<SEC-DOCUMENT>0001104659-22-096964.txt : 20220901
<SEC-HEADER>0001104659-22-096964.hdr.sgml : 20220901
<ACCEPTANCE-DATETIME>20220901150117
ACCESSION NUMBER:		0001104659-22-096964
CONFORMED SUBMISSION TYPE:	N-CSRS
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20220630
FILED AS OF DATE:		20220901
DATE AS OF CHANGE:		20220901
EFFECTIVENESS DATE:		20220901

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MORGAN STANLEY EMERGING MARKETS DEBT FUND INC
		CENTRAL INDEX KEY:			0000904112
		IRS NUMBER:				133713706
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		N-CSRS
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-07694
		FILM NUMBER:		221220694

	BUSINESS ADDRESS:	
		STREET 1:		522 FIFTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036
		BUSINESS PHONE:		800-231-2608

	MAIL ADDRESS:	
		STREET 1:		522 FIFTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY DEAN WITTER EMERGING MARKETS DEBT FUND INC
		DATE OF NAME CHANGE:	20000504

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY EMERGING MARKETS DEBT FUND INC
		DATE OF NAME CHANGE:	19930714
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSRS
<SEQUENCE>1
<FILENAME>tm2221104d3_ncsrs.htm
<DESCRIPTION>N-CSRS
<TEXT>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">UNITED STATES&#xa0;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SECURITIES AND EXCHANGE COMMISSION&#xa0;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Washington, D.C. 20549</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>

<p style="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>FORM&#xa0;N-CSR</b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CERTIFIED SHAREHOLDER REPORT OF REGISTERED</b>&#xa0;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Investment Company Act file number: 811-07694</p>

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<p style="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Morgan Stanley Emerging Markets Debt Fund,&#xa0;Inc.&#xa0;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specified in charter)</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>

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  <td style="text-align: center; width: 65%">522 Fifth Avenue, New York, New York</td>
  <td style="text-align: center; width: 35%">10036</td></tr>

<tr style="vertical-align: top">
  <td style="text-align: center">(Address of principal executive offices)</td>
  <td style="text-align: center">(Zip code)</td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">John H. Gernon&#xa0;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">522 Fifth Avenue, New York, New York 10036&#xa0;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name and address of agent for service)</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Registrant's telephone number, including area code: 212-296-0289</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date of fiscal year end: December&#xa0;31,</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date of reporting period: <font style="color: #231f20">June&#xa0;30,
2022</font></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">Item 1 - Report to Shareholder</font>s</p>

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<!-- Document name: 22-21104-4.aa-->
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-size:15pt; font-family: Arial, Helvetica;">Morgan Stanley Investment Management Inc.<br>Adviser</font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:31pt; font-family: Arial, Helvetica;">Morgan Stanley Emerging Markets Debt Fund, Inc. <br>NYSE: MSD</font></p>
<p style="margin:10pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:16pt; font-family: Arial, Helvetica;">Semi-Annual Report</font></p>
<p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:16pt; font-family: Arial, Helvetica;">June 30, 2022</font></p>
</div>
<p style="margin:12pt 0pt 12pt 0pt;"><img src="j22211044_aa002.jpg"></p>
<hr style="height: 3px; width: 100%; color: gray; background-color: gray; text-align: center;">
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>Morgan Stanley Emerging Markets Debt Fund, Inc.</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>June 30, 2022 (unaudited)</b></font></p>
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;">Table of Contents</font></p>
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<div style="margin:8pt 0pt 8pt 0pt;">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 174px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Letter to Stockholders</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 54px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 174px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Performance Summary</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 54px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">5</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 174px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Portfolio of Investments</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 54px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">7</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 174px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Statement of Assets and Liabilities</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 8px;">
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<td colspan="1" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 54px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">15</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 8px;">
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<td colspan="1" style="width: 8px;">&#xa0;</td>
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<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 174px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Statement of Operations</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 8px;">
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<td colspan="1" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 54px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">16</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 8px;">
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<td colspan="1" style="width: 8px;">&#xa0;</td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Statements of Changes in Net Assets</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 8px;">
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<td colspan="1" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 54px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">17</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 8px;">
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Financial Highlights</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 8px;">
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<td colspan="1" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 54px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">18</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 8px;">
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<td colspan="1" style="width: 8px;">&#xa0;</td>
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<td colspan="3" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 174px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Notes to Financial Statements</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 8px;">
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<td colspan="1" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 54px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">19</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 8px;">
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<td colspan="1" style="width: 8px;">&#xa0;</td>
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<td colspan="3" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 174px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Investment Advisory Agreement Approval</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 8px;">
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<td colspan="1" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 54px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">33</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 8px;">
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<td colspan="1" style="width: 8px;">&#xa0;</td>
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<td colspan="3" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 174px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Portfolio Management</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 8px;">
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<td colspan="1" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 54px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">36</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 8px;">
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<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 174px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Investment Policy</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 8px;">
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<td colspan="1" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 54px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">37</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 8px;">
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<td colspan="3" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 174px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Dividend Reinvestment and Cash Purchase Plan</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 8px;">
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<td colspan="1" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 54px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">44</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 8px;">
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<td colspan="1" style="width: 8px;">&#xa0;</td>
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<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 174px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">U.S. Customer Privacy Notice</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 8px;">
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<td colspan="1" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 54px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">45</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 8px;">
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<td colspan="1" style="width: 8px;">&#xa0;</td>
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<td colspan="3" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 174px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Director and Officer Information</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 70px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Back Cover</font></p></td>
<td colspan="1">&#xa0;</td>
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<div style="margin:8pt 0pt 8pt 0pt;">
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;"><br>2</font></p>
<hr style="height: 3px; width: 100%; color: gray; background-color: gray; text-align: center;">
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>Morgan Stanley Emerging Markets Debt Fund, Inc.</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>June 30, 2022 (unaudited)</b></font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;">Letter to Stockholders</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Performance</b></font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">For the six months ended June 30, 2022, the Morgan Stanley Emerging Markets Debt Fund, Inc. (the "Fund") had total returns of -21.20%, based on net asset value, and -24.07% based on market value per share (including reinvestment of distributions), compared to its benchmark, the J.P. Morgan Emerging Markets Bond Global Diversified Index (the "Index"), which returned -20.31%. On June 30, 2022, the closing price of the Fund's shares on the New York Stock Exchange was $6.61, representing a 12.2% discount to the Fund's net asset value per share. Past performance is no guarantee of future results.</font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Factors Affecting Performance</b></font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">&#x2022;&#xa0;&#xa0;The first six months of 2022 were generally a sell-off period for emerging markets debt (EMD) along with the majority of global capital markets. Stocks and bonds generally moved in tandem, as markets continued to price in the potential for the end of the "easy money" era of the past decade-plus. Inflation remained a key issue in just about every country around the world, and central banks have largely been forced to react with increasingly hawkish policy stances. Russia invaded Ukraine at the end of February 2022, causing havoc on the country and its people, while some of its second-order effects &#x2014; higher food and energy prices &#x2014; diverted consumption toward necessities and away from discretionary spending and investment globally. While we observed some movement toward easing in China during the period, its zero-COVID policy remains in place and continues to create challenges for supply chains globally as well as a drag on growth in the world's second-largest economy. This combination has led investors to more seriously consider the potential for recession in the near term, and EMD markets will not be spared.</font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">&#x2022;&#xa0;&#xa0;Emerging markets external sovereign and quasi-sovereign debt returned -20.31% in the six-month period, as measured by the Index.</font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">&#x2022;&#xa0;&#xa0;For the Fund, overweight positions in Venezuela and Angola and underweight positions in Pakistan, South Africa and Panama contributed to performance. Conversely, overweight positions in Russia, Sri Lanka and Ukraine detracted the most from performance. In terms of security selection, Russia, Belarus and Sri Lanka added the most to relative performance, while Ukraine and Mexico detracted.</font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">&#x2022;&#xa0;&#xa0;Derivatives did not have a major impact on performance and were primarily used to adjust currency exposure in the select instances where the Fund took non-U.S. dollar exposure, as well as adjusting portfolio duration.</font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Management Strategies</b></font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">&#x2022;&#xa0;&#xa0;Looking forward to the remainder of 2022, we are optimistic on EMD, as valuations appear to be compensating investors well for the risks. The macroeconomic environment is challenging for all areas of capital markets, but it appears emerging markets investors have already priced this better than most. Inflationary pressures, and corresponding central bank reactions, remain the most important factor for the asset class. Commodity prices are likely to be the largest driver here and are something we are watching closely. While largely off the front pages, the war in Ukraine continues to rage, representing a large-scale humanitarian tragedy and causing ongoing second-order effects for the world's food and energy supplies. No end appears in sight. China </font></p>
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;"><br>3</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>Morgan Stanley Emerging Markets Debt Fund, Inc.</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>June 30, 2022 (unaudited)</b></font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;">Letter to Stockholders (cont'd)</font></p>
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<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">appears to be easing policy on the margin and moving slightly off its strict, zero-COVID policy. Reformers may make gains during the Party Congress in a few months, but President Xi's power remains unquestioned. We expect markets to place an emphasis on differentiation among countries and credits.</font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">Sincerely,</font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><img src="j22211044_ba003.jpg">
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">John H. Gernon<br>President and Principal Executive Officer&#xa0;&#xa0;July 2022</font></p>
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;"><br>4</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>Morgan Stanley Emerging Markets Debt Fund, Inc.</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>June 30, 2022 (unaudited)</b></font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;">Performance Summary</font></p>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Average Annual Total Returns as of June 30, 2022<sup>(1)</sup></b></font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>6 Month*</b></font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>One Year</b></font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Five Years</b></font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Ten Years</b></font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">NAV</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">-21.20</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">-22.11</font></p></td>
<td colspan="1" valign="bottom" style="padding:3pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">-1.85</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1.51</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">%</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Market price</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">-24.07</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">%</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">-24.90</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">%</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">-2.48</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">%</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1.09</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">%</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">J.P. Morgan EMBI Global Diversified Index<sup>(2)</sup></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">-20.31</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">-21.22</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">%</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">-1.19</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:3pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;">
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2.21</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">%</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Emerging Markets Debt Blended Index<sup>(3)</sup></font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">-20.31</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
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<td colspan="1" valign="bottom" style="padding:3pt .7pt 0pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">-21.22</font></p></td>
<td colspan="1" valign="bottom" style="padding:3pt .7pt 0pt 0pt; width: 21px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:3pt .7pt 0pt 0pt; width: 8px;">
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<td colspan="1" valign="bottom" style="padding:3pt .7pt 0pt 0pt; width: 54px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">-1.54</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:3pt .7pt 0pt 0pt; width: 8px;">
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<td colspan="1" valign="bottom" style="padding:3pt .7pt 0pt 0pt; width: 51px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1.77</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">%</font></p></td>
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<p style="margin:9pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:8pt; font-family: Arial, Helvetica;"><i>Performance data quoted in the table represents past performance, which is no guarantee of future results, and current performance may be lower or higher than the figures shown. Performance assumes that all dividends and distributions, if any, were reinvested at prices obtained under the Fund's dividend reinvestment plan. For the most recent month-end performance figures, please visit www.morganstanley.com/im/closedendfundsshareholderreports. Investment returns and principal value will fluctuate so that Fund shares, when sold, may be worth more or less than their original cost. The table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the sale of fund shares. Total return, market price, NAV, market price distribution rate, and NAV distribution rate will fluctuate with changes in market conditions.</i></font></p>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Distributions</b></font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Total Distributions per share for the period</font></p></td>
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<td colspan="1" valign="bottom" style="padding:3pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:3pt .7pt 0pt 0pt; width: 38px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">0.24</font></p></td>
<td colspan="1" valign="bottom" style="padding:3pt .7pt 0pt 0pt; width: 23px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:3pt .7pt 0pt 0pt; width: 159px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Current Distribution Rate at NAV<sup>(4)</sup></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:3pt .7pt 0pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:3pt .7pt 0pt 0pt; width: 38px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">6.37</font></p></td>
<td colspan="1" valign="bottom" style="padding:3pt .7pt 0pt 0pt; width: 23px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:3pt .7pt 0pt 0pt; width: 159px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Current Distribution Rate at Market Price<sup>(4)</sup></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:3pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:3pt .7pt 0pt 0pt; width: 38px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">7.26</font></p></td>
<td colspan="1" valign="bottom" style="padding:3pt .7pt 0pt 0pt; width: 23px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:3pt .7pt 0pt 0pt; width: 159px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>% Premium/(Discount) to NAV<sup>(5)</sup></b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:3pt .7pt 0pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:3pt .7pt 0pt 0pt; width: 38px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(12.22</font></p></td>
<td colspan="1" valign="bottom" style="padding:3pt .7pt 0pt 0pt; width: 23px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">)%</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
</table>

<p style="margin:9pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:8pt; font-family: Arial, Helvetica;"><i>(1)&#xa0;&#xa0;All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.</i></font></p>
<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:8pt; font-family: Arial, Helvetica;"><i>(2)&#xa0;&#xa0;The J.P. Morgan Emerging Markets Bond Global Diversified (EMBI Global Diversified) Index tracks total returns for U.S. dollar-denominated debt instruments issued by emerging markets sovereign and quasi-sovereign entities: Brady Bonds, loans, Eurobonds and local market instruments for emerging market countries but limits the weights of countries with larger debt stocks by only including a specified portion of these countries' eligible current face amounts of debt outstanding. The performance of the Index is calculated in U.S. dollars and assumes reinvestment of net dividends. The Index is unmanaged and its returns do not include any sales charges or fees. Such costs would lower performance. It is not possible to invest directly in an index.</i></font></p>
<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:8pt; font-family: Arial, Helvetica;"><i>(3)&#xa0;&#xa0;The Emerging Markets Debt Blended Index is a performance linked benchmark of the old and new benchmark of the Fund. The old benchmark represented by J.P. Morgan Emerging Markets Bond Global Index (benchmark that tracks total returns for U.S. dollar denominated debt instruments issued by emerging markets sovereign and quasi-sovereign entities) from the Fund's inception to December 31, 2019 and the new benchmark represented by J.P. Morgan Emerging Markets Bond Global Diversified Index for periods thereafter. The performance of the Index is calculated in U.S. dollars and assumes reinvestment of net dividends. The Index is unmanaged and its returns do not include any sales charges or fees. Such costs would lower performance. It is not possible to invest directly in an index.</i></font></p>
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<div style="margin:8pt 0pt 8pt 0pt;">
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;"><br>5</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>Morgan Stanley Emerging Markets Debt Fund, Inc.</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>June 30, 2022 (unaudited)</b></font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:8pt; font-family: Arial, Helvetica;"><i>(4)&#xa0;&#xa0;The Distribution Rate is based on the Fund's last regular distribution per share in the period (annualized) divided by the Fund's NAV or market price at the end of the period. The Fund's distributions may be comprised of amounts characterized for federal income tax purposes as qualified and non-qualified ordinary dividends, capital gains and non-dividend distributions, also known as return of capital. The Fund will determine the federal income tax character of distributions paid to a shareholder after the end of the calendar year. The Fund's distributions are determined by the investment adviser based on its current assessment of the Fund's long-term return potential. Fund distributions may be affected by numerous factors including changes in Fund performance, the cost of financing for leverage, portfolio holdings, realized and projected returns, and other factors. As portfolio and market conditions change, the rate of distributions paid by the Fund could change.</i></font></p>
<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:8pt; font-family: Arial, Helvetica;"><i>(5)&#xa0;&#xa0;The shares of the Fund often trade at a discount or premium to their net asset value. The discount or premium may vary over time and may be higher or lower than what is quoted in this report.</i></font></p>
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<div style="margin:8pt 0pt 8pt 0pt;">
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;"><br>6</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>Morgan Stanley Emerging Markets Debt Fund, Inc.</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>June 30, 2022 (unaudited)</b></font></p>
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;">Portfolio of Investments</font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b><i>(Showing Percentage of Total Value of Investments)</i></b></font></p>
</div>
<div style="width:48%;float:left;margin-top:10pt;margin-right:3%">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 202px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b> <br> <br> </b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 89px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Face<br>Amount<br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 83px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b><br>Value<br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>FIXED INCOME SECURITIES (96.5%)</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Angola (1.1%)</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Sovereign (1.1%)</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Angolan Government <br>International Bond,<br>8.00%, 11/26/29</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">550</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">437</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">8.00%, 11/26/29 (a)</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,400</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,112</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">9.38%, 5/8/48 (a)</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">200</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">146</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 89px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,695</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Argentina (1.1%)</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Sovereign (1.1%)</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Argentine Republic <br>Government <br>International Bond,<br>1.00%, 7/9/29</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">167</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">38</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">0.50%, 7/9/30 (b)</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">887</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">211</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">1.13%, 7/9/35 (b)</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,625</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">352</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">2.00%, 1/9/38 (b)</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,840</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,098</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 89px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,699</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Armenia (0.5%)</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Sovereign (0.5%)</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Republic of Armenia <br>International Bond,<br>3.60%, 2/2/31</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">500</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">347</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">3.95%, 9/26/29</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">550</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">411</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 89px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">758</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Azerbaijan (1.0%)</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Sovereign (1.0%)</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Republic of Azerbaijan <br>International Bond,<br>3.50%, 9/1/32</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,928</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,543</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Bahrain (1.4%)</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Sovereign (1.4%)</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Bahrain Government <br>International Bond,<br>7.50%, 9/20/47</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,500</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,111</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Benin (0.9%)</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Sovereign (0.9%)</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Benin Government <br>International Bond,<br>4.95%, 1/22/35</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">EUR</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,375</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
</table>

</div>
<div style="width:48%;float:left;margin-top:10pt;margin-right:0%">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 202px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b> <br> <br> </b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 89px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Face<br>Amount<br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 83px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b><br>Value<br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Brazil (4.3%)</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Corporate Bonds (2.2%)</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Arcos Dorados BV,<br>6.13%, 5/27/29 (a)</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">890</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">838</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Braskem Netherlands <br>Finance BV,<br>4.50%, 1/31/30 (a)</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,150</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">984</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Hidrovias International <br>Finance SARL,<br>4.95%, 2/8/31</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">775</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Natura &amp;Co Luxembourg <br>Holdings Sarl, <br>6.00%, 4/19/29 (a)</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">720</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">635</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Suzano Austria GmbH,<br>3.75%, 1/15/31</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">225</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">183</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 89px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,415</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Sovereign (2.1%)</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Brazilian Government <br>International Bond,<br>3.88%, 6/12/30</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">590</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">495</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">4.50%, 5/30/29</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">470</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">421</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">5.00%, 1/27/45</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,288</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,640</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">6.00%, 4/7/26</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">610</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">631</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 89px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,187</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 89px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">6,602</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Chile (1.5%)</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Corporate Bond (0.6%)</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Colbun SA,<br>3.15%, 3/6/30 (a)</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,110</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">928</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Sovereign (0.9%)</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Chile Government <br>International Bond,<br>3.50%, 1/25/50</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,570</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,205</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">3.86%, 6/21/47</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">250</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">210</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 89px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,415</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 89px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,343</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>China (4.8%)</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Sovereign (4.8%)</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Sinopec Group Overseas <br>Development 2012 Ltd.,<br>4.88%, 5/17/42</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">970</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">954</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Sinopec Group Overseas <br>Development 2013 Ltd.,<br>4.38%, 10/17/23</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,040</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,090</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
</table>

</div>
<div style="clear:both"></div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; text-align: center;"><font style="font-size:8pt; font-family: Arial, Helvetica;">The accompanying notes are an integral part of the financial statements.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;"><br>7</font></p>
<hr style="height: 3px; width: 100%; color: gray; background-color: gray; text-align: center;">
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>Morgan Stanley Emerging Markets Debt Fund, Inc.</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>June 30, 2022 (unaudited)</b></font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;">Portfolio of Investments (cont'd)</font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b><i>(Showing Percentage of Total Value of Investments)</i></b></font></p>
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<font style="font-size:8pt; font-family: Arial, Helvetica;"><b> <br> <br> </b></font></td>
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<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Face<br>Amount<br>(000)</b></font></td>
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<font style="font-size:8pt; font-family: Arial, Helvetica;"><b><br>Value<br>(000)</b></font></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>China (cont'd)</b></font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Sovereign (cont'd)</b></font></p></td>
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<font style="font-size:8pt; font-family: Arial, Helvetica;">Sinopec Group Overseas <br>Development 2014 Ltd.,<br>4.38%, 4/10/24</font></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">900</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">916</font></p></td>
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<font style="font-size:8pt; font-family: Arial, Helvetica;">Sinopec Group Overseas <br>Development 2018 Ltd.,<br>2.95%, 11/12/29 (a)</font></td>
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<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,770</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
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<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
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<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,652</font></p></td>
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<td colspan="1" style="width: 8px;">&#xa0;</td>
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<font style="font-size:8pt; font-family: Arial, Helvetica;">Three Gorges Finance I <br>Cayman Islands Ltd.,<br>3.70%, 6/10/25 (a)</font></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">780</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">784</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">7,396</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Colombia (2.5%)</b></font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Corporate Bonds (0.3%)</b></font></p></td>
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<font style="font-size:8pt; font-family: Arial, Helvetica;">Millicom International Cellular SA,<br>4.50%, 4/27/31 (a)</font></td>
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<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">384</font></p></td>
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<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">285</font></p></td>
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<font style="font-size:8pt; font-family: Arial, Helvetica;">Termocandelaria Power Ltd.,<br>7.88%, 1/30/29 (a)</font></td>
<td colspan="1">&#xa0;</td>
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<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">272</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
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<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
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<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">246</font></p></td>
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<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 89px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">531</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Sovereign (2.2%)</b></font></p></td>
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<font style="font-size:8pt; font-family: Arial, Helvetica;">Colombia Government <br>International Bond,<br>3.00%, 1/30/30 (c)</font></td>
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<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px; background-color: #cceeff;">
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<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,791</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
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<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,366</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px; background-color: #cceeff;">
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<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
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<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">4.13%, 5/15/51</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
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<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">601</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px;">
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<td colspan="1" style="width: 8px;">&#xa0;</td>
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<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">5.00%, 6/15/45</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,230</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,499</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 89px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,466</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 89px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,997</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Costa Rica (0.9%)</b></font></p></td>
<td colspan="1">&#xa0;</td>
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<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Sovereign (0.9%)</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
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<tr>
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<font style="font-size:8pt; font-family: Arial, Helvetica;">Costa Rica Government <br>International Bond,<br>6.13%, 2/19/31 (a)</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">505</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">473</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">7.00%, 4/4/44</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,060</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">915</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 89px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,388</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Dominican Republic (5.1%)</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Sovereign (5.1%)</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Dominican Republic <br>International Bond,<br>4.88%, 9/23/32 (a)</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">710</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">548</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">5.30%, 1/21/41 (a)</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">550</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">383</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">5.50%, 2/22/29 (a)</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">490</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">428</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">5.88%, 1/30/60</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">500</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">343</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">5.88%, 1/30/60 (a)</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,190</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">817</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
</table>

</div>
<div style="width:48%;float:left;margin-top:10pt;margin-right:0%">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 202px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b> <br> <br> </b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 89px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Face<br>Amount<br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 83px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b><br>Value<br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">6.00%, 7/19/28 (a)</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 29px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">560</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">522</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">6.85%, 1/27/45 (a)</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,252</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">994</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">6.88%, 1/29/26</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,100</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,125</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">6.88%, 1/29/26 (a)</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,605</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,641</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">7.45%, 4/30/44 (a)</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,316</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,128</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 89px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">7,929</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Ecuador (2.0%)</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Sovereign (2.0%)</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Ecuador Government <br>International Bond,<br>0.00%, 7/31/30 (a)</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">351</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">147</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">0.50%, 7/31/40 (b)</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">522</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">214</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">0.50%, 7/31/40 (a)(b)</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,421</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">584</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">1.00%, 7/31/35 (b)</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">550</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">266</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">1.00%, 7/31/35 (a)(b)</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,302</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,115</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">5.00%, 7/31/30 (a)(b)</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,184</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">771</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 89px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,097</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Egypt (2.4%)</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Sovereign (2.4%)</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Egypt Government <br>International Bond,<br>4.75%, 4/16/26</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">480</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">377</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">6.38%, 4/11/31 (a)</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">800</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">530</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">7.50%, 2/16/61 (a)</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,030</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">576</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">7.90%, 2/21/48 (a)</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">490</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">282</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">8.15%, 11/20/59 (a)</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,163</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">8.88%, 5/29/50</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">750</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">458</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">8.88%, 5/29/50 (a)</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">430</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">262</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 89px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,648</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>El Salvador (0.5%)</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Sovereign (0.5%)</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">El Salvador Government <br>International Bond,<br>6.38%, 1/18/27</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,785</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">612</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">8.63%, 2/28/29 (a)</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">250</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">84</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 89px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">696</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Ethiopia (0.3%)</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Sovereign (0.3%)</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Ethiopia International Bond,<br>6.63%, 12/11/24</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">870</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">498</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
</table>

</div>
<div style="clear:both"></div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; text-align: center;"><font style="font-size:8pt; font-family: Arial, Helvetica;">The accompanying notes are an integral part of the financial statements.</font></p>
</div>
<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;"><br>8</font></p>
<hr style="height: 3px; width: 100%; color: gray; background-color: gray; text-align: center;">
<!-- SEQ.=8,FOLIO='8',FILE='22-21104-4.ca.qxp',USER='',CD='' -->
<div style="page-break-before:always;"></div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>Morgan Stanley Emerging Markets Debt Fund, Inc.</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>June 30, 2022 (unaudited)</b></font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;">Portfolio of Investments (cont'd)</font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b><i>(Showing Percentage of Total Value of Investments)</i></b></font></p>
</div>
<div style="width:48%;float:left;margin-top:10pt;margin-right:3%">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 202px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b> <br> <br> </b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 89px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Face<br>Amount<br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 83px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b><br>Value<br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Gabon (0.9%)</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Sovereign (0.9%)</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Gabon Government <br>International Bond,<br>7.00%, 11/24/31</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,100</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">805</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">6.95%, 6/16/25 (a)</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">740</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">651</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 89px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,456</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Ghana (1.1%)</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Sovereign (1.1%)</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Ghana Government <br>International Bond,<br>7.75%, 4/7/29</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,350</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">678</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">7.88%, 2/11/35</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">460</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">217</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">8.63%, 6/16/49 (a)</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">690</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">328</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">8.88%, 5/7/42 (a)</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">910</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">440</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 89px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,663</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Guatemala (1.0%)</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Sovereign (1.0%)</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Guatemala Government Bond,<br>4.88%, 2/13/28</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">970</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">909</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">6.13%, 6/1/50 (a)</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">380</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">320</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">4.65%, 10/7/41 (a)</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">400</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">292</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 89px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,521</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Honduras (0.7%)</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Sovereign (0.7%)</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Honduras Government <br>International Bond,<br>5.63%, 6/24/30</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">635</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">431</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">5.63%, 6/24/30 (a)</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">230</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">156</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">6.25%, 1/19/27</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">565</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">444</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 89px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,031</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Hungary (1.2%)</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Sovereign (1.2%)</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Hungary Government <br>International Bond,<br>5.38%, 3/25/24</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,250</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,276</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">7.63%, 3/29/41</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">454</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">527</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 89px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,803</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>India (2.3%)</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Corporate Bonds (0.5%)</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Vedanta Resources <br>Finance II PLC,<br>13.88%, 1/21/24</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">800</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">714</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
</table>

</div>
<div style="width:48%;float:left;margin-top:10pt;margin-right:0%">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 202px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b> <br> <br> </b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 89px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Face<br>Amount<br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 83px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b><br>Value<br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Sovereign (1.8%)</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Export-Import Bank of India,<br>2.25%, 1/13/31</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">340</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">268</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">3.25%, 1/15/30</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,960</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,707</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">3.38%, 8/5/26 (a)</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">800</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">764</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 89px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,739</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 89px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,453</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Indonesia (6.4%)</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Sovereign (6.4%)</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Indonesia Government <br>International Bond,<br>3.85%, 7/18/27</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">450</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">442</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">4.13%, 1/15/25</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,670</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,663</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">4.45%, 4/15/70</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">700</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">602</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">4.75%, 1/8/26 (a)</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,074</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,090</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">5.13%, 1/15/45 (a)</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,014</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">974</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">5.35%, 2/11/49 (c)</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">200</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">198</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Pertamina Persero PT,<br>4.30%, 5/20/23</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,540</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,549</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">6.45%, 5/30/44 (a)</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">310</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">315</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">6.50%, 11/7/48 (a)</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,070</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,089</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 89px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">9,922</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Ivory Coast (1.3%)</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Sovereign (1.3%)</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Ivory Coast Government <br>International Bond,<br>4.88%, 1/30/32</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">EUR</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">870</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">659</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">4.88%, 1/30/32 (a)</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,710</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,294</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 89px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,953</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Jamaica (0.8%)</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Sovereign (0.8%)</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Jamaica Government <br>International Bond,<br>7.88%, 7/28/45</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">740</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">779</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">8.00%, 3/15/39</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">420</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">454</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 89px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,233</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Jordan (0.8%)</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Sovereign (0.8%)</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Jordan Government <br>International Bond,<br>7.38%, 10/10/47 (a)</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">950</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">701</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">7.75%, 1/15/28</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">550</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">514</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 89px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,215</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
</table>

</div>
<div style="clear:both"></div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; text-align: center;"><font style="font-size:8pt; font-family: Arial, Helvetica;">The accompanying notes are an integral part of the financial statements.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;"><br>9</font></p>
<hr style="height: 3px; width: 100%; color: gray; background-color: gray; text-align: center;">
<!-- SEQ.=9,FOLIO='9',FILE='22-21104-4.ca.qxp',USER='',CD='' -->
<div style="page-break-before:always;"></div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>Morgan Stanley Emerging Markets Debt Fund, Inc.</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>June 30, 2022 (unaudited)</b></font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;">Portfolio of Investments (cont'd)</font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b><i>(Showing Percentage of Total Value of Investments)</i></b></font></p>
</div>
<div style="width:48%;float:left;margin-top:10pt;margin-right:3%">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 202px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b> <br> <br> </b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 89px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Face<br>Amount<br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 83px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b><br>Value<br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Kazakhstan (0.7%)</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Sovereign (0.7%)</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Kazakhstan Government <br>International Bond,<br>6.50%, 7/21/45</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,100</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,108</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Kenya (0.1%)</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Sovereign (0.1%)</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Kenya Government <br>International Bond,<br>8.00%, 5/22/32 (a)</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">320</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">228</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Lebanon (0.1%)</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Sovereign (0.1%)</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Lebanon Government <br>International Bond,<br>6.85%, 3/23/27 - <br>5/25/29 (c)(d)(e)</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,490</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">222</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Macedonia (0.3%)</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Sovereign (0.3%)</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">North Macedonia Government <br>International Bond,<br>1.63%, 3/10/28</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">EUR</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">544</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">429</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Malaysia (1.7%)</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Sovereign (1.7%)</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Petronas Capital Ltd.,<br>3.50%, 3/18/25 - 4/21/30</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,810</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,687</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Mexico (6.4%)</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Corporate Bonds (0.3%)</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Cemex SAB de CV,<br>5.13%, 6/8/26 (a)(f)</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">520</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">443</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Sovereign (6.1%)</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Banco Nacional de <br>Comercio Exterior SNC,<br>2.72%, 8/11/31 (a)</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">800</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">705</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Petroleos Mexicanos,<br>5.95%, 1/28/31</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,200</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">881</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">6.35%, 2/12/48</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,276</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,935</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">6.70%, 2/16/32</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,263</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,495</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">6.95%, 1/28/60</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">718</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">444</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">7.69%, 1/23/50</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">4,250</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,903</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 89px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">9,363</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 89px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">9,806</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
</table>

</div>
<div style="width:48%;float:left;margin-top:10pt;margin-right:0%">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 202px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b> <br> <br> </b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 89px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Face<br>Amount<br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 83px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b><br>Value<br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Mongolia (0.5%)</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Sovereign (0.5%)</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Mongolia Government <br>International Bond,<br>5.13%, 4/7/26 (a)</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">310</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">280</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">5.63%, 5/1/23</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">506</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">499</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 89px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">779</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Morocco (0.3%)</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Sovereign (0.3%)</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Morocco Government <br>International Bond,<br>4.00%, 12/15/50 (a)</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">820</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">482</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Nigeria (2.9%)</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Corporate Bond (0.6%)</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">IHS Netherlands Holdco BV,<br>8.00%, 9/18/27 (a)</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,100</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">966</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Sovereign (2.3%)</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Nigeria Government <br>International Bond,<br>6.38%, 7/12/23</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">530</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">520</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">6.50%, 11/28/27 (a)</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">620</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">474</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">7.14%, 2/23/30 (a)</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,420</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,007</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">7.38%, 9/28/33 (a)</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">220</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">144</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">8.25%, 9/28/51 (a)</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">490</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">307</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">9.25%, 1/21/49 (a)</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,200</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">819</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Republic of Nigeria,<br>8.38%, 3/24/29 (a)</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">300</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">229</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 89px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,500</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 89px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">4,466</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Oman (3.8%)</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Sovereign (3.8%)</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Oman Government <br>International Bond,<br>6.00%, 8/1/29 (a)</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,950</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,849</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">6.25%, 1/25/31 (a)</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,300</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,227</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">6.75%, 1/17/48</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">866</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 89px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">5,942</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
</table>

</div>
<div style="clear:both"></div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; text-align: center;"><font style="font-size:8pt; font-family: Arial, Helvetica;">The accompanying notes are an integral part of the financial statements.</font></p>
</div>
<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;"><br>10</font></p>
<hr style="height: 3px; width: 100%; color: gray; background-color: gray; text-align: center;">
<!-- SEQ.=10,FOLIO='10',FILE='22-21104-4.ca.qxp',USER='',CD='' -->
<div style="page-break-before:always;"></div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>Morgan Stanley Emerging Markets Debt Fund, Inc.</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>June 30, 2022 (unaudited)</b></font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;">Portfolio of Investments (cont'd)</font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b><i>(Showing Percentage of Total Value of Investments)</i></b></font></p>
</div>
<div style="width:48%;float:left;margin-top:10pt;margin-right:3%">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 202px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b> <br> <br> </b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 89px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Face<br>Amount<br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 83px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b><br>Value<br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Pakistan (0.3%)</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Sovereign (0.3%)</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Pakistan Government <br>International Bond,<br>6.88%, 12/5/27</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">340</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">232</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">8.88%, 4/8/51</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">260</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">156</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 89px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">388</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Panama (2.5%)</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Corporate Bond (0.3%)</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">AES Panama Generation <br>Holdings SRL,<br>4.38%, 5/31/30 (a)</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">500</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">429</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Sovereign (2.2%)</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Panama Government <br>International Bond,<br>3.87%, 7/23/60</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">550</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">390</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">4.00%, 9/22/24</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,084</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,082</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">4.50%, 4/1/56</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">810</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">645</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">8.88%, 9/30/27</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">278</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">328</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 89px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,445</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 89px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,874</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Paraguay (0.3%)</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Sovereign (0.3%)</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Paraguay Government <br>International Bond,<br>4.95%, 4/28/31 (a)</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">250</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">231</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">5.40%, 3/30/50 (a)</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">200</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">156</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 89px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">387</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Peru (2.7%)</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Corporate Bond (0.2%)</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Intercorp Peru Ltd.,<br>3.88%, 8/15/29</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">440</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">366</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Sovereign (2.5%)</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Corporaci&#xf3;n Financiera de <br>Desarrollo SA,<br>5.25%, 7/15/29 (a)</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">978</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">944</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Fondo MIVIVIENDA SA,<br>4.63%, 4/12/27 (a)(c)</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">360</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">349</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Peruvian Government <br>International Bond,<br>3.55%, 3/10/51 (c)</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,170</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">877</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">6.55%, 3/14/37</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,550</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,685</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 89px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,855</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 89px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">4,221</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
</table>

</div>
<div style="width:48%;float:left;margin-top:10pt;margin-right:0%">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 202px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b> <br> <br> </b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 89px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Face<br>Amount<br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 83px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b><br>Value<br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Philippines (1.8%)</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Sovereign (1.8%)</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Philippine Government <br>International Bond,<br>9.50%, 2/2/30</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,200</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,843</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Qatar (2.7%)</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Sovereign (2.7%)</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Qatar Government <br>International Bond,<br>4.00%, 3/14/29</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">200</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">202</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">4.82%, 3/14/49</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">490</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">494</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">4.82%, 3/14/49 (a)</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,460</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,492</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 89px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">4,188</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Romania (2.2%)</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Sovereign (2.2%)</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Romanian Government <br>International Bond,<br>1.75%, 7/13/30 (a)</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">EUR</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">420</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">315</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">2.00%, 4/14/33</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">420</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">286</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">3.00%, 2/27/27 (a)</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">866</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">766</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">3.75%, 2/7/34 (a)</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">830</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">656</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">4.00%, 2/14/51</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,100</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">720</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">6.13%, 1/22/44</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">800</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">705</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 89px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,448</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Saudi Arabia (2.5%)</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Corporate Bond (0.6%)</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">SA Global Sukuk Ltd.,<br>2.69%, 6/17/31 (a)</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,040</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">916</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Sovereign (1.9%)</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Saudi Government <br>International Bond,<br>3.45%, 2/2/61 (a)</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,070</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">804</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">4.38%, 4/16/29</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">538</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">547</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">5.25%, 1/16/50 (a)</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,580</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,611</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 89px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,962</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 89px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,878</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Senegal (0.8%)</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Sovereign (0.8%)</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Senegal Government <br>International Bond,<br>6.25%, 5/23/33 (a)</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,540</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,186</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
</table>

</div>
<div style="clear:both"></div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; text-align: center;"><font style="font-size:8pt; font-family: Arial, Helvetica;">The accompanying notes are an integral part of the financial statements.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;"><br>11</font></p>
<hr style="height: 3px; width: 100%; color: gray; background-color: gray; text-align: center;">
<!-- SEQ.=11,FOLIO='11',FILE='22-21104-4.ca.qxp',USER='',CD='' -->
<div style="page-break-before:always;"></div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>Morgan Stanley Emerging Markets Debt Fund, Inc.</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>June 30, 2022 (unaudited)</b></font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;">Portfolio of Investments (cont'd)</font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b><i>(Showing Percentage of Total Value of Investments)</i></b></font></p>
</div>
<div style="width:48%;float:left;margin-top:10pt;margin-right:3%">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 202px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b> <br> <br> </b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 89px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Face<br>Amount<br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 83px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b><br>Value<br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Serbia (0.7%)</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Sovereign (0.7%)</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Serbia International Bond,<br>2.13%, 12/1/30</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">736</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">2.13%, 12/1/30 (a)</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">400</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">295</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 89px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,031</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>South Africa (1.6%)</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Sovereign (1.6%)</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Eskom Holdings SOC Ltd.,<br>8.45%, 8/10/28</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">929</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">756</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Republic of South Africa <br>Government <br>International Bond,<br>4.30%, 10/12/28</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,714</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 89px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,470</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Sri Lanka (1.5%)</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Sovereign (1.5%)</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Sri Lanka Government <br>International Bond,<br>6.20%, 5/11/27 (d)(e)</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,250</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">732</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">6.85%, 11/3/25 (d)(e)</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,970</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">650</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">7.55%, 3/28/30 (d)(e)</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,740</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">887</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 89px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,269</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Suriname (0.6%)</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Sovereign (0.6%)</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Suriname Government <br>International Bond,<br>9.25%, 10/26/26</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,170</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">955</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Turkey (2.3%)</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Sovereign (2.3%)</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Turkey Government <br>International Bond,<br>4.88%, 4/16/43</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,300</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">773</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">5.75%, 3/22/24</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,315</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,225</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">5.88%, 6/26/31</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,070</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">770</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">6.88%, 3/17/36</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">736</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 89px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,504</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Ukraine (1.2%)</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Corporate Bond (0.1%)</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">NPC Ukrenergo,<br>6.88%, 11/9/26 (a)</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">690</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">176</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
</table>

</div>
<div style="width:48%;float:left;margin-top:10pt;margin-right:0%">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 202px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b> <br> <br> </b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 89px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Face<br>Amount<br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 83px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b><br>Value<br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Sovereign (1.1%)</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Ukraine Government <br>International Bond,<br>6.75%, 6/20/26</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,200</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">605</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">6.88%, 5/21/29</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,500</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">372</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">7.75%, 9/1/23</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,310</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">760</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 89px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,737</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 89px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,913</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>United Arab Emirates (3.9%)</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Corporate Bond (0.6%)</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Galaxy Pipeline Assets Bidco Ltd.,<br>3.25%, 9/30/40 (a)</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,265</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,003</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Sovereign (3.3%)</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Abu Dhabi Government <br>International Bond,<br>2.50%, 9/30/29 (a)</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,950</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,795</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">2.70%, 9/2/70 (a)</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,300</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">874</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">3.13%, 5/3/26 - 4/16/30</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,531</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,488</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">DP World Crescent Ltd.,<br>4.85%, 9/26/28</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">930</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">932</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 89px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">5,089</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 89px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">6,092</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Uruguay (1.7%)</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Sovereign (1.7%)</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Uruguay Government <br>International Bond,<br>4.38%, 10/27/27</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,260</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,280</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">5.10%, 6/18/50</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,385</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,396</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 89px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,676</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Uzbekistan (0.8%)</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Sovereign (0.8%)</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Republic of Uzbekistan <br>International Bond,<br>3.70%, 11/25/30 (a)</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">550</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">400</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">3.90%, 10/19/31</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,230</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">874</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 89px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,274</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Venezuela (0.6%)</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Sovereign (0.6%)</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Petroleos de Venezuela SA,<br>6.00%, 11/15/26 (d)(e)</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">15,570</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">930</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; text-align: center;"><font style="font-size:8pt; font-family: Arial, Helvetica;">The accompanying notes are an integral part of the financial statements.</font></p>
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;"><br>12</font></p>
<hr style="height: 3px; width: 100%; color: gray; background-color: gray; text-align: center;">
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>Morgan Stanley Emerging Markets Debt Fund, Inc.</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>June 30, 2022 (unaudited)</b></font></p>
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;">Portfolio of Investments (cont'd)</font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b><i>(Showing Percentage of Total Value of Investments)</i></b></font></p>
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<div style="width:48%;float:left;margin-top:10pt;margin-right:3%">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 202px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b> <br> <br> </b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 89px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Face<br>Amount<br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 83px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b><br>Value<br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Vietnam (1.2%)</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Sovereign (1.2%)</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Vietnam Government <br>International Bond,<br>4.80%, 11/19/24</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,900</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,895</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Zambia (1.0%)</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Sovereign (1.0%)</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Zambia Government <br>International Bond,<br>5.38%, 9/20/22</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">865</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">496</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">8.97%, 7/30/27</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,850</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,088</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 89px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,584</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>TOTAL FIXED INCOME SECURITIES</b> (Cost $199,922)</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 89px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">149,180</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:2pt .7pt 2.5pt 0pt; width: 202px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:2pt .7pt 2.5pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 89px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>No. of<br>Warrants</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:2pt .7pt 2.5pt 0pt; width: 83px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>WARRANTS (0.0%) (g)</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Venezuela (0.0%) (g)</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Venezuela Government <br>International Bond, <br>Oil-Linked Payment <br>Obligation, expires <br>4/15/20 (h) (Cost $&#x2014;)</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">5,450</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">43</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:2pt .7pt 2.5pt 0pt; width: 202px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:2pt .7pt 2.5pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 89px; text-align: center;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Shares</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:2pt .7pt 2.5pt 0pt; width: 83px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>SHORT-TERM INVESTMENTS (3.5%)</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Securities held as Collateral on Loaned Securities (1.0%)</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Investment Company (0.8%)</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Morgan Stanley Institutional Liquidity <br>Funds &#x2014; Treasury Securities <br>Portfolio &#x2014; Institutional Class <br>(See Note E)</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,242,681</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,243</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:2pt .7pt 2.5pt 0pt; width: 202px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:2pt .7pt 2.5pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 89px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Face<br>Amount<br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:2pt .7pt 2.5pt 0pt; width: 83px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Repurchase Agreements (0.2%)</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">HSBC Securities USA, Inc., <br>(1.50%, dated 6/30/22, <br>due 7/1/22; proceeds $97; <br>fully collateralized by a U.S. <br>Government obligations; <br>0.00% - 3.63% due <br>2/15/23 - 5/15/32; <br>valued at $99)</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">97</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">97</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
</table>

</div>
<div style="width:48%;float:left;margin-top:10pt;margin-right:0%">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 202px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b> <br> <br> </b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 89px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Face<br>Amount<br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 83px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b><br>Value<br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Merrill Lynch &amp; Co., Inc., <br>(1.46%, dated 6/30/22, <br>due 7/1/22; proceeds $188; <br>fully collateralized by a U.S. <br>Government obligation; 1.63% <br>due 5/15/31; valued at $192)</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 29px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">188</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">188</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 89px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">285</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>TOTAL SECURITIES HELD AS COLLATERAL <br>ON LOANED SECURITIES </b>(Cost $1,528)</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 89px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,528</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:2pt .7pt 2.5pt 0pt; width: 202px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:2pt .7pt 2.5pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 89px; text-align: center;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Shares</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:2pt .7pt 2.5pt 0pt; width: 83px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Investment Company (1.0%)</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Morgan Stanley Institutional Liquidity <br>Funds &#x2014; Treasury Securities <br>Portfolio &#x2014; Institutional Class <br>(See Note E) (Cost $1,527)</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,526,833</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,527</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:2pt .7pt 2.5pt 0pt; width: 202px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:2pt .7pt 2.5pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 89px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Face<br>Amount<br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:2pt .7pt 2.5pt 0pt; width: 83px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Oman (1.5%)</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 382px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Sovereign (1.5%)</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Oman Government <br>International Bond,<br>4.13%, 1/17/23 <br>(Cost $2,252)</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,250</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,250</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>TOTAL SHORT-TERM INVESTMENTS</b> (Cost $5,307)</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">5,305</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>TOTAL INVESTMENTS (100.0%)</b> (Cost $205,229) <br>Including $2,150 of Securities Loaned (i)(j)</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 89px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">154,528</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>LIABILITIES IN EXCESS OF OTHER ASSETS</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 89px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(1,074</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 18px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 202px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>NET ASSETS</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 89px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">153,454</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
</table>

<p style="margin:15pt 0pt 3pt 0pt; text-align: left;"><font style="font-size:8pt; font-family: Arial, Helvetica;">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.</font></p>
<p style="margin:15pt 0pt 3pt 0pt; text-align: left;"><font style="font-size:8pt; font-family: Arial, Helvetica;">(a)&#xa0;&#xa0;144A security &#x2014; Certain conditions for public sale may exist. Unless otherwise noted, these securities are deemed to be liquid.</font></p>
<p style="margin:0pt 0pt 3pt 0pt; text-align: left;"><font style="font-size:8pt; font-family: Arial, Helvetica;">(b)&#xa0;&#xa0;Multi-step &#x2014; Coupon rate changes in predetermined increments to maturity. Rate disclosed is as of June 30, 2022. Maturity date disclosed is the ultimate maturity date.</font></p>
</div>
<div style="clear:both"></div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; text-align: center;"><font style="font-size:8pt; font-family: Arial, Helvetica;">The accompanying notes are an integral part of the financial statements.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;"><br>13</font></p>
<hr style="height: 3px; width: 100%; color: gray; background-color: gray; text-align: center;">
<!-- SEQ.=13,FOLIO='13',FILE='22-21104-4.ca.qxp',USER='',CD='' -->
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>Morgan Stanley Emerging Markets Debt Fund, Inc.</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>June 30, 2022 (unaudited)</b></font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;">Portfolio of Investments (cont'd)</font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b><i>(Showing Percentage of Total Value of Investments)</i></b></font></p>
</div>
<div style="width:48%;float:left;margin-top:10pt;margin-right:3%">
<p style="margin:0pt 0pt 3pt 0pt; text-align: left;"><font style="font-size:8pt; font-family: Arial, Helvetica;">(c)&#xa0;&#xa0;All or a portion of this security was on loan at June 30, 2022.</font></p>
<p style="margin:0pt 0pt 3pt 0pt; text-align: left;"><font style="font-size:8pt; font-family: Arial, Helvetica;">(d)&#xa0;&#xa0;Issuer in bankruptcy.</font></p>
<p style="margin:0pt 0pt 3pt 0pt; text-align: left;"><font style="font-size:8pt; font-family: Arial, Helvetica;">(e)&#xa0;&#xa0;Non-income producing security; bond in default.</font></p>
<p style="margin:0pt 0pt 3pt 0pt; text-align: left;"><font style="font-size:8pt; font-family: Arial, Helvetica;">(f)&#xa0;&#xa0;Perpetual &#x2014; One or more securities do not have a predetermined maturity date. Rates for these securities are fixed for a period of time, after which they revert to a floating rate. Interest rates in effect are as of June 30, 2022.</font></p>
<p style="margin:0pt 0pt 3pt 0pt; text-align: left;"><font style="font-size:8pt; font-family: Arial, Helvetica;">(g)&#xa0;&#xa0;Amount is less than 0.05%.</font></p>
<p style="margin:0pt 0pt 3pt 0pt; text-align: left;"><font style="font-size:8pt; font-family: Arial, Helvetica;">(h)&#xa0;&#xa0;Perpetual maturity date. Date disclosed is the last expiration date.</font></p>
<p style="margin:0pt 0pt 3pt 0pt; text-align: left;"><font style="font-size:8pt; font-family: Arial, Helvetica;">(i)&#xa0;&#xa0;Securities are available for collateral in connection with purchase of open foreign currency forward exchange contracts and futures contract.</font></p>
<p style="margin:0pt 0pt 3pt 0pt; text-align: left;"><font style="font-size:8pt; font-family: Arial, Helvetica;">(j)&#xa0;&#xa0;At June 30, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $1,488,000 and the aggregate gross unrealized depreciation is approximately $52,189,000 resulting in net unrealized depreciation of approximately $50,701,000.</font></p>
<p style="margin:3pt 0pt 3pt 0pt; text-align: left;"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Foreign Currency Forward Exchange Contracts:</b></font></p>
<p style="margin:1pt 0pt 1pt 0pt; text-align: left;"><font style="font-size:8pt; font-family: Arial, Helvetica;">The Fund had the following foreign currency forward exchange contracts open at June 30, 2022:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 61px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;"><b>Counterparty</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 84px; text-align: center;">
<font style="font-size:7pt; font-family: Arial, Helvetica;"><b>Contracts<br>to<br>Deliver<br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 85px; text-align: center;">
<font style="font-size:7pt; font-family: Arial, Helvetica;"><b>In<br>Exchange<br>For<br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 46px; text-align: center;">
<font style="font-size:7pt; font-family: Arial, Helvetica;"><b>Delivery<br>Date</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 106px; text-align: center;">
<font style="font-size:7pt; font-family: Arial, Helvetica;"><b>Unrealized<br>Appreciation<br>(Depreciation)<br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 61px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Australia &amp; <br>New Zealand <br>Banking <br>Group Ltd.</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 29px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">EUR</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 47px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">182</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 29px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 48px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">190</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 46px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">7/15/22</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 62px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 24px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">@)</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 61px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Australia &amp; <br>New Zealand <br>Banking <br>Group Ltd.</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 29px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">EUR</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 47px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">85</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 29px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 48px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">88</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 46px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">7/15/22</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 62px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 24px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">@)</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 61px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Barclays <br>Bank PLC</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 29px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">EUR</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 47px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">6,940</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 29px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 48px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">7,356</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 46px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">8/18/22</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 62px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">62</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 24px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 61px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">JPMorgan <br>Chase <br>Bank NA</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 29px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 47px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">454</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 29px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">EUR</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 48px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">430</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 46px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">8/18/22</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 62px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(2</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 24px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:2pt .7pt 1pt 0pt; width: 61px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:2pt .7pt 1pt 0pt; width: 84px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:2pt .7pt 1pt 0pt; width: 85px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:2pt .7pt 1pt 0pt; width: 46px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt; width: 62px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">60</font></p></td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt; width: 24px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
</table>

<p style="margin:15pt 0pt 3pt 0pt; text-align: left;"><font style="font-size:8pt; font-family: Arial, Helvetica;">@&#xa0;&#xa0;Value is less than $500.</font></p>
<p style="margin:0pt 0pt 3pt 0pt; text-align: left;"><font style="font-size:8pt; font-family: Arial, Helvetica;">EUR &#x2014;&#xa0;&#xa0;Euro</font></p>
</div>
<div style="width:48%;float:left;margin-top:10pt;margin-right:0%">
<p style="margin:0pt 0pt 3pt 0pt; text-align: left;"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Futures Contract:</b></font></p>
<p style="margin:1pt 0pt 1pt 0pt; text-align: left;"><font style="font-size:8pt; font-family: Arial, Helvetica;">The Fund had the following futures contract open at June 30, 2022:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" valign="bottom" style="padding:2pt .7pt 0pt 0pt; width: 44px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 68px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Number<br>of<br>Contracts</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 53px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Expiration<br>Date</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 93px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Notional<br>Amount<br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 62px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Value<br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 88px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Unrealized<br>Depreciation<br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="23" valign="bottom" style="padding:3pt .7pt 1pt 0pt; width: 432px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Short:</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 44px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">German <br>Euro <br>BOBL</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">4</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 53px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Sep-22</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 29px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">EUR</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 46px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(400</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 36px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(497</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:double windowtext 2.25pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:double windowtext 2.25pt; width: 62px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(2</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:double windowtext 2.25pt; width: 18px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
</table>

<p style="margin:15pt 0pt 3pt 0pt; text-align: left;"><font style="font-size:8pt; font-family: Arial, Helvetica;">EUR &#x2014; Euro</font></p>
<p style="margin:10pt 0pt 9pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;"><b>Portfolio Composition*</b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 66px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;"><b>Classification</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 112px; text-align: center;">
<font style="font-size:7pt; font-family: Arial, Helvetica;"><b>Percentage of<br>Total Investments</b></font></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 66px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;">Sovereign</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 72px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">91.0</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 32px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 66px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;">Corporate Bonds</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 72px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">6.5</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 32px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 66px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;">Other**</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 72px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">2.5</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 32px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 66px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;">Total Investments</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt; width: 72px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">100.0</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt; width: 32px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">%***</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
</table>

<p style="margin:10pt 0pt 3pt 0pt; text-align: left;"><font style="font-size:7pt; font-family: Arial, Helvetica;">*&#xa0;&#xa0;Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of June 30, 2022.</font></p>
<p style="margin:0pt 0pt 3pt 0pt; text-align: left;"><font style="font-size:7pt; font-family: Arial, Helvetica;">**&#xa0;&#xa0;Industries and/or investment types representing less than 5% of total investments.</font></p>
<p style="margin:0pt 0pt 3pt 0pt; text-align: left;"><font style="font-size:7pt; font-family: Arial, Helvetica;">***&#xa0;&#xa0;Does not include open short futures contract with a value of approximately $497,000 and unrealized depreciation of $2,000. Does not include open foreign currency forward exchange contracts with unrealized appreciation of approximately $60,000</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: center;"><font style="font-size:8pt; font-family: Arial, Helvetica;">The accompanying notes are an integral part of the financial statements.</font></p>
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;"><br>14</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>Morgan Stanley Emerging Markets Debt Fund, Inc.</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>June 30, 2022 (unaudited)</b></font></p>
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;">Financial Statements</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 6pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 381px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:14pt; font-family: Arial, Helvetica;">Statement of Assets and Liabilities</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 6pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 105px; text-align: center;">
<font style="font-size:7pt; font-family: Arial, Helvetica;"><b>June 30, 2022<br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 486px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Assets:</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 381px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Investments in Securities of Unaffiliated Issuers, at Value(1) (Cost $202,459)</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 63px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">151,758</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 22px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 381px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Investment in Security of Affiliated Issuer, at Value (Cost $2,770)</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 63px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,770</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 22px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 381px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Total Investments in Securities, at Value (Cost $205,229)</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 63px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">154,528</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 22px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 381px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Foreign Currency, at Value (Cost $156)</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 63px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">156</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 22px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 381px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Cash from Securities Lending</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 63px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">83</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 22px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 381px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Interest Receivable</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 63px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 22px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 381px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Receivable for Investments Sold</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 63px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">779</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 22px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 381px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Unrealized Appreciation on Foreign Currency Forward Exchange Contracts</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 63px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">62</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 22px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 381px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Receivable from Affiliate</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 63px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 22px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 381px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Receivable from Securities Lending Income</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 63px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 22px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">@</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 381px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Other Assets</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 63px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">39</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 22px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 381px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Total Assets</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 63px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">158,649</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 22px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 486px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Liabilities:</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 381px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Dividends Declared</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 63px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,446</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 22px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 381px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Collateral on Securities Loaned, at Value</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 63px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,611</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 22px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 381px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Deferred Capital Gain Country Tax</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 63px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">458</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 22px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 381px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Payable for Investments Purchased</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 63px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">435</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 22px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 381px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Payable for Advisory Fees</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 63px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">135</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 22px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 381px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Payable for Professional Fees</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 63px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">41</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 22px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 381px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Payable for Custodian Fees</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 63px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">8</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 22px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 381px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Payable for Administration Fees</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 63px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">5</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 22px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 381px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Payable for Stockholder Servicing Agent Fees</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 63px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 22px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 381px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Unrealized Depreciation on Foreign Currency Forward Exchange Contracts</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 63px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 22px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 381px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Payable for Variation Margin on Futures Contracts</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 63px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 22px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 381px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Other Liabilities</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 63px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">49</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 22px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 381px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Total Liabilities</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 63px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">5,195</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 22px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 486px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Net Assets</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 381px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Applicable to 20,386,720 Issued and Outstanding $0.01 Par Value Shares (100,000,000 Shares Authorized)</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 63px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">153,454</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 22px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 381px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Net Asset Value Per Share</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt; width: 63px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">7.53</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt; width: 22px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 486px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Net Assets Consist of:</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 381px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Common Stock</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 63px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">204</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 22px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 381px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Paid-in-Capital</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 63px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">233,228</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 22px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 381px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Total Accumulated Loss</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 63px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(79,978</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 22px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 381px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Net Assets</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 63px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">153,454</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 22px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 486px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>(1) Including:</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 1pt 0pt; width: 381px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Securities on Loan, at Value:</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 63px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,150</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 22px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
</table>

<p style="margin:3pt 0pt 3pt 0pt;"><font style="font-size:8pt; font-family: Arial, Helvetica;">@ Amount is less than $500.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; text-align: center;"><font style="font-size:8pt; font-family: Arial, Helvetica;">The accompanying notes are an integral part of the financial statements.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;"><br>15</font></p>
<hr style="height: 3px; width: 100%; color: gray; background-color: gray; text-align: center;">
<!-- SEQ.=15,FOLIO='15',FILE='22-21104-4.da.qxp',USER='',CD='' -->
<div style="page-break-before:always;"></div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>Morgan Stanley Emerging Markets Debt Fund, Inc.</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>June 30, 2022 (unaudited)</b></font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;">Financial Statements (cont'd)</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 6pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 299px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:14pt; font-family: Arial, Helvetica;">Statement of Operations</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 6pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 112px; text-align: center;">
<font style="font-size:7pt; font-family: Arial, Helvetica;"><b>Six Months Ended<br>June 30, 2022<br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 411px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Investment Income:</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 299px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Interest from Securities of Unaffiliated Issuers (Net of $30 of Foreign Taxes Withheld)</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 74px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">5,784</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 299px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Dividends from Security of Affiliated Issuer (Note E)</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 74px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">6</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 299px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Income from Securities Loaned &#x2014; Net</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 74px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">5</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 299px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Total Investment Income</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt; width: 74px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">5,795</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 411px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Expenses:</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 299px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Advisory Fees (Note B)</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 74px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">893</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 299px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Professional Fees</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 74px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">76</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 299px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Administration Fees (Note C)</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 74px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">71</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 299px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Custodian Fees (Note D)</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 74px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">13</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 299px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Stockholder Reporting Expenses</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 74px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">13</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 299px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Stockholder Servicing Agent Fees</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 74px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">8</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 299px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Directors' Fees and Expenses</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 74px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 299px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Other Expenses</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 74px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">27</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 299px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Total Expenses</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt; width: 74px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,103</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 299px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Waiver of Administration Fees (Note C)</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 74px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(38</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 18px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 299px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Rebate from Morgan Stanley Affiliate (Note E)</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 74px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(3</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 18px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 299px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Net Expenses</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt; width: 74px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,062</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 299px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Net Investment Income</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 74px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">4,733</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 411px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Realized Gain (Loss):</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 299px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Investments Sold (Net of $14 of Capital Gain Country Tax)</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 74px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(8,122</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 18px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 299px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Foreign Currency Forward Exchange Contracts</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 74px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">497</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 299px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Foreign Currency Translation</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 74px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(107</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 18px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 299px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Net Realized Loss</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt; width: 74px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(7,732</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt; width: 18px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 411px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Change in Unrealized Appreciation (Depreciation):</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 299px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Investments (Net of Increase in Deferred Capital Gain Country Tax of $84)</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 74px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(40,357</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 18px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 299px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Foreign Currency Forward Exchange Contracts</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 74px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">99</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 299px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Foreign Currency Translation</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 74px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">18</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 299px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Futures Contracts</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 74px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(2</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 18px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 299px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Net Change in Unrealized Appreciation (Depreciation)</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt; width: 74px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(40,242</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 2pt;border-bottom:solid windowtext 2pt; width: 18px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 299px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Net Realized Loss and Change in Unrealized Appreciation (Depreciation)</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 74px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(47,974</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 18px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 299px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Net Decrease in Net Assets Resulting from Operations</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 74px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(43,241</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 18px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
</table>

</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; text-align: center;"><font style="font-size:8pt; font-family: Arial, Helvetica;">The accompanying notes are an integral part of the financial statements.</font></p>
</div>
<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;"><br>16</font></p>
<hr style="height: 3px; width: 100%; color: gray; background-color: gray; text-align: center;">
<!-- SEQ.=16,FOLIO='16',FILE='22-21104-4.da.qxp',USER='',CD='' -->
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>Morgan Stanley Emerging Markets Debt Fund, Inc.</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>June 30, 2022</b></font></p>
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;">Financial Statements (cont'd)</font></p>
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<div style="margin:8pt 0pt 8pt 0pt;">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 6pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 235px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:14pt; font-family: Arial, Helvetica;">Statements of Changes in Net Assets</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 6pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 112px; text-align: center;">
<font style="font-size:7pt; font-family: Arial, Helvetica;"><b>Six Months Ended<br>June 30, 2022<br>(unaudited)<br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 6pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 119px; text-align: center;">
<font style="font-size:7pt; font-family: Arial, Helvetica;"><b>Year Ended<br>December 31, 2021<br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 474px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Increase (Decrease) in Net Assets:</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 474px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Operations:</font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 235px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Net Investment Income</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 74px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">4,733</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 81px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">9,119</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 235px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Net Realized Gain (Loss)</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 74px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(7,732</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 18px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 81px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">637</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 235px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Net Change in Unrealized Appreciation (Depreciation)</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 74px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(40,242</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 18px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 81px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(14,381</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 18px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 235px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Net Decrease in Net Assets Resulting from Operations</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 74px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(43,241</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 18px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 81px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(4,625</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 18px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 235px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Dividends and Distributions to Stockholders</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 74px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(4,893</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 18px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 81px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(9,174</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 18px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 235px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Total Decrease</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 74px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(48,134</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 18px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 81px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(13,799</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 18px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 474px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Net Assets:</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 235px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Beginning of Period</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 74px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">201,588</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 81px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">215,387</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 235px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>End of Period</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 74px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">153,454</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 81px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">201,588</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
</table>

</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; text-align: center;"><font style="font-size:8pt; font-family: Arial, Helvetica;">The accompanying notes are an integral part of the financial statements.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;"><br>17</font></p>
<hr style="height: 3px; width: 100%; color: gray; background-color: gray; text-align: center;">
<!-- SEQ.=17,FOLIO='17',FILE='22-21104-4.da.qxp',USER='',CD='' -->
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>Morgan Stanley Emerging Markets Debt Fund, Inc.</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>June 30, 2022</b></font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;">Financial Highlights</font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b><i>Selected Per Share Data and Ratios</i></b></font></p>
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<font style="font-size:7pt; font-family: Arial, Helvetica;"><b>Six Months Ended <br>June 30, 2022</b></font></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;"><b>Year Ended December 31,</b></font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;"><b>(unaudited)</b></font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;"><b>2021</b></font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;"><b>2020</b></font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;"><b>2019</b></font></p></td>
<td colspan="1">&#xa0;</td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;"><b>2018</b></font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;"><b>2017</b></font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;"><b>Net Asset Value, Beginning of Period</b></font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">$</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">9.89</font></p></td>
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 &#xa0;</td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">$</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">10.57</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">$</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">10.54</font></p></td>
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 &#xa0;</td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 42px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">9.72</font></p></td>
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 &#xa0;</td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">$</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">10.99</font></p></td>
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 &#xa0;</td>
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<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 42px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">10.54</font></p></td>
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 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;">Net Investment Income<sup>(1)</sup></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 76px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">0.23</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 35px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">0.45</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 27px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">0.42</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 27px;">
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<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">0.52</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 27px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">0.50</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 27px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">0.58</font></p></td>
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 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;">Net Realized and Unrealized Gain (Loss)</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 76px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">(2.35</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 35px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">(0.68</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 27px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">0.04</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 27px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">0.82</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 27px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">(1.26</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 27px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">0.44</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 27px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
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<td colspan="3" valign="bottom" style="padding:2pt .7pt 2pt 0pt; width: 158px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;">Total from Investment Operations</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 76px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">(2.12</font></p></td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 35px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 42px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">(0.23</font></p></td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 27px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 42px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">0.46</font></p></td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 27px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 42px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">1.34</font></p></td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 27px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 42px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">(0.76</font></p></td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 27px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 42px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">1.02</font></p></td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 27px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="27" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; width: 774px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;">Distributions from and/or in excess of:</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 158px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;">Net Investment Income</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 76px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">(0.24</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 35px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">(0.45</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 27px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">(0.37</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 27px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">(0.52</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 27px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">(0.54</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 27px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">(0.58</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 27px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 158px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;">Return of Capital</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 76px; background-color: #cceeff; text-align: right;">
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<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 35px; background-color: #cceeff;">
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<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 27px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">(0.06</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 27px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
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<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 27px; background-color: #cceeff;">
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<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 27px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 27px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:2pt .7pt 2pt 0pt; width: 158px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;">Total Distributions</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 76px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">(0.24</font></p></td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 35px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 42px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">(0.45</font></p></td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 27px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 42px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">(0.43</font></p></td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 27px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 42px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">(0.52</font></p></td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 27px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 42px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">(0.54</font></p></td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 27px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 42px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">(0.58</font></p></td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 27px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 158px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;">Anti-Dilutive Effect of Share Repurchase Program</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 76px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 35px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 42px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 27px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 42px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 27px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 42px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 27px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 42px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">0.03</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 27px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 42px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">0.01</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 27px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 2pt 0pt; width: 158px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;"><b>Net Asset Value, End of Period</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 76px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">7.53</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 35px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 42px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">9.89</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 27px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 42px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">10.57</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 27px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 42px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">10.54</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 27px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 42px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">9.72</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 27px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 42px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">10.99</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 27px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 2pt 0pt; width: 158px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;"><b>Per Share Market Value, End of Period</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 76px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">6.61</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 35px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 42px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">9.01</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 27px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 42px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">9.26</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 27px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 42px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">9.68</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 27px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 42px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">8.23</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 27px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 42px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">9.98</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 27px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="27" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt; width: 774px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;"><b>TOTAL INVESTMENT RETURN:<sup>(2)</sup></b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 158px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;">Market Value</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 76px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">(24.07</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 35px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">)%<sup>(5)</sup></font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">2.21</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 27px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">0.67</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 27px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">24.25</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 27px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">(12.42</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 27px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">)%</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">16.21</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 27px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 158px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;">Net Asset Value</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 76px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">(21.20</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 35px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">)%<sup>(5)</sup></font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 42px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">(1.71</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 27px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">)%</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 42px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">5.53</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 27px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 42px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">14.55</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 27px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 42px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">(6.07</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 27px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">)%</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 42px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">10.48</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 27px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="27" valign="bottom" style="padding:1.5pt .7pt 1.5pt 0pt; width: 774px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;"><b>RATIOS TO AVERAGE NET ASSETS, SUPPLEMENTAL DATA:</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 2pt 0pt; width: 158px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;"><b>Net Assets, End of Period (Thousands)</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 76px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">153,454</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 35px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 42px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">201,588</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 27px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 42px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">215,387</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 27px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 42px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">215,090</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 27px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 42px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">198,203</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 27px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 42px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">229,385</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 27px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 158px; background-color: #cceeff; text-align: left;">
<font style="font-size:7pt; font-family: Arial, Helvetica;">Ratio of Expenses Before Expenses <br>Waived by Administrator</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 76px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">1.24</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 35px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">%<sup>(6)</sup></font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">1.23</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 27px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">1.24</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 27px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">1.22</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 27px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">1.21</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 27px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">1.21</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 27px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 158px; text-align: left;">
<font style="font-size:7pt; font-family: Arial, Helvetica;">Ratio of Expenses After Expenses <br>Waived by Administrator</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 76px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">1.19</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 35px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">%<sup>(3)(6)</sup></font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">1.18</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 27px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">%<sup>(3)</sup></font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">1.19</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 27px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">%<sup>(3)</sup></font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">1.17</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 27px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">%<sup>(3)</sup></font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">1.16</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 27px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">%<sup>(3)</sup></font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">1.16</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 27px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">%<sup>(3)</sup></font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 158px; background-color: #cceeff; text-align: left;">
<font style="font-size:7pt; font-family: Arial, Helvetica;">Ratio of Expenses to Average <br>Net Assets Excluding Interest Expense</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 76px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">N/A</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 35px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">N/A</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 27px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">N/A</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 27px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">N/A</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 27px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">N/A</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 27px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">1.16</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 27px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">%<sup>(3)</sup></font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 158px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;">Ratio of Net Investment Income</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 76px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">5.32</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 35px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">%<sup>(3)(6)</sup></font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">4.37</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 27px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">%<sup>(3)</sup></font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">4.15</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 27px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">%<sup>(3)</sup></font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">5.00</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 27px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">%<sup>(3)</sup></font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">4.83</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 27px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">%<sup>(3)</sup></font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">5.30</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 27px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">%<sup>(3)</sup></font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 158px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;">Ratio of Rebate from Morgan Stanley Affiliates</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 76px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">0.00</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 35px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">%<sup>(4)(6)</sup></font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">0.00</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 27px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">%<sup>(4)</sup></font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">0.01</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 27px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">0.01</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 27px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">0.00</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">%<sup>(4)</sup></font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">0.00</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">%<sup>(4)</sup></font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;">Portfolio Turnover Rate</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 76px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">26</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 35px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">%<sup>(5)</sup></font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">26</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 27px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">38</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">39</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 27px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">31</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">47</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
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<p style="margin:8pt 0pt 2pt 0pt;"><font style="font-size:8pt; font-family: Arial, Helvetica;">(1)&#xa0;&#xa0;Per share amount is based on average shares outstanding.</font></p>
<p style="margin:0pt 0pt 3pt 0pt;"><font style="font-size:8pt; font-family: Arial, Helvetica;">(2)&#xa0;&#xa0;Total investment return based on net asset value per share reflects the effects of changes in net asset value on the performance of the Fund during each period, and assumes dividends and distributions, if any, were reinvested. This percentage is not an indication of the performance of a stockholder's investment in the Fund based on market value due to differences between the market price of the stock and the net asset value per share of the Fund. Total returns are based upon the market value and net asset value on the last business day of each period.</font></p>
<p style="margin:0pt 0pt 3pt 0pt;"><font style="font-size:8pt; font-family: Arial, Helvetica;">(3)&#xa0;&#xa0;The Ratio of Expenses After Expenses Waived by Administrator and Ratio of Net Investment Income reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."</font></p>
<p style="margin:0pt 0pt 3pt 0pt;"><font style="font-size:8pt; font-family: Arial, Helvetica;">(4)&#xa0;&#xa0;Amount is less than 0.005%.</font></p>
<p style="margin:0pt 0pt 3pt 0pt;"><font style="font-size:8pt; font-family: Arial, Helvetica;">(5)&#xa0;&#xa0;Not annualized.</font></p>
<p style="margin:0pt 0pt 3pt 0pt;"><font style="font-size:8pt; font-family: Arial, Helvetica;">(6)&#xa0;&#xa0;Annualized.</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: center;"><font style="font-size:8pt; font-family: Arial, Helvetica;">The accompanying notes are an integral part of the financial statements.</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>Morgan Stanley Emerging Markets Debt Fund, Inc.</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>June 30, 2022 (unaudited)</b></font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;">Notes to Financial Statements</font></p>
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<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">Morgan Stanley Emerging Markets Debt Fund, Inc. (the "Fund") was incorporated in Maryland on May 6, 1993, and is registered as a non-diversified, closed-end management investment company under the Investment Company Act of 1940, as amended (the "Act"). The Fund applies investment company accounting and reporting guidance. The Fund's primary investment objective is to produce high current income and as a secondary objective, to seek capital appreciation, through investments primarily in debt securities of government and government-related issuers located in emerging countries, of entities organized to restructure outstanding debt of such issuers and debt securities of corporate issuers in or organized under the laws of emerging countries. 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. The Fund's investment process incorporates information about environmental, social and governance issues (also referred to as ESG) via an integrated approach within the investment team's fundamental investment analysis framework. Morgan Stanley Investment Management Inc. (the "Adviser") and Morgan Stanley Investment Management Limited (the "Sub-Adviser") may engage with management of certain issuers regarding corporate governance practices as well as what the Fund's Adviser and Sub-Adviser deem to be materially important environmental and/or social issues facing a company. To the extent that the Fund invests in derivative instruments that (the Adviser or Sub-Adviser believes have economic characteristics similar to debt securities of government and government-related issuers located in emerging market countries and of entities organized to restructure outstanding debt of such issuers, such investments will be counted for purposes of meeting the Fund's investment objective. To the extent the Fund makes such investments, the Fund will be subject to the risks of such derivative instruments as described herein.</font></p>
<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>A.&#xa0;&#xa0;Significant Accounting Policies:</b>  The following significant accounting policies are in conformity with U.S. </font></p>
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<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">generally accepted accounting principles ("GAAP"). Such policies are consistently followed by the Fund in the preparation of its financial statements. GAAP may require management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results may differ from those estimates.</font></p>
<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>1.&#xa0;&#xa0;Security Valuation:</b>  (1) Bonds and other fixed income securities may be valued according to the broadest and most representative market. In addition, bonds and other fixed income securities may be valued on the basis of prices provided by a pricing service/vendor. 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. Alternatively, if a valuation is not available from an outside pricing service/vendor, and the security trades on an exchange, the security may be valued at its latest reported sale price (or at the exchange official closing price if such exchange reports an official closing price), prior to the time when assets are valued. If there are no sales on a given day and if there is no official exchange closing price for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available in the relevant exchanges. If only bid prices are available then the latest bid price may be used. If the Adviser determines that the price provided by the outside pricing service/vendor or exchange does not reflect the security's fair value or is unable to provide a price, prices from brokers or dealers may also be utilized. In these circumstances, the value of the security will be the mean of bid and asked prices obtained from brokers or dealers; (2) an equity portfolio security listed or traded on an exchange is valued at its latest reported sales price (or at the exchange official closing price if such exchange reports an official closing price), and if there were no sales on a given day and if there is no official exchange closing price for that day, the security is valued at the mean between the last </font></p>
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;"><br>19</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>Morgan Stanley Emerging Markets Debt Fund, Inc.</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>June 30, 2022 (unaudited)</b></font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;">Notes to Financial Statements (cont'd)</font></p>
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<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">reported bid and asked prices if such bid and asked prices are available on the relevant exchanges. If only bid prices are available then the latest bid price may be used. Listed equity securities not traded on the valuation date with no reported bid and asked prices available on the exchange are valued at the mean between the current bid and asked prices obtained from one or more reputable brokers or dealers. In cases where a security is traded on more than one exchange, the security is valued on the exchange designated as the primary market; (3) when market quotations are not readily available, including circumstances under which the Adviser and Sub-Adviser determine 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 established by and under the general supervision of the Fund's Board of Directors (the "Directors"). Occasionally, developments affecting the closing prices of securities and other assets may occur between the times at which valuations of such securities are determined (that is, close of the foreign market on which the securities trade) and the close of business of the New York Stock Exchange ("NYSE"). If developments occur during such periods that are expected to materially affect the value of such securities, such valuations may be adjusted to reflect the estimated fair value of such securities as of the close of the NYSE, as determined in good faith by the Directors or by the Adviser using a pricing service and/or procedures approved by the Directors; (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) quotations of foreign portfolio securities, other assets and liabilities and forward contracts stated in foreign currency are translated into U.S. dollar equivalents at the prevailing market rates prior to the close of the NYSE; and (6) investments in mutual funds, including the Morgan Stanley Institutional </font></p>
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<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">Liquidity Funds, are valued at the net asset value ("NAV") as of the close of each business day.</font></p>
<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">&#xa0;&#xa0;The Directors have responsibility for determining in good faith the fair value of the investments, and the Directors may appoint others, such as the Fund's Adviser or a valuation committee, to assist the Directors in 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 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.</font></p>
<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>2.&#xa0;&#xa0;Fair Value Measurement:</b>  Financial Accounting Standards Board ("FASB") Accounting Standards Codification<sup>TM</sup> ("ASC") 820, "Fair Value Measurement" ("ASC 820"), defines fair value as the value that the Fund would receive to sell an investment or pay to transfer a liability in a timely transaction with an independent buyer in the principal market, or in the absence of a principal market, the most advantageous market for the investment or liability. 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 </font></p>
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;"><br>20</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>Morgan Stanley Emerging Markets Debt Fund, Inc.</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>June 30, 2022 (unaudited)</b></font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;">Notes to Financial Statements (cont'd)</font></p>
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<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">of the Fund's investments. The inputs are summarized in the three broad levels listed below:</font></p>
<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">&#x2022;&#xa0;&#xa0;Level 1 &#x2013; unadjusted quoted prices in active markets for identical investments</font></p>
<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">&#x2022;&#xa0;&#xa0;Level 2 &#x2013; other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)</font></p>
<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">&#x2022;&#xa0;&#xa0;Level 3 &#x2013; 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.</font></p>
<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">&#xa0;&#xa0;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.</font></p>
<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">&#xa0;&#xa0;The following is a summary of the inputs used to value the Fund's investments as of June 30, 2022:</font></p>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Investment Type</b></font></p></td>
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<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Level 1<br>Unadjusted<br>quoted<br>prices<br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
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<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Level 2<br>Other<br>significant<br>observable<br>inputs<br>(000)</b></font></td>
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<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Level 3<br>Significant<br>unobservable<br>inputs<br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
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<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Total<br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Assets:</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Fixed Income Securities</b></font></p></td>
<td colspan="1">&#xa0;</td>
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<font style="font-size:8pt; font-family: Arial, Helvetica;">Corporate <br>Bonds</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
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 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 56px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">9,887</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 66px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 48px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">9,887</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 76px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Sovereign</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 57px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 56px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">139,293</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 66px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 48px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">139,293</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 76px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Total Fixed <br>Income <br>Securities</b></font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 57px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>&#x2014;</b></font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 56px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>149,180</b></font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 66px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>&#x2014;</b></font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 48px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>149,180</b></font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
</table>

</div>
<div style="width:48%;float:left;margin-top:10pt;margin-right:0%">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 76px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Investment Type</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 85px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Level 1<br>Unadjusted<br>quoted<br>prices<br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 94px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Level 2<br>Other<br>significant<br>observable<br>inputs<br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 94px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Level 3<br>Significant<br>unobservable<br>inputs<br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 86px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Total<br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="19" valign="bottom" style="padding:3pt .7pt 1pt 0pt; width: 459px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Assets: (cont'd)</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 76px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Warrants</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 57px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 56px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">43</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 66px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 48px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">43</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="19" valign="bottom" style="padding:3pt .7pt 1pt 0pt; width: 459px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Short-Term Investments</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 76px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Investment <br>Company</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 57px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,770</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 56px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 66px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 48px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,770</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 76px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Repurchase<br>Agreements</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 57px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 56px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">285</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 66px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 48px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">285</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 76px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Sovereign</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 57px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 56px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,250</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 66px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 48px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,250</font></p></td>
<td colspan="1" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 76px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Total Short-<br>Term <br>Investments</b></font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 57px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>2,770</b></font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 56px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>2,535</b></font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 66px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>&#x2014;</b></font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 48px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>5,305</b></font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 76px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Foreign <br>Currency <br>Forward <br>Exchange <br>Contract</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 57px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 56px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">62</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 66px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 48px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">62</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 76px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Total Assets</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 57px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>2,770</b></font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 56px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>151,820</b></font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 66px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>&#x2014;</b></font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 48px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>154,590</b></font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="19" valign="bottom" style="padding:3pt .7pt 1pt 0pt; width: 459px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Liabilities:</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 76px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Foreign <br>Currency <br>Forward <br>Exchange <br>Contract</b></font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 57px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 56px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(2</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 18px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 66px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 48px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(2</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 18px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 76px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Future <br>Contract</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 57px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 56px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(2</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 18px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 66px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 48px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(2</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 18px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 76px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Total</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>$</b></font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 57px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>2,770</b></font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>$</b></font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 56px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>151,816</b></font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>$</b></font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 66px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>&#x2014;</b></font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>$</b></font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 48px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>154,586</b></font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 2pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
</table>

<p style="margin:7pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">&#xa0;&#xa0;Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment's valuation changes.</font></p>
<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>3.&#xa0;&#xa0;Repurchase Agreements:</b>  The Fund may enter into repurchase agreements under which the Fund lends cash and takes possession of securities with an agreement that the counterparty will repurchase such securities. In connection with transactions in repurchase agreements, a bank as custodian for the Fund takes possession of the underlying securities which are held as collateral, with a market value at least equal to the amount of the repurchase </font></p>
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<div style="clear:both"></div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;"><br>21</font></p>
<hr style="height: 3px; width: 100%; color: gray; background-color: gray; text-align: center;">
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>Morgan Stanley Emerging Markets Debt Fund, Inc.</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>June 30, 2022 (unaudited)</b></font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;">Notes to Financial Statements (cont'd)</font></p>
</div>
<div style="width:48%;float:left;margin-top:10pt;margin-right:3%">
<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">transaction, including principal and accrued interest. To the extent that any repurchase transaction exceeds one business day, the value of the collateral is marked-to-market on a daily basis to determine that the value of the collateral does not decrease below the repurchase price plus accrued interest as earned. If such a decrease occurs, additional collateral will be requested and, when received, will be added to the account to maintain full collateralization. In the event of default on the obligation to repurchase, the Fund has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. In the event of default or bankruptcy by the counterparty to the agreement, realization of the collateral proceeds may be subject to cost and delays. The Fund, along with other affiliated investment companies, may utilize a joint trading account for the purpose of entering into repurchase agreements.</font></p>
<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>4.&#xa0;&#xa0;Foreign Currency Translation and Foreign Investments:</b> The books and records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars as follows:</font></p>
<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">&#x2014;&#xa0;&#xa0;investments, other assets and liabilities at the prevailing rate of exchange on the valuation date;</font></p>
<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">&#x2014;&#xa0;&#xa0;investment transactions and investment income at the prevailing rates of exchange on the dates of such transactions.</font></p>
<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">&#xa0;&#xa0;Although the net assets of the Fund are presented at the foreign exchange rates and market values at the close of the period, the Fund does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of securities held at period end. Similarly, the Fund does not isolate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of securities sold during the </font></p>
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<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">period. Accordingly, realized and unrealized foreign currency gains (losses) on investments in securities are included in the reported net realized and unrealized gains (losses) on investment transactions and balances. However, pursuant to U.S. federal income tax regulations, gains and losses from certain foreign currency transactions and the foreign currency portion of gains and losses realized on sales and maturities of foreign denominated debt securities are treated as ordinary income for U.S. federal income tax purposes.</font></p>
<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">&#xa0;&#xa0;Net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from foreign currency forward exchange contracts, disposition of foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions, and the difference between the amount of investment income and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent amounts actually received or paid. The change in unrealized currency gains (losses) on foreign currency transactions for the period is reflected in the Statement of Operations.</font></p>
<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">&#xa0;&#xa0;A significant portion of the Fund's net assets consist of securities of issuers located in emerging markets, which are denominated in foreign currencies. Such securities may be concentrated in a limited number of countries and regions and may vary throughout the year. Changes in currency exchange rates will affect the value of securities and investment income from foreign currency denominated securities. Emerging market securities are often subject to greater price volatility, limited capitalization and liquidity, and higher rates of inflation than securities of companies based in the U.S. In addition, emerging market issuers may be subject to substantial governmental involvement in the economy and greater social, economic and political uncertainty.</font></p>
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;"><br>22</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>Morgan Stanley Emerging Markets Debt Fund, Inc.</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>June 30, 2022 (unaudited)</b></font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;">Notes to Financial Statements (cont'd)</font></p>
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<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>5.&#xa0;&#xa0;Derivatives:</b>  The Fund may, but is not required to, use derivative instruments for a variety of purposes, including hedging, risk management, portfolio management or to earn income. Derivatives are financial instruments whose value is based, in part, on the value of an underlying asset, interest rate, index or financial instrument. Prevailing interest rates and volatility levels, among other things, also affect the value of derivative instruments. A derivative instrument often has risks similar to its underlying asset and may have additional risks, including imperfect correlation between the value of the derivative and the underlying asset, risks of default by the counterparty to certain transactions, magnification of losses incurred due to changes in the market value of the securities, instruments, indices or interest rates to which the derivative instrument relates, risks that the transactions may not be liquid and risks arising from margin requirements. The use of derivatives involves risks that are different from, and possibly greater than, the risks associated with other portfolio investments. Derivatives may involve the use of highly specialized instruments that require investment techniques and risk analyses different from those associated with other portfolio investments. All of the Fund's holdings, including derivative instruments, are marked-to-market each day with the change in value reflected in unrealized appreciation (depreciation). Upon disposition, a realized gain or loss is recognized.</font></p>
<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">&#xa0;&#xa0;Certain derivative transactions may give rise to a form of leverage. Leverage magnifies the potential for gain and the risk of loss. Leverage associated with derivative transactions may cause the Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or to meet earmarking or segregation requirements, pursuant to applicable Securities and Exchange Commission ("SEC") rules and regulations, or may cause the Fund to be more volatile than if the Fund had not been </font></p>
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<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">leveraged. Although the Adviser seeks to use derivatives to further the Fund's investment objectives, there is no assurance that the use of derivatives will achieve this result.</font></p>
<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">&#xa0;&#xa0;Following is a description of the derivative instruments and techniques that the Fund used during the period and their associated risks:</font></p>
<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">&#xa0;&#xa0;<b>Foreign Currency Forward Exchange Contracts:</b>  In connection with its investments in foreign securities, the Fund also entered into contracts with banks, brokers or dealers to purchase or sell securities or foreign currencies at a future date. A foreign currency forward exchange contract ("currency contract") is a negotiated agreement between the contracting parties to exchange a specified amount of currency at a specified future time at a specified rate. The rate can be higher or lower than the spot rate between the currencies that are the subject of the contract. Currency contracts may be used to protect against uncertainty in the level of future foreign currency exchange rates or to gain or modify exposure to a particular currency. To the extent hedged by the use of currency contracts, the precise matching of the currency contract amounts and the value of the securities involved will not generally be possible because the future value of such securities in foreign currencies will change as a consequence of market movements in the value of those securities between the date on which the contract is entered into and the date it matures. Furthermore, such transactions may reduce or preclude the opportunity for gain if the value of the currency should move in the direction opposite to the position taken. There is additional risk to the extent that currency contracts create exposure to currencies in which the Fund's securities are not denominated. Unanticipated changes in currency prices may result in poorer overall performance for the Fund than if it had not entered into such contracts. The use of currency contracts involves the risk of loss from the insolvency or bankruptcy of the </font></p>
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;"><br>23</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>Morgan Stanley Emerging Markets Debt Fund, Inc.</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>June 30, 2022 (unaudited)</b></font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;">Notes to Financial Statements (cont'd)</font></p>
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<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">counterparty to the contract or the failure of the counterparty to make payments or otherwise comply with the terms of the contract. A currency contract is marked-to-market daily and the change in market value is recorded by the Fund as unrealized gain or loss. The Fund records realized gains (losses) when the currency contract is closed equal to the difference between the value of the currency contract at the time it was opened and the value at the time it was closed.</font></p>
<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">&#xa0;&#xa0;<b>Futures:</b> &#xa0;A futures contract is a standardized, exchange-traded agreement to buy or sell a specific quantity of an underlying asset, reference rate or index at a specific price at a specific future time. The value of a futures contract tends to increase and decrease in tandem with the value of the underlying instrument. Depending on the terms of the particular contract, futures contracts are settled through either physical delivery of the underlying instrument on the settlement date or by payment of a cash settlement amount on the settlement date. During the period the futures contract is open, payments are received from or made to the broker based upon changes in the value of the contract (the variation margin). A decision as to whether, when and how to use futures contracts involves the exercise of skill and judgment and even a well-conceived futures transaction may be unsuccessful because of market behavior or unexpected events. In addition to the derivatives risks discussed above, the prices of futures contracts can be highly volatile, using futures contracts can lower total return and the potential loss from futures contracts can exceed the Fund's initial investment in such contracts. No assurance can be given that a liquid market will exist for any particular futures contract at any particular time. There is also the risk of loss by the Fund of margin deposits in the event of bankruptcy of a broker </font></p>
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<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">with which the Fund has open positions in the futures contract.</font></p>
<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">&#xa0;&#xa0;FASB ASC 815, "Derivatives and Hedging" ("ASC 815"), is intended to improve financial reporting about derivative instruments by requiring enhanced disclosures to enable investors to better understand how and why the Fund uses derivative instruments, how these derivative instruments are accounted for and their effects on the Fund's financial position and results of operations.</font></p>
<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">&#xa0;&#xa0;The following tables set forth the fair value of the Fund's derivative contracts by primary risk exposure as of June 30, 2022:</font></p>
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<tr>
<td colspan="3" valign="bottom" style="padding:12pt .7pt 2pt 0pt; width: 72px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
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<font style="font-size:6pt; font-family: Arial, Helvetica;"><b>Asset Derivatives<br>Statement of Assets and<br>Liabilities Location</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:12pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 56px; text-align: center;">
<font style="font-size:6pt; font-family: Arial, Helvetica;"><b>Primary Risk<br>Exposure</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:12pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 75px; text-align: center;">
<font style="font-size:6pt; font-family: Arial, Helvetica;"><b>Value<br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
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<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 72px; background-color: #cceeff; text-align: left;">
<font style="font-size:7pt; font-family: Arial, Helvetica;">Foreign Currency <br>Forward Exchange <br>Contracts<br> &#xa0;</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 87px; background-color: #cceeff; text-align: left;">
<font style="font-size:7pt; font-family: Arial, Helvetica;">Unrealized Appreciation<br>on Foreign Currency<br>Forward Exchange<br>Contracts</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 56px; background-color: #cceeff; text-align: left;">
<font style="font-size:7pt; font-family: Arial, Helvetica;"><br><br><br>Currency Risk</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 31px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">62</font></p></td>
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 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
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<td colspan="3" valign="bottom" style="padding:12pt .7pt 2pt 0pt; width: 72px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:12pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 87px; text-align: center;">
<font style="font-size:6pt; font-family: Arial, Helvetica;"><b>Liability Derivatives<br>Statement of Assets and<br>Liabilities Location</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:12pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 56px; text-align: center;">
<font style="font-size:6pt; font-family: Arial, Helvetica;"><b>Primary Risk<br>Exposure</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:12pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 75px; text-align: center;">
<font style="font-size:6pt; font-family: Arial, Helvetica;"><b>Value<br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
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<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 72px; background-color: #cceeff; text-align: left;">
<font style="font-size:7pt; font-family: Arial, Helvetica;">Foreign Currency <br>Forward Exchange <br>Contract <br> &#xa0;</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 87px; background-color: #cceeff; text-align: left;">
<font style="font-size:7pt; font-family: Arial, Helvetica;">Unrealized Depreciation <br>on Foreign Currency <br>Forward Exchange <br>Contract</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 56px; background-color: #cceeff; text-align: left;">
<font style="font-size:7pt; font-family: Arial, Helvetica;"><br><br><br>Currency Risk</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 31px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">(2</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 24px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
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<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 72px; text-align: left;">
<font style="font-size:7pt; font-family: Arial, Helvetica;">Futures Contracts<br> &#xa0;</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 87px; text-align: left;">
<font style="font-size:7pt; font-family: Arial, Helvetica;">Variation Margin on <br>Futures Contracts</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 56px; text-align: left;">
<font style="font-size:7pt; font-family: Arial, Helvetica;">Interest<br>Rate Risk</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 31px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">(2</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 24px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">)(a)</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
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<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 72px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;">Total</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 87px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 56px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 31px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">(4</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 24px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
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<p style="margin:7pt 0pt 2pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">&#xa0;&#xa0;(a)This amount represents the cumulative appreciation (depreciation) as reported in the Portfolio of Investments. The Statement of Assets and Liabilities only reflects the current day's net variation margin.</font></p>
<p style="margin:7pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">&#xa0;&#xa0;The following tables set forth by primary risk exposure the Fund's realized gains (losses) and change in unrealized appreciation (depreciation) by type of derivative contract for </font></p>
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;"><br>24</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>Morgan Stanley Emerging Markets Debt Fund, Inc.</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>June 30, 2022 (unaudited)</b></font></p>
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;">Notes to Financial Statements (cont'd)</font></p>
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<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">the six months ended June 30, 2022 in accordance with ASC 815:</font></p>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Realized Gain (Loss)</b></font></p></td>
<td colspan="1">&#xa0;</td>
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<td colspan="3" valign="bottom" style="padding:6pt .7pt 3pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 100px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Primary Risk Exposure</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:6pt .7pt 3pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 80px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Derivative<br>Type</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:6pt .7pt 3pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 74px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Value<br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
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<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 100px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Currency Risk</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 80px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Foreign Currency <br>Forward Exchange <br>Contracts</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">497</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:6pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 254px; text-align: center;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Change in Unrealized Appreciation (Depreciation)</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:6pt .7pt 3pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 100px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Primary Risk Exposure</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:6pt .7pt 3pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 80px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Derivative<br>Type</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:6pt .7pt 3pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 74px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Value<br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 100px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Currency Risk</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 80px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Foreign Currency <br>Forward Exchange <br>Contracts</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 36px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">99</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 3pt 0pt; width: 100px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Interest Rate Risk</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 3pt 0pt; width: 80px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Futures Contracts</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 3pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 3pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 36px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(2</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 3pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 18px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 100px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Total</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 80px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 36px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">97</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
</table>

<p style="margin:7pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">&#xa0;&#xa0;At June 30, 2022, the Fund's derivative assets and liabilities are as follows:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="11" valign="bottom" style="padding:12pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 258px; text-align: center;">
<font style="font-size:6pt; font-family: Arial, Helvetica;"><b>Gross Amounts of Assets and Liabilities Presented in the<br>Statement of Assets and Liabilities</b></font></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 100px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:6pt; font-family: Arial, Helvetica;"><b>Derivatives(b)</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 66px; text-align: center;">
<font style="font-size:6pt; font-family: Arial, Helvetica;"><b>Assets(c)<br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 84px; text-align: center;">
<font style="font-size:6pt; font-family: Arial, Helvetica;"><b>Liabilities(c)<br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:2pt .7pt 0pt 0pt; width: 100px; background-color: #cceeff; text-align: left;">
<font style="font-size:7pt; font-family: Arial, Helvetica;">Foreign Currency <br>Forward Exchange Contracts</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 38px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">62</font></p></td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 47px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">(2</font></p></td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 17px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
</table>

<p style="margin:7pt 0pt 2pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">&#xa0;&#xa0;(b)Excludes exchange-traded derivatives.</font></p>
<p style="margin:0pt 0pt 2pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">&#xa0;&#xa0;(c)Absent an event of default or early termination, OTC derivative assets and liabilities are presented gross and not offset in the Statement of Assets and Liabilities.</font></p>
<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">&#xa0;&#xa0;The Fund typically enters into International Swaps and Derivatives Association, Inc. Master Agreements ("ISDA Master Agreements") or similar master agreements (collectively, "Master Agreements") with its contract counterparties for certain OTC derivatives in order to, among other things, reduce its credit risk to counterparties. ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default </font></p>
</div>
<div style="width:48%;float:left;margin-top:10pt;margin-right:0%">
<p style="margin:7pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">or termination. Under an ISDA Master Agreement, the Fund typically may offset with the counterparty certain OTC derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default, termination and/or potential deterioration in the credit quality of the counterparty. Various Master Agreements govern the terms of certain transactions with counterparties, including transactions such as swap, forward, repurchase and reverse repurchase agreements. These Master Agreements typically attempt to reduce the counterparty risk associated with such transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Cross-termination provisions under Master Agreements typically provide that a default in connection with one transaction between the Fund and a counterparty gives the non-defaulting party the right to terminate any other transactions in place with the defaulting party to create one single net payment due to/due from the defaulting party and may be a feature in certain Master Agreements. In the event the Fund exercises its right to terminate a Master Agreement after a counterparty experiences a termination event as defined in the Master Agreement, the return of collateral with market value in excess of the Fund's net liability may be delayed or denied.</font></p>
<p style="margin:7pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">&#xa0;&#xa0;The following table presents derivative financial instruments that are subject to enforceable netting arrangements as of June 30, 2022:</font></p>
<p style="margin:12pt 0pt 0pt 0pt; text-align: center;"><font style="font-size:6pt; font-family: Arial, Helvetica;"><b>Gross Amounts Not Offset in the Statement of Assets and Liabilities</b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 91px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:6pt; font-family: Arial, Helvetica;"><b>Counterparty</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 103px; text-align: center;">
<font style="font-size:6pt; font-family: Arial, Helvetica;"><b>Gross Asset<br> Derivatives<br>Presented in<br>the Statement of<br>Assets and<br>Liabilities<br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 73px; text-align: center;">
<font style="font-size:6pt; font-family: Arial, Helvetica;"><b>Financial<br>Instrument<br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 70px; text-align: center;">
<font style="font-size:6pt; font-family: Arial, Helvetica;"><b>Collateral<br>Received<br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 80px; text-align: center;">
<font style="font-size:6pt; font-family: Arial, Helvetica;"><b>Net<br>Amount<br>(not less<br>than $0)<br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:2pt .7pt 2pt 0pt; width: 91px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;">Barclays Bank PLC</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; width: 62px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">62</font></p></td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; width: 21px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; width: 42px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; width: 39px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">62</font></p></td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; width: 21px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
</table>

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<div style="clear:both"></div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;"><br>25</font></p>
<hr style="height: 3px; width: 100%; color: gray; background-color: gray; text-align: center;">
<!-- SEQ.=25,FOLIO='25',FILE='22-21104-4.ea.qxp',USER='',CD='' -->
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>Morgan Stanley Emerging Markets Debt Fund, Inc.</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>June 30, 2022 (unaudited)</b></font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;">Notes to Financial Statements (cont'd)</font></p>
</div>
<div style="width:48%;float:left;margin-top:10pt;margin-right:3%">
<p style="margin:0pt 0pt 0pt 0pt; text-align: center;"><font style="font-size:6pt; font-family: Arial, Helvetica;"><b>Gross Amounts Not Offset in the Statement of Assets and Liabilities</b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 91px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:6pt; font-family: Arial, Helvetica;"><b>Counterparty</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 103px; text-align: center;">
<font style="font-size:6pt; font-family: Arial, Helvetica;"><b>Gross Liability <br>Derivatives<br>Presented in<br>the Statement of<br>Assets and<br>Liabilities<br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 73px; text-align: center;">
<font style="font-size:6pt; font-family: Arial, Helvetica;"><b>Financial<br>Instrument<br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 70px; text-align: center;">
<font style="font-size:6pt; font-family: Arial, Helvetica;"><b>Collateral<br>Pledged<br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 80px; text-align: center;">
<font style="font-size:6pt; font-family: Arial, Helvetica;"><b>Net<br>Amount<br>(not less<br>than $0)<br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:2pt .7pt 2pt 0pt; width: 91px; background-color: #cceeff; text-align: left;">
<font style="font-size:7pt; font-family: Arial, Helvetica;">Australia &amp; <br>New Zealand <br>Banking Group Ltd.</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; width: 62px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; width: 21px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">@</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; width: 42px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; width: 39px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; width: 21px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">@</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:2pt .7pt 2pt 0pt; width: 91px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;">JPMorgan Chase Bank NA</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; width: 62px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">2</font></p></td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; width: 21px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; width: 45px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; width: 42px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; width: 39px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">2</font></p></td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; width: 21px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
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<tr>
<td colspan="3" valign="bottom" style="padding:2pt .7pt 2pt 0pt; width: 91px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;">Total</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 62px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">2</font></p></td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 21px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 42px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 39px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">2</font></p></td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 21px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
</table>

<p style="margin:7pt 0pt 2pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">&#xa0;&#xa0;@ Amount is less than $500.</font></p>
<p style="margin:7pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">&#xa0;&#xa0;For the six months ended June 30, 2022, the approximate average monthly amount outstanding for each derivative type is as follows:</font></p>
<p style="margin:8.5pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Foreign Currency Forward Exchange Contracts:</b></font></p>
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<tr>
<td colspan="3" valign="bottom" style="padding:2pt .7pt 0pt 0pt; width: 129px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Average monthly principal amount</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 0pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">9,384,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
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<p style="margin:8.5pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Futures Contracts:</b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" valign="bottom" style="padding:2pt .7pt 0pt 0pt; width: 129px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Average monthly notional value</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 0pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">86,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
</table>

<p style="margin:7pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>6.&#xa0;&#xa0;Securities Lending:</b>  The Fund lends securities to qualified financial institutions, such as broker-dealers, to earn additional income. Any increase or decrease in the fair value of the securities loaned that might occur and any interest earned or dividends declared on those securities during the term of the loan would remain in the Fund. The Fund would receive cash or securities as collateral in an amount equal to or exceeding 100% of the current fair value of the loaned securities. The collateral is marked-to-market daily by State Street Bank and Trust Company ("State Street"), the securities lending agent, to ensure that a minimum of 100% collateral coverage is maintained.</font></p>
<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">&#xa0;&#xa0;Based on pre-established guidelines, the securities lending agent invests any cash collateral that is received in an affiliated money market portfolio and repurchase </font></p>
</div>
<div style="width:48%;float:left;margin-top:10pt;margin-right:0%">
<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">agreements. Securities lending income is generated from the earnings on the invested collateral and borrowing fees, less any rebates owed to the borrowers and compensation to the lending agent, and is recorded as "Income from Securities Loaned &#x2014; Net" in the Fund's Statement of Operations. Risks in securities lending transactions are that a borrower may not provide additional collateral when required or return the securities when due, and that the value of the short-term investments will be less than the amount of cash collateral plus any rebate that is required to be returned to the borrower. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.</font></p>
<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">&#xa0;&#xa0;The following table presents financial instruments that are subject to enforceable netting arrangements as of June 30, 2022:</font></p>
<p style="margin:12pt 0pt 0pt 0pt; text-align: center;"><font style="font-size:6pt; font-family: Arial, Helvetica;"><b>Gross Amounts Not Offset in the Statement of Assets and Liabilities</b></font></p>
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<td colspan="3" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 115px; text-align: center;">
<font style="font-size:6pt; font-family: Arial, Helvetica;"><b>Gross Asset Amounts<br>Presented in the<br>Statement of<br>Assets and Liabilities<br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 73px; text-align: center;">
<font style="font-size:6pt; font-family: Arial, Helvetica;"><b>Financial<br>Instrument<br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 90px; text-align: center;">
<font style="font-size:6pt; font-family: Arial, Helvetica;"><b>Collateral<br>Received<br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 92px; text-align: center;">
<font style="font-size:6pt; font-family: Arial, Helvetica;"><b>Net Amount<br>(not less than $0)<br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<font style="font-size:7pt; font-family: Arial, Helvetica;">$</font></td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 0pt 0pt; width: 74px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">2,150</font></p></td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 0pt 0pt; width: 21px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">(d)</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 0pt 0pt; width: 45px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 0pt 0pt; width: 42px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">(2,150</font></p></td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 0pt 0pt; width: 28px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">)(e)(f)</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 0pt 0pt; width: 64px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">0</font></p></td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
</table>

<p style="margin:7pt 0pt 2pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">&#xa0;&#xa0;(d)Represents market value of loaned securities at period end.</font></p>
<p style="margin:0pt 0pt 2pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">&#xa0;&#xa0;(e)The Fund received cash collateral of approximately $1,611,000, of which approximately $1,528,000 was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds as reported in the Portfolio of Investments. As of June 30, 2022, there was uninvested cash of approximately $83,000, which is not reflected in the Portfolio of Investments. In addition, the Fund received non-cash collateral of approximately $564,000 in the form of U.S. Government obligations, which the Fund cannot sell or repledge, and accordingly are not reflected in the Portfolio of Investments.</font></p>
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<div style="margin:8pt 0pt 8pt 0pt;">
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;"><br>26</font></p>
<hr style="height: 3px; width: 100%; color: gray; background-color: gray; text-align: center;">
<!-- SEQ.=26,FOLIO='26',FILE='22-21104-4.ea.qxp',USER='',CD='' -->
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>Morgan Stanley Emerging Markets Debt Fund, Inc.</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>June 30, 2022 (unaudited)</b></font></p>
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;">Notes to Financial Statements (cont'd)</font></p>
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<div style="width:48%;float:left;margin-top:10pt;margin-right:3%">
<p style="margin:0pt 0pt 2pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">&#xa0;&#xa0;(f)The actual collateral received is greater than the amount shown here due to overcollateralization.</font></p>
<p style="margin:7pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">&#xa0;&#xa0;FASB ASC 860, "Transfers &amp; Servicing: Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures", is intended to provide increased transparency about the types of collateral pledged in securities lending transactions and other similar transactions that are accounted for as secured borrowing.</font></p>
<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">&#xa0;&#xa0;The following table displays a breakdown of transactions accounted for as secured borrowings, the gross obligations by class of collateral pledged and the remaining contractual maturity of those transactions as of June 30, 2022:</font></p>
<p style="margin:12pt 0pt 0pt 0pt; text-align: center;"><font style="font-size:6pt; font-family: Arial, Helvetica;"><b>Remaining Contractual Maturity of the Agreements</b></font></p>
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<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 69px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 75px; text-align: center;">
<font style="font-size:6pt; font-family: Arial, Helvetica;"><b>Overnight <br>and<br>Continuous<br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 69px; text-align: center;">
<font style="font-size:6pt; font-family: Arial, Helvetica;"><b>&lt;30 days<br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 67px; text-align: center;">
<font style="font-size:6pt; font-family: Arial, Helvetica;"><b>Between<br>30 &amp; <br>90 days<br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 69px; text-align: center;">
<font style="font-size:6pt; font-family: Arial, Helvetica;"><b>&gt;90 days<br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 63px; text-align: center;">
<font style="font-size:6pt; font-family: Arial, Helvetica;"><b>Total<br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="23" valign="bottom" style="padding:1pt .7pt 1pt 0pt; width: 444px; background-color: #cceeff; text-align: left;">
<font style="font-size:7pt; font-family: Arial, Helvetica;"><b>Securities <br>Lending <br>Transactions</b></font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 69px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;">Sovereign</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 47px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">1,611</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 41px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 39px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 41px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 35px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">1,611</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:2pt .7pt 2pt 0pt; width: 69px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;"><b>Total Borrowings</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;"><b>$</b></font></p></td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 47px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;"><b>1,611</b></font></p></td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;"><b>$</b></font></p></td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 41px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;"><b>&#x2014;</b></font></p></td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;"><b>$</b></font></p></td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 39px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;"><b>&#x2014;</b></font></p></td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;"><b>$</b></font></p></td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 41px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;"><b>&#x2014;</b></font></p></td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;"><b>$</b></font></p></td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 35px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;"><b>1,611</b></font></p></td>
<td colspan="1" valign="bottom" style="padding:2pt .7pt 2pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 69px; text-align: left;">
<font style="font-size:7pt; font-family: Arial, Helvetica;"><b>Gross amount <br>of recognized <br>liabilities for <br>securities <br>lending <br>transactions</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 75px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 69px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 67px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 69px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;"><b>$</b></font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 35px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;"><b>1,611</b></font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
</table>

<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>7.&#xa0;&#xa0;Structured Investments:</b>  The Fund invested a portion of its assets in structured investments. A structured investment is a derivative security designed to offer a return linked to a particular underlying security, currency, commodity or market. Structured investments may come in various forms including notes (such as exchange-traded notes), warrants and options to purchase securities. The Fund will typically use structured investments to gain exposure to a permitted underlying security, currency, commodity or market when direct access to a market is limited or inefficient from a tax </font></p>
</div>
<div style="width:48%;float:left;margin-top:10pt;margin-right:0%">
<p style="margin:7pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">or cost standpoint. There can be no assurance that structured investments will trade at the same price or have the same value as the underlying security, currency, commodity or market. Investments in structured investments involve risks including issuer risk, counterparty risk and market risk. Holders of structured investments bear risks of the underlying investment and are subject to issuer or counterparty risk because the Fund is relying on the creditworthiness of such issuer or counterparty and has no rights with respect to the underlying investment. Certain structured investments may be thinly traded or have a limited trading market and may have the effect of increasing the Fund's illiquidity to the extent that the Fund, at a particular time, may be unable to find qualified buyers for these securities.</font></p>
<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>8.&#xa0;&#xa0;Indemnifications:</b>  The Fund enters into contracts that contain a variety of indemnifications. The Fund's maximum exposure under these arrangements is unknown. However, the Fund has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.</font></p>
<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>9.&#xa0;&#xa0;Dividends and Distributions to Stockholders:</b>  Dividends and distributions to stockholders are recorded on the ex-dividend date. Dividends from net investment income, if any, are declared and paid quarterly. Net realized capital gains, if any, are distributed at least annually.</font></p>
<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>10.&#xa0;&#xa0;Other:</b>  Security transactions are accounted for on the date the securities are purchased or sold. Realized gains (losses) on the sale of investment securities are determined on the specific identified cost basis. Interest income is recognized on the accrual basis except where collection is in doubt and is recorded net of foreign withholding tax. Discounts are accreted and premiums are amortized over the life of the respective securities. Dividend income and distributions are recorded on the ex-dividend date (except certain dividends which may be recorded as soon as the Fund is informed of such dividends) net of applicable withholding taxes.</font></p>
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<div style="margin:8pt 0pt 8pt 0pt;">
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;"><br>27</font></p>
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<!-- SEQ.=27,FOLIO='27',FILE='22-21104-4.ea.qxp',USER='',CD='' -->
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>Morgan Stanley Emerging Markets Debt Fund, Inc.</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>June 30, 2022 (unaudited)</b></font></p>
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;">Notes to Financial Statements (cont'd)</font></p>
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<div style="width:48%;float:left;margin-top:10pt;margin-right:3%">
<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>B.&#xa0;&#xa0;Advisory/Sub-Advisory Fees:</b>  The Adviser, a wholly-owned subsidiary of Morgan Stanley, provides the Fund with advisory services under the terms of an Investment Advisory Agreement, calculated weekly and payable monthly, at an annual rate of 1.00% of the Fund's average weekly net assets.</font></p>
<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">The Adviser has entered into a Sub-Advisory Agreement with the Sub-Adviser, a wholly-owned subsidiary of Morgan Stanley. The Sub-Adviser provides the Fund with advisory services subject to the overall supervision of the Adviser and the Fund's Officers and Directors. The Adviser pays the Sub-Adviser on a monthly basis a portion of the net advisory fees the Adviser receives from the Fund.</font></p>
<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>C.&#xa0;&#xa0;Administration Fees:</b>  The Adviser also serves as Administrator to the Fund and provides administrative services pursuant to an Administration Agreement for an annual fee, accrued daily and paid monthly, of 0.08% of the Fund's average weekly net assets. The Adviser has agreed to limit the administration fee through a waiver so that it will be no greater than the previous administration fee of 0.02435% of the Fund's average weekly net assets plus $24,000 per annum. This waiver may be terminated at any time. For the six months ended June 30, 2022, approximately $38,000 of administration fees were waived pursuant to this arrangement.</font></p>
<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">Under a Sub-Administration Agreement between the Administrator and State Street, State Street provides certain administrative services to the Fund. For such services, the Administrator pays State Street a portion of the fee the Administrator receives from the Fund.</font></p>
<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>D.&#xa0;&#xa0;Custodian Fees:</b>  State Street (the "Custodian") also serves as Custodian for the Fund in accordance with a Custodian Agreement. The Custodian holds cash, securities and other assets of the Fund as required by the Act. Custody fees are payable monthly based on assets held in custody, investment </font></p>
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<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">purchases and sales activity and account maintenance fees, plus reimbursement for certain out-of-pocket expenses.</font></p>
<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>E.&#xa0;&#xa0;Security Transactions and Transactions with Affiliates:</b>  For the six months ended June 30, 2022, purchases and sales of investment securities for the Fund, other than long-term U.S. Government securities and short-term investments were approximately $46,337,000 and $45,601,000, respectively. There were no purchases and sales of long-term U.S. Government securities for the six months ended June 30, 2022.</font></p>
<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds (the "Liquidity Funds"), an open-end management investment company managed by the Adviser, both directly and as a portion of the securities held as collateral on loaned securities. 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 Funds. For the six months ended June 30, 2022, advisory fees paid were reduced by approximately $3,000 relating to the Fund's investment in the Liquidity Funds.</font></p>
<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">A summary of the Fund's transactions in shares of affiliated investments during the six months ended June 30, 2022 is as follows:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" valign="bottom" style="padding:6pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 59px; text-align: left;">
<font style="font-size:7pt; font-family: Arial, Helvetica;"><b>Affiliated <br>Investment<br>Company</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:6pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 89px; text-align: center;">
<font style="font-size:7pt; font-family: Arial, Helvetica;"><b>Value<br>December 31,<br>2021<br> (000)</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:6pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 77px; text-align: center;">
<font style="font-size:7pt; font-family: Arial, Helvetica;"><b>Purchases<br>at Cost<br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:6pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 78px; text-align: center;">
<font style="font-size:7pt; font-family: Arial, Helvetica;"><b>Proceeds<br>from Sales<br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:6pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 72px; text-align: center;">
<font style="font-size:7pt; font-family: Arial, Helvetica;"><b>Dividend<br>Income<br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 59px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;">Liquidity Funds</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 61px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">6,747</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 49px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">24,861</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">28,838</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 44px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">6</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
</table>

<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" valign="bottom" style="padding:6pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 72px; text-align: left;">
<font style="font-size:7pt; font-family: Arial, Helvetica;"><b>Affiliated<br>Investment<br>Company (cont'd)</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:6pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 80px; text-align: center;">
<font style="font-size:7pt; font-family: Arial, Helvetica;"><b>Realized<br>Gain (Loss)<br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:6pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 90px; text-align: center;">
<font style="font-size:7pt; font-family: Arial, Helvetica;"><b>Change in<br>Unrealized<br>Appreciation<br>(Depreciation)<br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:6pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 71px; text-align: center;">
<font style="font-size:7pt; font-family: Arial, Helvetica;"><b>Value<br>June 30,<br>2022<br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 72px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:7pt; font-family: Arial, Helvetica;">Liquidity Funds</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 62px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 43px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:7pt; font-family: Arial, Helvetica;">2,770</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 2pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
</table>

</div>
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<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;"><br>28</font></p>
<hr style="height: 3px; width: 100%; color: gray; background-color: gray; text-align: center;">
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>Morgan Stanley Emerging Markets Debt Fund, Inc.</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>June 30, 2022 (unaudited)</b></font></p>
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;">Notes to Financial Statements (cont'd)</font></p>
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<div style="width:48%;float:left;margin-top:10pt;margin-right:3%">
<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Directors in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the six months ended June 30, 2022, the Fund did not engage in any cross-trade transactions.</font></p>
<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">The Fund has an unfunded Deferred Compensation Plan (the "Compensation Plan"), which allows each independent Director to defer payment of all, or a portion, of the fees he or she receives for serving on the Board of Directors. Each eligible Director generally may elect to have the deferred amounts credited with a return equal to the total return on one or more of the Morgan Stanley funds that are offered as investment options under the Compensation Plan. Appreciation/depreciation and distributions received from these investments are recorded with an offsetting increase/decrease in the deferred compensation obligation and do not affect the NAV of the Fund.</font></p>
<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>F.&#xa0;&#xa0;Federal Income Taxes:</b>  It is the Fund's intention to continue to qualify as a regulated investment company and distribute all of its taxable income. Accordingly, no provision for federal income taxes is required in the financial statements.</font></p>
<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">The Fund may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued based on net investment income, net realized gains and net unrealized appreciation as such income and/or gains are earned. Taxes may also be based on transactions in foreign currency and are accrued based on the value of investments denominated in such currency.</font></p>
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<div style="width:48%;float:left;margin-top:10pt;margin-right:0%">
<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">FASB ASC 740-10, "Income Taxes &#x2014; Overall", sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. Management has concluded there are no significant uncertain tax positions that would require recognition in the financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in "Interest Expense" and penalties in "Other Expenses" in the Statement of Operations. The Fund files tax returns with the U.S. Internal Revenue Service, New York and various states. Generally, each of the tax years in the four-year period ended December 31, 2021 remains subject to examination by taxing authorities.</font></p>
<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">The tax character of distributions paid may differ from the character of distributions shown for GAAP purposes due to short-term capital gains being treated as ordinary income for tax purposes. The tax character of distributions paid during fiscal years 2021 and 2020 was as follows:</font></p>
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<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>2021 Distributions<br>Paid From:</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="7" valign="bottom" style="padding:12pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 156px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>2020 Distributions<br>Paid From:</b></font></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:6pt .7pt 3pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 76px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Ordinary<br>Income<br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:6pt .7pt 3pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 72px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Paid-in-<br>Capital<br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:6pt .7pt 3pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 76px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Ordinary<br>Income<br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:6pt .7pt 3pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 72px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Paid-in-<br>Capital<br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 48px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">9,174</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 44px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 48px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">7,516</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 44px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,301</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
</table>

<p style="margin:7pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">The amount and character of income and gains to be distributed are determined in accordance with income tax regulations which may differ from GAAP. These book/tax differences are either considered temporary or permanent in nature.</font></p>
<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">Temporary differences are attributable to differing book and tax treatments for the timing of the recognition of gains (losses) on certain investment transactions and the timing of the deductibility of certain expenses.</font></p>
<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">The Fund had no permanent differences causing reclassifications among the components of net assets for the year ended December 31, 2021.</font></p>
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</div>
<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;"><br>29</font></p>
<hr style="height: 3px; width: 100%; color: gray; background-color: gray; text-align: center;">
<!-- SEQ.=29,FOLIO='29',FILE='22-21104-4.ea.qxp',USER='',CD='' -->
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>Morgan Stanley Emerging Markets Debt Fund, Inc.</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>June 30, 2022 (unaudited)</b></font></p>
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;">Notes to Financial Statements (cont'd)</font></p>
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<div style="width:48%;float:left;margin-top:10pt;margin-right:3%">
<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">At December 31, 2021, the components of distributable earnings for the Fund on a tax basis were as follows:</font></p>
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<td colspan="3" valign="bottom" style="padding:12pt .7pt 3pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 128px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Undistributed Ordinary<br>Income<br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:12pt .7pt 3pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 131px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Undistributed<br>Long-Term Capital Gain<br>(000)</b></font></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 100px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">733</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 103px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
</table>

<p style="margin:7pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">At December 31, 2021, the Fund had available for federal income tax purposes unused short-term and long-term capital losses of approximately $3,266,000 and $16,331,000, respectively, that do not have an expiration date.</font></p>
<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">To the extent that capital loss carryforwards are used to offset any future capital gains realized, no capital gains tax liability will be incurred by the Fund for gains realized and not distributed. To the extent that capital gains are offset, such gains will not be distributed to the stockholders.</font></p>
<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>G.&#xa0;&#xa0;Other:</b>  As permitted by the Fund's offering prospectus, on October 8, 2007, the Fund commenced a share repurchase program for purposes of enhancing stockholder value and reducing the discount at which the Fund's shares trade from their NAV. During the six months ended June 30, 2022, the Fund did not repurchase any of its shares. Since the inception of the program, the Fund has repurchased 4,386,182 of its shares at an average discount of 14.53% from NAV. The Directors regularly monitor the Fund's share repurchase program as part of their review and consideration of the Fund's premium/discount history. The Fund expects to continue to repurchase its outstanding shares at such time and in such amounts as it believes will further the accomplishment of the foregoing objectives, subject to review by the Directors. You can access information about the monthly share repurchase results through Morgan Stanley Investment Management's website: www.morganstanley.com/im/closedendfundsshareholderreports.</font></p>
<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">At June 30, 2022, the Fund had record owners of 10% or greater. Investment activities of these shareholders could have a </font></p>
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<div style="width:48%;float:left;margin-top:10pt;margin-right:0%">
<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">material impact on the Fund. The aggregate percentage of such owners was 11.1%.</font></p>
<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>H.&#xa0;&#xa0;Results of Special Shareholder Meeting:</b>  On June 24, 2022, an annual meeting of the Fund's stockholders was held for the purpose of voting on the following matter, the results of which were as follows:</font></p>
<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">Election of Directors by all stockholders:</font></p>
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<tr>
<td colspan="3" valign="bottom" style="padding:12pt .7pt 3pt 0pt; width: 84px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:12pt .7pt 3pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 73px; text-align: center;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>For</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:12pt .7pt 3pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 68px; text-align: center;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Against</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 84px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Frank L. Bowman</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 57px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">14,413,655</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,116,904</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 84px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Frances L. Cashman</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 57px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">14,428,273</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,102,286</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 84px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Eddie A. Grier</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 57px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">14,424,336</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,106,223</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 84px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Jakki L. Haussler</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 57px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">13,336,966</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,193,593</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 84px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Manuel H. Johnson</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 57px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">14,396,810</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,133,749</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
</table>

<p style="margin:7pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>I.&#xa0;&#xa0;Market Risk:</b> &#xa0;The outbreak of the coronavirus ("COVID-19") and the recovery responses could adversely impact the operations of the Fund and its service providers and financial performance of the Fund and the Fund's investments. The extent of such impact depends on future developments, including (i) the duration and spread of the outbreak, (ii) the restrictions and advisories, (iii) the effects on the financial markets, (iv) government and regulatory responses, and (v) the effects on the economy overall as a result of developments such as disruption to consumer demand, economic output and supply chains. The duration and extent of COVID-19 and associated economic and market conditions and uncertainty over the long term cannot be reasonably estimated at this time. The ultimate impact of COVID-19 and the extent to which the associated conditions impact the Fund will also depend on future developments, which are highly uncertain, difficult to accurately predict and subject to change at any time. If the financial performance of the Fund's investments is impacted because of these factors for an extended period, the Fund's investment results may be adversely affected.</font></p>
<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">On February 24, 2022, Russia launched a large-scale invasion of Ukraine significantly amplifying already existing geopolitical </font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>Morgan Stanley Emerging Markets Debt Fund, Inc.</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>June 30, 2022 (unaudited)</b></font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;">Notes to Financial Statements (cont'd)</font></p>
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<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">tensions. In response to the invasion, many countries, including the U.S., have imposed economic sanctions on Russian governmental institutions, Russian entities, and Russian individuals, which have had a negative impact on the Russian economy, on the Russian currency, and on the investments having exposure to Russia, Ukraine, and other combatants, including Belarus. Russia in turn has imposed its own restrictions against investors and countries outside Russia and has proposed additional measures aimed at non-Russian-owned businesses. Businesses in the U.S. and globally have experienced shortages in materials and increased costs for transportation, energy and raw materials due, in part, to the negative effects of the war on the global economy. The escalation or continuation of the war between Russia and Ukraine or other hostilities presents heightened risks relating to cyber-attacks, the frequency and volume of failures to settle securities transactions, supply chain disruptions, inflation, as well as the potential for increased volatility in commodity, currency and other financial markets. The current events have had, and could continue to have, an adverse effect on global markets performance and liquidity, thereby negatively affecting the value of the Fund's investments beyond any direct exposure to Russian or Ukrainian issuers. The duration and extent of the economic impacts resulting from the military conflict with Russia and the related sanctions is uncertain at this time.</font></p>
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<p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>For More Information About Portfolio Holdings</b></font></p>
<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">The Fund provides a complete schedule of portfolio holdings in its Semi-Annual and Annual Reports within 60 days of the end of the Fund's second and fourth fiscal quarters. The Semi-Annual Reports and the Annual Reports are filed electronically with the SEC on Form N-CSRS and Form N-CSR, respectively. Morgan Stanley also delivers the Semi-Annual and Annual Reports to Fund stockholders and makes these reports available on its public website, www.morganstanley.com/im/closedendfundsshareholderreports. Each Morgan Stanley non-money market fund also files a complete schedule of portfolio holdings with the SEC for the Fund's first and third fiscal quarters as an attachment to Form N-PORT. Morgan Stanley does not deliver the reports for the first and third fiscal quarters to stockholders, but makes the complete schedule of portfolio holdings for the fund's first and third fiscal quarters available on its public website. The holdings for each money market fund are also posted to the Morgan Stanley public website. You may obtain the Form N-PORT filings (as well as the Form N-CSR and N-CSRS filings) by accessing the SEC's website, www.sec.gov. You can also request copies of these materials, upon payment of a duplicating fee, by electronic request at the SEC's e-mail address (publicinfo@sec.gov).</font></p>
<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">In addition to filing a complete schedule of portfolio holdings with the SEC each fiscal quarter, the Fund makes portfolio holdings information available by providing the information on its public website, www.morganstanley.com/im/closedendfundsshareholderreports. The Fund provides a complete schedule of portfolio holdings on the public website on a monthly basis at least 15 calendar days after month end and under other conditions as described in the Fund's policy on portfolio holdings disclosure. You may obtain copies of the Fund's monthly website postings by calling toll free 1(800) 231-2608.</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>Morgan Stanley Emerging Markets Debt Fund, Inc.</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>June 30, 2022 (unaudited)</b></font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;">Notes to Financial Statements (cont'd)</font></p>
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<p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>Proxy Voting Policy and Procedures and Proxy Voting Record</b></font></p>
<p style="margin:0pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">A copy of (1) the Fund's policies and procedures with respect to the voting of proxies relating to the Fund's portfolio securities; and (2) how the Fund voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30, is available without charge, upon request, by calling toll free 1(800) 231-2608 or by visiting our website at www.morganstanley.com/im/closedendfundsshareholderreports. This information is also available on the SEC's web site at www.sec.gov.</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>Morgan Stanley Emerging Markets Debt Fund, Inc.</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>June 30, 2022 (unaudited)</b></font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;">Investment Advisory Agreement Approval</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Nature, Extent and Quality of Services</b></font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">The Board reviewed and considered the nature and extent of the investment advisory services provided by the Adviser under the advisory agreement, including portfolio management, investment research and equity and fixed income securities trading. The Board reviewed similar information and factors regarding the Sub-Adviser, to the extent applicable. The Board also reviewed and considered the nature and extent of the non-advisory, administrative services provided by the Administrator under the administration agreement, including accounting, operations, clerical, bookkeeping, compliance, business management and planning, legal services and the provision of supplies, office space and utilities at the Adviser's expense. The Board also considered the Adviser's investment in personnel and infrastructure that benefits the Fund. (The Adviser, Sub-Adviser and Administrator together are referred to as the "Adviser" and the advisory, sub-advisory and administration agreements together are referred to as the "Management Agreement.") The Board also considered that the Adviser serves a variety of other investment advisory clients and has experience overseeing service providers. The Board also compared the nature of the services provided by the Adviser with similar services provided by non-affiliated advisers as prepared by Broadridge Financial Solutions, Inc. ("Broadridge").</font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">The Board reviewed and considered the qualifications of the portfolio managers, the senior administrative managers and other key personnel of the Adviser who provide the advisory and administrative services to the Fund. The Board determined that the Adviser's portfolio managers and key personnel are well qualified by education and/or training and experience to perform the services in an efficient and professional manner. The Board concluded that the nature and extent of the advisory and administrative services provided were necessary and appropriate for the conduct of the business and investment activities of the Fund and supported its decision to approve the Management Agreement.</font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Performance, Fees and Expenses of the Fund</b></font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">The Board reviewed the performance, fees and expenses of the Fund compared to its peers, as prepared by Broadridge, and to appropriate benchmarks where applicable. The Board discussed with the Adviser the performance goals and the actual results achieved in managing the Fund. When considering a fund's performance, the Board and the Adviser place emphasis on trends and longer-term returns (focusing on one-year, three-year and five-year performance, as of December 31, 2021, or since inception, as applicable). When a fund underperforms its benchmark and/or its peer group average, the Board and the Adviser discuss the causes of such underperformance and, where necessary, they discuss specific changes to investment strategy or investment personnel. The Board noted that the Fund's performance was better than its peer group average for the one-, three- and five-year periods. The Board discussed with the Adviser the level of the advisory and administration fees (together, the "management fee") for this Fund relative to comparable funds and/or other accounts advised by the Adviser and/or compared to its peers as prepared by Broadridge. In addition to the management fee, the Board also reviewed the Fund's total expense ratio. The Board noted that the Fund's management fee and total expense ratio were higher than but close to its peer group averages. After discussion, the Board concluded that the Fund's performance, management fee and total expense ratio were competitive with its peer group averages.</font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Economies of Scale</b></font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">The Board considered the size and growth prospects of the Fund and how that relates to the Fund's total expense ratio and particularly the Fund's management fee rate, which does not include breakpoints. In conjunction with its review of the Adviser's profitability, the </font></p>
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;"><br>33</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>Morgan Stanley Emerging Markets Debt Fund, Inc.</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>June 30, 2022 (unaudited)</b></font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;">Investment Advisory Agreement Approval (cont'd)</font></p>
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<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">Board discussed with the Adviser how a change in assets can affect the efficiency or effectiveness of managing the Fund and whether the management fee level is appropriate relative to current and projected asset levels and/or whether the management fee structure reflects economies of scale as asset levels change. The Board considered that, with respect to closed-end funds, the assets are not likely to grow with new sales or grow significantly as a result of capital appreciation. The Board concluded that economies of scale for the Fund were not a factor that needed to be considered at the present time.</font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Profitability of the Adviser and Affiliates</b></font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">The Board considered information concerning the costs incurred and profits realized by the Adviser and its affiliates during the last year from their relationship with the Fund and during the last two years from their relationship with the Morgan Stanley Fund Complex and reviewed with the Adviser the cost allocation methodology used to determine the profitability of the Adviser and affiliates. The Board has determined that its review of the analysis of the Adviser's expenses and profitability supports its decision to approve the Management Agreement.</font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Other Benefits of the Relationship</b></font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">The Board considered other direct and indirect benefits to the Adviser and/or its affiliates derived from their relationship with the Fund and other funds advised by the Adviser. These benefits may include, among other things, fees for trading, distribution and/or shareholder servicing and for transaction processing and reporting platforms used by securities lending agents, and research received by the Adviser generated from commission dollars spent on funds' portfolio trading. The Board reviewed with the Adviser these arrangements and the reasonableness of the Adviser's costs relative to the services performed. The Board has determined that its review of the other benefits received by the Adviser or its affiliates supports its decision to approve the Management Agreement.</font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Resources of the Adviser and Historical Relationship Between the Fund and the Adviser</b></font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">The Board considered whether the Adviser is financially sound and has the resources necessary to perform its obligations under the Management Agreement. The Board also reviewed and considered the historical relationship between the Fund and the Adviser, including the organizational structure of the Adviser, the policies and procedures formulated and adopted by the Adviser for managing the Fund's operations and the Board's confidence in the competence and integrity of the senior managers and key personnel of the Adviser. The Board concluded that the Adviser has the financial resources necessary to fulfill its obligations under the Management Agreement and that it is beneficial for the Fund to continue its relationship with the Adviser.</font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Other Factors and Current Trends</b></font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">The Board considered the controls and procedures adopted and implemented by the Adviser and monitored by the Fund's Chief Compliance Officer and concluded that the conduct of business by the Adviser indicates a good faith effort on its part to adhere to high ethical standards in the conduct of the Fund's business.</font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">As part of the Board's review, the Board received information from management on the impact of the COVID-19 pandemic on the firm generally and the Adviser and the Fund in particular including, among other information, the pandemic's current and expected impact on the Fund's performance and operations.</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>Morgan Stanley Emerging Markets Debt Fund, Inc.</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>June 30, 2022 (unaudited)</b></font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;">Investment Advisory Agreement Approval (cont'd)</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>General Conclusion</b></font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">After considering and weighing all of the above factors, with various written materials and verbal information presented by the Adviser, the Board concluded that it would be in the best interest of the Fund and its shareholders to approve renewal of the Management Agreement for another year. In reaching this conclusion the Board did not give particular weight to any single piece of information or factor referenced above. The Board considered these factors and information over the course of the year and in numerous meetings, some of which were in executive session with only the independent Board members and their counsel present. It is possible that individual Board members may have weighed these factors, and the information presented, differently in reaching their individual decisions to approve the Management Agreement.</font></p>
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;"><br>35</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>Morgan Stanley Emerging Markets Debt Fund, Inc.</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>June 30, 2022 (unaudited)</b></font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;">Portfolio Management</font></p>
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<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">The Fund is managed by members of the Emerging Markets Debt team. The team consists of portfolio managers, analysts and traders. The members of the team jointly and primarily responsible for the day-to-day management of the Fund are Sahil Tandon, a Managing Director of the Sub-Adviser, Akbar Causer, a Managing Director of the Adviser, Kyle Lee and Federico Sequeda, each an Executive Director of the Adviser. Mr. Tandon has been associated with the Sub-Adviser in an investment management capacity since August 2019. Prior to August 2019, Mr. Tandon was associated with the Adviser in an investment capacity from 2004. Mr. Tandon began managing the Fund in October 2015. Mr. Causer has been associated with the Adviser or its affiliates in an investment management capacity since April 2017. Mr. Lee has been associated with the Adviser or its affiliates in an investment management capacity since July 2007. Mr Sequeda has been associated with the Adviser or its affiliates in an investment management capacity since September 2010.</font></p>
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;"><br>36</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>Morgan Stanley Emerging Markets Debt Fund, Inc.</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>June 30, 2022 (unaudited)</b></font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;">Investment Policy</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b><font style="text-decoration:underline">Derivatives</font></b></font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">The Fund may, but it is not required to, use derivative instruments for a variety of purposes, including hedging, risk management, portfolio management or to earn income. A derivative is a financial instrument whose value is based, in part, on the value of an underlying asset, interest rate, index or financial instrument. Prevailing interest rates and volatility levels, among other things, also affect the value of derivative instruments. A derivative instrument often has risks similar to its underlying asset and may have additional risks, including imperfect correlation between the value of the derivative and the underlying asset, risks of default by the counterparty to certain transactions, magnification of losses incurred due to changes in the market value of the securities, instruments, indices or interest rates to which the derivative instrument relates, risks that the transactions may not be liquid and risks arising from margin requirements. The use of derivatives involves risks that are different from, and possibly greater than, the risks associated with other portfolio investments. Derivatives may involve the use of highly specialized instruments that require investment techniques and risk analyses different from those associated with other portfolio investments. In addition, proposed regulatory changes by the Securities and Exchange Commission ("SEC") relating to a mutual fund's use of derivatives could potentially limit or impact the Fund's ability to invest in derivatives and adversely affect the value or performance of the Fund or its derivative investments.</font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">Certain derivative transactions may give rise to a form of leverage. Leverage magnifies the potential for gain and the risk of loss. Leverage associated with derivative transactions may cause the Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or to meet earmarking or segregation requirements, pursuant to applicable SEC rules and regulations, or may cause the Fund to be more volatile than if the Fund had not been leveraged. Although the Adviser seeks to use derivatives to further the Fund's investment objective, there is no assurance that the use of derivatives will achieve this result.</font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">Following is a description of the derivative instruments and techniques that the Fund may use and their associated risks:</font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><i>Foreign Currency Forward Exchange Contracts.</i>  In connection with its investments in foreign securities, the Fund also may enter into contracts with banks, brokers or dealers to purchase or sell securities or foreign currencies at a future date. A foreign currency forward exchange contract ("currency contract") is a negotiated agreement between the contracting parties to exchange a specified amount of currency at a specified future time at a specified rate. The rate can be higher or lower than the spot rate between the currencies that are the subject of the contract. The Fund may also invest in non-deliverable foreign currency forward exchange contracts ("NDFs"). NDFs are similar to other foreign currency forward exchange contracts, but do not require or permit physical delivery of currency upon settlement. Instead, settlement is made in cash based on the difference between the contracted exchange rate and the spot foreign exchange rate at settlement. Currency contracts may be used to protect against uncertainty in the level of future foreign currency exchange rates or to gain or modify exposure to a particular currency. In addition, the Fund may use cross currency hedging or proxy hedging with respect to currencies in which the Fund has or expects to have portfolio or currency exposure. Cross currency and proxy hedges involve the sale of one currency against the positive exposure to a different currency and may be used for hedging purposes or to establish an active exposure to the exchange rate between any two currencies. To the extent hedged by the use of currency contracts, the precise matching of the currency contract amounts and the value of the securities involved will not generally be possible because the future value of such securities in foreign currencies will change as a consequence of market movements in the value of those </font></p>
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;"><br>37</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>Morgan Stanley Emerging Markets Debt Fund, Inc.</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>June 30, 2022 (unaudited)</b></font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;">Investment Policy (cont'd)</font></p>
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<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">securities between the date on which the contract is entered into and the date it matures. Furthermore, such transactions may reduce or preclude the opportunity for gain if the value of the currency should move in the direction opposite to the position taken. There is additional risk that such transactions may reduce or preclude the opportunity for gain if the value of the currency should move in the direction opposite to the position taken and that currency contracts create exposure to currencies in which the Fund's securities are not denominated. The use of currency contracts involves the risk of loss from the insolvency or bankruptcy of the counterparty to the contract or the failure of the counterparty to make payments or otherwise comply with the terms of the contract.</font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><i>Futures.</i>  A futures contract is a standardized, exchange-traded agreement to buy or sell a specific quantity of an underlying asset, reference rate or index at a specific price at a specific future time. The value of a futures contract tends to increase or decrease in tandem with the value of the underlying instrument. Depending on the terms of the particular contract, futures contracts are settled through either physical delivery of the underlying instrument on the settlement date or by payment of a cash settlement amount on the settlement date. A decision as to whether, when and how to use futures contracts involves the exercise of skill and judgment and even a well-conceived futures transaction may be unsuccessful because of market behavior or unexpected events. In addition to the derivatives risks discussed above, the prices of futures contracts can be highly volatile, using futures contracts can lower total return and the potential loss from futures contracts can exceed the Fund's initial investment in such contracts. No assurance can be given that a liquid market will exist for any particular futures contract at any particular time. There is also the risk of loss by the Fund of margin deposits in the event of bankruptcy of a broker with which the Fund has open positions in the futures contract.</font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><i>Loan Participation Notes.</i>  The Fund may invest in loan participation notes ("LPNs"), which are interests in loans or other direct debt instruments relating to amounts owed by a corporate, governmental or other borrower to another party. LPNs are notes issued through a special purpose vehicle for the purpose of funding or acquiring a loan to final obligor. LPNs are subject to the same risks as other debt obligations, which may include credit risk, interest rate risk, liquidity risk and market risk. LPNs have limited recourse to the issuer, to the extent of the amount received by the issuer from the ultimate borrower in paying the principal and interest amounts as defined under the loan agreement. The Fund may be exposed to the credit risk of both the lender and the borrower, and may not benefit from any collateral supporting the underlying loan.</font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><i>Options.</i>  If the Fund buys an option, it buys a legal contract giving it the right to buy or sell a specific amount of the underlying instrument or futures contract on the underlying instrument or foreign currency at an agreed-upon price typically in exchange for a premium paid by the Fund. If the Fund sells an option, it sells to another person the right to buy from or sell to the Fund a specific amount of the underlying instrument or foreign currency or futures contract on the underlying instrument or foreign currency at an agreed-upon price typically in exchange for a premium received by the Fund. When options are purchased over-the-counter ("OTC"), the Fund bears the risk that the counterparty that wrote the option will be unable or unwilling to perform its obligations under the option contract. Options may also be illiquid and the Fund may have difficulty closing out its position. A decision as to whether, when and how to use options involves the exercise of skill and judgment and even a well-conceived option transaction may be unsuccessful because of market behavior or unexpected events. The prices of options can be highly volatile and the use of options can lower total returns.</font></p>
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;"><br>38</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>Morgan Stanley Emerging Markets Debt Fund, Inc.</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>June 30, 2022 (unaudited)</b></font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;">Investment Policy (cont'd)</font></p>
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<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><i>Swaptions.</i>  An option on a swap agreement, also called a "swaption," is an option that gives the buyer the right, but not the obligation, to enter into a swap on a future date in exchange for a premium. A receiver swaption gives the owner the right to receive the return of a specified asset, reference rate, or index. A payer swaption gives the owner the right to pay the return of a specified asset, reference rate, or index. Swaptions also include options that allow an existing swap to be terminated or extended by one of the counterparties.</font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><i>Structured Investments.</i>  The Fund also may invest a portion of its assets in structured investments. A structured investment is a derivative security designed to offer a return linked to a particular underlying security, currency, commodity or market. Structured investments may come in various forms including notes (such as exchange-traded notes), warrants and options to purchase securities. The Fund will typically use structured investments to gain exposure to a permitted underlying security, currency, commodity or market when direct access to a market is limited or inefficient from a tax or cost standpoint. There can be no assurance that structured investments will trade at the same price or have the same value as the underlying security, currency, commodity or market. Investments in structured investments involve risks including issuer risk, counterparty risk and market risk. Holders of structured investments bear risks of the underlying investment and are subject to issuer or counterparty risk because the Fund is relying on the creditworthiness of such issuer or counterparty and has no rights with respect to the underlying investment. Certain structured investments may be thinly traded or have a limited trading market and may have the effect of increasing the Fund's illiquidity to the extent that the Fund, at a particular point in time, may be unable to find qualified buyers for these securities.</font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><i>Swaps.</i>  The Fund may enter into OTC swap contracts or cleared swap transactions. An OTC swap contract is an agreement between two parties pursuant to which the parties exchange payments at specified dates on the basis of a specified notional amount, with the payments calculated by reference to specified securities, indices, reference rates, currencies or other instruments. Typically swap agreements provide that when the period payment dates for both parties are the same, the payments are made on a net basis (i.e., the two payment streams are netted out, with only the net amount paid by one party to the other). The Fund's obligations or rights under a swap contract entered into on a net basis will generally be equal only to the net amount to be paid or received under the agreement, based on the relative values of the positions held by each party. Cleared swap transactions may help reduce counterparty credit risk. In a cleared swap, the Fund's ultimate counterparty is a clearinghouse rather than a swap dealer, bank or other financial institution. OTC swap agreements are not entered into or traded on exchanges and often there is no central clearing or guaranty function for swaps. These OTC swaps are often subject to credit risk or the risk of default or non- performance by the counterparty. Both OTC and cleared swaps could result in losses if interest rates, foreign currency exchange rates or other factors are not correctly anticipated by the Fund or if the reference index, security or investments do not perform as expected. The Fund's use of swaps may include those based on the credit of an underlying security, commonly referred to as "credit default swaps." Where the Fund is the buyer of a credit default swap contract, it would typically be entitled to receive the par (or other agreed-upon) value of a referenced debt obligation from the counterparty to the contract only in the event of a default or similar event of the issuer of the referenced debt obligation. If no default occurs, the Fund would have paid to the counterparty a periodic stream of payments over the term of the contract and received no benefit from the contract. When the Fund is the seller of a credit default swap contract, it typically receives the stream of payments but is obligated to pay an amount equal to the par (or other agreed-upon) value of a referenced debt obligation upon the default or similar event of the issuer of the referenced debt obligation. The Dodd-Frank Wall Street Reform and Consumer Protection Act and related </font></p>
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;"><br>39</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>Morgan Stanley Emerging Markets Debt Fund, Inc.</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>June 30, 2022 (unaudited)</b></font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;">Investment Policy (cont'd)</font></p>
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<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">regulatory developments require the clearing and exchange-trading of certain standardized swap transactions. Mandatory exchange-trading and clearing is occurring on a phased-in basis.</font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b><font style="text-decoration:underline">Special Risks Related to Cyber Security</font></b></font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">The Fund and its service providers are susceptible to cyber security risks that include, among other things, theft, unauthorized monitoring, release, misuse, loss, destruction or corruption of confidential and highly restricted data; denial of service attacks; unauthorized access to relevant systems; compromises to networks or devices that the Fund and its service providers use to service the Fund's operations; or operational disruption or failures in the physical infrastructure or operating systems that support the Fund and its service providers. Cyber attacks against or security breakdowns of the Fund or its service providers may adversely impact the Fund and its stockholders, potentially resulting in, among other things, financial losses; the inability of Fund stockholders to transact business and the Fund to process transactions; inability to calculate the Fund's NAV; violations of applicable privacy and other laws; regulatory fines, penalties, reputational damage, reimbursement or other compensation costs; and/or additional compliance costs. The Fund may incur additional costs for cyber security risk management and remediation purposes. In addition, cyber security risks may also impact issuers of securities in which the Fund invests, which may cause the Fund's investment in such issuers to lose value. There can be no assurance that the Fund or its service providers will not suffer losses relating to cyber attacks or other information security breaches in the future.</font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b><font style="text-decoration:underline">Foreign and Emerging Market Securities</font></b></font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">Investing in the securities of foreign issuers, particularly those located in emerging market or developing countries, entails the risk that news and events unique to a country or region will affect those markets and their issuers. The value of the Fund's shares may vary widely in response to political and economic factors affecting companies in foreign countries. These same events will not necessarily have an effect on the U.S. economy or similar issuers located in the United States. In addition, investments in certain foreign markets that have historically been considered stable may become more volatile and subject to increased risk due to ongoing developments and changing conditions in such markets. Moreover, the growing interconnectivity of global economies and financial markets has increased the probability that adverse developments and conditions in one country or region will affect the stability of economies and financial markets in other countries or regions.</font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">Investments in foreign markets entail special risks such as currency, political, economic and market risks. There also may be greater market volatility, less reliable financial information, higher transaction and custody costs, decreased market liquidity and less government and exchange regulation associated with investments in foreign markets. Certain foreign markets may rely heavily on particular industries or foreign capital and are more vulnerable to diplomatic developments, the imposition of economic sanctions against a particular country or countries, organizations, entities and/or individuals, changes in international trading patterns, trade barriers and other protectionist or retaliatory measures. Economic sanctions could, among other things, effectively restrict or eliminate the Fund's ability to purchase or sell securities or groups of securities for a substantial period of time, and may make the Fund's investments in such securities harder to value. Investments in foreign markets may also be adversely affected by governmental actions such as the imposition of capital controls, nationalization of companies or industries, expropriation of assets or the imposition of punitive taxes. The governments of certain countries may prohibit or impose substantial restrictions on foreign investing in their </font></p>
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;"><br>40</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>Morgan Stanley Emerging Markets Debt Fund, Inc.</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>June 30, 2022 (unaudited)</b></font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;">Investment Policy (cont'd)</font></p>
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<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">capital markets or in certain sectors or industries. In addition, a foreign government may limit or cause delay in the convertibility or repatriation of its currency which would adversely affect the U.S. dollar value and/or liquidity of investments denominated in that currency. Certain foreign investments may become less liquid in response to market developments or adverse investor perceptions, or become illiquid after purchase by the Fund, particularly during periods of market turmoil. When the Fund holds illiquid investments, its portfolio may be harder to value. The risks of investing in emerging market countries are greater than risks associated with investments in foreign developed countries. In addition, the Fund's investments in foreign issuers may be denominated in foreign currencies and therefore, to the extent unhedged, the value of the investment will fluctuate with the U.S. dollar exchange rates.</font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b><font style="text-decoration:underline">Chinese Fixed-Income Investments</font></b></font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">The Fund may invest in Chinese fixed-income securities traded in the China Interbank Bond Market ("CIBM") through the Bond Connect program ("Bond Connect"), which allows non-Chinese-domiciled investors (such as the Fund) to purchase certain fixed-income investments available in China's interbank bond market. Bond Connect utilizes the trading infrastructure of both Hong Kong and China. Bond Connect therefore is not available when there are trading holidays in Hong Kong. As a result, prices of securities purchased through Bond Connect may fluctuate at times when the Fund is unable to add to or exit its position. Securities offered via Bond Connect may lose their eligibility for trading through the program at any time, in which case they may be sold but could no longer be purchased through Bond Connect. Because Bond Connect is relatively new, its effects on the Chinese interbank bond are uncertain. In addition, the trading, settlement and IT systems required for non-Chinese investors in Bond Connect are relatively new and continuing to evolve. In the event that the relevant systems do not function properly, trading via Bond Connect could be disrupted, adversely affecting the ability of the Fund to acquire or dispose of securities through Bond Connect in a timely manner, which in turn could adversely impact the Fund's performance.</font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">Bond Connect is subject to regulation by both Hong Kong and China. There can be no assurance that further regulations will not affect the availability of securities in the program, the frequency of redemptions or other limitations. In China, Bond Connect securities are held on behalf of ultimate investors (such as the Fund) by the Hong Kong Monetary Authority Central Money Markets Unit via accounts maintained with China's two clearinghouses for fixed-income securities. While Chinese regulators have affirmed that the ultimate investors hold a beneficial interest in Bond Connect securities, the law surrounding such rights continues to develop, and the mechanisms that beneficial owners may use to enforce their rights are untested and therefore pose uncertain risks, with legal and regulatory risks potentially having retroactive effect. Further, courts in China have limited experience in applying the concept of beneficial ownership, and the law surrounding beneficial ownership will continue to evolve as they do so. There is accordingly a risk that, as the law is tested and developed, the Fund's ability to enforce its ownership rights may be negatively impacted, which could expose the Fund to the risk of loss on such investments. The Fund may not be able to participate in corporate actions affecting Bond Connect securities due to time constraints or for other operational reasons, and payments of distributions could be delayed. Market volatility and potential lack of liquidity due to low trading volume of certain bonds may result in prices of those bonds fluctuating significantly; in addition, the bid-ask spreads of the prices of such securities may be large, and the Fund may therefore incur significant costs and suffer losses when selling such investments. More generally, bonds traded in CIBM may be difficult or impossible to sell, which could further impact the Fund's ability to acquire or dispose of such securities at their expected prices. Bond Connect trades are settled in Renminbi (RMB), the Chinese currency, and investors must have timely access to a reliable supply of RMB in Hong Kong, </font></p>
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;"><br>41</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>Morgan Stanley Emerging Markets Debt Fund, Inc.</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>June 30, 2022 (unaudited)</b></font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;">Investment Policy (cont'd)</font></p>
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<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">which cannot be guaranteed. Moreover, securities purchased through Bond Connect generally may not be sold, purchased or otherwise transferred other than through Bond Connect in accordance with applicable rules. Finally, uncertainties in the Chinese tax rules governing taxation of income and gains from investments via Bond Connect could result in unexpected tax liabilities for the Fund. The withholding tax treatment of dividends and capital gains payable to overseas investors currently is unsettled.</font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b><font style="text-decoration:underline">Environmental, Social and Governance Issues</font></b></font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">The Fund's investment process incorporates information about environmental, social and governance issues (also referred to as ESG) via an integrated approach within the investment team's fundamental investment analysis framework. The Fund's Adviser may engage with management of certain issuers regarding corporate governance practices as well as what the Fund's Adviser deems to be materially important environmental and/or social issues facing a company.</font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b><font style="text-decoration:underline">Market and Geopolitical Risk</font></b></font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">The value of your investment in the Fund is based on the values of the Fund's investments, which may change due to economic and other events that affect markets generally, as well as those that affect particular regions, countries, industries, companies or governments. These movements, sometimes called volatility, may be greater or less depending on the types of securities the Fund owns and the markets in which the securities trade. Volatility and disruption in financial markets and economies may be sudden and unexpected, expose the Fund to greater risk, including risks associated with reduced market liquidity and fair valuation, and adversely affect the Fund's operations. For example, the Adviser potentially will be prevented from executing investment decisions at an advantageous time or price as a result of any domestic or global market disruptions and reduced market liquidity may impact the Fund's ability to sell securities to meet redemptions.</font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund's portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, health emergencies (such as epidemics and pandemics), terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, health emergencies, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. Other financial, economic and other global market and social developments or disruptions may result in similar adverse circumstances, and it is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects (which may last for extended periods). In general, the securities or other instruments that the Adviser believes represent an attractive investment opportunity or in which the Fund seeks to invest may be unavailable entirely or in the specific quantities sought by the Fund. As a result, the Fund may need to obtain the desired exposure through a less advantageous investment, forgo the investment at the time or seek to replicate the desired exposure through a derivative transaction or investment in another investment vehicle. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund's portfolio. There is a risk that you may lose money by investing in the Fund.</font></p>
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;"><br>42</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>Morgan Stanley Emerging Markets Debt Fund, Inc.</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>June 30, 2022 (unaudited)</b></font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;">Investment Policy (cont'd)</font></p>
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<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">Social, political, economic and other conditions and events, such as natural disasters, health emergencies (e.g., the novel coronavirus outbreak, epidemics and other pandemics), terrorism, conflicts and social unrest, could reduce consumer demand or economic output, result in market closures, travel restrictions or quarantines, and generally have a significant impact on the economies and financial markets and the Adviser's investment advisory activities and services of other service providers, which in turn could adversely affect the Fund's investments and other operations.</font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b><font style="text-decoration:underline">Pricing of Securities</font></b></font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">Certain of the Fund's securities may be valued by an outside pricing service approved by the Board. The pricing service/vendor may utilize a matrix system or other model incorporating attributes such as security quality, maturity and coupon as the evaluation model parameters, and/or research evaluations by its staff, including review of broker-dealer market price quotations in determining what it believes is the fair valuation of the portfolio securities valued by such pricing service. Pricing services value securities assuming orderly transactions of an institutional round lot size, but the Fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots.</font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b><font style="text-decoration:underline">Determination of NAV</font></b></font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">The Fund determines the NAV per share as of the close of the NYSE (normally 4:00 p.m. Eastern time) on each day that the NYSE is open for business. Shares generally will not be priced on days that the NYSE is closed. If the NYSE is closed due to inclement weather, technology problems or any other reason on a day it would normally be open for business, or the NYSE has an unscheduled early closing on a day it has opened for business, the Fund reserves the right to treat such day as a business day and calculate its NAV as of the normally scheduled close of regular trading on the NYSE for that day, so long as the Adviser believes there generally remains an adequate market to obtain reliable and accurate market quotations. The Fund may elect to price its shares on days when the NYSE is closed but the primary securities markets on which the Fund's securities trade remain open.</font></p>
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;"><br>43</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>Morgan Stanley Emerging Markets Debt Fund, Inc.</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>June 30, 2022 (unaudited)</b></font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;">Dividend Reinvestment and Cash Purchase Plan</font></p>
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<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">Pursuant to the Dividend Reinvestment Plan (the "Plan"), each stockholder will be deemed to have elected, unless Computershare Trust Company, N.A. (the "Plan Agent") is otherwise instructed by the stockholder in writing, to have all distributions automatically reinvested in Fund shares. Participants in the Plan have the option of making additional voluntary cash payments to the Plan Agent, quarterly, in any amount from $100 to $3000, for investment in Fund shares.</font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">Dividend and capital gain distributions ("Distribution") will be reinvested on the reinvestment date in full and fractional shares. If the market price per share equals or exceeds net asset value per share on the reinvestment date, the Fund will issue shares to participants at net asset value or, if net asset value is less than 95% of the market price on the reinvestment date, shares will be issued at 95% of the market price. If net asset value exceeds the market price on the reinvestment date, participants will receive shares valued at market price. The Fund may purchase shares of its Common Stock in the open market in connection with dividend reinvestment requirements at the discretion of the Board of Directors. Should the Fund declare a Distribution payable only in cash, the Plan Agent will purchase Fund shares for participants in the open market as agent for the participants.</font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">The Plan Agent's fees for the reinvestment of a Distribution will be paid by the Fund. However, each participant's account will be charged a pro rata share of brokerage commissions incurred on any open market purchases effected on such participant's behalf. Although stockholders in the Plan may receive no cash distributions, participation in the Plan will not relieve participants of any income tax which may be payable on such dividends or distributions.</font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">In the case of stockholders, such as banks, brokers or nominees, that hold shares for others who are the beneficial owners, the Plan Agent will administer the Plan on the basis of the number of shares certified from time to time by the stockholder as representing the total amount registered in the stockholder's name and held for the account of beneficial owners who are participating in the Plan.</font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">Stockholders who do not wish to have Distributions automatically reinvested should notify the Plan Agent in writing. There is no penalty for non-participation or withdrawal from the Plan, and stockholders who have previously withdrawn from the Plan may rejoin at any time. Requests for additional information or any correspondence concerning the Plan should be directed to the Plan Agent at:</font></p>
<p style="margin:0pt 0pt 13pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;">Morgan Stanley Emerging Markets Debt Fund, Inc.<br>Computershare Trust Company, N.A.<br>P.O. Box 505000<br>Louisville, Kentucky 40233<br>1(800) 231-2608<br>Monday&#x2013;Friday between 8:30 a.m. and 6:00 p.m. (EDT)</font></p>
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;"><br>44</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>Morgan Stanley Emerging Markets Debt Fund, Inc.</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>June 30, 2022 (unaudited)</b></font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;">U.S. Customer Privacy Notice&#xa0;&#xa0;</font><font style="font-size:13pt; font-family: Arial, Helvetica;">April 2021</font></p>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:20pt; font-family: Arial, Helvetica;"><b>FACTS</b></font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:12pt; font-family: Arial, Helvetica;"><b>WHAT DOES MSIM DO WITH YOUR PERSONAL INFORMATION?</b></font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:14pt; font-family: Arial, Helvetica;"><b>Why?</b></font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:14pt; font-family: Arial, Helvetica;"><b>What?</b></font></p></td>
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<font style="font-size:10pt; font-family: Times New Roman, Times, serif;">The types of personal information we collect and share depend on the product or service you have with us. This information can include:<br></font><font style="font-size:12pt; ">&#x25fc;</font><font style="font-size:10pt; font-family: Times New Roman, Times, serif;"> Social Security number and income<br></font><font style="font-size:12pt; ">&#x25fc;</font><font style="font-size:10pt; font-family: Times New Roman, Times, serif;"> investment experience and risk tolerance<br></font><font style="font-size:12pt; ">&#x25fc;</font><font style="font-size:10pt; font-family: Times New Roman, Times, serif;"> checking account number and wire transfer instructions</font></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons MSIM chooses to share; and whether you can limit this sharing.</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Reasons we can share your personal information</b></font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Does MSIM share?</b></font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Can you limit this sharing?</b></font></p></td>
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<font style="font-size:10pt; font-family: Arial, Helvetica;"><b>For our everyday business purposes &#x2014;<br></b></font><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus</font></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">Yes</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">No</font></p></td>
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<font style="font-size:10pt; font-family: Arial, Helvetica;"><b>For our marketing purposes &#x2014; <br></b></font><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">to offer our products and services to you</font></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">Yes</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">No</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>For joint marketing with other financial companies</b></font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">No</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">We don't share</font></p></td>
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<font style="font-size:10pt; font-family: Arial, Helvetica;"><b>For our investment management affiliates' everyday business purposes &#x2014; <br></b></font><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">information about your transactions, experiences, and creditworthiness</font></td>
<td colspan="1">&#xa0;</td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">Yes</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">Yes</font></p></td>
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<font style="font-size:10pt; font-family: Arial, Helvetica;"><b>For our affiliates' everyday business purposes &#x2014; <br></b></font><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">information about your transactions and experiences</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:3pt .7pt 6pt 0pt; width: 101px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">Yes</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:3pt .7pt 6pt 0pt; width: 138px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">No</font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="top" style="padding:3pt .7pt 6pt 0pt; width: 547px; text-align: left;">
<font style="font-size:10pt; font-family: Arial, Helvetica;"><b>For our affiliates' everyday business purposes &#x2014; <br></b></font><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">information about your creditworthiness</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:3pt .7pt 6pt 0pt; width: 101px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">No</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:3pt .7pt 6pt 0pt; width: 138px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">We don't share</font></p></td>
<td colspan="1">&#xa0;</td>
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;"><br>45</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>Morgan Stanley Emerging Markets Debt Fund, Inc.</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>June 30, 2022 (unaudited)</b></font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;">U.S. Customer Privacy Notice (cont'd)&#xa0;&#xa0;</font><font style="font-size:13pt; font-family: Arial, Helvetica;">April 2021</font></p>
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<table border="0" cellspacing="0" cellpadding="0" width="100%">
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<td colspan="3" valign="bottom" style="padding:0pt .7pt 4pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 547px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Reasons we can share your personal information</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 101px; text-align: center;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Does MSIM share?</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 138px; text-align: center;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Can you limit this sharing?</b></font></p></td>
<td colspan="1">&#xa0;</td>
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<td colspan="3" valign="top" style="padding:7pt .7pt 6pt 0pt; width: 547px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>For our investment management affiliates to market to you</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:7pt .7pt 6pt 0pt; width: 101px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">Yes</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:7pt .7pt 6pt 0pt; width: 138px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">Yes</font></p></td>
<td colspan="1">&#xa0;</td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>For our affiliates to market to you</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:3pt .7pt 6pt 0pt; width: 101px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">No</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:3pt .7pt 6pt 0pt; width: 138px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">We don't share</font></p></td>
<td colspan="1">&#xa0;</td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>For non-affiliates to market to you</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:3pt .7pt 6pt 0pt; width: 101px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">No</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:3pt .7pt 6pt 0pt; width: 138px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">We don't share</font></p></td>
<td colspan="1">&#xa0;</td>
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<p style="margin:0pt 0pt 0pt 0pt; height:18pt;">&#xa0;</p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:14pt; font-family: Arial, Helvetica;"><b>To limit our sharing</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:6pt .7pt 6pt 0pt; width: 1119px; text-align: left;">
<font style="font-size:10pt; font-family: Times New Roman, Times, serif;">Call toll-free (844) 312-6327 or email: imprivacyinquiries@morganstanley.com<br><b>Please note:<br></b>If you are a <i>new</i> customer, we can begin sharing your information 30 days from the date we sent this notice. When you are <i>no longer</i> our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing.</font></td>
<td colspan="1">&#xa0;</td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:14pt; font-family: Arial, Helvetica;"><b>Questions?</b></font></p></td>
<td colspan="1">&#xa0;</td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">Call toll-free (844) 312-6327 or email: imprivacyinquiries@morganstanley.com</font></p></td>
<td colspan="1">&#xa0;</td>
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<p style="margin:3pt 0pt 8.25pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Who we are</b></font></p>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Who is providing this notice?</b></font></p></td>
<td colspan="1">&#xa0;</td>
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<font style="font-size:10pt; font-family: Times New Roman, Times, serif;">Morgan Stanley Investment Management Inc. and its investment management affiliates ("MSIM") (<i>see</i> Investment Management Affiliates definition below)</font></td>
<td colspan="1">&#xa0;</td>
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<p style="margin:3pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>What we do</b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 247px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>How does MSIM protect my personal information?</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 640px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information.</font></p></td>
<td colspan="1">&#xa0;</td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>How does MSIM collect my personal information?</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 640px; text-align: left;">
<font style="font-size:10pt; font-family: Times New Roman, Times, serif;">We collect your personal information, for example, when you<br></font><font style="font-size:12pt; ">&#x25fc;</font><font style="font-size:10pt; font-family: Times New Roman, Times, serif;"> open an account or make deposits or withdrawals from your account<br></font><font style="font-size:12pt; ">&#x25fc;</font><font style="font-size:10pt; font-family: Times New Roman, Times, serif;"> buy securities from us or make a wire transfer<br></font><font style="font-size:12pt; ">&#x25fc;</font><font style="font-size:10pt; font-family: Times New Roman, Times, serif;"> give us your contact information<br>We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.</font></td>
<td colspan="1">&#xa0;</td>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>Morgan Stanley Emerging Markets Debt Fund, Inc.</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Times New Roman, Times, serif;"><b>June 30, 2022 (unaudited)</b></font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;">U.S. Customer Privacy Notice (cont'd)&#xa0;&#xa0;</font><font style="font-size:13pt; font-family: Arial, Helvetica;">April 2021</font></p>
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<p style="margin:0pt 0pt 8.25pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>What we do</b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 247px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Why can't I limit all sharing?</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 640px; text-align: left;">
<font style="font-size:10pt; font-family: Times New Roman, Times, serif;">Federal law gives you the right to limit only<br></font><font style="font-size:12pt; ">&#x25fc;</font><font style="font-size:10pt; font-family: Times New Roman, Times, serif;"> sharing for affiliates' everyday business purposes &#x2014; information about your creditworthiness<br></font><font style="font-size:12pt; ">&#x25fc;</font><font style="font-size:10pt; font-family: Times New Roman, Times, serif;"> affiliates from using your information to market to you<br></font><font style="font-size:12pt; ">&#x25fc;</font><font style="font-size:10pt; font-family: Times New Roman, Times, serif;"> sharing for non-affiliates to market to you<br>State laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law.</font></td>
<td colspan="1">&#xa0;</td>
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<p style="margin:3pt 0pt 8.25pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Definitions</b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Investment Management Affiliates</b></font></p></td>
<td colspan="1">&#xa0;</td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">MSIM Investment Management Affiliates include registered investment advisers, registered broker-dealers, and registered and unregistered funds in the Investment Management Division. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley &amp; Co.</font></p></td>
<td colspan="1">&#xa0;</td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Affiliates</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 640px; text-align: left;">
<font style="font-size:10pt; font-family: Times New Roman, Times, serif;">Companies related by common ownership or control. They can be financial and non-financial companies.<br></font><font style="font-size:12pt; ">&#x25fc;</font><font style="font-size:10pt; font-family: Arial, Helvetica;"><i> Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley &amp; Co.</i></font></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 247px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Non-affiliates</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 640px; text-align: left;">
<font style="font-size:10pt; font-family: Times New Roman, Times, serif;">Companies not related by common ownership or control. They can be financial and non-financial companies.<br></font><font style="font-size:12pt; ">&#x25fc;</font><font style="font-size:10pt; font-family: Arial, Helvetica;"><i> MSIM does not share with non-affiliates so they can market to you.</i></font></td>
<td colspan="1">&#xa0;</td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Joint marketing</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 640px; text-align: left;">
<font style="font-size:10pt; font-family: Times New Roman, Times, serif;">A formal agreement between non-affiliated financial companies that together market financial products or services to you.<br></font><font style="font-size:12pt; ">&#x25fc;</font><font style="font-size:10pt; font-family: Arial, Helvetica;"><i> MSIM doesn't jointly market</i></font></td>
<td colspan="1">&#xa0;</td>
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<p style="margin:3pt 0pt 4pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Other important information</b></font></p>
<p style="margin:0pt 0pt 3pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Vermont:</b></font><font style="font-size:10pt; font-family: Times New Roman, Times, serif;"> Except as permitted by law, we will not share personal information we collect about Vermont residents with Non-affiliates unless you provide us with your written consent to share such information.</font></p>
<p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>California:</b></font><font style="font-size:10pt; font-family: Times New Roman, Times, serif;"> Except as permitted by law, we will not share personal information we collect about California residents with Non-affiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us.</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Arial, Helvetica;"><b>Directors </b></font></p>
<p style="margin:0pt 0pt 2pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Arial, Helvetica;">Frank L. Bowman<br>Frances L. Cashman<br>Kathleen A. Dennis<br>Nancy C. Everett<br>Eddie A. Grier<br>Jakki L. Haussler<br>Dr. Manuel H. Johnson<br>Joseph J. Kearns<br>Michael F. Klein<br>Patricia A. Maleski<br>W. Allen Reed, <i>Chair of the Board</i></font></p>
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<div style="width:48%;float:left;margin-top:10pt;margin-right:0%">
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Arial, Helvetica;"><b>Officers</b></font></p>
<p style="margin:0pt 0pt 2pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Arial, Helvetica;">John H. Gernon<br><i>President and Principal Executive Officer</i></font></p>
<p style="margin:0pt 0pt 2pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Arial, Helvetica;">Deidre A. Downes<br><i>Chief Compliance Officer</i></font></p>
<p style="margin:0pt 0pt 2pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Arial, Helvetica;">Francis J. Smith<br><i>Treasurer and Principal Financial Officer</i></font></p>
<p style="margin:0pt 0pt 2pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Arial, Helvetica;">Mary E. Mullin<br><i>Secretary</i></font></p>
<p style="margin:0pt 0pt 2pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Arial, Helvetica;">Michael J. Key<br><i>Vice President</i></font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Arial, Helvetica;"><b>Adviser and Administrator</b></font></p>
<p style="margin:0pt 0pt 2pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Arial, Helvetica;">Morgan Stanley Investment Management Inc.<br>522 Fifth Avenue<br>New York, New York 10036</font></p>
<p style="margin:1pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Arial, Helvetica;"><b>Sub-Adviser</b></font></p>
<p style="margin:0pt 0pt 2pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Arial, Helvetica;">Morgan Stanley Investment Management Limited<br>25 Cabot Square, Canary Wharf<br>London, E14 4QA, England</font></p>
<p style="margin:1pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Arial, Helvetica;"><b>Custodian</b></font></p>
<p style="margin:0pt 0pt 2pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Arial, Helvetica;">State Street Bank and Trust Company<br>One Lincoln Street<br>Boston, Massachusetts 02111</font></p>
<p style="margin:1pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Arial, Helvetica;"><b>Stockholder Servicing Agent</b></font></p>
<p style="margin:0pt 0pt 2pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Arial, Helvetica;">Computershare Trust Company, N.A.<br>P.O. Box 505000<br>Louisville, Kentucky 40233</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Arial, Helvetica;"><b>Legal Counsel</b></font></p>
<p style="margin:0pt 0pt 2pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Arial, Helvetica;">Dechert LLP<br>1095 Avenue of the Americas<br>New York, New York 10036</font></p>
<p style="margin:1pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Arial, Helvetica;"><b>Counsel to the Independent Directors</b></font></p>
<p style="margin:0pt 0pt 2pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Arial, Helvetica;">Perkins Coie LLP<br>1155 Avenue of the Americas,<br>22nd Floor<br>New York, New York 10036</font></p>
<p style="margin:1pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Arial, Helvetica;"><b>Independent Registered Public Accounting Firm</b></font></p>
<p style="margin:0pt 0pt 2pt 0pt; text-align: left;"><font style="font-size:9pt; font-family: Arial, Helvetica;">Ernst &amp; Young LLP<br>200 Clarendon Street<br>Boston, Massachusetts 02116</font></p>
</div>
<div style="clear:both"></div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 3pt 0pt; text-align: left;"><font style="font-size:6pt; font-family: Arial, Helvetica;">For additional Fund information, including the Fund's net asset value per share and information regarding the investments comprising the Fund's portfolio, please call toll free 1 (800) 231-2608 or visit our website at www.morganstanley.com/im/closedendfundsshareholderreports. All investments involve risks, including the possible loss of principal.</font></p>
<p style="margin:0pt 0pt 3pt 0pt; text-align: left;"><font style="font-size:6pt; font-family: Arial, Helvetica;">&#xa9; 2022 Morgan Stanley</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
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<tr>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 8px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><img src="j22211044_za004.jpg">
</p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 6pt 0pt; width: 97px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">CEMSDSAN<br>4822885 EXP 08.31.23</font></td>
<td colspan="1">&#xa0;</td>
</tr>
</table>

</div>
<hr style="height: 3px; width: 100%; color: gray; background-color: gray; text-align: center;">
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<div style="page-break-before:always;"></div>





<p style="margin: 0">&#xa0;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 2. Code of Ethics.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not applicable for semiannual reports.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 3. Audit Committee Financial Expert.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not applicable for semiannual reports.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 4. Principal Accountant Fees and Services</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not applicable for semiannual reports.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 5. Audit Committee of Listed Registrants.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not applicable for semiannual reports.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 6.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(a)&#xa0;Refer to Item 1.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(b)&#xa0;Not applicable.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End
Management Investment Companies.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not applicable for semiannual reports.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 8. Portfolio Managers of Closed-End Management Investment Companies</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Applicable only to annual reports filed by closed-end funds.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 9. Closed-End Fund Repurchases</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>REGISTRANT PURCHASE OF EQUITY SECURITIES</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">Period</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="text-align: center; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">(a)&#xa0;Total <br>
Number of<br>
 Shares (or <br>
Units)<br>
 Purchased</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">(b)&#xa0;Average Price<br> Paid per Share<br> (or Unit)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="text-align: center; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">(c)&#xa0;Total Number<br>
 of Shares (or <br>
Units) Purchased<br>
 as Part&#xa0;of<br>
 Publicly <br>
Announced Plans <br>
or Programs</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="text-align: center; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">(d)&#xa0;Maximum <br>
Number (or<br>
 Approximate <br>
Dollar Value) of<br>
 Shares (or Units)<br>
 that May&#xa0;Yet Be<br>
 Purchased Under<br>
 the Plans or<br>
 Programs</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 43%; padding-bottom: 1pt">January&#xa0;31, 2022</td><td style="width: 2%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 12%; padding-bottom: 1pt; padding-left: 5.4pt">&#x2014;</td><td style="text-align: right; width: 2%; font-size: 10pt; padding-bottom: 1pt">&#xa0;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 12%; font-size: 10pt; text-align: right; padding-bottom: 1pt; padding-left: 5.4pt"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 2%; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right; padding-bottom: 1pt; padding-left: 5.4pt">N/A</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 2%; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right; padding-bottom: 1pt; padding-left: 5.4pt">N/A</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">February&#xa0;28, 2022</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 1pt; padding-left: 5.4pt">&#x2014;</td><td style="text-align: right; font-size: 10pt; padding-bottom: 1pt">&#xa0;</td>
    <td>&nbsp;</td>
    <td style="text-align: right; font-size: 10pt; padding-bottom: 1pt; padding-left: 5.4pt">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 1pt; padding-left: 5.4pt">N/A</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 1pt; padding-left: 5.4pt">N/A</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">March&#xa0;31, 2022</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 1pt; padding-left: 5.4pt">&#x2014;</td><td style="text-align: right; font-size: 10pt; padding-bottom: 1pt">&#xa0;</td>
    <td>&nbsp;</td>
    <td style="text-align: right; font-size: 10pt; padding-bottom: 1pt; padding-left: 5.4pt">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 1pt; padding-left: 5.4pt">N/A</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 1pt; padding-left: 5.4pt">N/A</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">April&#xa0;30, 2022</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 1pt; padding-left: 5.4pt">&#x2014;</td><td style="text-align: right; font-size: 10pt; padding-bottom: 1pt">&#xa0;</td>
    <td>&nbsp;</td>
    <td style="text-align: right; font-size: 10pt; padding-bottom: 1pt; padding-left: 5.4pt">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 1pt; padding-left: 5.4pt">N/A</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 1pt; padding-left: 5.4pt">N/A</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">May&#xa0;31, 2022</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 1pt; padding-left: 5.4pt">&#x2014;</td><td style="text-align: right; font-size: 10pt; padding-bottom: 1pt">&#xa0;</td>
    <td>&nbsp;</td>
    <td style="text-align: right; font-size: 10pt; padding-bottom: 1pt; padding-left: 5.4pt">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 1pt; padding-left: 5.4pt">N/A</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 1pt; padding-left: 5.4pt">N/A</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">June&#xa0;30, 2022</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 1pt; padding-left: 5.4pt">&#x2014;</td><td style="text-align: right; font-size: 10pt; padding-bottom: 1pt">&#xa0;</td>
    <td>&nbsp;</td>
    <td style="text-align: right; font-size: 10pt; padding-bottom: 1pt; padding-left: 5.4pt">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 1pt; padding-left: 5.4pt">N/A</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 1pt; padding-left: 5.4pt">N/A</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">Total</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 1pt; padding-left: 5.4pt">&#x2014;</td><td style="text-align: right; font-size: 10pt; padding-bottom: 1pt">&#xa0;</td>
    <td>$</td>
    <td style="text-align: right; font-size: 10pt; padding-bottom: 1pt; padding-left: 5.4pt">&#x2014;&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 1pt; padding-left: 5.4pt">N/A</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 1pt; padding-left: 5.4pt">N/A</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 10. Submission of Matters to a Vote of Security Holders</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">There have been no material changes to the procedures by which shareholders
may recommend nominee to the Fund&#x2019;s Board of Directors since the Fund last provided disclosure in response to this item.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 11. Controls and Procedures</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(a)&#xa0; The registrant&#x2019;s principal executive officer and principal
financial officer have concluded that the registrant&#x2019;s disclosure controls and procedures are sufficient to ensure that information
required to be disclosed by the registrant in this Form&#xa0;N-CSR was recorded, processed, summarized and reported within the time periods
specified in the Securities and Exchange Commission's rules&#xa0;and forms, based upon such officers' evaluation of these controls and
procedures as of a date within 90 days of the filing date of the report.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(b)&#xa0; There were no changes in the registrant's internal
control over financial reporting that occurred during the most recent fiscal half-year period covered by this report that has
materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 12. Disclosure of Securities Lending Activities for Closed-End
Management Investment Companies.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style="font-size: 10pt">(a)</font></td><td style="text-align: justify">For the Semi-Annual period June&#xa0;30 2022, the Fund earned income and incurred the following costs
and expenses as a result of its securities lending activities:</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; ">
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; width: 18%">Fund</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="width: 1%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 7%; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gross<br>
                                            Income<sup>1</sup></font></td><td style="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td>
    <td style="width: 1%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 7%; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue<br>
                                            Split<sup>2</sup></font></td><td style="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td>
    <td style="width: 1%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 7%; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash<br>
                                            Collateral<br> Management<br> Fees<sup>3</sup></font></td><td style="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td>
    <td style="width: 1%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 7%; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Administrative<br>
                                            Fees<sup>4</sup></font></td><td style="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td>
    <td style="width: 1%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 7%; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indemnification<br>
                                            Fees<sup>5</sup></font></td><td style="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td>
    <td style="width: 1%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 7%; text-align: center">Rebates<br>
                                            to<br> Borrowers</td><td style="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td>
    <td style="width: 1%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 7%; text-align: center">Other<br>
                                            Fees</td><td style="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td>
    <td style="width: 1%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 7%; text-align: center">Total<br>
                                            Costs of<br> the<br> Securities<br> Lending<br> Activities</td><td style="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td>
    <td style="width: 1%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 7%; text-align: center">Net<br>
                                            Income<br> from the<br> Securities<br> Lending<br> Activities</td><td style="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Morgan Stanley Emerging Markets Debt Fund,&#xa0;Inc.</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">NA</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">NA</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">NA</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">NA</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">NA</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">NA</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">NA</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">NA</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">NA</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td></tr>
  </table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<!-- Field: Rule-Page --><div style="margin-top: 0; margin-bottom: 0; width: 25%"><div style="font-size: 1pt; border-top: Black 1pt solid">&#xa0;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</font></td><td style="text-align: justify">Gross income includes income from the reinvestment of cash collateral.</td>
</tr>
<tr style="vertical-align: top">
<td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>2</sup></font></td><td>Revenue split represents the share of revenue generated by the securities lending program and paid to State Street.</td></tr>
<tr style="vertical-align: top">
<td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>3</sup></font></td><td>Cash collateral management fees include fees deducted from a pooled cash collateral reinvestment vehicle that are not included in
the revenue split.</td></tr>
<tr style="vertical-align: top; text-align: justify">
<td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>4</sup></font></td><td style="text-align: justify">These administrative fees are not included in the revenue split.</td>
</tr>
<tr style="vertical-align: top; text-align: justify">
<td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>5</sup></font></td><td style="text-align: justify">These indemnification fees are not included in the revenue split.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">(b)</td><td>Pursuant to an agreement between the Fund and State Street Bank and Trust Company (&#x201c;State Street&#x201d;), the Fund may lend
its securities through State Street as securities lending agent to certain qualified borrowers. As securities lending agent of the Fund,
State Street administers the Fund&#x2019;s securities lending program. These services include arranging the loans of securities with approved
borrowers and their return to the Fund upon loan termination, negotiating the terms of such loans, selecting the securities to be loaned
and monitoring dividend activity relating to loaned securities. State Street also marks to market daily the value of loaned securities
and collateral and may require additional collateral as necessary from borrowers. State Street may also, in its capacity as securities
lending agent, invest cash received as collateral in pre-approved investments in accordance with the Securities Lending Authorization
Agreement. State Street maintains records of loans made and income derived therefrom and makes available such records that the Fund deems
necessary to monitor the securities lending program.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">Item 1</font>3. Exhibits</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(a)&#xa0;Code of Ethics &#x2013; Not applicable for semiannual reports.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><a href="tm2221104d3_ex99-cert.htm">(b)&#xa0;A separate certification for each principal executive officer and principal financial officer of the registrant as part of EX-99.CERT.</a></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><a href="tm2221104d3_ex99-906cert.htm"><font style="font-size: 10pt">(c)&#xa0;Section&#xa0;906 certification</font>.</a></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid">&#xa0;</div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SIGNATURES</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Morgan Stanley Emerging Markets Debt Fund,&#xa0;Inc.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; width: 50%"><font style="font-size: 10pt">/s/ John H. Gernon</font></td>
    <td style="width: 50%">&#xa0;</td></tr>
  <tr style="vertical-align: bottom">
    <td><font style="font-size: 10pt">John H. Gernon</font></td>
    <td>&#xa0;</td></tr>
  <tr style="vertical-align: bottom">
    <td><font style="font-size: 10pt">Principal Executive Officer</font></td>
    <td>&#xa0;</td></tr>
  <tr style="vertical-align: bottom">
    <td><font style="font-size: 10pt">August 17, 2022</font></td>
    <td>&#xa0;</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed by the following persons on behalf of the registrant
and in the capacities and on the dates indicated.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; width: 50%"><font style="font-size: 10pt">/s/ John H. Gernon</font></td>
    <td style="width: 50%">&#xa0;</td></tr>
  <tr style="vertical-align: bottom">
    <td><font style="font-size: 10pt">John H. Gernon</font></td>
    <td>&#xa0;</td></tr>
  <tr style="vertical-align: bottom">
    <td><font style="font-size: 10pt">Principal Executive Officer</font></td>
    <td>&#xa0;</td></tr>
  <tr style="vertical-align: bottom">
    <td><font style="font-size: 10pt">August 17, 2022</font></td>
    <td>&#xa0;</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#xa0;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; width: 50%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Francis J. Smith</font></td>
    <td style="width: 50%">&#xa0;</td></tr>
  <tr style="vertical-align: bottom">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Francis J. Smith</font></td>
    <td>&#xa0;</td></tr>
  <tr style="vertical-align: bottom">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Principal Financial Officer</font></td>
    <td>&#xa0;</td></tr>
  <tr style="vertical-align: bottom">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">August 17, 2022</font></td>
    <td>&#xa0;</td></tr>
  </table>
<p style="margin-top: 0pt; margin-bottom: 0pt">&#xa0;</p>

<p style="margin-top: 0pt; margin-bottom: 0pt"></p>

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</body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>tm2221104d3_ex99-cert.htm
<DESCRIPTION>EXHIBIT 99.CERT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5in; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5in; text-align: right; text-indent: 0.5in"><B>Exhibit 99.CERT</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5in"><B>EXHIBIT&nbsp;13 B1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>CERTIFICATIONS</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">I, John H. Gernon, certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">1.</TD><TD>I have reviewed this report on Form&nbsp;N-CSR of Morgan Stanley Emerging Markets Debt Fund,&nbsp;Inc.;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">2.</TD><TD>Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">3.</TD><TD>Based on my knowledge, the financial statements and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">4.</TD><TD>The registrant&rsquo;s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Rule&nbsp;30a-3(c)&nbsp;under the Investment Company Act of 1940) and internal control over financial reporting (as defined
in Rule&nbsp;30a-3(d)&nbsp;under the Investment Company Act of 1940) for the registrant and have:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">a)</TD><TD>designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">b)</TD><TD>designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">c)</TD><TD>evaluated the effectiveness of the registrant&rsquo;s disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">d)</TD><TD>disclosed in this report any change in the registrant&rsquo;s internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant&rsquo;s internal control
over financial reporting; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">5.</TD><TD>The registrant&rsquo;s other certifying officers and I have disclosed to the registrant&rsquo;s auditors and the audit committee of
the registrant&rsquo;s board of directors (or persons performing the equivalent functions):</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">a)</TD><TD>all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant&rsquo;s ability to record, process, summarize, and report financial information;
and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">b)</TD><TD>any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&rsquo;s
internal controls over financial reporting.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:
    August 17, 2022</FONT></TD>
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    John H. Gernon</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">John
    H. Gernon</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Principal
    Executive Officer</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid">&nbsp;</DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5in"><B>EXHIBIT&nbsp;13 B2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>CERTIFICATIONS</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">I, Francis J. Smith, certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">1.</TD><TD>I have reviewed this report on Form&nbsp;N-CSR of Morgan Stanley Emerging Markets Debt Fund,&nbsp;Inc.;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">2.</TD><TD>Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">3.</TD><TD>Based on my knowledge, the financial statements and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">4.</TD><TD>The registrant&rsquo;s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Rule&nbsp;30a-3(c)&nbsp;under the Investment Company Act of 1940) and internal control over financial reporting (as defined
in Rule&nbsp;30a-3(d)&nbsp;under the Investment Company Act of 1940) for the registrant and have:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">a)</TD><TD>designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">b)</TD><TD>designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">c)</TD><TD>evaluated the effectiveness of the registrant&rsquo;s disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">d)</TD><TD>disclosed in this report any change in the registrant&rsquo;s internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant&rsquo;s internal control
over financial reporting; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">5.</TD><TD>The registrant&rsquo;s other certifying officers and I have disclosed to the registrant&rsquo;s auditors and the audit committee of
the registrant&rsquo;s board of directors (or persons performing the equivalent functions):</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">a)</TD><TD>all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant&rsquo;s ability to record, process, summarize, and report financial information;
and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">b)</TD><TD>any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&rsquo;s
internal controls over financial reporting.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:
    August 17, 2022</FONT></TD>
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Francis J. Smith</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Francis
    J. Smith</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Principal
    Financial Officer</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

</BODY>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.906 CERT
<SEQUENCE>3
<FILENAME>tm2221104d3_ex99-906cert.htm
<DESCRIPTION>EXHIBIT 99.906 CERT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.906CERT</B></P>

<P STYLE="margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 477.75pt">EXHIBIT&nbsp;13 C1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECTION&nbsp;906 CERTIFICATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Certification Pursuant to 18 U.S.C. Section&nbsp;1350,&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">As Adopted Pursuant to&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Section&nbsp;906 of the Sarbanes-Oxley Act of 2002</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Morgan Stanley Emerging Markets Debt Fund,&nbsp;Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In connection with the Report on Form&nbsp;N-CSR
(the &ldquo;Report&rdquo;) of the above-named issuer for the period ended <FONT STYLE="color: #231f20">June&nbsp;30, 2022 </FONT>that
is accompanied by this certification, the undersigned hereby certifies that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD>The Report fully complies with the requirements of Section&nbsp;13(a)&nbsp;or 15(d)&nbsp;of the Securities Exchange Act of 1934; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD>The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Issuer.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:
August 17, 2022</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    John H. Gernon</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">John
    H. Gernon</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Principal
    Executive Officer</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A signed original of this written statement required by Section&nbsp;906
has been provided to Morgan Stanley Emerging Markets Debt Fund,&nbsp;Inc. and will be retained by Morgan Stanley Emerging Markets Debt
Fund,&nbsp;Inc. and furnished to the Securities and Exchange Commission or its staff upon request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">EXHIBIT&nbsp;13 C2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECTION&nbsp;906 CERTIFICATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Certification Pursuant to 18 U.S.C. Section&nbsp;1350,&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">As Adopted Pursuant to&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Section&nbsp;906 of the Sarbanes-Oxley Act of 2002</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Morgan Stanley Emerging Markets Debt Fund,&nbsp;Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In connection with the Report on Form&nbsp;N-CSR
(the &ldquo;Report&rdquo;) of the above-named issuer for the period ended <FONT STYLE="color: #231f20">June&nbsp;30, 2022 </FONT>that
is accompanied by this certification, the undersigned hereby certifies that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD>The Report fully complies with the requirements of Section&nbsp;13(a)&nbsp;or 15(d)&nbsp;of the Securities Exchange Act of 1934; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD>The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Issuer.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:
August 17, 2022</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Francis J. Smith</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Francis
    J. Smith</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Principal
    Financial Officer</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A signed original of this written statement required by Section&nbsp;906
has been provided to Morgan Stanley Emerging Markets Debt Fund,&nbsp;Inc. and will be retained by Morgan Stanley Emerging Markets Debt
Fund,&nbsp;Inc. and furnished to the Securities and Exchange Commission or its staff upon request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 2; Options: Last -->
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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>j22211044_aa001.jpg
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
