Fund Description: Morgan Stanley Emerging Markets Domestic Debt Fund is an exchange-traded closed-end fund or a closed-end ETF which is officially described in its prospectus as a non-diversified, closed-end management investment company. INVESTMENT OBJECTIVE: The Fund’s primary investment objective is to seek a high level of current income, with a secondary objective of long-term capital appreciation. FUND STRATEGY: The Fund seeks to achieve its investment objectives by investing, under normal circumstances, at least 80% of its Managed Assets in emerging markets domestic debt. Emerging markets domestic debt refers to debt obligations of issuers located in emerging market countries that are denominated in the local currency. The debt obligations include (i) Sovereign Debt Obligations and (ii) debt obligations of non-governmental issuers located in emerging market countries, including bonds, convertible securities and commercial paper. For purposes of the Fund’s policies, an issuer is located in an emerging market country if (i) the principal trading market for its securities is in an emerging market country, (ii) alone or on a consolidated basis it derives 50% or more of its annual revenue from either goods produced, sales made or services performed in an emerging market country or countries or (iii) it is a government entity of, is organized under the laws of, or has a principal office in, an emerging market country. Emerging market countries are countries that the World Bank has determined to have a low or middle-income economy. Emerging market countries may include any country in the world except the United States, Canada, Japan, Australia, New Zealand and most countries located in Western Europe. The Fund may invest in emerging market countries such as Indonesia, Malaysia, Thailand, the Czech Republic, Hungary, Poland, Russia, Slovakia, Turkey, South Africa, Brazil, Chile, Colombia, Mexico and Peru. The Fund may invest, without limitation, in securities that are rated below investment grade by a nationally recognized statistical rating organization or unrated securities that are deemed to be of comparable quality by the Fund’s investment adviser. Debt securities rated below investment grade are commonly known as ‘‘junk bonds’’ and are regarded as predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal in accordance with the terms of the obligations and involve major risk exposure to adverse conditions. FUND MANAGEMENT: The Fund's investment advisor is Morgan Stanley Investment Advisors Inc. Morgan Stanley Investment Management is the asset management division of Morgan Stanley (NYSE: MS). Assets are managed by teams representing different MSIM legal entities with offices in New York, Philadelphia, Houston, Chicago, London, Tokyo, Amsterdam, Singapore and Mumbai.