 | 6,700,000 | 4 | — | 4 | |||||||||||||||||||
| Morgan Stanley & Co. LLC | CPIBR | Receive | 8.24 | Quarterly/Quarterly | 6/18/28 | 2,400,000 | 2 | — | 2 | |||||||||||||||||||
| Morgan Stanley & Co. LLC | MIBOR | Pay | 5.69 | Semi-Annual/Semi-Annual | 9/17/30 | INR | 280,000 | (3 | ) | — | (3 | ) | ||||||||||||||||
| Morgan Stanley & Co. LLC | MIBOR | Pay | 5.69 | Semi-Annual/Semi-Annual | 9/17/30 | 1,655,500 | (20 | ) | — | (20 | ) | |||||||||||||||||
| Morgan Stanley & Co. LLC | MIBOR | Pay | 5.71 | Semi-Annual/Semi-Annual | 9/17/30 | 785,000 | (2 | ) | — | (2 | ) | |||||||||||||||||
| Morgan Stanley & Co. LLC | MIBOR | Pay | 5.91 | Semi-Annual/Semi-Annual | 12/18/29 | 400,000 | 45 | — | 45 | |||||||||||||||||||
| Morgan Stanley & Co. LLC | MIBOR | Pay | 5.94 | Semi-Annual/Semi-Annual | 12/18/29 | 600,000 | 74 | — | 74 | |||||||||||||||||||
| Morgan Stanley & Co. LLC | MIBOR | Pay | 5.95 | Semi-Annual/Semi-Annual | 6/18/30 | 390,000 | 50 | — | 50 | |||||||||||||||||||
| Morgan Stanley & Co. LLC | MIBOR | Pay | 6.01 | Semi-Annual/Semi-Annual | 12/18/29 | 334,000 | 51 | — | 51 | |||||||||||||||||||
| Morgan Stanley & Co. LLC | MIBOR | Pay | 6.03 | Semi-Annual/Semi-Annual | 12/18/29 | 430,000 | 70 | — | 70 | |||||||||||||||||||
| Morgan Stanley & Co. LLC | MIBOR | Pay | 6.07 | Semi-Annual/Semi-Annual | 3/19/30 | 266,000 | 50 | — | 50 | |||||||||||||||||||
| Morgan Stanley & Co. LLC | MIBOR | Pay | 6.26 | Semi-Annual/Semi-Annual | 3/20/29 | 970,400 | 246 | — | 246 | |||||||||||||||||||
| Morgan Stanley & Co. LLC | MIBOR | Pay | 6.28 | Semi-Annual/Semi-Annual | 12/18/29 | 312,000 | 86 | — | 86 | |||||||||||||||||||
Morgan Stanley Emerging Markets Domestic Debt Fund, Inc.
Third Quarter Report – July 31, 2025 (unaudited)
Portfolio of Investments (cont’d)
Centrally Cleared Interest Rate Swap Agreements: (cont’d)
| Swap Counterparty | Floating Rate Index | Pay/ Receive Floating Rate | Fixed Rate | Payment Frequency Paid/ Received | Maturity Date | Notional Amount (000) |
Value (000) | Upfront Payment Received (000) | Unrealized Appreciation (Depreciation) (000) | ||||||||||||||||||
| Morgan Stanley & Co. LLC | THOR | Pay | 1.26% | Quarterly/Quarterly | 9/17/30 | THB | 158,000 | $ | (8 | ) | $ | — | $ | (8 | ) | ||||||||||||
| Morgan Stanley & Co. LLC | THOR | Pay | 1.41 | Quarterly/Quarterly | 6/18/30 | 25,220 | 3 | — | 3 | ||||||||||||||||||
| Morgan Stanley & Co. LLC | THOR | Pay | 2.68 | Quarterly/Quarterly | 6/21/33 | 120,000 | 342 | — | 342 | ||||||||||||||||||
| Morgan Stanley & Co. LLC | THOR | Pay | 2.70 | Quarterly/Quarterly | 6/19/34 | 68,480 | 209 | — | 209 | ||||||||||||||||||
| $ | 2,516 | $ | (26 | ) | $ | 2,542 | |||||||||||||||||||||
| @ | Value is less than $500. |
| ALL | — Albanian Lek |
| AMD | — Armenian Dram |
| ARS | — Argentine Peso |
| BRL | — Brazilian Real |
| CLP | — Chilean Peso |
| CNH | — Chinese Yuan Renminbi Offshore |
| CNY | — Chinese Yuan Renminbi |
| COP | — Colombian Peso |
| CZK | — Czech Koruna |
| DOP | — Dominican Peso |
| EGP | — Egyptian Pound |
| EUR | — Euro |
| GHS | — Ghanaian Cedi |
| HUF | — Hungarian Forint |
| IDR | — Indonesian Rupiah |
| INR | — Indian Rupee |
| KRW | — South Korean Won |
| KZT | — Kazakhstan Tenge |
| LKR | — Sri Lankan Rupee |
| MXN | — Mexican Peso |
| MYR | — Malaysian Ringgit |
| NGN | — Nigerian Naira |
| PEN | — Peruvian Nuevo Sol |
| PHP | — Philippine Peso |
| PLN | — Polish Zloty |
| PYG | — Paraguay Guarani |
| RON | — Romanian New Leu |
| RSD | — Serbia Dinar |
| THB | — Thai Baht |
| TRY | — Turkish Lira |
| TWD | — Taiwan Dollar |
| UGX | — Ugandan shilling |
| USD | — United States Dollar |
| UYU | — Uruguay Peso |
| UZS | — Uzbekistan Som |
| ZAR | — South African Rand |
Portfolio Composition (Unaudited)
| Classification | Percentage of Total Investments | |||
| Sovereign | 84.4 | % | ||
| Short-Term Investments | 8.8 | |||
| Corporate Bonds | 5.1 | |||
| Other* | 1.7 | |||
| Total Investments | 100.0 | %** | ||
| * | Industries and/or investment types representing less than 5% of total investments. |
| ** | Does not include open futures contracts with a value of approximately $13,461,000 and net unrealized depreciation of approximately $60,000. Does not include open foreign currency forward exchange contracts with net unrealized depreciation of approximately $1,184,000. Also does not include open swap agreements with net unrealized appreciation of approximately $2,542,000. |
Morgan Stanley Emerging Markets Domestic Debt Fund, Inc.
July 31, 2025 (unaudited)
Notes to Portfolio of Investments
Security Valuation: (1) Fixed income securities may be valued by an outside pricing service/vendor approved by the Fund’s Board of Directors (“the Directors”). The pricing service/vendor may employ a pricing model that takes into account, among other things, bids, yield spreads and/or other market data and specific security characteristics. If Morgan Stanley Investment Management Inc. (the “Adviser”) or Morgan Stanley Investment Management Limited (“MSIM Limited”)(the “Sub-Adviser”), each a wholly-owned subsidiary of Morgan Stanley, determines that the price provided by the outside pricing service/vendor does not reflect the security’s fair value or the pricing service/vendor or exchange is unable to provide a price, prices from reputable brokers/dealers may also be utilized. In these circumstances, the value of the security will be the mean of bid and asked prices obtained from reputable brokers/dealers; (2) when market quotations are not readily available, as defined by Rule 2a-5 under the Act, including circumstances under which the Adviser or the Sub-Adviser determines that the closing price, last sale price or the mean between the last reported bid and asked prices are not reflective of a security’s market value, portfolio securities are valued at their fair value as determined in good faith under procedures approved by and under the general supervision of the Directors. Each business day, the Fund uses a third-party pricing service approved by the Directors to assist with the valuation of foreign equity securities. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that have a strong correlation to the fair-valued securities to more accurately reflect their fair value as of the close of regular trading on the NYSE; (3) listed options are valued at the last reported sales price on the exchange on which they are listed (or at the exchange official closing price if such exchange reports an official closing price). If an official closing price or last reported sales price is unavailable, the listed option should be fair valued at the mean between its latest bid and ask prices. Unlisted options are valued at the mean between their latest bid and ask prices from a broker/dealer or valued by a pricing service/vendor; (4) futures are valued at the settlement price on the exchange on which they trade or, if a settlement price is unavailable, at the last sale price on the exchange; (5) over-the-counter (“OTC”) swaps may be valued by an outside pricing service approved by the Directors or quotes from a broker/dealer. Swaps cleared on a clearinghouse or exchange may be valued using the closing price provided by the clearinghouse or exchange; (6) foreign exchange transactions (“spot contracts”) and foreign exchange forward contracts (“forward contracts”) are valued daily using an independent pricing vendor at the spot and forward rates, respectively, as of the close of the NYSE; and (7) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value as (“NAV”) of the close of each business day.
In connection with Rule 2a-5 of the Act, the Directors have designated the Fund’s Adviser as its valuation designee. The valuation designee has responsibility for determining fair value and to make the actual calculations pursuant to the fair valuation methodologies previously approved by the Directors. Under procedures approved by the Directors, the Fund’s Adviser, as valuation designee, has formed a Valuation Committee whose members are approved by the Directors. The Valuation Committee provides administration and oversight of the Fund’s valuation policies and procedures, which are reviewed at least annually by the Directors. These procedures allow the Fund to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.
Morgan Stanley Emerging Markets Domestic Debt Fund, Inc.
July 31, 2025 (unaudited)
Notes to Portfolio of Investments (cont’d)
Fair Value Measurement: Financial Accounting Standards Board (“FASB”) ASC 820, “Fair Value Measurement” (“ASC 820”), defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 establishes a three-tier hierarchy to distinguish between (1) inputs that reflect the assumptions market participants would use in valuing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs); and (2) inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in valuing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Fund’s investments. The inputs are summarized in the three broad levels listed below:
| ● | Level 1 – unadjusted quoted prices in active markets for identical investments |
| ● | Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
| ● | Level 3 – significant unobservable inputs including the Fund’s own assumptions in determining the fair value of investments. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, or the appropriate stock exchange (for exchange-traded securities), analysis of the issuer’s financial statements or other available documents and, if necessary, available information concerning other securities in similar circumstances. |
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to each security.
Morgan Stanley Emerging Markets Domestic Debt Fund, Inc.
July 31, 2025 (unaudited)
Notes to Portfolio of Investments (cont’d)
The following is a summary of the inputs used to value the Fund’s investments as of July 31, 2025:
| Level 2 | ||||||||||||||||
| Level 1 | Other | Level 3 | ||||||||||||||
| Unadjusted | Significant | Significant | ||||||||||||||
| Quoted | Observable | Unobservable | ||||||||||||||
| Prices | Inputs | Inputs | Total | |||||||||||||
| Investment Type | (000) | (000) | (000) | (000) | ||||||||||||
| Assets: | ||||||||||||||||
| Fixed Income Securities | ||||||||||||||||
| Corporate Bonds | $ | — | $ | 20,060 | $ | — | $ | 20,060 | ||||||||
| Loan Participation Notes | — | — | 2,035 | 2,035 | ||||||||||||
| Sovereign | — | 334,391 | — | 334,391 | ||||||||||||
| Total Fixed Income Securities | — | 354,451 | 2,035 | 356,486 | ||||||||||||
| Warrants | — | 4,719 | — | 4,719 | ||||||||||||
| Put Options Purchased | — | 264 | — | 264 | ||||||||||||
| Short-Term Investments | ||||||||||||||||
| U.S. Treasury Securities | — | 9,908 | — | 9,908 | ||||||||||||
| Investment Company | 9,047 | — | — | 9,047 | ||||||||||||
| Sovereign | — | 15,925 | — | 15,925 | ||||||||||||
| Total Short-Term Investments | 9,047 | 25,833 | — | 34,880 | ||||||||||||
| Foreign Currency Forward Exchange Contracts | — | 6,205 | — | 6,205 | ||||||||||||
| Futures Contracts | 38 | — | — | 38 | ||||||||||||
| Centrally Cleared Interest Rate Swap Agreements | — | 4,346 | — | 4,346 | ||||||||||||
| Total Assets | 9,085 | 395,818 | 2,035 | 406,938 | ||||||||||||
| Liabilities: | ||||||||||||||||
| Call Option Written | — | (390 | ) | — | (390 | ) | ||||||||||
| Put Options Written | — | (46 | ) | — | (46 | ) | ||||||||||
| Foreign Currency Forward Exchange Contracts | — | (7,389 | ) | — | (7,389 | ) | ||||||||||
| Futures Contracts | (98 | ) | — | — | (98 | ) | ||||||||||
| Centrally Cleared Interest Rate Swap Agreements | — | (1,804 | ) | — | (1,804 | ) | ||||||||||
| Total Liabilities | (98 | ) | (9,629 | ) | — | (9,727 | ) | |||||||||
| Total | $ | 8,987 | $ | 386,189 | $ | 2,035 | $ | 397,211 | ||||||||
Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes.
Morgan Stanley Emerging Markets Domestic Debt Fund, Inc.
July 31, 2025 (unaudited)
Notes to Portfolio of Investments (cont’d)
Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:
| Fixed Income (000) | ||||
| Beginning Balance | $ | 5,941 | ||
| Purchases | — | |||
| Sales | (3,890 | ) | ||
| Amortization of discount | 43 | |||
| Transfers in | — | |||
| Transfers out | — | |||
| Corporate actions | — | |||
| Change in unrealized appreciation (depreciation) | 270 | |||
| Realized gains (losses) | (329 | ) | ||
| Ending Balance | $ | 2,035 | ||
| Net change in unrealized appreciation (depreciation) from investments still held as of July 31, 2025 | $ | 124 | ||
The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of July 31, 2025:
| Fair Value at July 31, 2025 (000) | Valuation Technique | Unobservable Input | Range/ Weighted Average | Impact to Valuation from an Increase in Input* | |||||||||
| Fixed Income | $2,035 | Matrix Pricing | Adjusted Credit Spread to the Central Bank of Uzbekistan Quoted Policy Rate | 5.35 | % | Decrease | |||||||
| * | Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements. |