Morgan Stanley Emerging Markets Debt Fund, Inc.
Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)
(Showing Percentage of Total Value of Investments)
Face Amount (000) | Value (000) | |||||||
FIXED INCOME SECURITIES (95.1%) | ||||||||
Albania (0.1%) | ||||||||
Sovereign (0.1%) | ||||||||
Albania Government International Bond, | ||||||||
3.50%, 10/9/25 | EUR | 109 | $ | 98 | ||||
Angola (1.1%) | ||||||||
Sovereign (1.1%) | ||||||||
Angolan Government International Bond, | ||||||||
8.00%, 11/26/29 | $ | 550 | 415 | |||||
8.00%, 11/26/29 (a) | 1,400 | 1,057 | ||||||
9.38%, 5/8/48 (a) | 200 | 136 | ||||||
1,608 | ||||||||
Argentina (0.4%) | ||||||||
Corporate Bond (0.2%) | ||||||||
Provincia de Cordoba, | ||||||||
6.88%, 12/10/25 | 456 | 348 | ||||||
Sovereign (0.2%) | ||||||||
Argentine Republic Government International Bond, | ||||||||
3.50%, 7/9/41 (b) | 1,310 | 282 | ||||||
630 | ||||||||
Armenia (0.5%) | ||||||||
Sovereign (0.5%) | ||||||||
Republic of Armenia International Bond, | ||||||||
3.60%, 2/2/31 | 500 | 341 | ||||||
3.95%, 9/26/29 | 550 | 392 | ||||||
733 | ||||||||
Azerbaijan (0.5%) | ||||||||
Sovereign (0.5%) | ||||||||
Republic of Azerbaijan International Bond, | ||||||||
3.50%, 9/1/32 | 808 | 653 | ||||||
Bahrain (1.4%) | ||||||||
Sovereign (1.4%) | ||||||||
Bahrain Government International Bond, | ||||||||
7.50%, 9/20/47 | 2,500 | 1,993 | ||||||
Barbados (1.5%) | ||||||||
Sovereign (1.5%) | ||||||||
Barbados Government International Bond, | ||||||||
6.50%, 10/1/29 | 2,410 | 2,138 | ||||||
Benin (1.6%) | ||||||||
Sovereign (1.6%) | ||||||||
Benin Government International Bond, | ||||||||
4.88%, 1/19/32 | EUR | 981 | 659 | |||||
4.95%, 1/22/35 | 2,345 | 1,459 | ||||||
6.88%, 1/19/52 | 273 | 170 | ||||||
2,288 |
Morgan Stanley Emerging Markets Debt Fund, Inc.
Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)(cont’d)
(Showing Percentage of Total Value of Investments)
Brazil (1.7%) | ||||||||
Corporate Bonds (1.4%) | ||||||||
Arcos Dorados BV, | ||||||||
6.13%, 5/27/29 (a) | $ | 250 | 227 | |||||
Braskem Netherlands Finance BV, | ||||||||
4.50%, 1/31/30 (a) | 530 | 429 | ||||||
Hidrovias International Finance SARL, | ||||||||
4.95%, 2/8/31 | 1,000 | 773 | ||||||
Natura &Co Luxembourg Holdings Sarl, | ||||||||
6.00%, 4/19/29 (a) | 500 | 412 | ||||||
Suzano Austria GmbH, | ||||||||
3.75%, 1/15/31 | 225 | 177 | ||||||
2,018 | ||||||||
Sovereign (0.3%) | ||||||||
Brazilian Government International Bond, | ||||||||
3.88%, 6/12/30 | 590 | 489 | ||||||
2,507 | ||||||||
Chile (1.8%) | ||||||||
Corporate Bonds (0.9%) | ||||||||
AES Andes SA, | ||||||||
7.13%, 3/26/79 | 459 | 404 | ||||||
VTR Comunicaciones SpA, | ||||||||
4.38%, 4/15/29 | 622 | 387 | ||||||
5.13%, 1/15/28 | 808 | 547 | ||||||
1,338 | ||||||||
Sovereign (0.9%) | ||||||||
Chile Government International Bond, | ||||||||
3.50%, 1/25/50 (c) | 1,570 | 1,072 | ||||||
3.86%, 6/21/47 | 250 | 185 | ||||||
1,257 | ||||||||
2,595 | ||||||||
China (2.7%) | ||||||||
Corporate Bonds (0.4%) | ||||||||
KWG Group Holdings Ltd., | ||||||||
7.88%, 9/1/23 | 430 | 111 | ||||||
Shimao Group Holdings Ltd., | ||||||||
5.60%, 7/15/26 | 970 | 123 | ||||||
Sunac China Holdings Ltd., | ||||||||
8.35%, 4/19/23 (d) | 1,080 | 157 | ||||||
Times China Holdings Ltd., | ||||||||
5.55%, 6/4/24 | 480 | 72 | ||||||
6.75%, 7/16/23 | 410 | 88 | ||||||
551 | ||||||||
Sovereign (2.3%) | ||||||||
Sinopec Group Overseas Development 2012 Ltd., | ||||||||
4.88%, 5/17/42 | 970 | 921 | ||||||
Sinopec Group Overseas Development 2018 Ltd., | ||||||||
2.95%, 11/12/29 (a) | 1,770 | 1,592 |
Morgan Stanley Emerging Markets Debt Fund, Inc.
Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)(cont’d)
(Showing Percentage of Total Value of Investments)
Three Gorges Finance I Cayman Islands Ltd., | ||||||||
3.70%, 6/10/25 (a) | 780 | 761 | ||||||
3,274 | ||||||||
3,753 | ||||||||
Colombia (2.3%) | ||||||||
Corporate Bond (0.2%) | ||||||||
Millicom International Cellular SA, | ||||||||
4.50%, 4/27/31 (a) | 384 | 275 | ||||||
Sovereign (2.1%) | ||||||||
Colombia Government International Bond, | ||||||||
3.00%, 1/30/30 | 1,791 | 1,287 | ||||||
4.13%, 5/15/51 | 580 | 313 | ||||||
5.00%, 6/15/45 | 2,230 | 1,358 | ||||||
2,958 | ||||||||
3,233 | ||||||||
Costa Rica (0.7%) | ||||||||
Sovereign (0.7%) | ||||||||
Costa Rica Government International Bond, | ||||||||
6.13%, 2/19/31 (a) | 505 | 464 | ||||||
7.00%, 4/4/44 | 680 | 568 | ||||||
1,032 | ||||||||
Dominican Republic (3.8%) | ||||||||
Sovereign (3.8%) | ||||||||
Dominican Republic International Bond, | ||||||||
4.88%, 9/23/32 (a) | 400 | 302 | ||||||
5.30%, 1/21/41 (a) | 550 | 374 | ||||||
5.50%, 2/22/29 (a) | 490 | 424 | ||||||
5.88%, 1/30/60 | 500 | 332 | ||||||
5.88%, 1/30/60 (a) | 1,190 | 790 | ||||||
6.85%, 1/27/45 (a) | 1,252 | 979 | ||||||
6.88%, 1/29/26 | 500 | 488 | ||||||
6.88%, 1/29/26 (a) | 1,000 | 977 | ||||||
7.45%, 4/30/44 (a) | 800 | 675 | ||||||
5,341 | ||||||||
Ecuador (1.5%) | ||||||||
Sovereign (1.5%) | ||||||||
Ecuador Government International Bond, | ||||||||
0.00%, 7/31/30 (a) | 351 | 103 | ||||||
1.50%, 7/31/40 (a)(b) | 1,421 | 423 | ||||||
1.50%, 7/31/40 (b) | 522 | 155 | ||||||
2.50%, 7/31/35 (a)(b) | 2,302 | 763 | ||||||
2.50%, 7/31/35 (b) | 550 | 182 | ||||||
5.50%, 7/31/30 (a)(b) | 1,184 | 566 | ||||||
2,192 | ||||||||
Egypt (2.4%) | ||||||||
Sovereign (2.4%) | ||||||||
Egypt Government International Bond, | ||||||||
4.75%, 4/16/26 | EUR | 480 | 335 | |||||
6.38%, 4/11/31 (a) | 800 | 459 |
Morgan Stanley Emerging Markets Debt Fund, Inc.
Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)(cont’d)
(Showing Percentage of Total Value of Investments)
7.50%, 2/16/61 (a) | $ | 1,030 | 547 | |||||
7.90%, 2/21/48 (a) | 490 | 257 | ||||||
8.15%, 11/20/59 (a) | 2,000 | 1,085 | ||||||
8.88%, 5/29/50 | 750 | 419 | ||||||
8.88%, 5/29/50 (a) | 430 | 240 | ||||||
3,342 | ||||||||
El Salvador (1.7%) | ||||||||
Sovereign (1.7%) | ||||||||
El Salvador Government International Bond, | ||||||||
6.38%, 1/18/27 | 1,785 | 675 | ||||||
7.75%, 1/24/23 | 1,793 | 1,641 | ||||||
8.63%, 2/28/29 (a) | 250 | 92 | ||||||
2,408 | ||||||||
Ethiopia (0.3%) | ||||||||
Sovereign (0.3%) | ||||||||
Ethiopia International Bond, | ||||||||
6.63%, 12/11/24 | 870 | 445 | ||||||
Gabon (1.0%) | ||||||||
Sovereign (1.0%) | ||||||||
Gabon Government International Bond, | ||||||||
6.95%, 6/16/25 (a) | 740 | 614 | ||||||
7.00%, 11/24/31 | 1,100 | 729 | ||||||
1,343 | ||||||||
Ghana (0.9%) | ||||||||
Sovereign (0.9%) | ||||||||
Ghana Government International Bond, | ||||||||
7.75%, 4/7/29 | 1,350 | 518 | ||||||
7.88%, 2/11/35 | 460 | 172 | ||||||
8.63%, 6/16/49 (a) | 690 | 257 | ||||||
8.88%, 5/7/42 (a) | 910 | 339 | ||||||
1,286 | ||||||||
Guatemala (0.4%) | ||||||||
Sovereign (0.4%) | ||||||||
Guatemala Government Bond, | ||||||||
4.65%, 10/7/41 (a) | 400 | 282 | ||||||
6.13%, 6/1/50 (a) | 380 | 313 | ||||||
595 | ||||||||
Honduras (1.6%) | ||||||||
Sovereign (1.6%) | ||||||||
Honduras Government International Bond, | ||||||||
5.63%, 6/24/30 (a) | 230 | 167 | ||||||
5.63%, 6/24/30 | 635 | 462 | ||||||
6.25%, 1/19/27 | 2,015 | 1,663 | ||||||
2,292 | ||||||||
Hungary (1.2%) | ||||||||
Sovereign (1.2%) | ||||||||
Hungary Government International Bond, | ||||||||
5.38%, 3/25/24 | 1,250 | 1,231 |
Morgan Stanley Emerging Markets Debt Fund, Inc.
Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)(cont’d)
(Showing Percentage of Total Value of Investments)
7.63%, 3/29/41 | 454 | 452 | ||||||
1,683 | ||||||||
India (2.5%) | ||||||||
Corporate Bonds (1.1%) | ||||||||
JSW Infrastructure Ltd., | ||||||||
4.95%, 1/21/29 | 1,130 | 879 | ||||||
Vedanta Resources Finance II PLC, | ||||||||
13.88%, 1/21/24 | 800 | 670 | ||||||
1,549 | ||||||||
Sovereign (1.4%) | ||||||||
Export-Import Bank of India, | ||||||||
2.25%, 1/13/31 | 340 | 256 | ||||||
3.25%, 1/15/30 | 1,140 | 954 | ||||||
3.38%, 8/5/26 (a) | 800 | 742 | ||||||
1,952 | ||||||||
3,501 | ||||||||
Indonesia (4.5%) | ||||||||
Sovereign (4.5%) | ||||||||
Indonesia Government International Bond, | ||||||||
3.85%, 7/18/27 | 450 | 422 | ||||||
4.13%, 1/15/25 | 1,300 | 1,278 | ||||||
4.45%, 4/15/70 | 700 | 529 | ||||||
4.65%, 9/20/32 | 800 | 752 | ||||||
5.13%, 1/15/45 (a) | 1,014 | 889 | ||||||
5.35%, 2/11/49 (c) | 200 | 178 | ||||||
6.75%, 1/15/44 | 400 | 419 | ||||||
Pertamina Persero PT, | ||||||||
4.30%, 5/20/23 | 1,500 | 1,489 | ||||||
6.50%, 11/7/48 (a) | 500 | 461 | ||||||
6,417 | ||||||||
Iraq (2.1%) | ||||||||
Sovereign (2.1%) | ||||||||
Iraq International Bond, | ||||||||
5.80%, 1/15/28 | 3,691 | 3,043 | ||||||
Ireland (0.5%) | ||||||||
Corporate Bond (0.5%) | ||||||||
Aragvi Finance International DAC, | ||||||||
8.45%, 4/29/26 | 1,090 | 762 | ||||||
Ivory Coast (0.9%) | ||||||||
Sovereign (0.9%) | ||||||||
Ivory Coast Government International Bond, | ||||||||
4.88%, 1/30/32 (a) | EUR | 500 | 330 | |||||
4.88%, 1/30/32 | 870 | 574 | ||||||
6.63%, 3/22/48 | 608 | 354 | ||||||
1,258 |
Morgan Stanley Emerging Markets Debt Fund, Inc.
Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)(cont’d)
(Showing Percentage of Total Value of Investments)
Jamaica (1.3%) | ||||||||
Corporate Bond (1.3%) | ||||||||
Digicel International Finance Ltd. | ||||||||
8.75%, 5/25/24 | $ | 2,039 | 1,870 | |||||
Jordan (0.5%) | ||||||||
Sovereign (0.5%) | ||||||||
Jordan Government International Bond, | ||||||||
7.38%, 10/10/47 (a) | 950 | 697 | ||||||
Kazakhstan (0.7%) | ||||||||
Sovereign (0.7%) | ||||||||
Kazakhstan Government International Bond, | ||||||||
6.50%, 7/21/45 | 1,100 | 1,022 | ||||||
Kenya (0.7%) | ||||||||
Sovereign (0.7%) | ||||||||
Kenya Government International Bond, | ||||||||
8.00%, 5/22/32 (a) | 1,500 | 1,021 | ||||||
Lebanon (0.2%) | ||||||||
Sovereign (0.2%) | ||||||||
Lebanon Government International Bond, | ||||||||
6.85%, 3/23/27 – 5/25/29 (d)(e) | 3,490 | 217 | ||||||
Luxembourg (1.2%) | ||||||||
Corporate Bonds (1.2%) | ||||||||
Gol Finance SA, | ||||||||
8.00%, 6/30/26 | 680 | 417 | ||||||
Guara Norte Sarl, | ||||||||
5.20%, 6/15/34 | 386 | 308 | ||||||
Kernel Holding SA, | ||||||||
6.50%, 10/17/24 | 200 | 79 | ||||||
6.75%, 10/27/27 | 219 | 81 | ||||||
MC Brazil Downstream Trading Sarl, | ||||||||
7.25%, 6/30/31 | 990 | 747 | ||||||
1,632 | ||||||||
Macedonia (0.8%) | ||||||||
Sovereign (0.8%) | ||||||||
North Macedonia Government International Bond, | ||||||||
1.63%, 3/10/28 | EUR | 1,481 | 1,084 | |||||
Mexico (6.6%) | ||||||||
Corporate Bonds (1.5%) | ||||||||
Braskem Idesa SAPI, | ||||||||
7.45%, 11/15/29 | $ | 1,810 | 1,376 | |||||
Total Play Telecomunicaciones SA de CV, | ||||||||
7.50%, 11/12/25 | 827 | 704 | ||||||
2,080 | ||||||||
Sovereign (5.1%) | ||||||||
Banco Nacional de Comercio Exterior SNC, | ||||||||
2.72%, 8/11/31 (a) | 800 | 691 | ||||||
Petroleos Mexicanos, | ||||||||
5.95%, 1/28/31 | 1,200 | 812 | ||||||
6.35%, 2/12/48 | 2,200 | 1,186 |
Morgan Stanley Emerging Markets Debt Fund, Inc.
Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)(cont’d)
(Showing Percentage of Total Value of Investments)
6.70%, 2/16/32 | 3,263 | 2,294 | ||||||
6.95%, 1/28/60 | 500 | 278 | ||||||
7.69%, 1/23/50 | 3,200 | 1,965 | ||||||
7,226 | ||||||||
�� | 9,306 | |||||||
Mongolia (0.5%) | ||||||||
Sovereign (0.5%) | ||||||||
Mongolia Government International Bond, | ||||||||
5.13%, 4/7/26 (a) | 310 | 259 | ||||||
5.63%, 5/1/23 | 506 | 479 | ||||||
738 | ||||||||
Morocco (0.7%) | ||||||||
Corporate Bond (0.4%) | ||||||||
OCP SA, | ||||||||
5.13%, 6/23/51 | 860 | 551 | ||||||
Sovereign (0.3%) | ||||||||
Morocco Government International Bond, | ||||||||
4.00%, 12/15/50 (a) | 820 | 471 | ||||||
1,022 | ||||||||
Netherlands (1.0%) | ||||||||
Corporate Bonds (1.0%) | ||||||||
Ardshinbank CJSC Via Dilijan Finance BV, | ||||||||
6.50%, 1/28/25 | 670 | 644 | ||||||
Coruripe Netherlands BV, | ||||||||
10.00%, 2/10/27 | 860 | 737 | ||||||
1,381 | ||||||||
Nigeria (3.0%) | ||||||||
Corporate Bonds (1.2%) | ||||||||
IHS Netherlands Holdco BV, | ||||||||
8.00%, 9/18/27 (a) | 1,100 | 927 | ||||||
SEPLAT Energy PLC, | ||||||||
7.75%, 4/1/26 | 880 | 724 | ||||||
1,651 | ||||||||
Sovereign (1.8%) | ||||||||
Nigeria Government International Bond, | ||||||||
6.38%, 7/12/23 | 530 | 516 | ||||||
6.50%, 11/28/27 (a) | 620 | 450 | ||||||
7.14%, 2/23/30 (a) | 600 | 393 | ||||||
7.38%, 9/28/33 (a) | 220 | 134 | ||||||
8.25%, 9/28/51 (a) | 490 | 277 | ||||||
9.25%, 1/21/49 (a) | 800 | 516 | ||||||
Republic of Nigeria, | ||||||||
8.38%, 3/24/29 (a) | 300 | 216 | ||||||
2,502 | ||||||||
4,153 |
Morgan Stanley Emerging Markets Debt Fund, Inc.
Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)(cont’d)
(Showing Percentage of Total Value of Investments)
Oman (2.9%) | ||||||||
Sovereign (2.9%) | ||||||||
Oman Government International Bond, | ||||||||
4.13%, 1/17/23 | 450 | 447 | ||||||
6.00%, 8/1/29 (a) | 790 | 738 | ||||||
6.25%, 1/25/31 (a) | 1,900 | 1,775 | ||||||
6.75%, 1/17/48 | 1,486 | 1,197 | ||||||
4,157 | ||||||||
Pakistan (0.7%) | ||||||||
Sovereign (0.7%) | ||||||||
Pakistan Government International Bond, | ||||||||
6.88%, 12/5/27 | 340 | 131 | ||||||
7.38%, 4/8/31 | 325 | 122 | ||||||
8.88%, 4/8/51 | 2,200 | 806 | ||||||
1,059 | ||||||||
Panama (2.9%) | ||||||||
Corporate Bond (0.3%) | ||||||||
AES Panama Generation Holdings SRL, | ||||||||
4.38%, 5/31/30 (a) | 500 | 395 | ||||||
Sovereign (2.6%) | ||||||||
Panama Government International Bond, | ||||||||
2.25%, 9/29/32 | 1,580 | 1,116 | ||||||
3.87%, 7/23/60 | 550 | 329 | ||||||
4.00%, 9/22/24 | 800 | 782 | ||||||
4.50%, 4/1/56 | 1,770 | 1,201 | ||||||
8.88%, 9/30/27 | 278 | 318 | ||||||
3,746 | ||||||||
4,141 | ||||||||
Paraguay (1.4%) | ||||||||
Corporate Bond (0.5%) | ||||||||
Frigorifico Concepcion SA, | ||||||||
7.70%, 7/21/28 | 857 | 681 | ||||||
Sovereign (0.9%) | ||||||||
Paraguay Government International Bond, | ||||||||
4.95%, 4/28/31 (a) | 800 | 715 | ||||||
5.40%, 3/30/50 (a) | 700 | 517 | ||||||
1,232 | ||||||||
1,913 | ||||||||
Peru (3.0%) | ||||||||
Corporate Bond (0.4%) | ||||||||
Auna SAA, | ||||||||
6.50%, 11/20/25 | 690 | 560 | ||||||
Sovereign (2.6%) | ||||||||
Corporación Financiera de Desarrollo SA, | ||||||||
5.25%, 7/15/29 (a) | 978 | 926 | ||||||
Fondo MIVIVIENDA SA, | ||||||||
4.63%, 4/12/27 (a) | 360 | 338 |
Morgan Stanley Emerging Markets Debt Fund, Inc.
Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)(cont’d)
(Showing Percentage of Total Value of Investments)
Peruvian Government International Bond, | ||||||||
3.55%, 3/10/51 | 1,170 | 787 | ||||||
6.55%, 3/14/37 | 1,550 | 1,594 | ||||||
3,645 | ||||||||
4,205 | ||||||||
Philippines (1.9%) | ||||||||
Sovereign (1.9%) | ||||||||
Philippine Government International Bond, | ||||||||
9.50%, 2/2/30 | 2,200 | 2,729 | ||||||
Qatar (0.1%) | ||||||||
Sovereign (0.1%) | ||||||||
Qatar Government International Bond, | ||||||||
4.00%, 3/14/29 | 200 | 192 | ||||||
Romania (3.0%) | ||||||||
Sovereign (3.0%) | ||||||||
Romanian Government International Bonds, | ||||||||
1.75%, 7/13/30 (a) | EUR | 420 | 268 | |||||
2.00%, 4/14/33 | $ | 420 | 245 | |||||
3.00%, 2/27/27 (a) | EUR | 866 | 734 | |||||
3.75%, 2/7/34 (a) | 830 | 564 | ||||||
4.00%, 2/14/51 | $ | 1,100 | 617 | |||||
5.00%, 9/27/26 | EUR | 672 | 637 | |||||
6.13%, 1/22/44 | $ | 800 | 641 | |||||
6.63%, 9/27/29 | EUR | 655 | 609 | |||||
4,315 | ||||||||
Senegal (0.6%) | ||||||||
Sovereign (0.6%) | ||||||||
Senegal Government International Bond, | ||||||||
6.75%, 3/13/48 | $ | 1,329 | 832 | |||||
Serbia (0.8%) | ||||||||
Sovereign (0.8%) | ||||||||
Serbia International Bond, | ||||||||
2.05%, 9/23/36 | EUR | 432 | 224 | |||||
2.13%, 12/1/30 (a) | $ | 400 | 263 | |||||
2.13%, 12/1/30 | 1,000 | 658 | ||||||
1,145 | ||||||||
South Africa (1.7%) | ||||||||
Sovereign (1.7%) | ||||||||
Eskom Holdings SOC Ltd., | ||||||||
8.45%, 8/10/28 | 929 | 794 | ||||||
Republic of South Africa Government International Bond, | ||||||||
4.30%, 10/12/28 | 2,000 | 1,669 | ||||||
2,463 | ||||||||
Sri Lanka (1.6%) | ||||||||
Sovereign (1.6%) | ||||||||
Sri Lanka Government International Bond, | ||||||||
5.75%, 4/18/23 | 320 | 83 | ||||||
6.20%, 5/11/27 (d)(e) | 2,650 | 677 | ||||||
6.83%, 7/18/26 | 200 | 53 | ||||||
6.85%, 3/14/24 | 200 | 51 |
Morgan Stanley Emerging Markets Debt Fund, Inc.
Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)(cont’d)
(Showing Percentage of Total Value of Investments)
6.85%, 11/3/25 (d)(e) | 2,170 | 585 | ||||||
7.55%, 3/28/30 (d)(e) | 3,140 | 800 | ||||||
7.85%, 3/14/29 | 200 | 51 | ||||||
2,300 | ||||||||
Suriname (1.3%) | ||||||||
Sovereign (1.3%) | ||||||||
Suriname Government International Bond, | ||||||||
9.25%, 10/26/26 | 2,326 | 1,844 | ||||||
Turkey (2.5%) | ||||||||
Corporate Bonds (1.3%) | ||||||||
Limak Iskenderun Uluslararasi Liman Isletmeciligi AS, | ||||||||
9.50%, 7/10/36 | 1,390 | 1,136 | ||||||
Ulker Biskuvi Sanayi AS, | ||||||||
6.95%, 10/30/25 | 1,080 | 748 | ||||||
1,884 | ||||||||
Sovereign (1.2%) | ||||||||
Turkey Government International Bond, | ||||||||
4.88%, 4/16/43 | 800 | 454 | ||||||
5.75%, 3/22/24 | 400 | 388 | ||||||
5.88%, 6/26/31 | 500 | 364 | ||||||
6.88%, 3/17/36 (c) | 700 | 511 | ||||||
1,717 | ||||||||
3,601 | ||||||||
Ukraine (1.0%) | ||||||||
Corporate Bond (0.1%) | ||||||||
NPC Ukrenergo, | ||||||||
6.88%, 11/9/28 (a) | 690 | 135 | ||||||
Sovereign (0.9%) | ||||||||
Ukraine Government International Bond, | ||||||||
6.75%, 6/20/28 | EUR | 2,200 | 423 | |||||
6.88%, 5/21/31 | $ | 1,500 | 281 | |||||
7.75%, 9/1/25 | 2,310 | 552 | ||||||
1,256 | ||||||||
1,391 | ||||||||
United Arab Emirates (4.9%) | ||||||||
Corporate Bonds (2.2%) | ||||||||
DP World Salaam, | ||||||||
6.00%, 10/1/25 (f) | 740 | 721 | ||||||
Galaxy Pipeline Assets Bidco Ltd., | ||||||||
3.25%, 9/30/40 (a) | 1,265 | 929 | ||||||
Shelf Drilling Holdings Ltd., | ||||||||
8.88%, 11/15/24 | 1,580 | 1,536 | ||||||
3,186 | ||||||||
Sovereign (2.7%) | ||||||||
Abu Dhabi Government International Bond, | ||||||||
2.50%, 9/30/29 (a) | 1,000 | 872 | ||||||
3.13%, 4/16/30 | 1,040 | 942 |
Morgan Stanley Emerging Markets Debt Fund, Inc.
Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)(cont’d)
(Showing Percentage of Total Value of Investments)
Finance Department Government of Sharjah, | ||||||||
4.00%, 7/28/50 | 2,562 | 1,523 | ||||||
4.38%, 3/10/51 | 791 | 486 | ||||||
3,823 | ||||||||
7,009 | ||||||||
United Kingdom (0.9%) | ||||||||
Corporate Bonds (0.9%) | ||||||||
Endeavour Mining PLC, | ||||||||
5.00%, 10/14/26 | 1,034 | 826 | ||||||
Petra Diamonds U.S. Treasury PLC, | ||||||||
10.50%, 3/8/26 | 417 | 422 | ||||||
1,248 | ||||||||
United States (0.3%) | ||||||||
Corporate Bond (0.3%) | ||||||||
Mercury Chile Holdco LLC, | ||||||||
6.50%, 1/24/27 | 460 | 402 | ||||||
Uruguay (0.9%) | ||||||||
Sovereign (0.9%) | ||||||||
Uruguay Government International Bond, | ||||||||
5.10%, 6/18/50 | 1,385 | 1,272 | ||||||
Uzbekistan (0.9%) | ||||||||
Sovereign (0.9%) | ||||||||
Republic of Uzbekistan International Bond, | ||||||||
3.70%, 11/25/30 (a) | 550 | 395 | ||||||
3.90%, 10/19/31 | 1,230 | 866 | ||||||
1,261 | ||||||||
Venezuela (0.3%) | ||||||||
Sovereign (0.3%) | ||||||||
Petroleos de Venezuela SA, | ||||||||
6.00%, 11/15/26 (d)(e) | 15,570 | 370 | ||||||
Vietnam (1.3%) | ||||||||
Sovereign (1.3%) | ||||||||
Vietnam Government International Bond, | ||||||||
4.80%, 11/19/24 | 1,900 | 1,883 | ||||||
Zambia (1.4%) | ||||||||
Sovereign (1.4%) | ||||||||
Zambia Government International Bond, | ||||||||
5.38%, 9/20/22 | 1,961 | 927 | ||||||
8.50%, 4/14/24 | 433 | 210 | ||||||
8.97%, 7/30/27 | 1,850 | 885 | ||||||
2,022 | ||||||||
TOTAL FIXED INCOME SECURITIES (Cost $190,544) | 135,138 |
Morgan Stanley Emerging Markets Debt Fund, Inc.
Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)(cont’d)
(Showing Percentage of Total Value of Investments)
No. of Warrants | ||||||||
WARRANTS (0.0%) (g) | ||||||||
Venezuela ((0.0%) (g) | ||||||||
Venezuela Government International Bond, Oil-Linked Payment Obligation, expires 4/15/20 (h) (Cost $—) | 5,450 | 27 | ||||||
Shares | ||||||||
SHORT-TERM INVESTMENTS (4.9%) | ||||||||
Securities held as Collateral on Loaned Securities (0.1%) | ||||||||
Investment Company (0.1%) | ||||||||
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (i) | 67,106 | 67 | ||||||
Face Amount (000) | ||||||||
Repurchase Agreements (0.0%) (g) | ||||||||
HSBC Securities USA, Inc., (2.97%, dated 9/30/22, due 10/3/22; proceeds $10; fully collateralized by a U.S. Government obligation; 0.00% due 7/13/23; valued at $10) | $ | 9 | 9 | |||||
Merrill Lynch & Co., Inc., (2.95%, dated 9/30/22, due 10/3/22; proceeds $3; fully collateralized by a U.S. Government obligation; 1.88% due 2/28/27; valued at $3) | 3 | 3 | ||||||
12 | ||||||||
TOTAL SECURITIES HELD AS COLLATERAL ON LOANED SECURITIES (Cost $79) | 79 | |||||||
Shares | ||||||||
Investment Company (4.8%) | ||||||||
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (i) (Cost $6,784) | 6,784,185 | 6,784 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $6,863) | 6,863 | |||||||
TOTAL INVESTMENTS (100.0%) (Cost $197,407) Including $1,336 of Securities Loaned (j)(k)(l) | 142,028 | |||||||
OTHER ASSETS IN EXCESS OF LIABILITIES | 801 | |||||||
NET ASSETS | $ | 142,829 |
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.
(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, 2022. Maturity date disclosed is the ultimate maturity date. |
Morgan Stanley Emerging Markets Debt Fund, Inc.
Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)(cont’d)
(Showing Percentage of Total Value of Investments)
(c) | All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at September 30, 2022, were approximately $1,336,000 and $1,361,000, respectively. The Fund received cash collateral of approximately $81,000, of which approximately $79,000 was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class as reported in the Portfolio of Investments. At September 30, 2022, there was uninvested cash collateral of approximately $2,000, which is not reflected in the Portfolio of Investments. The remaining collateral of approximately $1,280 was received in the form of U.S. Government obligations, which the Fund cannot sell or re-pledge and accordingly are not reflected in the Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand. |
(d) | Issuer in bankruptcy. |
(e) | Non-income producing security; bond in default. |
(f) | 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, 2022. |
(g) | Amount is less than 0.05%. |
(h) | Perpetual maturity date. Date disclosed is the last expiration date. |
(i) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser, both directly and as a portion of the securities held as collateral on loaned securities. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended September 30, 2022, advisory fees paid were reduced by approximately $6,000 relating to the Fund's investment in the Liquidity Funds. |
(j) | 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, 2022, the Fund did not engage in any cross-trade transactions. |
(k) | Securities are available for collateral in connection with purchase of open foreign currency forward exchange contracts and futures contracts. |
(l) | At September 30, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $1,715,000 and the aggregate gross unrealized depreciation is approximately $57,688,000, resulting in net unrealized depreciation of approximately $55,973,000. |
Morgan Stanley Emerging Markets Debt Fund, Inc.
Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)(cont’d)
(Showing Percentage of Total Value of Investments)
Foreign Currency Forward Exchange Contracts:
The Fund had the following foreign currency forward exchange contracts open at September 30, 2022:
Counterparty | Contracts to Deliver (000) | In Exchange For (000) | Delivery Date | Unrealized Appreciation (Depreciation) (000) | ||||||||
Bank of America NA | EUR | 562 | $ | 556 | 10/7/22 | $ | 5 | |||||
Citibank NA | EUR | 7,650 | $ | 7,798 | 10/7/22 | 299 | ||||||
Citibank NA | EUR | 155 | $ | 151 | 10/7/22 | (1 | ) | |||||
HSBC Bank PLC | EUR | 175 | $ | 173 | 10/7/22 | 1 | ||||||
JPMorgan Chase Bank NA | $ | 957 | EUR | 1,000 | 10/7/22 | 23 | ||||||
State Street Bank and Trust Co. | EUR | 221 | $ | 215 | 10/7/22 | (2 | ) | |||||
State Street Bank and Trust Co. | EUR | 75 | $ | 72 | 10/7/22 | (1 | ) | |||||
State Street Bank and Trust Co. | EUR | 688 | $ | 667 | 10/7/22 | (8 | ) | |||||
State Street Bank and Trust Co. | EUR | 692 | $ | 671 | 10/7/22 | (7 | ) | |||||
State Street Bank and Trust Co. | EUR | 228 | $ | 223 | 10/7/22 | (1 | ) | |||||
308 |
Morgan Stanley Emerging Markets Debt Fund, Inc.
Portfolio of Investments
Third Quarter Report
September 30, 2022 (unaudited)(cont’d)
(Showing Percentage of Total Value of Investments)
Futures Contracts:
The Fund had the following futures contracts open at September 30, 2022:
Number of Contracts | Expiration Date | Notional Amount (000) | Value (000) | Unrealized Appreciation (Depreciation) (000) | ||||||||||
Long: | ||||||||||||||
U.S. Treasury 10 yr. Ultra Note (United States) | 35 | Dec-22 | $ | 3,500 | 4,147 | (219 | ) | |||||||
U.S. Treasury 2 yr. Note (United States) | 10 | Dec-22 | 2,000 | 2,054 | (32 | ) | ||||||||
U.S. Treasury 5 yr. Note (United States) | 124 | Dec-22 | 12,400 | 13,331 | (456 | ) | ||||||||
U.S. Treasury Long Bond (United States) | 8 | Dec-22 | 800 | 1,011 | (76 | ) | ||||||||
U.S. Treasury Ultra Bond (United States) | 50 | Dec-22 | 5,000 | 6,850 | (534 | ) | ||||||||
Short: | ||||||||||||||
Euro-Buxl 30yr. Bond (Germany) | 1 | Dec-22 | EUR | (100 | ) | $ | (144 | ) | $ | 8 | ||||
U.S. Treasury 10 yr. Note (United States) | 33 | Dec-22 | $ | (3,300 | ) | (3,698 | ) | 174 | ||||||
German Euro-BOBL Index (Germany) | 35 | Dec-22 | EUR | (3,500 | ) | (4,108 | ) | 67 | ||||||
German Euro-Bund Index (Germany) | 29 | Dec-22 | (2,900 | ) | (3,936 | ) | 155 | |||||||
U.S. Treasury 5 yr. Note (United States) | 3 | Dec-22 | $ | (300 | ) | (322 | ) | 11 | ||||||
$ | (902 | ) |
EUR | – | Euro |
Portfolio Composition*
Classification | Percentage of Total Investments | |||
Sovereign | 77.9 | % | ||
Corporate Bonds | 17.3 | |||
Other** | 4.8 | |||
Total Investments | 100.0 | %*** |
* | Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of September 30, 2022. |
** | Industries and/or investment types representing less than 5% of total investments. |
*** | Does not include open long/short futures contracts with a value of approximately $39,601,000 and net unrealized depreciation of approximately $902,000. Does not include open foreign currency forward exchange contracts with net unrealized appreciation of approximately $308,000. |
Morgan Stanley Emerging Markets Debt Fund, Inc.
Notes to the Portfolio of Investments ■ September 30, 2022 (unaudited)
On February 24, 2022, Russia launched a large-scale invasion of Ukraine significantly amplifying already existing geopolitical tensions. In response to the invasion, many countries, including the U.S., have imposed economic sanctions on Russian governmental institutions, Russian entities, and Russian individuals, which have had a negative impact on the Russian economy, on the Russian currency, and on the investments having exposure to Russia, Ukraine, and other combatants, including Belarus. Russia in turn has imposed its own restrictions against investors and countries outside Russia and has proposed additional measures aimed at non-Russian-owned businesses. Businesses in the U.S. and globally have experienced shortages in materials and increased costs for transportation, energy and raw materials due, in part, to the negative effects of the war on the global economy. The escalation or continuation of the war between Russia and Ukraine or other hostilities presents heightened risks relating to cyber-attacks, the frequency and volume of failures to settle securities transactions, supply chain disruptions, inflation, as well as the potential for increased volatility in commodity, currency and other financial markets. The current events have had, and could continue to have, an adverse effect on global markets performance and liquidity, thereby negatively affecting the value of the Fund’s investments beyond any direct exposure to Russian or Ukrainian issuers, markets or economies. The duration and extent of the economic impacts resulting from the military conflict with Russia and the related sanctions is uncertain at this time.
Security Valuation: (1) Bonds and other fixed income securities may be valued according to the broadest and most representative market. In addition, bonds and other fixed income securities may be valued on the basis of prices provided by a pricing service/vendor. The pricing service/vendor may employ a pricing model that takes into account, among other things, bids, yield spreads and/or other market data and specific security characteristics. If Morgan Stanley Investment Management Inc. (the “Adviser”) determines that the price provided by the outside pricing service/vendor or exchange does not reflect the security’s fair value or is unable to provide a price, prices from brokers/dealers may also be utilized. In these circumstances, the value of the security will be the mean of bid and asked prices obtained from brokers/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, including circumstances under which the 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 established by and under the general supervision of the Directors. Occasionally, developments affecting the closing prices of securities and other assets may occur between the times at which valuations of such securities are determined (that is, close of the foreign market on which the securities trade) and the close of business of the New York Stock Exchange (“NYSE”). If developments occur during such periods that are expected to materially affect the value of such securities, such valuations may be adjusted to reflect the estimated fair value of such securities as of the close of the NYSE, as determined in good faith by the Directors or by the Adviser using a pricing service and/or procedures approved by the Directors; (4) futures are valued at the settlement price on the exchange on which they trade or, if a settlement price is unavailable, at the last sale price on the exchange; (5) 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 (6) 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, which became effective September 8, 2022, 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.
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 pay 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.
The following is a summary of the inputs used to value the Fund's investments as of September 30, 2022:
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 | $ | — | $ | 24,497 | $ | — | $ | 24,497 | ||||||||
Sovereign | — | 110,641 | — | 110,641 | ||||||||||||
Total Fixed Income Securities | — | 135,138 | — | 135,138 | ||||||||||||
Warrants | — | 27 | — | 27 | ||||||||||||
Short-Term Investments | ||||||||||||||||
Investment Company | 6,851 | — | — | 6,851 | ||||||||||||
Repurchase Agreements | — | 12 | — | 12 | ||||||||||||
Total Short-Term Investments | 6,851 | 12 | — | 6,863 | ||||||||||||
Foreign Currency Forward Exchange Contracts | — | 328 | — | 328 | ||||||||||||
Futures Contracts | 415 | — | — | 415 | ||||||||||||
Total Assets | 7,266 | 135,505 | — | 142,771 | ||||||||||||
Liabilities: | ||||||||||||||||
Foreign Currency Forward Exchange Contracts | — | (20 | ) | — | (20 | ) | ||||||||||
Futures Contracts | (1,317 | ) | — | — | (1,317 | ) | ||||||||||
Total Liabilities | (1,317 | ) | (20 | ) | — | (1,337 | ) | |||||||||
Total | $ | 5,949 | $ | 135,485 | $ | — | $ | 141,434 |
Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment's valuation changes.