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 | EUR | 539 | $ | 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) | EUR | 1,500 | 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 | EUR | 400 | 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 | EUR | 1,212 | $ | 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 | EUR | 480 | 520 | |||||
5.25%, 10/6/25 (a) | $ | 440 | 437 | |||||
5.63%, 4/16/30 | EUR | 1,400 | 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 | EUR | 420 | 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 | EUR | 493 | 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 | EUR | 1,562 | 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 | EUR | 276 | 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 | EUR | 1,000 | 952 | |||||
2.00%, 4/14/33 | 745 | 647 | ||||||
6.38%, 1/30/34 | $ | 300 | 313 | |||||
6.63%, 9/27/29 | EUR | 400 | 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 | EUR | 1,038 | 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.