NPORT-EX 2 NPORT_MGGA_55053221_0325.htm

 

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.