Morgan Stanley Emerging Markets Debt Fund, Inc.
Portfolio of Investments
First Quarter Report
March 31, 2022 (unaudited)
(Showing Percentage of Total Value of Investments)
Face Amount (000) | Value (000) | |||||||
FIXED INCOME SECURITIES (90.2%) | ||||||||
Angola (1.7%) | ||||||||
Sovereign (1.7%) | ||||||||
Angolan Government International Bond, | ||||||||
8.00%, 11/26/29 | $ | 800 | $ | 806 | ||||
8.00%, 11/26/29 (a) | 1,400 | 1,411 | ||||||
9.38%, 5/8/48 (a)(b) | 1,010 | 996 | ||||||
3,213 | ||||||||
Argentina (1.2%) | ||||||||
Sovereign (1.2%) | ||||||||
Argentine Republic Government International Bond, | ||||||||
0.50%, 7/9/30 (c) | 887 | 299 | ||||||
1.00%, 7/9/29 | 167 | 57 | ||||||
1.13%, 7/9/35 (c) | 1,625 | 498 | ||||||
2.00%, 1/9/38 (c) | 3,840 | 1,454 | ||||||
2,308 | ||||||||
Armenia (0.5%) | ||||||||
Sovereign (0.5%) | ||||||||
Republic of Armenia International Bond, | ||||||||
3.60%, 2/2/31 | 500 | 397 | ||||||
3.95%, 9/26/29 | 550 | 468 | ||||||
865 | ||||||||
Azerbaijan (1.0%) | ||||||||
Sovereign (1.0%) | ||||||||
Republic of Azerbaijan International Bond, | ||||||||
3.50%, 9/1/32 | 1,928 | 1,803 | ||||||
Bahrain (1.3%) | ||||||||
Sovereign (1.3%) | ||||||||
Bahrain Government International Bond, | ||||||||
7.50%, 9/20/47 | 2,500 | 2,458 | ||||||
Belarus (0.1%) | ||||||||
Sovereign (0.1%) | ||||||||
Republic of Belarus International Bond, | ||||||||
6.20%, 2/28/30 (a) | 400 | 66 | ||||||
Republic of Belarus Ministry of Finance, | ||||||||
6.38%, 2/24/31 (a) | 710 | 110 | ||||||
176 | ||||||||
Benin (0.5%) | ||||||||
Sovereign (0.5%) | ||||||||
Benin Government International Bond, | ||||||||
4.95%, 1/22/35 | EUR | 1,000 | 906 |
Morgan Stanley Emerging Markets Debt Fund, Inc.
Portfolio of Investments
First Quarter Report
March 31, 2022 (unaudited)(cont’d)
Brazil (3.5%) | ||||||||
Corporate Bonds (1.0%) | ||||||||
Braskem Netherlands Finance BV, | ||||||||
4.50%, 1/31/30 (a) | $ | 1,150 | 1,115 | |||||
MARB BondCo PLC, | ||||||||
3.95%, 1/29/31 (a) | 660 | 587 | ||||||
Suzano Austria GmbH, | ||||||||
3.75%, 1/15/31 | 225 | 212 | ||||||
1,914 | ||||||||
Sovereign (2.5%) | ||||||||
Brazilian Government International Bond, | ||||||||
3.88%, 6/12/30 | 590 | 545 | ||||||
4.50%, 5/30/29 | 470 | 462 | ||||||
5.00%, 1/27/45 | 2,288 | 2,042 | ||||||
6.00%, 4/7/26 | 1,610 | 1,747 | ||||||
4,796 | ||||||||
6,710 | ||||||||
Chile (1.4%) | ||||||||
Corporate Bond (0.5%) | ||||||||
Colbun SA, | ||||||||
3.15%, 3/6/30 (a) | 1,110 | 1,031 | ||||||
Sovereign (0.9%) | ||||||||
Chile Government International Bond, | ||||||||
3.50%, 1/25/50 | 1,570 | 1,441 | ||||||
3.86%, 6/21/47 | 250 | 244 | ||||||
1,685 | ||||||||
2,716 | ||||||||
China (3.5%) | ||||||||
Sovereign (3.5%) | ||||||||
Sinopec Group Overseas Development 2012 Ltd., | ||||||||
4.88%, 5/17/42 | 970 | 1,035 | ||||||
Sinopec Group Overseas Development 2013 Ltd., | ||||||||
4.38%, 10/17/23 | 3,040 | 3,114 | ||||||
Sinopec Group Overseas Development 2018 Ltd., | ||||||||
2.95%, 11/12/29 (a) | 1,770 | 1,701 | ||||||
Three Gorges Finance I Cayman Islands Ltd., | ||||||||
3.70%, 6/10/25 (a) | 780 | 792 | ||||||
6,642 | ||||||||
Colombia (2.5%) | ||||||||
Corporate Bonds (0.3%) | ||||||||
Millicom International Cellular SA, | ||||||||
4.50%, 4/27/31 (a) | 384 | 358 | ||||||
Termocandelaria Power Ltd., | ||||||||
7.88%, 1/30/29 (a) | 272 | 274 | ||||||
632 | ||||||||
Sovereign (2.2%) | ||||||||
Colombia Government International Bond, | ||||||||
3.00%, 1/30/30 (b) | 1,791 | 1,545 | ||||||
4.13%, 5/15/51 (b) | 1,000 | 757 | ||||||
5.00%, 6/15/45 (b) | 2,230 | 1,885 | ||||||
4,187 | ||||||||
4,819 |
Morgan Stanley Emerging Markets Debt Fund, Inc.
Portfolio of Investments
First Quarter Report
March 31, 2022 (unaudited)(cont’d)
Costa Rica (0.8%) | ||||||||
Sovereign (0.8%) | ||||||||
Costa Rica Government International Bond, | ||||||||
6.13%, 2/19/31 (a) | 505 | 512 | ||||||
7.00%, 4/4/44 | 340 | 337 | ||||||
7.16%, 3/12/45 | 710 | 707 | ||||||
1,556 | ||||||||
Dominican Republic (3.9%) | ||||||||
Sovereign (3.9%) | ||||||||
Dominican Republic International Bond, | ||||||||
4.88%, 9/23/32 (a) | 710 | 644 | ||||||
5.30%, 1/21/41 (a) | 550 | 479 | ||||||
5.50%, 2/22/29 (a) | 490 | 485 | ||||||
5.88%, 1/30/60 | 500 | 430 | ||||||
5.88%, 1/30/60 (a) | 1,190 | 1,024 | ||||||
6.00%, 7/19/28 (a) | 560 | 570 | ||||||
6.85%, 1/27/45 (a) | 1,252 | 1,244 | ||||||
6.88%, 1/29/26 (a) | 1,605 | 1,709 | ||||||
7.45%, 4/30/44 (a) | 666 | 706 | ||||||
7,291 | ||||||||
Ecuador (2.2%) | ||||||||
Sovereign (2.2%) | ||||||||
Ecuador Government International Bond, | ||||||||
0.00%, 7/31/30 (a) | 351 | 196 | ||||||
0.50%, 7/31/40 (a)(c) | 1,421 | 816 | ||||||
0.50%, 7/31/40 (c) | 522 | 300 | ||||||
1.00%, 7/31/35 (a)(c) | 2,302 | 1,511 | ||||||
1.00%, 7/31/35 (c) | 550 | 361 | ||||||
5.00%, 7/31/30 (a)(c) | 1,184 | 994 | ||||||
4,178 | ||||||||
Egypt (3.1%) | ||||||||
Sovereign (3.1%) | ||||||||
Egypt Government International Bond, | ||||||||
4.75%, 4/16/26 | 480 | 491 | ||||||
6.38%, 4/11/31 (a) | 1,610 | 1,531 | ||||||
7.50%, 2/16/61 (a) | 1,030 | 821 | ||||||
7.90%, 2/21/48 (a) | 490 | 399 | ||||||
8.15%, 11/20/59 (a) | 2,000 | 1,657 | ||||||
8.88%, 5/29/50 (a) | 430 | 374 | ||||||
8.88%, 5/29/50 (a) | 750 | 651 | ||||||
5,924 | ||||||||
El Salvador (0.5%) | ||||||||
Sovereign (0.5%) | ||||||||
El Salvador Government International Bond, | ||||||||
6.38%, 1/18/27 | 1,785 | 892 | ||||||
8.63%, 2/28/29 (a) | 250 | 122 | ||||||
1,014 |
Morgan Stanley Emerging Markets Debt Fund, Inc.
Portfolio of Investments
First Quarter Report
March 31, 2022 (unaudited)(cont’d)
Gabon (0.4%) | ||||||||
Sovereign (0.4%) | ||||||||
Republic of Gabon, | ||||||||
6.95%, 6/16/25 (a) | 740 | 753 | ||||||
Ghana (1.8%) | ||||||||
Sovereign (1.8%) | ||||||||
Ghana Government International Bond, | ||||||||
7.75%, 4/7/29 | 1,350 | 994 | ||||||
7.88%, 2/11/35 | 460 | 322 | ||||||
8.63%, 6/16/49 (a) | 690 | 483 | ||||||
8.88%, 5/7/42 (a) | 910 | 640 | ||||||
8.95%, 3/26/51 (a) | 1,340 | 940 | ||||||
3,379 | ||||||||
Guatemala (0.9%) | ||||||||
Sovereign (0.9%) | ||||||||
Guatemala Government Bond, | ||||||||
4.65%, 10/7/41 (a) | 400 | 374 | ||||||
4.88%, 2/13/28 | 970 | 996 | ||||||
6.13%, 6/1/50 (a) | 380 | 401 | ||||||
1,771 | ||||||||
Honduras (0.7%) | ||||||||
Sovereign (0.7%) | ||||||||
Honduras Government International Bond, | ||||||||
5.63%, 6/24/30 | 635 | 578 | ||||||
5.63%, 6/24/30 (a)(b) | 230 | 209 | ||||||
6.25%, 1/19/27 | 565 | 540 | ||||||
1,327 | ||||||||
Hungary (1.0%) | ||||||||
Sovereign (1.0%) | ||||||||
Hungary Government International Bond, | ||||||||
5.38%, 3/25/24 | 1,250 | 1,311 | ||||||
7.63%, 3/29/41 | 454 | 661 | ||||||
1,972 | ||||||||
India (0.4%) | ||||||||
Sovereign (0.4%) | ||||||||
Export-Import Bank of India, | ||||||||
3.38%, 8/5/26 (a) | 800 | 784 | ||||||
Indonesia (5.8%) | ||||||||
Sovereign (5.8%) | ||||||||
Indonesia Government International Bond, | ||||||||
3.85%, 7/18/27 | 450 | 470 | ||||||
4.13%, 1/15/25 | 2,670 | 2,759 | ||||||
4.45%, 4/15/70 | 700 | 724 | ||||||
4.75%, 1/8/26 (a) | 1,360 | 1,447 | ||||||
5.13%, 1/15/45 (a) | 1,014 | 1,124 | ||||||
5.35%, 2/11/49 (b) | 200 | 230 | ||||||
Pertamina Persero PT, | ||||||||
4.30%, 5/20/23 | 2,540 | 2,579 | ||||||
6.45%, 5/30/44 (a) | 310 | 363 | ||||||
6.50%, 11/7/48 (a) | 1,070 | 1,274 | ||||||
10,970 |
Morgan Stanley Emerging Markets Debt Fund, Inc.
Portfolio of Investments
First Quarter Report
March 31, 2022 (unaudited)(cont’d)
Ivory Coast (1.3%) | ||||||||
Sovereign (1.3%) | ||||||||
Ivory Coast Government International Bond, | ||||||||
4.88%, 1/30/32 | 870 | 850 | ||||||
4.88%, 1/30/32 (a) | EUR | 1,710 | 1,671 | |||||
2,521 | ||||||||
Jamaica (0.8%) | ||||||||
Sovereign (0.8%) | ||||||||
Jamaica Government International Bond, | ||||||||
7.88%, 7/28/45 | $ | 740 | 958 | |||||
8.00%, 3/15/39 | 420 | 548 | ||||||
1,506 | ||||||||
Jordan (0.5%) | ||||||||
Sovereign (0.5%) | ||||||||
Jordan Government International Bond, | ||||||||
7.38%, 10/10/47 (a) | 950 | 868 | ||||||
Kazakhstan (1.3%) | ||||||||
Sovereign (1.3%) | ||||||||
Kazakhstan Government International Bond, | ||||||||
5.13%, 7/21/25 (a) | 520 | 541 | ||||||
5.13%, 7/21/25 | 1,100 | 1,145 | ||||||
6.50%, 7/21/45 | 680 | 786 | ||||||
2,472 | ||||||||
Kenya (0.7%) | ||||||||
Sovereign (0.7%) | ||||||||
Kenya Government International Bond, | ||||||||
8.00%, 5/22/32 (a) | 1,440 | 1,400 | ||||||
Lebanon (0.2%) | ||||||||
Sovereign (0.2%) | ||||||||
Lebanon Government International Bond, | ||||||||
6.85%, 3/23/27 – 5/25/29 (d)(e) | 3,490 | 429 | ||||||
Malaysia (1.5%) | ||||||||
Sovereign (1.5%) | ||||||||
Petronas Capital Ltd., | ||||||||
3.50%, 3/18/25 – 4/21/30 | 2,810 | 2,857 | ||||||
Mexico (6.9%) | ||||||||
Corporate Bond (0.3%) | ||||||||
Cemex SAB de CV, | ||||||||
5.13%, 8/6/26 (a)(g) | 520 | 511 |
Morgan Stanley Emerging Markets Debt Fund, Inc.
Portfolio of Investments
First Quarter Report
March 31, 2022 (unaudited)(cont’d)
Sovereign (6.6%) | ||||||||
Banco Nacional de Comercio Exterior SNC, | ||||||||
2.72%, 8/11/31 (a) | 800 | 762 | ||||||
Mexico Government International Bond, | ||||||||
3.75%, 1/11/28 | 960 | 978 | ||||||
4.15%, 3/28/27 | 1,096 | 1,154 | ||||||
4.50%, 4/22/29 | 470 | 497 | ||||||
4.60%, 2/10/48 | 1,000 | 955 | ||||||
Petroleos Mexicanos, | ||||||||
6.35%, 2/12/48 | 979 | 771 | ||||||
6.70%, 2/16/32 | 3,263 | 3,103 | ||||||
6.95%, 1/28/60 | 718 | 584 | ||||||
7.69%, 1/23/50 | 4,250 | 3,720 | ||||||
12,524 | ||||||||
13,035 | ||||||||
Mongolia (0.7%) | ||||||||
Sovereign (0.7%) | ||||||||
Mongolia Government International Bond, | ||||||||
4.45%, 7/7/31 (a)(b) | 530 | 479 | ||||||
5.13%, 4/7/26 (a) | 310 | 307 | ||||||
5.63%, 5/1/23 | 506 | 510 | ||||||
1,296 | ||||||||
Morocco (0.4%) | ||||||||
Sovereign (0.4%) | ||||||||
Morocco Government International Bond, | ||||||||
4.00%, 12/15/50 (a) | 820 | 660 | ||||||
Nigeria (3.0%) | ||||||||
Corporate Bond (0.6%) | ||||||||
IHS Netherlands Holdco BV, | ||||||||
8.00%, 9/18/27 (a) | 1,100 | 1,101 | ||||||
Sovereign (2.4%) | ||||||||
Nigeria Government International Bond, | ||||||||
6.38%, 7/12/23 | 530 | 544 | ||||||
6.50%, 11/28/27 (a) | 620 | 591 | ||||||
7.14%, 2/23/30 (a) | 1,420 | 1,342 | ||||||
7.38%, 9/28/33 (a)(b) | 220 | 200 | ||||||
8.25%, 9/28/51 (a) | 490 | 428 | ||||||
8.38%, 3/24/29 (a) | 300 | 304 | ||||||
9.25%, 1/21/49 (a) | 1,200 | 1,147 | ||||||
4,556 | ||||||||
5,657 | ||||||||
Oman (2.9%) | ||||||||
Sovereign (2.9%) | ||||||||
Oman Government International Bond, | ||||||||
6.00%, 8/1/29 (a) | 2,950 | 3,085 | ||||||
6.25%, 1/25/31 (a)(b) | 2,300 | 2,441 | ||||||
5,526 |
Morgan Stanley Emerging Markets Debt Fund, Inc.
Portfolio of Investments
First Quarter Report
March 31, 2022 (unaudited)(cont’d)
Panama (2.3%) | ||||||||
Corporate Bond (0.3%) | ||||||||
AES Panama Generation Holdings SRL, | ||||||||
4.38%, 5/31/30 (a) | 500 | 477 | ||||||
Sovereign (2.0%) | ||||||||
Panama Government International Bond, | ||||||||
3.87%, 7/23/60 | 550 | 483 | ||||||
4.00%, 9/22/24 | 2,084 | 2,133 | ||||||
4.50%, 4/1/56 | 810 | 795 | ||||||
8.88%, 9/30/27 | 278 | 354 | ||||||
3,765 | ||||||||
4,242 | ||||||||
Paraguay (0.3%) | ||||||||
Sovereign (0.3%) | ||||||||
Paraguay Government International Bond, | ||||||||
4.95%, 4/28/31 (a) | 250 | 262 | ||||||
5.40%, 3/30/50 (a) | 200 | 203 | ||||||
465 | ||||||||
Peru (2.6%) | ||||||||
Corporate Bonds (0.5%) | ||||||||
Fondo Mivivienda SA, | ||||||||
3.50%, 1/31/23 (a) | 491 | 496 | ||||||
Intercorp Peru Ltd., | ||||||||
3.88%, 8/15/29 | 440 | 399 | ||||||
895 | ||||||||
Sovereign (2.1%) | ||||||||
Corporación Financiera de Desarrollo SA, | ||||||||
5.25%, 7/15/29 (a) | 978 | 965 | ||||||
Peruvian Government International Bond, | ||||||||
3.55%, 3/10/51 (b) | 1,170 | 1,094 | ||||||
6.55%, 3/14/37 | 1,550 | 1,965 | ||||||
4,024 | ||||||||
4,919 | ||||||||
Philippines (2.0%) | ||||||||
Sovereign (2.0%) | ||||||||
Philippine Government International Bond, | ||||||||
3.95%, 1/20/40 | 720 | 715 | ||||||
9.50%, 2/2/30 | 2,200 | 3,125 | ||||||
3,840 | ||||||||
Qatar (4.2%) | ||||||||
Sovereign (4.2%) | ||||||||
Qatar Government International Bond, | ||||||||
3.75%, 4/16/30 (a) | 1,525 | 1,613 | ||||||
4.00%, 3/14/29 | 1,610 | 1,723 | ||||||
4.82%, 3/14/49 | 490 | 582 | ||||||
4.82%, 3/14/49 (a) | 3,460 | 4,111 | ||||||
8,029 |
Morgan Stanley Emerging Markets Debt Fund, Inc.
Portfolio of Investments
First Quarter Report
March 31, 2022 (unaudited)(cont’d)
Romania (1.8%) | ||||||||
Sovereign (1.8%) | ||||||||
Romanian Government International Bond, | ||||||||
1.75%, 7/13/30 (a) | 420 | 395 | ||||||
2.00%, 4/14/33 | 420 | 375 | ||||||
3.00%, 2/27/27 (a) | 866 | 844 | ||||||
3.75%, 2/7/34 (a) | 830 | 859 | ||||||
4.00%, 2/14/51 | 1,100 | 959 | ||||||
3,432 | ||||||||
Saudi Arabia (2.3%) | ||||||||
Corporate Bond (0.5%) | ||||||||
SA Global Sukuk Ltd., | ||||||||
2.69%, 6/17/31 (a) | 1,040 | 987 | ||||||
Sovereign (1.8%) | ||||||||
Saudi Government International Bond, | ||||||||
3.45%, 2/2/61 (a) | 1,070 | 951 | ||||||
4.38%, 4/16/29 | 538 | 583 | ||||||
5.25%, 1/16/50 (a) | 1,580 | 1,871 | ||||||
3,405 | ||||||||
4,392 | ||||||||
Senegal (0.8%) | ||||||||
Sovereign (0.8%) | ||||||||
Senegal Government International Bond, | ||||||||
6.25%, 5/23/33 (a) | 1,540 | 1,458 | ||||||
Serbia (0.6%) | ||||||||
Sovereign (0.6%) | ||||||||
Serbia International Bond, | ||||||||
2.13%, 12/1/30 (a) | 400 | 336 | ||||||
2.13%, 12/1/30 | 1,000 | 839 | ||||||
1,175 | ||||||||
South Africa (1.5%) | ||||||||
Sovereign (1.5%) | ||||||||
Eskom Holdings SOC Ltd., | ||||||||
8.45%, 8/10/28 | 929 | 908 | ||||||
Republic of South Africa Government International Bond, | ||||||||
4.30%, 10/12/28 | 2,000 | 1,938 | ||||||
2,846 | ||||||||
Sri Lanka (1.3%) | ||||||||
Sovereign (1.3%) | ||||||||
Sri Lanka Government International Bond, | ||||||||
6.20%, 5/11/27 | 2,250 | 1,069 | ||||||
7.55%, 3/28/30 | 2,740 | 1,294 | ||||||
2,363 | ||||||||
Suriname (0.3%) | ||||||||
Sovereign (0.3%) | ||||||||
Suriname Government International Bond, | ||||||||
9.25%, 10/26/26 | 610 | 509 |
Morgan Stanley Emerging Markets Debt Fund, Inc.
Portfolio of Investments
First Quarter Report
March 31, 2022 (unaudited)(cont’d)
Turkey (2.6%) | ||||||||
Sovereign (2.6%) | ||||||||
Turkey Government International Bond, | ||||||||
4.88%, 4/16/43 | 1,300 | 929 | ||||||
5.75%, 3/22/24 | 2,140 | 2,124 | ||||||
5.88%, 6/26/31 | 1,070 | 917 | ||||||
6.88%, 3/17/36 | 1,000 | 894 | ||||||
4,864 | ||||||||
Ukraine (1.7%) | ||||||||
Corporate Bond (0.2%) | ||||||||
NPC Ukrenergo, | ||||||||
6.88%, 11/9/26 (a) | 690 | 276 | ||||||
Sovereign (1.5%) | ||||||||
Ukraine Government International Bond, | ||||||||
6.75%, 6/20/26 | 2,200 | 1,027 | ||||||
6.88%, 5/21/29 | 1,500 | 635 | ||||||
7.75%, 9/1/23 | 2,310 | 1,188 | ||||||
2,850 | ||||||||
3,126 | ||||||||
United Arab Emirates (3.5%) | ||||||||
Corporate Bond (0.6%) | ||||||||
Galaxy Pipeline Assets Bidco Ltd., | ||||||||
3.25%, 9/30/40 (a) | 1,265 | 1,147 | ||||||
Sovereign (2.9%) | ||||||||
Abu Dhabi Government International Bond, | ||||||||
2.50%, 9/30/29 (a) | 1,950 | 1,915 | ||||||
2.70%, 9/2/70 (a) | 1,300 | 1,025 | ||||||
3.13%, 5/3/26 – 4/16/30 | 1,531 | 1,564 | ||||||
DP World Crescent Ltd., | ||||||||
4.85%, 9/26/28 | 930 | 992 | ||||||
5,496 | ||||||||
6,643 | ||||||||
Uruguay (1.6%) | ||||||||
Sovereign (1.6%) | ||||||||
Uruguay Government International Bond, | ||||||||
4.38%, 10/27/27 | 1,260 | 1,339 | ||||||
5.10%, 6/18/50 | 1,385 | 1,637 | ||||||
2,976 | ||||||||
Uzbekistan (0.3%) | ||||||||
Sovereign (0.3%) | ||||||||
Republic of Uzbekistan International Bond, | ||||||||
3.70%, 11/25/30 (a) | 550 | 480 | ||||||
Venezuela (0.6%) | ||||||||
Sovereign (0.6%) | ||||||||
Petroleos de Venezuela SA, | ||||||||
6.00%, 11/15/26 (d)(e) | 15,570 | 1,148 |
Morgan Stanley Emerging Markets Debt Fund, Inc.
Portfolio of Investments
First Quarter Report
March 31, 2022 (unaudited)(cont’d)
Zambia (1.0%) | ||||||||
Sovereign (1.0%) | ||||||||
Zambia Government International Bond, | ||||||||
5.38%, 9/20/22 | 865 | 599 | ||||||
8.97%, 7/30/27 | 1,850 | 1,326 | ||||||
1,925 | ||||||||
TOTAL FIXED INCOME SECURITIES (COST $196,896) | 170,594 |
No. of Warrants | ||||||||
WARRANT (0.0%) (f) | ||||||||
Venezuela (0.0%) (f) | ||||||||
Venezuela Government International Bond, Oil-Linked Payment Obligation, expires 4/15/20 (h) (Cost $—) | 5,450 | 43 |
Shares | ||||||||
SHORT-TERM INVESTMENTS (9.8%) | ||||||||
Securities held as Collateral on Loaned Securities (3.8%) | ||||||||
Investment Company (3.6%) | ||||||||
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (i) | 6,754,871 | 6,755 |
Face Amount (000) | |||||||
Repurchase Agreements (0.2%) | |||||||
HSBC Securities USA, Inc., (0.30%, dated 3/31/22, due 4/1/22; proceeds $352; fully collateralized by U.S. Government obligations; 0.00%-3.75% due 4/30/22-5/15/51; valued at $359) | $ | 352 | 352 | ||||
Merrill Lynch & Co., Inc., (0.20%, dated 3/31/22, due 4/1/22; proceeds $32; fully collateralized by a U.S. Government obligation; 0.63% due 10/15/24; valued at $33) | 32 | 32 | |||||
384 | |||||||
TOTAL SECURITIES HELD AS COLLATERAL ON LOANED SECURITIES (COST $7,139) | 7,139 |
Shares | ||||||||
Investment Company (6.0%) | ||||||||
Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class (i) (Cost $11,357) | 11,356,810 | 11,357 | ||||||
TOTAL SHORT-TERM INVESTMENTS (COST $18,496) | 18,496 | |||||||
TOTAL INVESTMENTS (100.0%) (COST $215,392) Including $8,917 of Securities Loaned (j)(k)(l) | 189,133 | |||||||
LIABILITIES IN EXCESS OF OTHER ASSETS | (8,382 | ) | ||||||
NET ASSETS | $ | 180,751 |
Morgan Stanley Emerging Markets Debt Fund, Inc.
Portfolio of Investments
First Quarter Report
March 31, 2022 (unaudited)(cont’d)
Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund's prospectus and/or statement of additional information relating to geographic classifications.
(a) | 144A security — Certain conditions for public sale may exist. Unless otherwise noted, these securities are deemed to be liquid. |
(b) | All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at March 31, 2022, were approximately $8,917,000 and $9,121,000, respectively. The Fund received cash collateral of approximately $7,139,000, which was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio - Institutional Class as reported in the Portfolio of Investments. The remaining collateral of approximately $0 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. |
(c) | Multi-step — Coupon rate changes in predetermined increments to maturity. Rate disclosed is as of March 31, 2022. Maturity date disclosed is the ultimate maturity date. |
(d) | Issuer in bankruptcy. |
(e) | Non-income producing security; bond in default. |
(f) | Amount is less than 0.05%. |
(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, 2022. |
(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 three months ended March 31, 2022, advisory fees paid were reduced by approximately $2,000 relating to the Fund's investment in the Liquidity Funds. |
(j) | Securities are available for collateral in connection with purchase of open foreign currency forward exchange contract. |
(k) | At March 31, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $3,962,000 and the aggregate gross unrealized depreciation is approximately $30,244,000, resulting in net unrealized depreciation of approximately $26,282,000. |
(l) | 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 three months ended March 31, 2022, the Fund did not engage in any cross-trade transactions. |
Morgan Stanley Emerging Markets Debt Fund, Inc.
Portfolio of Investments
First Quarter Report
March 31, 2022 (unaudited)(cont’d)
Foreign Currency Forward Exchange Contracts:
The Fund had the following foreign currency forward exchange contracts open at March 31, 2022:
Counterparty | Contracts to Deliver (000) | In Exchange For (000) | Delivery Date | Unrealized Appreciation (Depreciation) (000) | ||||||||||
Bank of America NA | EUR | 1,000 | $ | 1,115 | 5/20/22 | $ | 7 | |||||||
Bank of America NA | EUR | 760 | $ | 836 | 5/20/22 | (6 | ) | |||||||
Bank of America NA | $ | 1,220 | EUR | 1,100 | 5/20/22 | (1 | ) | |||||||
BNP Paribas SA | EUR | 6,130 | $ | 6,975 | 5/20/22 | 183 | ||||||||
Citibank NA | EUR | 740 | $ | 818 | 5/20/22 | (2 | ) | |||||||
JPMorgan Chase Bank NA | MXN | 21,600 | $ | 1,042 | 5/20/22 | (35 | ) | |||||||
UBS AG | $ | 1,068 | MXN | 21,600 | 5/20/22 | 9 | ||||||||
$ | 155 |
EUR | — | Euro |
MXN | — | Mexican Peso |
Portfolio Composition* | ||||
Classification | Percentage
of Total Investments | |||
Sovereign | 88.8 | % | ||
Short-Term Investments | 6.2 | |||
Others** | 5.0 | |||
Total Investments | 100.0 | %*** |
* | Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of March 31, 2022. |
** | Industries and/or investment types representing less than 5% of total investments. |
*** | Does not include open foreign currency forward exchange contracts with unrealized appreciation of approximately $155,000. |
Morgan Stanley Emerging Markets Debt Fund, Inc.
Notes to the Portfolio of Investments ▪ March 31, 2022 (unaudited)
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. Alternatively, if a valuation is not available from an outside pricing service/vendor, and the security trades on an exchange, the security may be valued at its latest reported sale price (or at the exchange official closing price if such exchange reports an official closing price), prior to the time when assets are valued. If there are 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 in the relevant exchanges. If only bid prices are available then the latest bid price may be used. 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 or 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 or 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 or 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 Fund's Board of Directors (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) quotations of foreign portfolio securities, other assets and liabilities and forward contracts stated in foreign currency are translated into U.S. dollar equivalents at the prevailing market rates prior to the close of the NYSE; and (5) 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.
The Directors have responsibility for determining in good faith the fair value of the investments, and the Directors may appoint others, such as the Fund's Adviser or a valuation committee, to assist the Directors in 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 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 value that the Fund would receive to sell an investment or pay to transfer a liability in a timely transaction with an independent buyer in the principal market, or in the absence of a principal market, the most advantageous market for the investment or liability. 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 March 31, 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 | $ | — | $ | 8,971 | $ | — | $ | 8,971 | ||||||||
Sovereign | — | 161,623 | — | 161,623 | ||||||||||||
Total Fixed Income Securities | — | 170,594 | — | 170,594 | ||||||||||||
Warrant | — | 43 | — | 43 | ||||||||||||
Short-Term Investments | ||||||||||||||||
Investment Company | 18,112 | — | — | 18,112 | ||||||||||||
Repurchase Agreements | — | 384 | — | 384 | ||||||||||||
Total Short-Term Investments | 18,112 | 384 | — | 18,496 | ||||||||||||
Foreign Currency Forward Exchange Contracts | — | 199 | — | 199 | ||||||||||||
Total Assets | 18,112 | 171,220 | — | 189,332 | ||||||||||||
Liabilities: | ||||||||||||||||
Foreign Currency Forward Exchange Contracts | — | (44 | ) | — | (44 | ) | ||||||||||
Total | $ | 18,112 | $ | 171,176 | $ | — | $ | 189,288 |
Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment's valuation changes.