0001752724-24-273397.txt : 20241127 0001752724-24-273397.hdr.sgml : 20241127 20241127095806 ACCESSION NUMBER: 0001752724-24-273397 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20240930 FILED AS OF DATE: 20241127 DATE AS OF CHANGE: 20241127 PERIOD START: 20241231 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MORGAN STANLEY EMERGING MARKETS DEBT FUND INC CENTRAL INDEX KEY: 0000904112 ORGANIZATION NAME: IRS NUMBER: 133713706 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-07694 FILM NUMBER: 241507400 BUSINESS ADDRESS: STREET 1: 1585 BROADWAY CITY: NEW YORK STATE: NY ZIP: 10036 BUSINESS PHONE: 800-231-2608 MAIL ADDRESS: STREET 1: 1585 BROADWAY 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 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-45.88000000 N N N Turkiye Government International Bonds 5493000PCHOG3B6S3Q85 Turkiye Government International Bonds 900123CQ1 1300000.00000000 PA USD 1330179.50000000 0.843402352151 Long DBT NUSS TR N 2 2028-10-24 Fixed 6.13000000 N N N N N N KOSMOS ENERGY LTD 213800YDFJ3OT9B5P157 Kosmos Energy Ltd 000000000 1048000.00000000 PA USD 1033814.38000000 0.655491593262 Long DBT CORP US Y 2 2031-10-01 Fixed 8.75000000 N N N N N N BARBADOS GOVT OF 529900UD1KUUS4SFD905 Barbados Government International Bond 000000000 942300.00000000 PA USD 906963.75000000 0.575061756752 Long DBT NUSS BB Y 2 2029-10-01 Fixed 6.50000000 N N N N N N SUNAC CHINA HOLDINGS LTD 549300OLARYHDXP3WK18 Sunac China Holdings Ltd 000000000 102396.00000000 PA USD 11291.21000000 0.007159209018 Long DBT CORP KY Y 2 2026-09-30 Fixed 6.25000000 N N Y N N N REPUBLIC OF SERBIA 254900W94OCY91V32O78 Serbia International Bond 000000000 432000.00000000 PA 359362.22000000 0.227854166766 Long DBT NUSS RS Y 2 2036-09-23 Fixed 2.05000000 N N N N N N TRANSPORT DE GAS DEL SUR 5299002TRC7IFQYSW596 Transportadora de Gas del Sur SA 893870AY1 270000.00000000 PA USD 281706.06000000 0.178616159412 Long DBT CORP AR N 2 2031-07-24 Fixed 8.50000000 N N N N N N EREGLI DEMIR VE CELIK 789000VYQF5IDGG49908 Eregli Demir ve Celik Fabrikalari TAS 000000000 597000.00000000 PA USD 615954.75000000 0.390547053964 Long DBT CORP TR Y 2 2029-07-23 Fixed 8.38000000 N N N N N N Ghana Government International Bonds 213800PP4399SNNXZ126 Ghana Government International Bonds 000000000 859000.00000000 PA USD 457168.39000000 0.289868318866 Long DBT NUSS GH Y 2 2034-04-07 Fixed 8.63000000 N Y N N N N WEST CHINA CEMENT LTD 529900MMG3NBTIWPPR63 West China Cement Ltd 000000000 480000.00000000 PA USD 370950.00000000 0.235201416448 Long DBT CORP JE Y 2 2026-07-08 Fixed 4.95000000 N N N N N N 2024-10-25 MORGAN STANLEY EMERGING MARKETS DEBT FUND INC Francis Smith Francis Smith Principal Financial Officer XXXX NPORT-EX 2 NPORT_MGGA_67159262_0924.htm

 

Morgan Stanley Emerging Markets Debt Fund, Inc.

Third Quarter Report – September 30, 2024 (unaudited)

Portfolio of Investments

(Showing Percentage of Total Value of Investments)

 

   Face Amount
(000)
   Value
(000)
 
FIXED INCOME SECURITIES (96.4%)          
Albania (0.6%)          
Sovereign (0.6%)          
Albania Government International Bond,          
3.50%, 11/23/31  EUR539   $568 
5.90%, 6/9/28   349    407 
         975 
Angola (3.4%)          
Sovereign (3.4%)          
Angolan Government International Bond,          
8.75%, 4/14/32  $2,417    2,172 
9.13%, 11/26/49   2,279    1,893 
9.38%, 5/8/48   1,494    1,268 
         5,333 
Argentina (1.7%)          
Corporate Bonds (1.1%)          
Generacion Mediterranea SA/Central Termica Roca SA,          
12.50%, 5/28/27 (a)   552    530 
Pan American Energy LLC,          
8.50%, 4/30/32 (a)   576    609 
Telecom Argentina SA,          
9.50%, 7/18/31 (a)   320    332 
Transportadora de Gas del Sur SA,          
8.50%, 7/24/31 (a)   270    282 
         1,753 
Senior Loan Interests (0.3%)          
Provincia de Neuquen Argentina,          
0.00%, 11/1/27   445    454 
           
Sovereign (0.3%)          
Argentine Republic Government International Bond,          
3.50%, 7/9/41 (b)  $300    137 
4.13%, 7/9/35 (b)   400    193 
5.00%, 1/9/38 (b)   300    157 
         487 
         2,694 
Bahamas (1.8%)          
Senior Loan Interests (1.0%)          
Commonwealth of The Bahamas           
3 Month EURIBOR + 6.850%,          
10.51%, 11/24/28 (c)  EUR1,500    1,665 
           
Sovereign (0.8%)          
Bahamas Government International Bond,          
6.00%, 11/21/28  $436    411 
6.95%, 11/20/29   204    194 
8.95%, 10/15/32   614    628 
         1,233 
         2,898 
Barbados (0.6%)          
Sovereign (0.6%)          
Barbados Government International Bond,          
6.50%, 10/1/29   942    907 
           
Benin (2.8%)          
Sovereign (2.8%)          
Benin Government International Bond,          
4.88%, 1/19/32  EUR400    399 
4.95%, 1/22/35   1,120    1,049 
6.88%, 1/19/52   2,930    2,740 
7.96%, 2/13/38  $200    199 
         4,387 
Brazil (4.9%)          
Corporate Bonds (4.9%)          
Braskem Netherlands Finance BV,          
8.50%, 1/23/81   700    701 
Coruripe Netherlands BV,          
10.00%, 2/10/27   830    787 
FORESEA Holding SA,          
7.50%, 6/15/30   980    939 
Gol Finance SA, 1 Month Term SOFR + 10.50%,          
15.34%, 1/29/25 (a)(c)   244    259 
MV24 Capital BV,          
6.75%, 6/1/34   473    463 
OHI Group SA,          
13.00%, 7/22/29 (a)   1,920    1,915 
Samarco Mineracao SA           
0.00% Cash, 9.00% PIK,          
9.00%, 6/30/31 (d)(e)(f)   1,875    1,758 
Yinson Boronia Production BV,          
8.95%, 7/31/42 (a)   898    962 
         7,784 

 

 

 

 

Morgan Stanley Emerging Markets Debt Fund, Inc.

Third Quarter Report – September 30, 2024 (unaudited)

Portfolio of Investments (cont’d)

(Showing Percentage of Total Value of Investments)

 

   Face Amount
(000)
   Value
(000)
 
Cameroon (3.0%)          
Sovereign (3.0%)          
Republic of Cameroon International Bond,          
5.95%, 7/7/32  EUR1,212   $1,098 
9.50%, 7/31/31  $3,700    3,610 
         4,708 
Chile (1.1%)          
Sovereign (1.1%)          
Chile Government International Bond,          
2.55%, 7/27/33   1,413    1,213 
3.50%, 1/25/50   600    463 
         1,676 
China (1.8%)          
Corporate Bonds (1.8%)          
Alibaba Group Holding Ltd.,          
0.50%, 6/1/31 (a)   144    177 
China Oil & Gas Group Ltd.,          
4.70%, 6/30/26   880    813 
Greentown China Holdings Ltd.,          
4.70%, 4/29/25   810    794 
H World Group Ltd.,          
3.00%, 5/1/26   140    165 
KWG Group Holdings Ltd.,          
7.88%, 8/30/24 (e)(f)   654    41 
PDD Holdings, Inc.,          
0.00%, 12/1/25   143    144 
Shimao Group Holdings Ltd.,          
5.60%, 7/15/26 (e)(f)   1,783    92 
Sunac China Holdings Ltd.,          
0.00% Cash, 1.00% PIK,          
1.00%, 9/30/32 (d)(e)(f)   123    13 
5.00% Cash, 6.00% PIK,          
11.00%, 9/30/26 (d)(e)(f)   102    13 
5.25% Cash, 6.25% PIK,          
11.50%, 9/30/27 (d)(e)(f)   102    11 
5.50% Cash, 6.50% PIK,          
12.00%, 9/30/27 (d)(e)(f)   205    20 
5.75% Cash, 6.75% PIK,          
12.50%, 9/30/28 (d)(e)(f)   308    29 
6.00% Cash, 7.00% PIK,          
13.00%, 9/30/29 (d)(e)(f)   319    26 
6.25% Cash, 7.25% PIK,          
13.50%, 9/30/30 (d)(e)(f)   150    12 
Times China Holdings Ltd.,          
5.55%, 6/4/24 (e)(f)   2,015    55 
6.75%, 7/16/23 (e)(f)   410    11 
West China Cement Ltd.,          
4.95%, 7/8/26   480    371 
         2,787 
Colombia (2.6%)          
Corporate Bonds (2.6%)          
ABRA Global Finance           
6.00% Cash, 5.50% PIK,          
11.50%, 3/2/28 (a)(d)   14    14 
Avianca Midco 2 PLC,          
9.00%, 12/1/28   1,025    1,024 
Banco Davivienda SA,          
6.65%, 4/22/31 (g)   208    178 
Banco de Occidente SA,          
10.88%, 8/13/34   1,160    1,265 
Bancolombia SA,          
8.63%, 12/24/34   1,022    1,098 
Canacol Energy Ltd.,          
5.75%, 11/24/28   1,000    530 
         4,109 
Costa Rica (0.8%)          
Sovereign (0.8%)          
Costa Rica Government International Bond,          
6.55%, 4/3/34   1,117    1,191 
           
Dominican Republic (1.7%)          
Sovereign (1.7%)          
Dominican Republic International Bond,          
4.88%, 9/23/32   1,200    1,145 
5.95%, 1/25/27   200    203 
6.00%, 7/19/28   600    616 
6.85%, 1/27/45 (a)   500    534 
7.45%, 4/30/44 (a)   200    227 
         2,725 

 

 

 

 

Morgan Stanley Emerging Markets Debt Fund, Inc.

Third Quarter Report – September 30, 2024 (unaudited)

Portfolio of Investments (cont’d)

(Showing Percentage of Total Value of Investments)

 

   Face Amount
(000)
   Value
(000)
 
Ecuador (3.9%)          
Sovereign (3.9%)          
Ecuador Government International Bond,          
0.00%, 7/31/30  $3,408   $1,909 
5.50%, 7/31/35 (b)   1,895    1,082 
6.90%, 7/31/30 (b)   4,263    3,111 
         6,102 
Egypt (5.8%)          
Sovereign (5.8%)          
Egypt Government International Bond,          
4.75%, 4/16/26  EUR480    520 
5.25%, 10/6/25 (a)  $440    437 
5.63%, 4/16/30  EUR1,400    1,305 
6.38%, 4/11/31   1,436    1,342 
6.88%, 4/30/40  $121    91 
7.05%, 1/15/32   466    405 
7.50%, 2/16/61   500    363 
7.60%, 3/1/29   200    193 
7.63%, 5/29/32   200    178 
7.90%, 2/21/48 (a)   490    379 
7.90%, 2/21/48   627    486 
8.15%, 11/20/59   200    155 
8.50%, 1/31/47   800    647 
8.70%, 3/1/49   800    656 
8.75%, 9/30/51   648    532 
8.88%, 5/29/50   1,710    1,419 
         9,108 
El Salvador (0.6%)          
Sovereign (0.6%)          
El Salvador Government International Bond,          
8.25%, 4/10/32   909    848 
9.25%, 4/17/30   152    151 
         999 
Ethiopia (2.0%)          
Sovereign (2.0%)          
Ethiopia International Bond,          
6.63%, 12/11/24 (e)(f)   4,077    3,180 
           
Gabon (0.2%)          
Sovereign (0.2%)          
Gabon Government International Bond,          
6.95%, 6/16/25 (a)   400    376 
           
Georgia (1.7%)          
Corporate Bonds (1.6%)          
Bank of Georgia JSC,          
9.50%, 7/16/29 (g)   1,030    1,012 
TBC Bank JSC,          
10.25%, 7/30/29 (g)   1,550    1,539 
         2,551 
Sovereign (0.1%)          
Georgia Government International Bond,          
2.75%, 4/22/26   203    192 
         2,743 
Ghana (3.8%)          
Corporate Bonds (1.0%)          
Kosmos Energy Ltd.,          
8.75%, 10/1/31   1,048    1,034 
Tullow Oil PLC,          
10.25%, 5/15/26   609    553 
         1,587 
Sovereign (2.8%)          
Ghana Government International Bond,          
6.38%, 2/11/27 (e)(f)   1,217    638 
7.63%, 5/16/29 (e)(f)   600    315 
7.75%, 4/7/29 (a)(e)(f)   1,160    615 
7.88%, 3/26/27 - 2/11/35 (e)(f)   947    503 
8.13%, 1/18/26 - 3/26/32 (e)(f)   852    453 
8.63%, 4/7/34 - 6/16/49 (e)(f)   1,859    983 
8.75%, 3/11/61 (e)(f)   1,013    544 
8.88%, 5/7/42 (e)(f)   710    376 
         4,427 
         6,014 
Greece (1.0%)          
Corporate Bonds (1.0%)          
Piraeus Financial Holdings SA,          
7.25%, 4/17/34  EUR420    505 
8.75%, 6/16/26 (g)   1,000    1,144 
         1,649 

 

 

 

 

Morgan Stanley Emerging Markets Debt Fund, Inc.

Third Quarter Report – September 30, 2024 (unaudited)

Portfolio of Investments (cont’d)

(Showing Percentage of Total Value of Investments)

 

   Face Amount
(000)
   Value
(000)
 
Guatemala (0.4%)          
Sovereign (0.4%)          
Guatemala Government Bond,          
3.70%, 10/7/33  $400   $344 
4.65%, 10/7/41 (a)   400    332 
         676 
Honduras (0.1%)          
Sovereign (0.1%)          
Honduras Government International Bond,          
6.25%, 1/19/27   150    146 
           
Hong Kong (1.0%)          
Corporate Bonds (1.0%)          
CAS Capital No. 1 Ltd.,          
4.00%, 7/12/26 (g)   400    384 
Elect Global Investments Ltd.,          
4.10%, 6/3/25 (g)   303    293 
Yuexiu Co. Ltd. REIT MTN,          
2.65%, 2/2/26   900    836 
         1,513 
Hungary (1.5%)          
Corporate Bonds (0.6%)          
MBH Bank Nyrt,          
8.63%, 10/19/27  EUR493    585 
OTP Bank Nyrt,          
8.75%, 5/15/33  $376    400 
         985 
Sovereign (0.9%)          
Hungary Government International Bond,          
5.50%, 3/26/36   800    807 
6.25%, 9/22/32 (a)   600    647 
         1,454 
         2,439 
India (1.0%)          
Corporate Bonds (1.0%)          
Piramal Capital & Housing Finance Ltd.,          
7.80%, 1/29/28   550    563 
Vedanta Resources Finance II PLC,          
13.88%, 12/9/28   1,030    1,033 
         1,596 
Indonesia (2.6%)          
Corporate Bonds (1.0%)          
Indika Energy Tbk. PT,          
8.75%, 5/7/29 (a)   980    1,003 
LLPL Capital Pte. Ltd.,          
6.88%, 2/4/39   567    587 
         1,590 
Sovereign (1.6%)          
Indonesia Government International Bond,          
4.70%, 2/10/34   1,800    1,817 
5.10%, 2/10/54   700    711 
         2,528 
         4,118 
Iraq (0.1%)          
Sovereign (0.1%)          
Iraq International Bond,          
5.80%, 1/15/28   179    174 
           
Ivory Coast (0.9%)          
Sovereign (0.9%)          
Ivory Coast Government International Bond,          
6.63%, 3/22/48  EUR1,562    1,437 
           
Jamaica (1.6%)          
Corporate Bond (1.0%)          
Digicel Intermediate Holdings Ltd./Digicel International Finance Ltd./Difl U.S.           
9.00% Cash, 1.50% PIK,          
10.50%, 5/25/27 (d)  $1,544    1,555 

 

 

 

 

Morgan Stanley Emerging Markets Debt Fund, Inc.

Third Quarter Report – September 30, 2024 (unaudited)

Portfolio of Investments (cont’d)

(Showing Percentage of Total Value of Investments)

 

   Face Amount
(000)
   Value
(000)
 
Senior Loan Interests (0.6%)          
Digicel International Finance Ltd.           
3 Month USD SOFR + 6.75%,          
12.00%, 5/25/27 (c)  $925   $917 
         2,472 
Jordan (0.4%)          
Sovereign (0.4%)          
Jordan Government International Bond,          
5.85%, 7/7/30   539    509 
7.38%, 10/10/47   173    160 
         669 
Kenya (1.5%)          
Sovereign (1.5%)          
Republic of Kenya Government International Bond,          
7.00%, 5/22/27   411    404 
8.00%, 5/22/32   1,305    1,216 
8.25%, 2/28/48   347    295 
9.75%, 2/16/31   504    510 
         2,425 
Kuwait (0.3%)          
Sovereign (0.3%)          
Kuwait International Government Bond,          
3.50%, 3/20/27   450    445 
           
Lebanon (0.1%)          
Sovereign (0.1%)          
Lebanon Government International Bond,          
6.85%, 3/23/27 (e)(f)   1,960    158 
           
Mexico (3.8%)          
Corporate Bonds (1.7%)          
BBVA Bancomer SA,          
5.13%, 1/18/33   550    523 
8.45%, 6/29/38 (a)   220    240 
8.45%, 6/29/38   398    434 
Fideicomiso Irrevocable de Administracion y Fuente de Pago Numero CIB/4323           
0.00% Cash, 11.00% PIK,          
11.00%, 9/12/30 (d)   798    815 
Total Play Telecomunicaciones SA de CV,          
10.50%, 12/31/28 (a)   950    733 
         2,745 
Sovereign (2.1%)          
Mexico Government International Bond,          
3.50%, 2/12/34   809    690 
Petroleos Mexicanos,          
6.75%, 9/21/47   685    491 
6.84%, 1/23/30   1,025    950 
6.88%, 8/4/26   1,120    1,117 
         3,248 
         5,993 
Moldova (0.2%)          
Corporate Bond (0.2%)          
Aragvi Finance International DAC,          
8.45%, 4/29/26   349    325 
           
Mongolia (0.2%)          
Sovereign (0.2%)          
Mongolia Government International Bond,          
7.88%, 6/5/29 (e)(f)   280    297 
           
Montenegro (0.9%)          
Sovereign (0.9%)          
Montenegro Government International Bond,          
2.88%, 12/16/27  EUR276    291 
7.25%, 3/12/31  $1,137    1,193 
         1,484 
Morocco (0.5%)          
Sovereign (0.5%)          
Morocco Government International Bond,          
3.00%, 12/15/32   500    430 
4.00%, 12/15/50 (a)   400    297 
         727 

 

 

 

 

Morgan Stanley Emerging Markets Debt Fund, Inc.

Third Quarter Report – September 30, 2024 (unaudited)

Portfolio of Investments (cont’d)

(Showing Percentage of Total Value of Investments)

 

   Face Amount
(000)
   Value
(000)
 
Nigeria (0.5%)          
Corporate Bond (0.5%)          
Access Bank PLC,          
6.13%, 9/21/26  $825   $788 
           
Oman (1.5%)          
Sovereign (1.5%)          
Oman Government International Bond,          
5.38%, 3/8/27   500    507 
6.25%, 1/25/31   1,000    1,069 
6.75%, 1/17/48   500    543 
7.38%, 10/28/32   270    310 
         2,429 
Pakistan (0.5%)          
Sovereign (0.5%)          
Pakistan Government International Bond,          
6.88%, 12/5/27   407    370 
7.38%, 4/8/31   428    364 
         734 
Panama (1.7%)          
Corporate Bond (0.3%)          
AES Panama Generation Holdings SRL,          
4.38%, 5/31/30   579    526 
           
Sovereign (1.4%)          
Panama Government International Bond,          
2.25%, 9/29/32   500    388 
3.16%, 1/23/30   700    628 
3.30%, 1/19/33   700    586 
4.50%, 4/1/56   800    577 
         2,179 
         2,705 
Paraguay (1.4%)          
Corporate Bond (0.6%)          
Frigorifico Concepcion SA,          
7.70%, 7/21/28   1,352    946 
           
Senior Loan Interests (0.8%)          
Frigorifico Concepcion SA 3 Month USD SOFR + 5.50%,          
10.49%, 12/8/26 (c)   1,180    1,193 
         2,139 
Peru (1.2%)          
Corporate Bonds (1.2%)          
Auna SA,          
10.00%, 12/15/29 (a)   1,060    1,124 
Peru LNG Srl,          
5.38%, 3/22/30   772    713 
         1,837 
Philippines (1.3%)          
Sovereign (1.3%)          
Philippine Government International Bond,          
5.00%, 7/17/33   1,300    1,343 
5.50%, 1/17/48   700    748 
         2,091 
Romania (1.5%)          
Sovereign (1.5%)          
Romanian Government International Bond,          
1.75%, 7/13/30  EUR1,000    952 
2.00%, 4/14/33   745    647 
6.38%, 1/30/34  $300    313 
6.63%, 9/27/29  EUR400    489 
         2,401 
Serbia (0.9%)          
Sovereign (0.9%)          
Serbia International Bond,          
2.05%, 9/23/36   432    359 
2.13%, 12/1/30  $1,000    841 
6.50%, 9/26/33   200    214 
         1,414 
Singapore (0.3%)          
Corporate Bond (0.3%)          
Puma International Financing SA,          
7.75%, 4/25/29 (a)   503    518 
           
Sri Lanka (2.9%)          
Sovereign (2.9%)          
Sri Lanka Government International Bond,          
5.75%, 4/18/23 (e)(f)   320    177 
6.20%, 5/11/27 (e)(f)   2,850    1,601 
6.35%, 6/28/49 (e)(f)   200    111 
6.75%, 4/18/28 (e)(f)   941    531 
6.83%, 7/18/26 (e)(f)   731    413 
6.85%, 3/14/24 - 11/3/25 (e)(f)   2,938    1,663 
         4,496 

 

 

 

 

Morgan Stanley Emerging Markets Debt Fund, Inc.

Third Quarter Report – September 30, 2024 (unaudited)

Portfolio of Investments (cont’d)

(Showing Percentage of Total Value of Investments)

 

   Face Amount
(000)
   Value
(000)
 
Suriname (2.9%)          
Sovereign (2.9%)          
Suriname Government International Bond,          
7.85%, 12/31/50 (a)(c)(e)(f)  $872   $854 
4.95% Cash, 3.00% PIK,          
7.95%, 7/15/33 (a)(d)(e)(f)   2,674    2,597 
9.00%, 12/31/50 (a)(c)(e)(f)   1,068    1,047 
         4,498 
Tanzania, United Republic Of (4.2%)          
Corporate Bond (0.1%)          
HTA Group Ltd.,          
2.88%, 3/18/27   200    187 
           
Senior Loan Interests (4.1%)          
HTA Group Ltd. 3 Month SOFR + 4.311%,          
9.64%, 9/13/28   880    878 
Tanzania 3 Month USD SOFR + 5.45%,          
10.16%, 2/27/31 (c)   5,600    5,571 
         6,449 
         6,636 
Trinidad And Tobago (0.3%)          
Sovereign (0.3%)          
Trinidad & Tobago Government International Bond,          
4.50%, 6/26/30   500    478 
           
Tunisia (0.8%)          
Sovereign (0.8%)          
Tunisian Republic,          
5.75%, 1/30/25   220    214 
6.38%, 7/15/26  EUR1,038    1,046 
         1,260 
Turkey (3.0%)          
Corporate Bonds (1.4%)          
Eregli Demir ve Celik Fabrikalari TAS,          
8.38%, 7/23/29  $597    616 
Limak Iskenderun Uluslararasi Liman Isletmeciligi AS,          
9.50%, 7/10/36   684    647 
WE Soda Investments Holding PLC,          
9.50%, 10/6/28   880    917 
         2,180 
Sovereign (1.6%)          
Turkiye Government International Bond,          
4.88%, 4/16/43   560    424 
6.13%, 10/24/28   1,300    1,330 
7.63%, 5/15/34   800    851 
         2,605 
         4,785 
Ukraine (0.7%)          
Sovereign (0.7%)          
Ukraine Government International Bond,          
1.75%, 2/1/29 - 2/1/36 (b)   1,664    749 
3.00%, 2/1/30 - 2/1/36 (b)   1,107    393 
         1,142 
United Arab Emirates (2.4%)          
Corporate Bond (0.5%)          
Ittihad International Ltd.,          
9.75%, 11/9/28   790    820 
           
Sovereign (1.9%)          
Finance Department Government of Sharjah,          
4.00%, 7/28/50   600    421 
4.38%, 3/10/51   300    222 
6.50%, 11/23/32   2,140    2,302 
         2,945 
         3,765 
Uruguay (0.9%)          
Sovereign (0.9%)          
Uruguay Government International Bond,          
4.38%, 1/23/31   200    201 
5.10%, 6/18/50   500    501 
5.75%, 10/28/34   600    652 
         1,354 

 

 

 

 

Morgan Stanley Emerging Markets Debt Fund, Inc.

Third Quarter Report – September 30, 2024 (unaudited)

Portfolio of Investments (cont’d)

(Showing Percentage of Total Value of Investments)

 

   Face Amount
(000)
   Value
(000)
 
Uzbekistan (2.6%)          
Corporate Bonds (1.4%)          
Ipoteka-Bank ATIB,          
5.50%, 11/19/25  $230   $226 
Jscb Agrobank,          
9.25%, 10/2/29 (h)   1,456    1,465 
Uzbek Industrial & Construction Bank ATB,          
8.95%, 7/24/29   550    554 
         2,245 
Senior Loan Interests (0.5%)          
Navoi Mining and Metallurgical Company 3 Month SOFR + 4.760%,          
10.06%, 4/23/27 (c)   708    706 
           
Sovereign (0.7%)          
National Bank of Uzbekistan,          
8.50%, 7/5/29   1,120    1,145 
         4,096 
Venezuela (1.7%)          
Sovereign (1.7%)          
Petroleos de Venezuela SA,          
5.38%, 4/12/27 (e)(f)   2,523    245 
5.50%, 4/12/37 (e)(f)   961    96 
6.00%, 10/28/22 - 11/15/26 (e)(f)   9,277    896 
8.50%, 10/27/20 (e)(f)   128    118 
9.00%, 11/17/49 (e)(f)   1,023    107 
9.75%, 5/17/35 (e)(f)   1,307    144 
12.75%, 2/17/22 (e)(f)   691    79 
Venezuela Government International Bond,          
6.00%, 12/9/20 (e)(f)   711    87 
7.00%, 3/31/38 (e)(f)   198    27 
7.65%, 4/21/25 (e)(f)   1,085    151 
7.75%, 10/13/19 (e)(f)   827    108 
8.25%, 10/13/24 (e)(f)   290    41 
9.00%, 5/7/23 (e)(f)   111    16 
9.25%, 9/15/27 - 5/7/28 (e)(f)   2,334    364 
9.38%, 1/13/34 (e)(f)   36    6 
11.75%, 10/21/26 (e)(f)   443    74 
11.95%, 8/5/31 (e)(f)   302    49 
12.75%, 8/23/22 (e)(f)   314    52 
         2,660 
Vietnam (0.3%)          
Corporate Bond (0.3%)          
Mong Duong Finance Holdings BV, 5.13%, 5/7/29   411    399 
Total Fixed Income Securities (Cost $156,079)        152,064 

 

   No. of
Warrants
     
Warrants (0.8%)        
Ukraine (0.8%)        
Ukraine Government International Bond, expires 8/1/41 (i)  1,614,000   1,146 
Venezuela (0.0%)‡        
Venezuela Government International Bond, Oil-Linked Payment Obligation expires 4/15/20 (g)(i)    5,450    38 
Total Warrants (Cost $1,093)        1,184  

 

   Shares     
Short-Term Investments (4.3%)          
Investment Company (4.1%)          
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 4.88% (j) (Cost $6,536)   6,536,610    6,537 

 

   Face Amount (000)     
United States (0.2%)          
U.S. Treasury Security (0.2%)          
U.S. Treasury Bill,          
5.19%, 1/16/25 (k) (Cost $321)  $325    321 
Total Short-Term Investments (Cost $6,857)        6,858 
Total Investments (101.5%) (Cost $164,029)(l)(m)(n)        160,106 
Liabilities in Excess of Other Assets (1.5%)        (2,403)
Net Assets (100.0%)       $157,703 

 

 

 

 

Morgan Stanley Emerging Markets Debt Fund, Inc.

Third Quarter Report – September 30, 2024 (unaudited)

Portfolio of Investments (cont’d)

 

Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund’s prospectus and/or statement of additional information relating to geographic classifications.

 

Amount is less than 0.05%.
(a) 144A security — Certain conditions for public sale may exist. Unless otherwise noted, these securities are deemed to be liquid.
(b) Multi-step — Coupon rate changes in predetermined increments to maturity. Rate disclosed is as of September 30, 2024. Maturity date disclosed is the ultimate maturity date.
(c) Floating or variable rate securities: The rates disclosed are as of September 30, 2024. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description in the Portfolio of Investments. Certain variable rate securities may not be based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description in the Portfolio of Investments.
(d) Income may be paid in additional securities and/or cash at the discretion of the issuer.
(e) Issuer in bankruptcy.
(f) Non-income producing security; bond in default.
(g) Perpetual — 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 September 30, 2024.
(h) When-issued security.
(i) Non-income producing security.
(j) The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Fund"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the nine months ended September 30, 2024, advisory fees paid were reduced by approximately $10,000 relating to the Fund's investment in the Liquidity Fund.
(k) Rate shown is the yield to maturity at September 30, 2024.
(l) Securities are available for collateral in connection with securities purchased on a forward commitment basis, open foreign currency forward exchange contracts, futures contracts and swap agreements.
(m) 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 nine months ended September 30, 2024, the Fund did not engage in any cross-trade transactions.
(n) At September 30, 2024, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $9,893,000 and the aggregate gross unrealized depreciation is approximately $14,521,000, resulting in net unrealized depreciation of approximately $4,628,000.
DAC Designated Activity Company.
EURIBOR Euro Interbank Offered Rate.
MTN Medium Term Note.
PIK Payment-in-Kind.
REIT Real Estate Investment Trust.
SOFR Secured Overnight Financing Rate.
USD United States Dollar.

 

 

 

 

Morgan Stanley Emerging Markets Debt Fund, Inc.

Third Quarter Report – September 30, 2024 (unaudited)

Portfolio of Investments (cont’d)

 

Foreign Currency Forward Exchange Contracts:

The Fund had the following foreign currency forward exchange contracts open at September 30, 2024:  

 

Counterparty   Contracts
to Deliver
(000)
    In
Exchange
For
(000)
    Delivery
Date
  Unrealized
Appreciation
(Depreciation)
(000)
 
Citibank NA  EUR 1,105   $ 1,235    10/4/24  $ 5 
Citibank NA  $ 473   EUR 429    10/4/24  4 
Citibank NA  $ 952   EUR 863    10/4/24  9 
Goldman Sachs International  EUR 750   $ 831    10/4/24  (4)
Goldman Sachs International  EUR 1,099   $ 1,217    10/4/24  (6)
Goldman Sachs International  EUR 76   $ 84    10/4/24  (1)
Goldman Sachs International  EUR 720   $ 798    10/4/24  (4)
Goldman Sachs International  EUR 8   $ 9    10/4/24  (—@)
Goldman Sachs International  EUR 246   $ 273    10/4/24  (1)
Goldman Sachs International  EUR 2,331   $ 2,582    10/4/24  (13)
Goldman Sachs International  EUR 241   $ 267    10/4/24  (1)
Goldman Sachs International  EUR 822   $ 910    10/4/24  (5)
Goldman Sachs International  EUR 318   $ 352    10/4/24  (2)
Goldman Sachs International  EUR 1,287   $ 1,426    10/4/24  (7)
Goldman Sachs International  EUR 922   $ 1,021    10/4/24  (5)
Goldman Sachs International  EUR 391   $ 433    10/4/24  (2)
Goldman Sachs International  $ 18   EUR 16    10/4/24  @
Goldman Sachs International  $ 321   EUR 290    10/4/24  1 
Goldman Sachs International  $ 166   EUR 150    10/4/24  1 
UBS AG  EUR 1,287   $ 1,426    10/4/24  (7)
UBS AG  EUR 247   $ 273    10/4/24  (1)
UBS AG  EUR 1,099   $ 1,217    10/4/24  (6)
UBS AG  EUR 2,331   $ 2,582    10/4/24  (13)
UBS AG  EUR 822   $ 910    10/4/24  (5)
UBS AG  EUR 922   $ 1,021    10/4/24  (5)
UBS AG  EUR 318   $ 352    10/4/24  (2)
UBS AG  EUR 8   $ 9    10/4/24  (—@)
UBS AG  EUR 750   $ 831    10/4/24  (4)
UBS AG  EUR 76   $ 84    10/4/24  (1)
UBS AG  EUR 241   $ 267    10/4/24  (1)
UBS AG  EUR 720   $ 798    10/4/24  (4)
UBS AG  EUR 391   $ 433    10/4/24  (2)
UBS AG  $ 319   EUR 288    10/4/24  2 
UBS AG  $ 18   EUR 16    10/4/24  @
UBS AG  $ 165   EUR 149    10/4/24  1 
                 $ (79)

 

 

 

 

Morgan Stanley Emerging Markets Debt Fund, Inc.

Third Quarter Report – September 30, 2024 (unaudited)

Portfolio of Investments (cont’d)

 

Futures Contracts:

The Fund had the following futures contracts open at September 30, 2024:

 

    Number of
Contracts
    Expiration
Date
  Notional
Amount
(000)
    Value
(000)
    Unrealized
Appreciation
(Depreciation)
(000)
 
Long:                     
U.S. Treasury Ultra Long Bond (United States)  151   Dec-24  $ 15,100   $20,097   $(336)
U.S. Treasury Long Bond (United States)  40   Dec-24    4,000    4,968    (55)
U.S. Treasury 5 yr. Note (United States)  38   Dec-24    3,800    4,176    (5)
U.S. Treasury 10 yr. Note (United States)  17   Dec-24    1,700    1,943    (12)
U.S. Treasury 10 yr. Ultra Note (United States)  140   Dec-24    14,000    16,562    (60)
Short:                       
Euro-Buxl 30 yr. Bond Index (Germany)  5   Dec-24  EUR (500)   (759)   (19)
German Euro-Bobl Index (Germany)  49   Dec-24    (4,900)   (6,548)   (74)
German Euro-Bund Index (Germany)  38   Dec-24    (3,800)   (5,707)   (78)
German Euro-Schatz Index (Germany)  35   Dec-24    (3,500)   (4,176)   (22)
U.S. Treasury 2 yr. Note (United States)  11   Dec-24  $ (2,200)   (2,291)   1 
                        $(660)

 

Credit Default Swap Agreements:

The Fund had the following credit default swap agreements open at September 30, 2024:  

 

Swap
Counterparty
and Reference
Obligation
  Credit
Rating of
Reference
Obligation
  Buy/Sell
Protection
  Pay/
Received
Fixed
Rate
   Payment
Frequency
  Maturity
Date
  Notional
Amount
(000)
   Value
(000)
   Upfront
Payment
Paid
(Received)
(000)
   Unrealized
Appreciation
(Depreciation)
(000)
 
Barclays Bank PLC
Benin Government International Bonds
  NR  Sell  1.00%  Quarterly  6/20/27  $100   $(4)  $(8)  $4 
Barclays Bank PLC
Benin Government International Bonds
  NR  Sell  1.00   Quarterly  6/20/27   100    (4)   (7)  $3 
Morgan Stanley & Co. LLC*
Egypt Government International Bonds
  NR  Sell  1.00   Quarterly  12/20/28   303    (49)   (78)  $29 
Goldman Sachs International
Vietnam Government International Bonds
  NR  Sell  1.00   Quarterly  12/20/29   900      1       3   $            (2)
                        $(56)  $(90)  $34 

 

* Cleared swap agreement, the broker is Morgan Stanley & Co. LLC.
EUR Euro

 

 

 

 

Portfolio Composition

 

Classification  Percentage of
Total Investments
 
Sovereign  60.9%
Corporate Bonds  26.9 
Senior Loan Interests  7.1 
Other*  5.1 
Total Investments  100.0%**

 

* Industries and/or investment types representing less than 5% of total investments.
** Does not include open futures contracts with a value of approximately $67,227,000 and net unrealized depreciation of approximately $660,000. Does not include open foreign currency forward exchange contracts with net unrealized depreciation of approximately $79,000. Also does not include open swap agreements with net unrealized appreciation of approximately $34,000.

 

 

 

 

Morgan Stanley Emerging Markets Debt Fund, Inc.

Third Quarter Report – September 30, 2024 (unaudited)

Notes to the Portfolio of Investments

 

Security Valuation: (1) Fixed income securities may be valued by an outside pricing service/vendor approved by the Fund’s Board of Directors (the “Directors”). The pricing service/vendor may employ a pricing model that takes into account, among other things, bids, yield spreads and/or other market data and specific security characteristics. If the Adviser determines that the price provided by the outside pricing service/vendor does not reflect the security’s fair value or the pricing service/vendor or exchange is unable to provide a price, prices from reputable brokers/dealers may also be utilized. In these circumstances, the value of the security will be the mean of bid and asked prices obtained from reputable brokers/dealers; (2) 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 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/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, as defined by Rule 2a-5 under the Act, including circumstances under which the Adviser or the Sub-Adviser determines that the closing price, last sale price or the mean between the last reported bid and asked prices are not reflective of a security’s market value, portfolio securities are valued at their fair value as determined in good faith under procedures approved by and under the general supervision of the Directors. Each business day, the Fund uses a third-party pricing service approved by the Directors to assist with the valuation of foreign equity securities. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that have a strong correlation to the fair-valued securities to more accurately reflect their fair value as of the close of regular trading on the NYSE; (4) futures are valued at the settlement price on the exchange on which they trade or, if a settlement price is unavailable, at the last sale price on the exchange; (5) over-the-counter (“OTC”) swaps may be valued by an outside pricing service approved by the Directors or quotes from a broker/dealer. Swaps cleared on a clearinghouse or exchange may be valued using the closing price provided by the clearinghouse or exchange; (6) foreign exchange transactions (“spot contracts”) and foreign exchange forward contracts (“forward contracts”) are valued daily using an independent pricing vendor at the spot and forward rates, respectively, as of the close of the NYSE; and (7) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value as of the close of each business day.

 

In connection with Rule 2a-5 of the Act, the Directors have designated the Fund’s Adviser as its valuation designee. The valuation designee has responsibility for determining fair value and to make the actual calculations pursuant to the fair valuation methodologies previously approved by the Directors. Under procedures approved by the Directors, the Fund’s Adviser, as valuation designee, has formed a Valuation Committee whose members are approved by the Directors. The Valuation Committee provides administration and oversight of the Fund’s valuation policies and procedures, which are reviewed at least annually by the Directors. These procedures allow the Fund to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.

 

 

 

 

Morgan Stanley Emerging Markets Debt Fund, Inc.

Third Quarter Report – September 30, 2024 (unaudited)

Notes to the Portfolio of Investments (cont'd)

 

Fair Value Measurement: Financial Accounting Standards Board (“FASB”) Accounting Standards CodificationTM ("ASC") 820, "Fair Value Measurement" (“ASC 820”), defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 establishes a three-tier hierarchy to distinguish between (1) inputs that reflect the assumptions market participants would use in valuing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs); and (2) inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in valuing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Fund's investments. The inputs are summarized in the three broad levels listed below:

 

  ·  Level 1 – unadjusted quoted prices in active markets for identical investments

 

  ·  Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

 

  ·  Level 3 – significant unobservable inputs including the Fund’s own assumptions in determining the fair value of investments. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, or the appropriate stock exchange (for exchange-traded securities), analysis of the issuer's financial statements or other available documents and, if necessary, available information concerning other securities in similar circumstances.

 

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to each security.

 

 

 

 

Morgan Stanley Emerging Markets Debt Fund, Inc.

Third Quarter Report – September 30, 2024 (unaudited)

Notes to the Portfolio of Investments (cont'd)

 

The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2024:

 

Investment Type  Level 1
Unadjusted
Quoted
Prices
(000)
   Level 2
Other
Significant
Observable
Inputs
(000)
   Level 3
Significant
Unobservable
Inputs
(000)
   Total
(000)
 
                 
Assets:
Fixed Income Securities
Corporate Bonds  $   $42,975   $   $42,975 
Senior Loan Interests       11,384        11,384 
Sovereign       97,705        97,705 
Total Fixed Income Securities       152,064        152,064 
Warrants       1,184        1,184 
Short-Term Investments
U.S. Treasury Security       321        321 
Investment Company   6,537            6,537 
Total Short-Term Investments   6,537    321        6,858 
Foreign Currency Forward Exchange Contracts       23        23 
Future Contract   1            1 
Credit Default Swap Agreements       36        36 
Total Assets   6,538    153,628        160,166 
Liabilities:
Foreign Currency Forward Exchange Contracts       (102)       (102)
Futures Contracts   (661)           (661)
Credit Default Swap Agreement       (2)       —    (2)
Total Liabilities   (661)   (104)       (765)
Total  $5,877   $153,524   $   $159,401 

 

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes.