Morgan Stanley Emerging Markets Debt Fund, Inc.
First Quarter Report − March 31, 2025 (unaudited)
Portfolio of Investments
(Showing Percentage of Total Value of Investments)
| Face Amount (000) | Value (000) | |||||||
| Fixed Income Securities (98.5%) | ||||||||
| Albania (0.8%) | ||||||||
| Sovereign (0.8%) | ||||||||
| Albania Government International Bond, | ||||||||
| 3.50%, 11/23/31 | EUR | 539 | $ | 552 | ||||
| 4.75%, 2/14/35 | 492 | 514 | ||||||
| 5.90%, 6/9/28 | 119 | 135 | ||||||
| 1,201 | ||||||||
| Angola (1.0%) | ||||||||
| Corporate Bond (0.6%) | ||||||||
| Azule Energy Finance PLC, | ||||||||
| 8.13%, 1/23/30 (a) | $ | 895 | 898 | |||||
| 898 | ||||||||
| Sovereign (0.4%) | ||||||||
| Angolan Government International Bond, | ||||||||
| 8.75%, 4/14/32 | 400 | 345 | ||||||
| 9.13%, 11/26/49 | 400 | 309 | ||||||
| 654 | ||||||||
| 1,552 | ||||||||
| Argentina (3.2%) | ||||||||
| Corporate Bonds (1.0%) | ||||||||
| Generacion Mediterranea SA/Central Termica Roca SA, | ||||||||
| 11.00%, 11/1/31 (a) | 426 | 387 | ||||||
| IRSA Inversiones y Representaciones SA, | ||||||||
| 8.00%, 3/31/35 (a) | 550 | 531 | ||||||
| YPF SA, | ||||||||
| 8.25%, 1/17/34 (a) | 656 | 650 | ||||||
| 1,568 | ||||||||
| Senior Loan Interests (0.3%) | ||||||||
| Provincia De Neuquen, | ||||||||
| Tranche A Term Loan, | ||||||||
| 1 Month SOFR + 7.30%, 11.74%, 11/1/27 (b) | 164 | 166 | ||||||
| Tranche B Term Loan, | ||||||||
| 1 Month SOFR + 7.30%, 11.74%, 11/1/27 (b) | 209 | 211 | ||||||
| 377 | ||||||||
| Sovereign (1.9%) | ||||||||
| Argentina Bonar Bond, | ||||||||
| 0.75%, 7/9/30 (c) | 502 | 319 | ||||||
| Argentine Republic Government International Bond, | ||||||||
| 0.75%, 7/9/30 (c) | 871 | 638 | ||||||
| 1.00%, 7/9/29 | 180 | 140 | ||||||
| 3.50%, 7/9/41 (c) | 530 | 307 | ||||||
| 4.13%, 7/9/35 (c) | 1,900 | 1,192 | ||||||
| 5.00%, 1/9/38 (c) | 500 | 330 | ||||||
| 2,926 | ||||||||
| 4,871 | ||||||||
| Armenia (0.3%) | ||||||||
| Sovereign (0.3%) | ||||||||
| Republic of Armenia International Bond, | ||||||||
| 6.75%, 3/12/35 | 503 | 486 | ||||||
| 486 | ||||||||
| Azerbaijan (0.3%) | ||||||||
| Sovereign (0.3%) | ||||||||
| Republic of Azerbaijan International Bond, | ||||||||
| 3.50%, 9/1/32 | 540 | 474 | ||||||
| 474 | ||||||||
| Bahamas (1.4%) | ||||||||
| Senior Loan Interests (1.1%) | ||||||||
| Commonwealth of Bahamas, | ||||||||
| 2024 EUR Term Loan, | ||||||||
| 3 Month EURIBOR + 6.85%, 9.45%, 11/24/28 (b) | EUR | 1,500 | 1,657 | |||||
| 1,657 | ||||||||
| Sovereign (0.3%) | ||||||||
| Bahamas Government International Bond, | ||||||||
| 6.95%, 11/20/29 | $ | 204 | 197 | |||||
| 8.95%, 10/15/32 | 200 | 207 | ||||||
| 404 | ||||||||
| 2,061 | ||||||||
Morgan Stanley Emerging Markets Debt Fund, Inc.
First Quarter Report − March 31, 2025 (unaudited)
Portfolio of Investments (cont'd)
(Showing Percentage of Total Value of Investments)
| Face Amount (000) | Value (000) | |||||||
| Barbados (0.6%) | ||||||||
| Sovereign (0.6%) | ||||||||
| Barbados Government International Bond, | ||||||||
| 6.50%, 10/1/29 | $ | 887 | $ | 857 | ||||
| 857 | ||||||||
| Benin (1.8%) | ||||||||
| Sovereign (1.8%) | ||||||||
| Benin Government International Bond, | ||||||||
| 4.88%, 1/19/32 | EUR | 150 | 144 | |||||
| 4.95%, 1/22/35 | 1,019 | 909 | ||||||
| 6.88%, 1/19/52 | 1,200 | 1,045 | ||||||
| 7.96%, 2/13/38 | $ | 200 | 187 | |||||
| 8.38%, 1/23/41 | 415 | 395 | ||||||
| 2,680 | ||||||||
| Brazil (3.6%) | ||||||||
| Corporate Bonds (3.6%) | ||||||||
| FORESEA Holding SA, | ||||||||
| 7.50%, 6/15/30 | 850 | 822 | ||||||
| Gol Finance SA,, | ||||||||
| 1 Month Term SOFR + 10.50%, 14.82%, 4/29/25 (a)(b) | 267 | 275 | ||||||
| MV24 Capital BV, | ||||||||
| 6.75%, 6/1/34 | 451 | 437 | ||||||
| NewCo Holding USD 20 SARL, | ||||||||
| 9.38%, 11/7/29 | 229 | 233 | ||||||
| 9.38%, 11/7/29 (a) | 615 | 625 | ||||||
| OHI Group SA, | ||||||||
| 13.00%, 7/22/29 (a) | 1,320 | 1,362 | ||||||
| Oi SA, | ||||||||
| 10.00% Cash, 13.50% PIK, 23.50%, 6/30/27 (a)(d) | 450 | 376 | ||||||
| Samarco Mineracao SA, | ||||||||
| 0.00% Cash, 9.00% PIK, 9.00%, 6/30/31 (d)(e)(f) | 1,479 | 1,433 | ||||||
| 5,563 | ||||||||
| Bulgaria (0.2%) | ||||||||
| Sovereign (0.2%) | ||||||||
| Bulgaria Government International Bond, | ||||||||
| 5.00%, 3/5/37 | 280 | 271 | ||||||
| 271 | ||||||||
| Cameroon (2.9%) | ||||||||
| Corporate Bond (0.4%) | ||||||||
| Golar LNG Ltd., | ||||||||
| 7.75%, 9/19/29 | 600 | 604 | ||||||
| 604 | ||||||||
| Sovereign (2.5%) | ||||||||
| Republic of Cameroon International Bond, | ||||||||
| 5.95%, 7/7/32 | EUR | 1,000 | 853 | |||||
| 9.50%, 7/31/31 | $ | 3,201 | 3,011 | |||||
| 3,864 | ||||||||
| 4,468 | ||||||||
| Chile (1.7%) | ||||||||
| Sovereign (1.7%) | ||||||||
| Chile Government International Bond, | ||||||||
| 2.55%, 7/27/33 | 1,600 | 1,328 | ||||||
| 3.50%, 1/25/50 | 1,800 | 1,276 | ||||||
| 2,604 | ||||||||
| China (1.3%) | ||||||||
| Corporate Bonds (1.3%) | ||||||||
| Alibaba Group Holding Ltd., | ||||||||
| 0.50%, 6/1/31 (a) | 183 | 262 | ||||||
| China Oil & Gas Group Ltd., | ||||||||
| 4.70%, 6/30/26 | 1,101 | 1,073 | ||||||
| H World Group Ltd., | ||||||||
| 3.00%, 5/1/26 | 140 | 157 | ||||||
| KWG Group Holdings Ltd., | ||||||||
| 7.88%, 8/30/24 (e)(f) | 654 | 43 | ||||||
| PDD Holdings, Inc., | ||||||||
| 0.00%, 12/1/25 | 143 | 141 | ||||||
| Shimao Group Holdings Ltd., | ||||||||
| 5.60%, 7/15/26 (e)(f) | 1,783 | 98 | ||||||
| Sunac China Holdings Ltd., | ||||||||
| 0.00% Cash, 1.00% PIK, 1.00%, 9/30/32 (d)(e)(f) | 124 | 13 | ||||||
Morgan Stanley Emerging Markets Debt Fund, Inc.
First Quarter Report − March 31, 2025 (unaudited)
Portfolio of Investments (cont'd)
(Showing Percentage of Total Value of Investments)
| Face Amount (000) | Value (000) | |||||||
| Corporate Bonds (cont'd) | ||||||||
| 5.00% Cash, 6.00% PIK, 11.00%, 9/30/26 (d) | $ | 105 | $ | 12 | ||||
| 5.25% Cash, 6.25% PIK, 11.50%, 9/30/27 (d) | 106 | 12 | ||||||
| 5.50% Cash, 6.50% PIK, 12.00%, 9/30/27 (d) | 212 | 26 | ||||||
| 5.75% Cash, 6.75% PIK, 12.50%, 9/30/28 (d) | 318 | 37 | ||||||
| 6.00% Cash, 7.00% PIK, 13.00%, 9/30/29 (d) | 319 | 38 | ||||||
| 6.25% Cash, 7.25% PIK, 13.50%, 9/30/30 (d) | 150 | 18 | ||||||
| Times China Holdings Ltd., | ||||||||
| 5.55%, 6/4/24 (e)(f) | 2,015 | 77 | ||||||
| 6.75%, 7/16/23 (e)(f) | 410 | 16 | ||||||
| 2,023 | ||||||||
| Colombia (3.1%) | ||||||||
| Corporate Bonds (2.6%) | ||||||||
| ABRA Global Finance, | ||||||||
| 6.00% Cash, 8.00% PIK, 14.00%, 10/22/29 (a)(d) | 831 | 792 | ||||||
| Avianca Midco 2 PLC, | ||||||||
| 9.00%, 12/1/28 (a) | 936 | 890 | ||||||
| 9.63%, 2/14/30 (a) | 304 | 280 | ||||||
| Banco Davivienda SA, | ||||||||
| 6.65%, 4/22/31 (g) | 208 | 182 | ||||||
| Banco de Occidente SA, | ||||||||
| 10.88%, 8/13/34 | 860 | 967 | ||||||
| Bancolombia SA, | ||||||||
| 8.63%, 12/24/34 | 427 | 452 | ||||||
| Canacol Energy Ltd., | ||||||||
| 5.75%, 11/24/28 | 748 | 393 | ||||||
| 3,956 | ||||||||
| Sovereign (0.5%) | ||||||||
| Colombia Government International Bond, | ||||||||
| 8.00%, 11/14/35 | 700 | 705 | ||||||
| 705 | ||||||||
| 4,661 | ||||||||
| Costa Rica (0.9%) | ||||||||
| Sovereign (0.9%) | ||||||||
| Costa Rica Government International Bond, | ||||||||
| 6.55%, 4/3/34 | 1,400 | 1,438 | ||||||
| 1,438 | ||||||||
| Dominican Republic (2.3%) | ||||||||
| Sovereign (2.3%) | ||||||||
| Dominican Republic International Bond, | ||||||||
| 4.50%, 1/30/30 | 500 | 469 | ||||||
| 4.88%, 9/23/32 | 800 | 728 | ||||||
| 5.30%, 1/21/41 | 300 | 253 | ||||||
| 6.00%, 7/19/28 | 600 | 605 | ||||||
| 6.85%, 1/27/45 (a) | 500 | 493 | ||||||
| 6.85%, 1/27/45 | 500 | 493 | ||||||
| 7.45%, 4/30/44 | 200 | 210 | ||||||
| 7.45%, 4/30/44 (a) | 200 | 210 | ||||||
| 3,461 | ||||||||
| Ecuador (0.7%) | ||||||||
| Sovereign (0.7%) | ||||||||
| Ecuador Government International Bond, | ||||||||
| 0.00%, 7/31/30 | 750 | 362 | ||||||
| 5.50%, 7/31/35 (c) | 100 | 49 | ||||||
| 6.90%, 7/31/30 (c) | 1,200 | 715 | ||||||
| 1,126 | ||||||||
| Egypt (3.6%) | ||||||||
| Sovereign (3.6%) | ||||||||
| Egypt Government International Bond, | ||||||||
| 5.63%, 4/16/30 | EUR | 400 | 367 | |||||
| 6.38%, 4/11/31 | 900 | 828 | ||||||
| 7.05%, 1/15/32 | $ | 466 | 394 | |||||
| 7.63%, 5/29/32 | 200 | 173 | ||||||
| 7.90%, 2/21/48 | 511 | 366 | ||||||
| 8.50%, 1/31/47 | 687 | 522 | ||||||
| 8.63%, 2/4/30 | 308 | 299 | ||||||
| 8.70%, 3/1/49 | 1,002 | 769 | ||||||
| 8.75%, 9/30/51 | 200 | 154 | ||||||
| 8.88%, 5/29/50 | 1,710 | 1,330 | ||||||
| 9.45%, 2/4/33 | 241 | 228 | ||||||
| 5,430 | ||||||||
Morgan Stanley Emerging Markets Debt Fund, Inc.
First Quarter Report − March 31, 2025 (unaudited)
Portfolio of Investments (cont'd)
(Showing Percentage of Total Value of Investments)
| Face Amount (000) | Value (000) | |||||||
| El Salvador (0.7%) | ||||||||
| Sovereign (0.7%) | ||||||||
| El Salvador Government International Bond, | ||||||||
| 7.65%, 6/15/35 | $ | 216 | $ | 200 | ||||
| 8.25%, 4/10/32 | 450 | 443 | ||||||
| 9.25%, 4/17/30 | 212 | 221 | ||||||
| 9.65%, 11/21/54 (a) | 229 | 230 | ||||||
| 1,094 | ||||||||
| Ethiopia (2.1%) | ||||||||
| Sovereign (2.1%) | ||||||||
| Ethiopia International Bond, | ||||||||
| 6.63%, 12/11/24 (e)(f) | 3,800 | 3,268 | ||||||
| 3,268 | ||||||||
| Gabon (0.2%) | ||||||||
| Sovereign (0.2%) | ||||||||
| Gabon Government International Bond, | ||||||||
| 6.63%, 2/6/31 | 300 | 235 | ||||||
| 235 | ||||||||
| Georgia (1.4%) | ||||||||
| Corporate Bonds (1.4%) | ||||||||
| Bank of Georgia JSC, | ||||||||
| 9.50%, 7/16/29 (g) | 1,030 | 1,019 | ||||||
| TBC Bank JSC, | ||||||||
| 10.25%, 7/30/29 (g) | 1,080 | 1,088 | ||||||
| 2,107 | ||||||||
| Ghana (1.6%) | ||||||||
| Corporate Bonds (0.7%) | ||||||||
| Kosmos Energy Ltd., | ||||||||
| 8.75%, 10/1/31 | 700 | 651 | ||||||
| Tullow Oil PLC, | ||||||||
| 10.25%, 5/15/26 | 409 | 376 | ||||||
| 1,027 | ||||||||
| Sovereign (0.9%) | ||||||||
| Ghana Government International Bond, | ||||||||
| 1.50%, 1/3/37 | 205 | 86 | ||||||
| 5.00%, 7/3/29 - 7/3/35 (c) | 1,915 | 1,393 | ||||||
| 1,479 | ||||||||
| 2,506 | ||||||||
| Greece (0.5%) | ||||||||
| Corporate Bond (0.5%) | ||||||||
| Alpha Services & Holdings SA, | ||||||||
| 7.50%, 6/10/30 (g) | EUR | 715 | 812 | |||||
| 812 | ||||||||
| Guatemala (1.1%) | ||||||||
| Sovereign (1.1%) | ||||||||
| Guatemala Government Bond, | ||||||||
| 3.70%, 10/7/33 | $ | 200 | 167 | |||||
| 4.65%, 10/7/41 (a) | 400 | 313 | ||||||
| 5.38%, 4/24/32 | 700 | 675 | ||||||
| 6.55%, 2/6/37 | 500 | 498 | ||||||
| 1,653 | ||||||||
| Guyana (0.1%) | ||||||||
| Corporate Bond (0.1%) | ||||||||
| Secure International Finance Co., Inc., | ||||||||
| 10.00%, 6/3/29 (a) | 210 | 211 | ||||||
| 211 | ||||||||
| Honduras (0.8%) | ||||||||
| Sovereign (0.8%) | ||||||||
| Honduras Government International Bond, | ||||||||
| 8.63%, 11/27/34 (a) | 300 | 298 | ||||||
| 8.63%, 11/27/34 | 1,002 | 995 | ||||||
| 1,293 | ||||||||
| Hong Kong (0.8%) | ||||||||
| Corporate Bonds (0.8%) | ||||||||
| CAS Capital No. 1 Ltd., | ||||||||
| 4.00%, 7/12/26 (g) | 400 | 387 | ||||||
| NWD Finance BVI Ltd., | ||||||||
| 4.13%, 3/10/28 (g) | 457 | 195 | ||||||
| Yuexiu Co. Ltd. REIT MTN, | ||||||||
| 2.65%, 2/2/26 | 700 | 681 | ||||||
| 1,263 | ||||||||
| Hungary (2.2%) | ||||||||
| Corporate Bonds (0.6%) | ||||||||
| MBH Bank Nyrt, | ||||||||
| 5.25%, 1/29/30 | EUR | 383 | 417 | |||||
| OTP Bank Nyrt, | ||||||||
| 8.75%, 5/15/33 | $ | 376 | 399 | |||||
| 816 | ||||||||
Morgan Stanley Emerging Markets Debt Fund, Inc.
First Quarter Report − March 31, 2025 (unaudited)
Portfolio of Investments (cont'd)
(Showing Percentage of Total Value of Investments)
| Face Amount (000) | Value (000) | |||||||
| Sovereign (1.6%) | ||||||||
| Hungary Government International Bond, | ||||||||
| 5.50%, 3/26/36 | $ | 1,200 | $ | 1,149 | ||||
| 6.25%, 9/22/32 (a) | 300 | 310 | ||||||
| 6.25%, 9/22/32 | 1,000 | 1,032 | ||||||
| 2,491 | ||||||||
| 3,307 | ||||||||
| India (1.0%) | ||||||||
| Corporate Bonds (1.0%) | ||||||||
| Piramal Finance Ltd., | ||||||||
| 7.80%, 1/29/28 | 550 | 547 | ||||||
| Vedanta Resources Finance II PLC, | ||||||||
| 9.48%, 7/24/30 (a) | 200 | 198 | ||||||
| 9.85%, 4/24/33 (a) | 200 | 200 | ||||||
| 10.25%, 6/3/28 (a) | 210 | 217 | ||||||
| 11.25%, 12/3/31 (a) | 410 | 433 | ||||||
| 1,595 | ||||||||
| Iraq (0.1%) | ||||||||
| Sovereign (0.1%) | ||||||||
| Iraq International Bond, | ||||||||
| 5.80%, 1/15/28 | 154 | 151 | ||||||
| 151 | ||||||||
| Ivory Coast (1.7%) | ||||||||
| Sovereign (1.7%) | ||||||||
| Ivory Coast Government International Bond, | ||||||||
| 6.63%, 3/22/48 | EUR | 1,200 | 1,015 | |||||
| 8.08%, 4/1/36 (h) | $ | 1,625 | 1,557 | |||||
| 2,572 | ||||||||
| Jamaica (1.2%) | ||||||||
| Corporate Bond (0.6%) | ||||||||
| Digicel Intermediate Holdings Ltd./Digicel International Finance Ltd./Difl U.S., | ||||||||
| 9.00% Cash, 1.50% PIK, 10.50%, 5/25/27 (d) | 900 | 901 | ||||||
| 901 | ||||||||
| Senior Loan Interests (0.6%) | ||||||||
| Digicel International Finance Ltd., | ||||||||
| 2024 Term Loan, | ||||||||
| 3 Month SOFR + 7.50%, 11.79%, 5/25/27 (b) | 932 | 919 | ||||||
| 919 | ||||||||
| 1,820 | ||||||||
| Kazakhstan (1.2%) | ||||||||
| Corporate Bonds (1.2%) | ||||||||
| ForteBank JSC, | ||||||||
| 7.75%, 2/4/30 (a) | 1,030 | 1,021 | ||||||
| Kaspi.KZ JSC, | ||||||||
| 6.25%, 3/26/30 | 790 | 783 | ||||||
| 1,804 | ||||||||
| Kenya (0.8%) | ||||||||
| Sovereign (0.8%) | ||||||||
| Republic of Kenya Government International Bond, | ||||||||
| 8.25%, 2/28/48 | 347 | 275 | ||||||
| 9.50%, 3/5/36 | 800 | 735 | ||||||
| 9.75%, 2/16/31 | 200 | 196 | ||||||
| 1,206 | ||||||||
| Kuwait (0.3%) | ||||||||
| Sovereign (0.3%) | ||||||||
| Kuwait International Government Bond, | ||||||||
| 3.50%, 3/20/27 | 450 | 442 | ||||||
| 442 | ||||||||
| Lebanon (1.5%) | ||||||||
| Sovereign (1.5%) | ||||||||
| Lebanon Government International Bond, | ||||||||
| 5.80%, 4/14/49 (e)(f) | 161 | 26 | ||||||
| 6.00%, 1/27/23 (e)(f) | 723 | 116 | ||||||
| 6.10%, 10/4/22 (e)(f) | 1,903 | 306 | ||||||
| 6.15%, 6/19/49 (e)(f) | 1,631 | 257 | ||||||
| 6.20%, 2/26/25 (e)(f) | 40 | 7 | ||||||
| 6.25%, 5/27/22 - 6/12/25 (e)(f) | 375 | 60 | ||||||
| 6.38%, 3/9/20 (e)(f) | 793 | 126 | ||||||
| 6.40%, 5/26/23 (e)(f) | 2,675 | 503 | ||||||
| 6.65%, 4/22/24 - 2/26/30 (e)(f) | 410 | 67 | ||||||
| 6.75%, 11/29/27 (e)(f) | 46 | 7 | ||||||
Morgan Stanley Emerging Markets Debt Fund, Inc.
First Quarter Report − March 31, 2025 (unaudited)
Portfolio of Investments (cont'd)
(Showing Percentage of Total Value of Investments)
| Face Amount (000) | Value (000) | |||||||
| Sovereign (cont'd) | ||||||||
| 6.85%, 3/23/27 - 5/25/29 (e)(f) | $ | 2,584 | $ | 416 | ||||
| 7.00%, 3/20/28 - 3/23/32 (e)(f) | 898 | 144 | ||||||
| 7.25%, 3/23/37 (e)(f) | 151 | 24 | ||||||
| 8.25%, 4/12/21 (e)(f) | 1,761 | 285 | ||||||
| 2,344 | ||||||||
| Malaysia (1.6%) | ||||||||
| Corporate Bonds (1.6%) | ||||||||
| Petronas Capital Ltd., | ||||||||
| 2.48%, 1/28/32 | 2,100 | 1,796 | ||||||
| 4.55%, 4/21/50 | 720 | 613 | ||||||
| 2,409 | ||||||||
| Mexico (4.9%) | ||||||||
| Corporate Bonds (3.8%) | ||||||||
| Banco Mercantil del Norte SA, | ||||||||
| 8.38%, 5/20/31 (a)(g) | 777 | 771 | ||||||
| BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico, | ||||||||
| 5.13%, 1/18/33 | 350 | 333 | ||||||
| 8.45%, 6/29/38 | 398 | 416 | ||||||
| Cemex SAB de CV, | ||||||||
| 9.13%, 3/14/28 (g) | 1,230 | 1,250 | ||||||
| El Puerto de Liverpool SAB de CV, | ||||||||
| 6.66%, 1/22/37 (a) | 820 | 833 | ||||||
| Fideicomiso Irrevocable de Administracion y Fuente de Pago Numero CIB/4323, | ||||||||
| 11.00% Cash, 2.00% PIK, 13.00%, 9/12/30 (d) | 604 | 626 | ||||||
| Grupo Aeromexico SAB de CV, | ||||||||
| 8.63%, 11/15/31 (a) | 695 | 671 | ||||||
| Total Play Telecomunicaciones SA de CV, | ||||||||
| 10.50%, 12/31/28 (a) | 950 | 882 | ||||||
| 5,782 | ||||||||
| Sovereign (1.1%) | ||||||||
| Petroleos Mexicanos, | ||||||||
| 6.75%, 9/21/47 | 685 | 469 | ||||||
| 6.84%, 1/23/30 | 1,400 | 1,284 | ||||||
| 1,753 | ||||||||
| 7,535 | ||||||||
| Mongolia (0.2%) | ||||||||
| Sovereign (0.2%) | ||||||||
| Mongolia Government International Bond, | ||||||||
| 7.88%, 6/5/29 (e)(f) | 280 | 288 | ||||||
| 288 | ||||||||
| Montenegro (2.1%) | ||||||||
| Sovereign (2.1%) | ||||||||
| Montenegro Government International Bond, | ||||||||
| 2.88%, 12/16/27 | EUR | 276 | 288 | |||||
| 4.88%, 4/1/32 (h) | 1,855 | 1,967 | ||||||
| 7.25%, 3/12/31 | $ | 900 | 924 | |||||
| 3,179 | ||||||||
| Morocco (0.6%) | ||||||||
| Sovereign (0.6%) | ||||||||
| Morocco Government International Bond, | ||||||||
| 3.00%, 12/15/32 | 700 | 581 | ||||||
| 4.00%, 12/15/50 (a) | 400 | 273 | ||||||
| 854 | ||||||||
| Nicaragua (0.3%) | ||||||||
| Corporate Bond (0.3%) | ||||||||
| Polaris Renewable Energy, Inc., | ||||||||
| 9.50%, 12/3/29 | 375 | 388 | ||||||
| 388 | ||||||||
| Nigeria (1.5%) | ||||||||
| Corporate Bond (0.4%) | ||||||||
| Access Bank PLC, | ||||||||
| 6.13%, 9/21/26 | 625 | 614 | ||||||
| 614 | ||||||||
| Sovereign (1.1%) | ||||||||
| Nigeria Government International Bond, | ||||||||
| 7.70%, 2/23/38 | 600 | 486 | ||||||
| 10.38%, 12/9/34 | 1,200 | 1,207 | ||||||
| 1,693 | ||||||||
| 2,307 | ||||||||
| Oman (2.3%) | ||||||||
| Sovereign (2.3%) | ||||||||
| Oman Government International Bond, | ||||||||
| 5.38%, 3/8/27 | 300 | 302 | ||||||
Morgan Stanley Emerging Markets Debt Fund, Inc.
First Quarter Report − March 31, 2025 (unaudited)
Portfolio of Investments (cont'd)
(Showing Percentage of Total Value of Investments)
| Face Amount (000) | Value (000) | |||||||
| Sovereign (cont'd) | ||||||||
| 6.00%, 8/1/29 | $ | 500 | $ | 514 | ||||
| 6.25%, 1/25/31 | 1,000 | 1,040 | ||||||
| 6.75%, 1/17/48 | 500 | 518 | ||||||
| 7.38%, 10/28/32 | 1,000 | 1,111 | ||||||
| 3,485 | ||||||||
| Pakistan (0.7%) | ||||||||
| Sovereign (0.7%) | ||||||||
| Pakistan Government International Bond, | ||||||||
| 6.88%, 12/5/27 | 407 | 372 | ||||||
| 7.38%, 4/8/31 | 728 | 621 | ||||||
| 993 | ||||||||
| Panama (0.1%) | ||||||||
| Corporate Bond (0.1%) | ||||||||
| AES Panama Generation Holdings SRL, | ||||||||
| 4.38%, 5/31/30 | 144 | 129 | ||||||
| 129 | ||||||||
| Paraguay (0.9%) | ||||||||
| Corporate Bond (0.1%) | ||||||||
| Frigorifico Concepcion SA, | ||||||||
| 7.70%, 7/21/28 | 291 | 221 | ||||||
| 221 | ||||||||
| Senior Loan Interests (0.8%) | ||||||||
| Term Loan B, | ||||||||
| 3 Month SOFR + 5.50%, 9.79%, 12/8/26 (b) | 1,180 | 1,190 | ||||||
| 1,190 | ||||||||
| 1,411 | ||||||||
| Peru (2.1%) | ||||||||
| Corporate Bonds (1.3%) | ||||||||
| Auna SA, | ||||||||
| 10.00%, 12/15/29 (a) | 731 | 792 | ||||||
| Camposol SA, | ||||||||
| 6.00%, 2/3/27 | 318 | 314 | ||||||
| Peru LNG Srl, | ||||||||
| 5.38%, 3/22/30 | 319 | 296 | ||||||
| Petroleos del Peru SA, | ||||||||
| 5.63%, 6/19/47 | 800 | 505 | ||||||
| 1,907 | ||||||||
| Sovereign (0.8%) | ||||||||
| Peruvian Government International Bond, | ||||||||
| 3.00%, 1/15/34 | 900 | 749 | ||||||
| 5.88%, 8/8/54 | 500 | 485 | ||||||
| 1,234 | ||||||||
| 3,141 | ||||||||
| Philippines (2.3%) | ||||||||
| Sovereign (2.3%) | ||||||||
| Philippine Government International Bond, | ||||||||
| 4.75%, 3/5/35 | 1,500 | 1,458 | ||||||
| 5.00%, 7/17/33 | 1,400 | 1,391 | ||||||
| 5.50%, 1/17/48 | 700 | 688 | ||||||
| 3,537 | ||||||||
| Serbia (0.6%) | ||||||||
| Sovereign (0.6%) | ||||||||
| Serbia International Bond, | ||||||||
| 2.05%, 9/23/36 | EUR | 432 | 342 | |||||
| 2.13%, 12/1/30 | $ | 600 | 495 | |||||
| 837 | ||||||||
| Sri Lanka (3.5%) | ||||||||
| Sovereign (3.5%) | ||||||||
| Sri Lanka Government International Bond, | ||||||||
| 3.10%, 1/15/30 (a)(c)(e)(f) | 795 | 706 | ||||||
| 3.35%, 3/15/33 (a)(c)(e)(f) | 1,559 | 1,231 | ||||||
| 3.60%, 6/15/35 - 2/15/38 (a)(c)(e)(f) | 2,514 | 1,875 | ||||||
| 3.60%, 5/15/36 (a)(c) | 730 | 573 | ||||||
| 4.00%, 4/15/28 (a)(e)(f) | 991 | 934 | ||||||
| 5,319 | ||||||||
| Suriname (3.3%) | ||||||||
| Sovereign (3.3%) | ||||||||
| Suriname Government International Bond, | ||||||||
| 4.95% Cash, 3.00% PIK, 7.95%, 7/15/33 (d)(e)(f) | 302 | 288 | ||||||
| 4.95% Cash, 3.00% PIK, 7.95%, 7/15/33 (a)(d)(e)(f) | 2,714 | 2,592 | ||||||
Morgan Stanley Emerging Markets Debt Fund, Inc.
First Quarter Report − March 31, 2025 (unaudited)
Portfolio of Investments (cont'd)
(Showing Percentage of Total Value of Investments)
| Face Amount (000) | Value (000) | |||||||
| Sovereign (cont'd) | ||||||||
| 9.00%, 12/31/50 (b)(e)(f) | $ | 82 | $ | 87 | ||||
| 9.00%, 12/31/50 (a)(b)(e)(f) | 1,945 | 2,064 | ||||||
| 5,031 | ||||||||
| Tanzania, United Republic Of (4.3%) | ||||||||
| Corporate Bond (0.1%) | ||||||||
| HTA Group Ltd., | ||||||||
| 2.88%, 3/18/27 | 200 | 187 | ||||||
| 187 | ||||||||
| Senior Loan Interests (4.2%) | ||||||||
| 2024 Term Loan Tranche A, | ||||||||
| 3 Month SOFR + 4.31%, 8.62%, 9/13/28 (b) | 120 | 120 | ||||||
| 2024 Tranche C Term Loan, | ||||||||
| 3 Month SOFR + 4.31%, 8.62%, 9/13/28 (b) | 760 | 760 | ||||||
| Tanzania, | ||||||||
| 2024 Term Loan A2, | ||||||||
| 6 Month SOFR + 5.45%, 9.68%, 2/27/31 (b) | 5,600 | 5,537 | ||||||
| 6,417 | ||||||||
| 6,604 | ||||||||
| Togo (0.5%) | ||||||||
| Corporate Bonds (0.5%) | ||||||||
| Ecobank Transnational, Inc., | ||||||||
| 10.13%, 10/15/29 | 259 | 272 | ||||||
| 10.13%, 10/15/29 (a) | 528 | 553 | ||||||
| 825 | ||||||||
| Trinidad And Tobago (0.4%) | ||||||||
| Sovereign (0.4%) | ||||||||
| Trinidad & Tobago Government International Bond, | ||||||||
| 4.50%, 6/26/30 | 500 | 462 | ||||||
| 5.95%, 1/14/31 | 200 | 196 | ||||||
| 658 | ||||||||
| Tunisia (0.7%) | ||||||||
| Sovereign (0.7%) | ||||||||
| Tunisian Republic, | ||||||||
| 6.38%, 7/15/26 | EUR | 1,038 | 1,082 | |||||
| 1,082 | ||||||||
| Turkey (3.8%) | ||||||||
| Corporate Bonds (1.7%) | ||||||||
| Limak Iskenderun Uluslararasi Liman Isletmeciligi AS, | ||||||||
| 9.50%, 7/10/36 | 483 | 471 | ||||||
| Limak Yenilenebilir Enerji AS, | ||||||||
| 9.63%, 8/12/30 (a) | 519 | 511 | ||||||
| WE Soda Investments Holding PLC, | ||||||||
| 9.50%, 10/6/28 | 680 | 701 | ||||||
| Zorlu Enerji Elektrik Uretim AS, | ||||||||
| 11.00%, 4/23/30 | 1,010 | 981 | ||||||
| 2,664 | ||||||||
| Sovereign (2.1%) | ||||||||
| Republic of Turkiye, | ||||||||
| 6.50%, 1/3/35 | 840 | 783 | ||||||
| Turkiye Government International Bond, | ||||||||
| 4.88%, 4/16/43 | 400 | 279 | ||||||
| 5.25%, 3/13/30 | 550 | 512 | ||||||
| 5.75%, 5/11/47 | 420 | 315 | ||||||
| 6.13%, 10/24/28 | 700 | 694 | ||||||
| 7.63%, 5/15/34 | 600 | 605 | ||||||
| 3,188 | ||||||||
| 5,852 | ||||||||
| Ukraine (2.2%) | ||||||||
| Corporate Bond (0.2%) | ||||||||
| Kernel Holding SA, | ||||||||
| 6.75%, 10/27/27 | 413 | 382 | ||||||
| 382 | ||||||||
| Sovereign (2.0%) | ||||||||
| Ukraine Government International Bond, | ||||||||
| 1.75%, 2/1/29 - 2/1/36 (c)(e)(f) | 971 | 562 | ||||||
| 1.75%, 2/1/34 - 2/1/35 (c) | 1,610 | 857 | ||||||
| 3.00%, 2/1/30 - 2/1/36 (c)(e)(f) | 1,444 | 824 | ||||||
| 3.00%, 2/1/34 - 2/1/35 (c) | 1,550 | 796 | ||||||
| 3,039 | ||||||||
| 3,421 | ||||||||
| United Arab Emirates (3.4%) | ||||||||
| Corporate Bond (0.5%) | ||||||||
| Ittihad International Ltd., | ||||||||
| 9.75%, 11/9/28 | 790 | 823 | ||||||
| 823 | ||||||||
Morgan Stanley Emerging Markets Debt Fund, Inc.
First Quarter Report − March 31, 2025 (unaudited)
Portfolio of Investments (cont'd)
(Showing Percentage of Total Value of Investments)
| Face Amount (000) | Value (000) | |||||||
| Sovereign (2.9%) | ||||||||
| Abu Dhabi Government International Bond, | ||||||||
| 3.13%, 4/16/30 | $ | 1,270 | $ | 1,204 | ||||
| 3.88%, 4/16/50 | 2,040 | 1,594 | ||||||
| 5.00%, 4/30/34 | 1,550 | 1,591 | ||||||
| 4,389 | ||||||||
| 5,212 | ||||||||
| Uruguay (1.8%) | ||||||||
| Sovereign (1.8%) | ||||||||
| Uruguay Government International Bond, | ||||||||
| 5.10%, 6/18/50 | 500 | 464 | ||||||
| 5.44%, 2/14/37 | 1,600 | 1,619 | ||||||
| 5.75%, 10/28/34 | 600 | 625 | ||||||
| 2,708 | ||||||||
| Uzbekistan (2.2%) | ||||||||
| Corporate Bonds (1.3%) | ||||||||
| Jscb Agrobank, | ||||||||
| 9.25%, 10/2/29 | 1,250 | 1,302 | ||||||
| Uzbek Industrial & Construction Bank ATB, | ||||||||
| 8.95%, 7/24/29 | 550 | 573 | ||||||
| 1,875 | ||||||||
| Senior Loan Interests (0.3%) | ||||||||
| Navoi Mining & Metallurgical Co., | ||||||||
| 2024 Term Loan, | ||||||||
| 3 Month SOFR + 4.76%, 9.05%, 4/23/27 (b) | 484 | 484 | ||||||
| 484 | ||||||||
| Sovereign (0.6%) | ||||||||
| National Bank of Uzbekistan, | ||||||||
| 8.50%, 7/5/29 | 920 | 952 | ||||||
| 952 | ||||||||
| 3,311 | ||||||||
| Venezuela (3.0%) | ||||||||
| Sovereign (3.0%) | ||||||||
| Petroleos de Venezuela SA, | ||||||||
| 5.38%, 4/12/27 (e)(f) | 2,523 | 349 | ||||||
| 5.50%, 4/12/37 (e)(f) | 961 | 135 | ||||||
| 6.00%, 10/28/22 - 11/15/26 (e)(f) | 8,686 | 1,205 | ||||||
| 8.50%, 10/27/20 (e)(f) | 688 | 681 | ||||||
| 9.00%, 11/17/21 (e)(f) | 1,090 | 166 | ||||||
| 9.75%, 5/17/35 (e)(f) | 1,307 | 203 | ||||||
| 12.75%, 2/17/22 (e)(f) | 691 | 110 | ||||||
| Venezuela Government International Bond, | ||||||||
| 6.00%, 12/9/20 (e)(f) | 773 | 120 | ||||||
| 7.00%, 12/1/18 - 3/31/38 (e)(f) | 497 | 86 | ||||||
| 7.65%, 4/21/25 (e)(f) | 1,181 | 212 | ||||||
| 7.75%, 10/13/19 (e)(f) | 1,001 | 167 | ||||||
| 8.25%, 10/13/24 (e)(f) | 960 | 173 | ||||||
| 9.00%, 5/7/23 (e)(f) | 493 | 89 | ||||||
| 9.25%, 9/15/27 - 5/7/28 (e)(f) | 2,751 | 564 | ||||||
| 9.38%, 1/13/34 (e)(f) | 132 | 30 | ||||||
| 11.75%, 10/21/26 (e)(f) | 443 | 94 | ||||||
| 11.95%, 8/5/31 (e)(f) | 397 | 81 | ||||||
| 12.75%, 8/23/22 (e)(f) | 936 | 189 | ||||||
| 4,654 | ||||||||
| Zambia (0.2%) | ||||||||
| Sovereign (0.2%) | ||||||||
| Zambia Government International Bond, | ||||||||
| 0.50%, 12/31/53 (e)(f) | 150 | 92 | ||||||
| 5.75%, 6/30/33 (c)(e)(f) | 229 | 200 | ||||||
| 292 | ||||||||
| Total Fixed Income Securities (COST $158,566) | 150,372 | |||||||
| No. of Warrants | ||||||||
| Warrants (2.1%) | ||||||||
| Ukraine (2.1%) | ||||||||
| Ukraine Government International Bond expires 8/1/41 (b)(e)(f)(i) | 4,398,000 | 3,192 | ||||||
| Venezuela (0.0%)‡ | ||||||||
| Venezuela Government International Bond, Oil-Linked Payment Obligation expires 4/15/20 (g)(i) | 5,450 | 33 | ||||||
| Total Warrants (Cost $3,322) | 3,225 | |||||||
Morgan Stanley Emerging Markets Debt Fund, Inc.
First Quarter Report − March 31, 2025 (unaudited)
Portfolio of Investments (cont'd)
(Showing Percentage of Total Value of Investments)
| Shares | Value (000) | |||||||
| Short-Term Investments (0.8%) | ||||||||
| Investment Company (0.6%) | ||||||||
| Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 4.14% (j) (Cost $894) | 894,612 | $ | 894 | |||||
| Face Amount (000) | ||||||||
| United States (0.2%) | ||||||||
| U.S. Treasury Security (0.2%) | ||||||||
| U.S. Treasury Bill, | ||||||||
| 4.31%, 5/6/25 (k) (Cost $324) | $ | 325 | 324 | |||||
| Total Short-Term Investments (Cost $1,218) | 1,218 | |||||||
| Total Investments (101.4%) (Cost $163,106)(l)(m)(n) | 154,815 | |||||||
| Liabilities in Excess of Other Assets (1.4%) | (2,083 | ) | ||||||
| Net Assets (100.0%) | $ | 152,732 | ||||||
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) | Floating or variable rate securities: The rates disclosed are as of March 31, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description in the Portfolio of Investments. Certain variable rate securities may not be based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description in the Portfolio of Investments. |
| (c) | Multi-step — Coupon rate changes in predetermined increments to maturity. Rate disclosed is as of March 31, 2025. Maturity date disclosed is the ultimate maturity date. |
| (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 March 31, 2025. |
| (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 three months ended March 31, 2025, advisory fees paid were reduced by approximately $3,000 relating to the Fund's investment in the Liquidity Fund. |
| (k) | Rate shown is the yield to maturity at March 31, 2025. |
| (l) | Securities are available for collateral in connection with 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”). As a result of a change in the Rule 2a-5 (aka the “Valuation Rule”), which impacts transactions under Rule 17a-7, a security is an eligible security for purposes of Rule 17a-7 only when there is a “readily available market quotation” for the security. The Fund's Rule 17a-7 policy was amended effective September 8, 2022, to reflect the new requirements of Rule 2a-5. For the three months ended March 31, 2025, the Fund did not engage in any cross-trade transactions. |
| (n) | At March 31, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $5,418,000 and the aggregate gross unrealized depreciation is approximately $13,867,000, resulting in net unrealized depreciation of approximately $8,449,000. |
| EUR | EURO |
| 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.
First Quarter Report − March 31, 2025 (unaudited)
Portfolio of Investments (cont'd)
Foreign Currency Forward Exchange Contracts:
The Fund had the following foreign currency forward exchange contracts open at March 31, 2025:
| Counterparty | Contracts to Deliver (000) | In Exchange For (000) | Delivery Date | Unrealized Appreciation (Depreciation) (000) | ||||||||||
| Goldman Sachs International | EUR | 1,008 | $ | 1,097 | 4/4/25 | $ | 6 | |||||||
| Goldman Sachs International | EUR | 32 | $ | 35 | 4/4/25 | — | @ | |||||||
| Goldman Sachs International | EUR | 299 | $ | 325 | 4/4/25 | 2 | ||||||||
| Goldman Sachs International | EUR | 1,800 | $ | 1,958 | 4/4/25 | 11 | ||||||||
| Goldman Sachs International | EUR | 1,828 | $ | 1,974 | 4/4/25 | (3 | ) | |||||||
| Goldman Sachs International | $ | 57 | EUR | 53 | 4/4/25 | (— | @) | |||||||
| Goldman Sachs International | $ | 18 | EUR | 17 | 4/4/25 | (— | @) | |||||||
| Goldman Sachs International | $ | 3,370 | EUR | 3,099 | 4/4/25 | (19 | ) | |||||||
| Goldman Sachs International | $ | 1,974 | EUR | 1,828 | 4/1/25 | 3 | ||||||||
| State Street Bank and Trust Co. | EUR | 2,197 | $ | 2,352 | 4/4/25 | (24 | ) | |||||||
| State Street Bank and Trust Co. | EUR | 3,099 | $ | 3,317 | 4/4/25 | (34 | ) | |||||||
| State Street Bank and Trust Co. | EUR | 636 | $ | 680 | 4/4/25 | (7 | ) | |||||||
| State Street Bank and Trust Co. | EUR | 1,217 | $ | 1,303 | 4/4/25 | (13 | ) | |||||||
| State Street Bank and Trust Co. | EUR | 17 | $ | 18 | 4/4/25 | (— | @) | |||||||
| State Street Bank and Trust Co. | EUR | 53 | $ | 56 | 4/4/25 | (1 | ) | |||||||
| State Street Bank and Trust Co. | EUR | 1,500 | $ | 1,606 | 4/4/25 | (16 | ) | |||||||
| State Street Bank and Trust Co. | EUR | 163 | $ | 174 | 4/4/25 | (2 | ) | |||||||
| State Street Bank and Trust Co. | EUR | 152 | $ | 162 | 4/4/25 | (2 | ) | |||||||
| State Street Bank and Trust Co. | EUR | 1,900 | $ | 2,034 | 4/4/25 | (21 | ) | |||||||
| State Street Bank and Trust Co. | EUR | 951 | $ | 1,018 | 4/4/25 | (10 | ) | |||||||
| State Street Bank and Trust Co. | EUR | 1,033 | $ | 1,105 | 4/4/25 | (11 | ) | |||||||
| State Street Bank and Trust Co. | EUR | 727 | $ | 778 | 4/4/25 | (8 | ) | |||||||
| State Street Bank and Trust Co. | EUR | 344 | $ | 368 | 4/4/25 | (4 | ) | |||||||
| State Street Bank and Trust Co. | $ | 34 | EUR | 32 | 4/4/25 | — | @ | |||||||
| State Street Bank and Trust Co. | $ | 320 | EUR | 299 | 4/4/25 | 3 | ||||||||
| State Street Bank and Trust Co. | $ | 1,079 | EUR | 1,008 | 4/4/25 | 11 | ||||||||
| State Street Bank and Trust Co. | $ | 978 | EUR | 900 | 4/4/25 | (5 | ) | |||||||
| UBS AG | $ | 155 | EUR | 141 | 4/4/25 | (2 | ) | |||||||
| $ | (146 | ) | ||||||||||||
Morgan Stanley Emerging Markets Debt Fund, Inc.
First Quarter Report − March 31, 2025 (unaudited)
Portfolio of Investments (cont'd)
Futures Contracts:
The Fund had the following futures contracts open at March 31, 2025:
| Number of Contracts | Expiration Date | Notional Amount (000) | Value (000) | Unrealized Appreciation (Depreciation) (000) | |||||||||||||
| Long: | |||||||||||||||||
| U.S. Treasury 2 yr. Note (United States) | 8 | Jun-25 | $ | 1,600 | $ | 1,658 | $ | 3 | |||||||||
| U.S. Treasury 5 yr. Note (United States) | 14 | Jun-25 | 1,400 | 1,514 | (— | @) | |||||||||||
| U.S. Treasury 10 yr. Ultra Note (United States) | 132 | Jun-25 | 13,200 | 15,065 | 61 | ||||||||||||
| U.S. Treasury Long Bond (United States) | 49 | Jun-25 | 4,900 | 5,747 | (7 | ) | |||||||||||
| U.S. Treasury Ultra Long Bond (United States) | 149 | Jun-25 | 14,900 | 18,215 | (160 | ) | |||||||||||
| Short: | |||||||||||||||||
| Euro-Buxl 30 yr. Bond Index (Germany) | 3 | Jun-25 | EUR | (300 | ) | (387 | ) | 25 | |||||||||
| German Euro-Bobl Index (Germany) | 47 | Jun-25 | (4,700 | ) | (5,986 | ) | 18 | ||||||||||
| German Euro-Bund Index (Germany) | 23 | Jun-25 | (2,300 | ) | (3,204 | ) | 71 | ||||||||||
| German Euro-Schatz Index (Germany) | 35 | Jun-25 | (3,500 | ) | (4,048 | ) | 2 | ||||||||||
| U.S. Treasury 10 yr. Note (United States) | 145 | Jun-25 | $ | (14,500 | ) | (16,127 | ) | (62 | ) | ||||||||
| $ | (49 | ) | |||||||||||||||
Credit Default Swap Agreements:
The Fund had the following credit default swap agreements open at March 31, 2025:
| 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 Received (000) | Unrealized Appreciation (000) | ||||||||||||||||||
| Barclays Bank PLC Benin Government International Bonds | NR | Sell | 1.00 | % | Quarterly | 6/20/27 | $ | 100 | $ | (3 | ) | $ | (6 | ) | $ | 3 | |||||||||||
| Barclays Bank PLC Benin Government International Bonds | NR | Sell | 1.00 | Quarterly | 6/20/27 | 100 | (3 | ) | (6 | ) | $ | 3 | |||||||||||||||
| Morgan Stanley & Co. LLC* Egypt Government International Bonds | NR | Sell | 1.00 | Quarterly | 12/20/28 | 303 | (43 | ) | (68 | ) | $ | 25 | |||||||||||||||
| Barclays Bank PLC Pan American Energy LLC | NR | Sell | 1.00 | Quarterly | 12/20/25 | 340 | 1 | (5 | ) | $ | 6 | ||||||||||||||||
| $ | (48 | ) | $ | (85 | ) | $ | 37 | ||||||||||||||||||||
| @ | Value is less than $500. | |
| * | Cleared swap agreement, the broker is Morgan Stanley & Co. LLC. | |
| EUR | — | Euro |
Portfolio Composition
| Classification | Percentage of Total Investments | ||
| Sovereign | 62.0 | % | |
| Corporate Bonds | 28.0 | ||
| Senior Loan Interests | 7.1 | ||
| Other* | 2.9 | ||
| 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 $71,951,000 and net unrealized depreciation of approximately $49,000. Does not include open foreign currency forward exchange contracts with net unrealized depreciation of approximately $146,000. Also does not include open swap agreements with net unrealized appreciation of approximately $37,000. |
Morgan Stanley Emerging Markets Debt Fund, Inc.
First Quarter Report − March 31, 2025 (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 and/or the Sub-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.
First Quarter Report − March 31, 2025 (unaudited)
Notes to the Portfolio of Investments (cont'd)
Fair Value Measurement: Financial Accounting Standards Board (“FASB”) ASC 820, “Fair Value Measurement” (“ASC 820”), defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 establishes a three-tier hierarchy to distinguish between (1) inputs that reflect the assumptions market participants would use in valuing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs); and (2) inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in valuing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Fund's investments. The inputs are summarized in the three broad levels listed below:
| · | Level 1 – unadjusted quoted prices in active markets for identical investments |
| · | Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
| · | Level 3 – significant unobservable inputs including the Fund’s own assumptions in determining the fair value of investments. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, or the appropriate stock exchange (for exchange-traded securities), analysis of the issuer's financial statements or other available documents and, if necessary, available information concerning other securities in similar circumstances. |
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to each security.
Morgan Stanley Emerging Markets Debt Fund, Inc.
First Quarter Report − March 31, 2025 (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 March 31, 2025:
| 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 | $ | — | $ | 43,354 | $ | — | $ | 43,354 | ||||||||
| Senior Loan Interests | — | 11,044 | — | 11,044 | ||||||||||||
| Sovereign | — | 95,974 | — | 95,974 | ||||||||||||
| Total Fixed Income Securities | — | 150,372 | — | 150,372 | ||||||||||||
| Warrants | — | 3,225 | — | 3,225 | ||||||||||||
| Short-Term Investments | ||||||||||||||||
| U.S. Treasury Security | — | 324 | — | 324 | ||||||||||||
| Investment Company | 894 | — | — | 894 | ||||||||||||
| Total Short-Term Investments | 894 | 324 | — | 1,218 | ||||||||||||
| Foreign Currency Forward Exchange Contracts | — | 36 | — | 36 | ||||||||||||
| Futures Contracts | 180 | — | — | 180 | ||||||||||||
| Credit Default Swap Agreements | — | 37 | — | 37 | ||||||||||||
| Total Assets | 1,074 | 153,994 | — | 155,068 | ||||||||||||
| Liabilities: | ||||||||||||||||
| Foreign Currency Forward Exchange Contracts | — | (182 | ) | — | (182 | ) | ||||||||||
| Futures Contracts | (229 | ) | — | — | (229 | ) | ||||||||||
| Total Liabilities | (229 | ) | (182 | ) | — | (411 | ) | |||||||||
| Total | $ | 845 | $ | 153,812 | $ | — | $ | 154,657 | ||||||||
Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes.