-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, V+nziQqbTUDU2G7X1XeSaILZC0zRkT6AaheLSfIeus9H7PX1iYxfa0CfT18uB4Sq jLf838XgNjXhswgZoowB7g== 0001104659-04-037537.txt : 20041126 0001104659-04-037537.hdr.sgml : 20041125 20041126120550 ACCESSION NUMBER: 0001104659-04-037537 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040930 FILED AS OF DATE: 20041126 DATE AS OF CHANGE: 20041126 EFFECTIVENESS DATE: 20041126 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MORGAN STANLEY DEAN WITTER EMERGING MARKETS DEBT FUND INC CENTRAL INDEX KEY: 0000904112 IRS NUMBER: 133713706 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-07694 FILM NUMBER: 041168941 BUSINESS ADDRESS: STREET 1: 1221 AVENUE OF THE AMERICAS STREET 2: 8TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10020 BUSINESS PHONE: 6175578742 MAIL ADDRESS: STREET 1: 1221 AVENUE OF THE AMERIAS STREET 2: 8TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10020 FORMER COMPANY: FORMER CONFORMED NAME: MORGAN STANLEY EMERGING MARKETS DEBT FUND INC DATE OF NAME CHANGE: 19930714 N-Q 1 a04-13985_1nq.htm N-Q

[Annotated Form N-Q]

 

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 

 

 

 

 

 

 

FORM N-Q

 

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

 

Investment Company Act file number

811-07694

 

MORGAN STANLEY EMERGING MARKETS DEBT FUND, INC.

(Exact name of registrant as specified in charter)

1221 AVENUE OF THE AMERICAS 22ND FLOOR NEW YORK, NY

10020

(Address of principal executive offices)

(Zip code)

RONALD E. ROBISON
1221 AVENUE OF THE AMERICAS 33RD FLOOR NEW YORK, NY, 10020

(Name and address of agent for service)

 

 

 

Registrant’s telephone number, including area code:

1-800-221-6726

 

 

Date of fiscal year end:

12/31/04

 

 

Date of reporting period:

9/30/04

 

 


Item 1.  Schedule of Investments.

 

The Fund’s schedule of investments as of the close of the reporting period prepared pursuant to Rule 12-12 of Regulation S-X is as follows: 

 

Morgan Stanley Emerging Markets Debt Fund, Inc.

 

2004 Third Quarter Report

September 30, 2004 (unaudited)

 

Portfolio of Investments

(Showing Percentage of Total Value of Investments)

 

 

 

Face
Amount
(000)

 

Value
(000)

 

DEBT INSTRUMENTS (96.9%)

 

 

 

 

 

Argentina (3.4%)

 

 

 

 

 

Sovereign (3.4%)

 

 

 

 

 

Republic of Argentina

 

 

 

 

 

6.00%, 3/31/23

 

$

(a)1,724

 

$

909

 

11.375%, 3/15/10

 

(a)1,960

 

603

 

11.375%, 1/30/17

 

(a)639

 

198

 

11.75%, 4/7/09

 

(a)11,540

 

3,549

 

11.75%, 6/15/15

 

(a)310

 

95

 

Republic of Argentina (Linked Variable Rate)

 

 

 

 

 

82.329%, 4/10/05

 

(a)(b)7,090

 

2,464

 

 

 

 

 

7,818

 

Brazil (16.3%)

 

 

 

 

 

Sovereign (16.3%)

 

 

 

 

 

Federative Republic of Brazil

 

 

 

 

 

2.063%, 4/15/24

 

(b)5,280

 

4,646

 

6.00%, 4/15/24

 

(b)1,490

 

1,335

 

8.00%, 4/15/14

 

(c)8,725

 

8,633

 

8.875%, 4/15/24

 

4,435

 

4,258

 

10.50%, 7/14/14

 

3,920

 

4,375

 

11.00%, 8/17/40

 

3,250

 

3,647

 

14.50%, 10/15/09

 

8,360

 

10,826

 

 

 

 

 

37,720

 

Bulgaria (1.7%)

 

 

 

 

 

Sovereign (1.7%)

 

 

 

 

 

Republic of Bulgaria

 

 

 

 

 

8.25%, 1/15/15

 

(d)1,699

 

2,102

 

Republic of Bulgaria (Registered)

 

 

 

 

 

8.25%, 1/15/15

 

1,490

 

1,844

 

 

 

 

 

3,946

 

Chile (2.0%)

 

 

 

 

 

Corporate (2.0%)

 

 

 

 

 

Empresa Nacional de Petroleo

 

 

 

 

 

6.75%, 11/15/12

 

(d)4,170

 

4,658

 

Colombia (2.4%)

 

 

 

 

 

Sovereign (2.4%)

 

 

 

 

 

Republic of Colombia

 

 

 

 

 

9.75%, 4/9/11

 

2,987

 

3,390

 

10.375%, 1/28/33

 

1,050

 

1,144

 

11.75%, 2/25/20

 

865

 

1,062

 

 

 

 

 

5,596

 

India (0.0%)

 

 

 

 

 

Corporate (0.0%)

 

 

 

 

 

Surashtra Cement and Chemical Ltd.

 

 

 

 

 

19.00% (expired maturity)

 

(a)(e)30,000

 

@—

 

 

 

 

 

 

 

Indonesia (2.8%)

 

 

 

 

 

Corporate (2.8%)

 

 

 

 

 

Pindo Deli Finance (Mauritius)

 

 

 

 

 

10.75%, 10/1/07

 

 

(a)(d)11,610

)

 

3,628

 

Tjiwi Kimia Finance Mauritius Ltd.

 

 

 

 

 

10.00%, 8/1/04

 

(a)2,130

 

879

 

Tjiwi Kimia International Global Bond

 

 

 

 

 

13.25%, 8/1/49

 

(a)4,990

 

2,058

 

 

 

 

 

6,565

 

Ivory Coast (0.2%)

 

 

 

 

 

Sovereign (0.2%)

 

 

 

 

 

Republic of Ivory Coast

 

 

 

 

 

2.00%, 3/29/18

 

(a)2,045

 

368

 

Malaysia (1.9%)

 

 

 

 

 

Sovereign (1.9%)

 

 

 

 

 

Government of Malaysia

 

 

 

 

 

8.75%, 6/1/09

 

3,740

 

4,485

 

Mexico (20.3%)

 

 

 

 

 

Corporate (8.0%)

 

 

 

 

 

Pemex Project Funding Master Trust

 

 

 

 

 

3.18%, 6/15/10

 

(b)(d)4,250

 

4,305

 

9.125%, 10/13/10

 

4,040

 

4,818

 

Petroleos Mexicanos

 

 

 

 

 

9.50%, 9/15/27

 

4,650

 

5,681

 

Petroleos Mexicanos (Registered)

 

 

 

 

 

8.625%, 12/1/23

 

1,740

 

1,971

 

Satelites Mexicanos SA de CV, ‘B’

 

 

 

 

 

10.125%, 11/1/04

 

(a)3,343

 

1,788

 

 

 

 

 

18,563

 

Sovereign (12.3%)

 

 

 

 

 

United Mexican States

 

 

 

 

 

8.00%, 9/24/22

 

1,200

 

1,356

 

8.125%, 12/30/19

 

2,010

 

2,311

 

8.375%, 1/14/11

 

(c)10,210

 

11,997

 

10.375%, 2/17/09

 

3,430

 

4,227

 

11.50%, 5/15/26

 

5,639

 

8,501

 

 

 

 

 

28,392

 

 

 

 

 

46,955

 

Nigeria (1.2%)

 

 

 

 

 

Sovereign (1.2%)

 

 

 

 

 

Central Bank of Nigeria

 

 

 

 

 

6.25%, 11/15/20

 

(f)3,000

 

2,828

 

 

1


 

Portfolio of Investments (cont’d)

(Showing Percentage of Total Value of Investments)

 

 

 

Face
Amount
(000)

 

Value
(000)

 

Panama (1.9%)

 

 

 

 

 

Sovereign (1.9%)

 

 

 

 

 

Republic of Panama

 

 

 

 

 

9.375%, 4/1/29

 

$

1,890

 

$

2,127

 

9.625%, 2/8/11

 

1,870

 

2,155

 

 

 

 

 

4,282

 

Peru (2.4%)

 

 

 

 

 

Sovereign (2.4%)

 

 

 

 

 

Republic of Peru

 

 

 

 

 

4.50%, 3/7/17

 

(b)1,700

 

1,509

 

8.375%, 5/3/16

 

1,610

 

1,682

 

9.875%, 2/6/15

 

1,965

 

2,270

 

 

 

 

 

5,461

 

Philippines (7.3%)

 

 

 

 

 

Sovereign (7.3%)

 

 

 

 

 

Republic of Philippines

 

 

 

 

 

9.00%, 2/15/13

 

 

 

 

 

8.875%, 3/17/15

 

10,500

 

10,513

 

9.875%, 1/15/19

 

2,360

 

2,442

 

10.625%, 3/16/25

 

3,540

 

3,797

 

 

 

 

 

16,752

 

Qatar (0.8%)

 

 

 

 

 

Sovereign (0.8%)

 

 

 

 

 

State of Qatar (Registered)

 

 

 

 

 

9.75%, 6/15/30

 

1,260

 

1,818

 

Russia (19.0%)

 

 

 

 

 

Sovereign (19.0%)

 

 

 

 

 

Aries Vermoegensverwaltungs GmbH

 

 

 

 

 

9.60%, 10/25/14

 

4,250

 

4,792

 

Russian Federation

 

 

 

 

 

5.00%, 3/31/30

 

(d)(f)4,684

 

4,532

 

Russian Federation (Registered)

 

 

 

 

 

5.00%, 3/31/30

 

(f)12,445

 

12,041

 

8.25%, 3/31/10

 

3,760

 

4,110

 

11.00%, 7/24/18

 

7,051

 

9,202

 

12.75%, 6/24/28

 

6,080

 

9,287

 

 

 

 

 

43,964

 

Tunisia (0.4%)

 

 

 

 

 

Sovereign (0.4%)

 

 

 

 

 

Banque Centrale de Tunisie

 

 

 

 

 

7.375%, 4/25/12

 

750

 

856

 

Turkey (7.7%)

 

 

 

 

 

Sovereign (7.7%)

 

 

 

 

 

Citigroup Global Markets Holdings, Inc. (Turkish Lira Index Linked)

 

 

 

 

 

Zero Coupon, 2/23/06

 

 

1,690

 

 

1,760

 

Zero Coupon, 2/23/06

 

2,210

 

2,174

 

Zero Coupon, 2/23/06

 

4,680

 

4,709

 

Republic of Turkey

 

 

 

 

 

11.00%, 1/14/13

 

4,770

 

5,873

 

11.50%, 1/23/12

 

2,700

 

3,375

 

 

 

 

 

17,891

 

Ukraine (1.1%)

 

 

 

 

 

Sovereign (1.1%)

 

 

 

 

 

Republic of Ukraine

 

 

 

 

 

5.33%, 8/5/09

 

(b)(d)2,480

 

2,517

 

Venezuela (4.1%)

 

 

 

 

 

Sovereign (4.1%)

 

 

 

 

 

Republic of Venezuela

 

 

 

 

 

8.50%, 10/8/14

 

1,510

 

1,480

 

9.375%, 1/13/34

 

2,380

 

2,357

 

10.75%, 9/19/13

 

(d)4,890

 

5,506

 

 

 

 

 

9,343

 

TOTAL DEBT INSTRUMENTS
(Cost $218,361)

 

 

 

223,823

 

 

 

 

No. of
Warrants

 

 

 

WARRANTS (0.0%)

 

 

 

 

 

Nigeria (0.0%)

 

 

 

 

 

Central Bank of Nigeria, expiring 11/15/20

 

(e)(g)8,750

 

@—

 

Venezuela (0.0%)

 

 

 

 

 

Republic of Venezuela Oil-Linked Payment Obligation, expiring 4/15/20

 

(b)(g)11,350

 

@—

 

TOTAL WARRANTS

 

 

 

 

 

(Cost $@—)

 

 

 

@—

 

 

2


 

Portfolio of Investments (cont’d)

(Showing Percentage of Total Value of Investments)

 

 

 

Face
Amount
(000)

 

Value
(000)

 

SHORT-TERM INVESTMENTS (3.1%)

 

 

 

 

 

United States (3.1%)

 

 

 

 

 

Repurchase Agreement (3.1%)

 

 

 

 

 

J.P. Morgan Securities, Inc, 1.60%, dated 9/30/04, due 10/1/04, repurchase price $7,054 (cost $7,054)

 

$

(h)7,054

 

$

7,054

 

TOTAL INVESTMENTS + (100.0%)
(Cost $225,415)

 

 

 

230,877

 

LIABILITIES LESS OTHER ASSETS

 

 

 

(8,479

)

TOTAL NET ASSETS

 

 

 

$

222,398

 

 

(a)           Security is in default.

(b)           Variable/Floating Rate Security — Interest rate changes on these instruments are based on changes in designated base rates. The rates shown are those in effect on September 30, 2004.

(c)           Denotes all or a portion of securities subject to repurchase under the Reverse Repurchase Agreements as of September 30, 2004. See note A-3 to financial statements.

(d)           144A Security - Certain conditions for public sale may exist.

(e)           Security was valued at fair value - At September 30, 2004, the Fund held fair-valued securities, each valued at less than $500, representing less than 0.05% of net assets.

(f)            Step Bond - coupon rate increases in increments to maturity. Rate disclosed is as of September 30, 2004. Maturity date disclosed is ultimate maturity.

(g)           Non-income producing.

(h)           The repurchase agreement is fully collateralized by U.S. government and/or agency obligations based on market prices at the date of this statement of net assets. The investment in the repurchase agreement is through participation in a joint account with affiliated funds.

@            Face Amount/Value is less than $500.

+              At September 30, 2004, the U.S. Federal income tax cost basis of investments was approximately $225,415,000 and, accordingly, net unrealized appreciation for U.S. Federal income tax purposes was $5,462,000 of which $12,440,000 related to appreciated securities and $6,978,000 related to depreciated securities.

 

Futures Contracts:

The Fund had the following futures contract(s) open at period end:

 

 

 

Number
of
Contracts

 

Value
(000)

 

Expiration
Date

 

Net
Unrealized
Appreciation
(Depreciation)
(000)

 

 

 

 

 

 

 

 

 

 

 

Short:

 

 

 

 

 

 

 

 

 

5 Year U.S. Treasury Note

 

478

 

$

52,939

 

Dec-04

 

$

(246

)

 

3


 

Item 2.  Controls and Procedures.

 

(a) The Fund’s principal executive officer and principal financial officer have concluded that the Fund’s disclosure controls and procedures are sufficient to ensure that information required to be disclosed by the Fund in this Form N-Q was recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, based upon such officers’ evaluation of these controls and procedures as of a date within 90 days of the filing date of the report.

 

(b)  There were no changes in the Fund’s internal control over financial reporting that occurred during the registrant’s fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Fund’s internal control over financial reporting.

 

Item 3.  Exhibits.

 

4


 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

(Registrant)

Morgan Stanley Emerging Markets Debt Fund, Inc.

 

By:

/s/ Ronald E. Robinson

 

Name:

Ronald E. Robinson

 

Title:

Principal Executive Officer

 

Date:

 

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By:

/s/ Ronald E. Robinson

 

Name:

Ronald E. Robinson

 

Title:

Principal Executive Officer

 

Date:

 

 

 

 

 

By:

/s/ James Garrett

 

Name:

James Garrett

 

Title:

Principal Financial Officer

 

Date:

 

 

 

5

 EX-99.CERT 2 a04-13985_1ex99dcert.htm EX-99.CERT

Exhibit 99.Cert

 

FORM N-Q

 

I, Ronald E. Robison, certify that:

 

1.                                       I have reviewed this report on Form N-Q of Morgan Stanley Emerging Markets Debt Fund, Inc.;

 

2.                                       Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.                                       Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

 

4.                                       The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have:

 

(a)                                  Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

(b)                                 Omitted;

 

(c)                                  Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

 

(d)                                 Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.                                       The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

(a)                                  All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

 

(b)                                 Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

 

Date: November 19, 2004

 

/s/ Ronald E. Robison

 

 

 

Ronald E. Robison

 

 

Principal Executive Officer

 


FORM N-Q

 

I, James Garrett, certify that:

 

1.                                       I have reviewed this report on Form N-Q of Morgan Stanley Emerging Markets Debt Fund, Inc.;

 

2.                                       Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.                                       Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

 

4.                                       The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have:

 

(a)                                  Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

(b)                                 Omitted;

 

(c)                                  Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

 

(d)                                 Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.                                       The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

(a)                                  All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

 

(b)                                 Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

 

Date: October 20, 2004

 

/s/ James Garrett

 

 

 

James Garrett

 

 

Principal Financial Officer

 

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