NPORT-EX 2 NPORT_MGGA_36314727_0925.htm

 

Morgan Stanley Emerging Markets Debt Fund, Inc.

Third Quarter Report − September 30, 2025 (unaudited)

Portfolio of Investments

(Showing Percentage of Total Value of Investments)

 

   Face Amount   Value 
   (000)   (000) 
FIXED INCOME SECURITIES (98.4%)          
Albania (0.9%)          
Sovereign (0.9%)          
Albania Government International Bond,          
3.50%, 11/23/31  EUR100   $115 
4.75%, 2/14/35   1,141    1,353 
         1,468 
Angola (0.9%)          
Corporate Bonds (0.8%)          
Azule Energy Finance PLC,          
8.13%, 1/23/30 (a)  $1,133    1,144 
           
Sovereign (0.1%)          
Angolan Government International Bond,          
8.75%, 4/14/32   200    191 
         1,335 
Argentina (3.3%)          
Corporate Bonds (1.2%)          
Banco Macro SA,          
8.00%, 6/23/29 (a)   508    497 
Empresa Distribuidora de Electricidad de Mendoza SA,          
9.75%, 7/28/31 (a)(b)   670    616 
Generacion Mediterranea SA/Central Termica Roca SA,          
11.00%, 11/1/31 (a)(c)(d)   426    237 
YPF SA,          
8.25%, 1/17/34 (a)   468    452 
         1,802 
Senior Loan Interests (1.1%)          
Provincia De Neuquen,          
1 Month SOFR + 7.30%, 11.58%, 5/28/27 (e)   126    128 
1 Month SOFR + 7.30%, 11.58%, 5/28/27 (e)   161    162 
Telecom Argentina SA          
3 Month SOFR + 5.00%, 9.20%, 2/23/29 (e)   278    283 
VMOS SA,          
6 Month SOFR + 5.50%, 9.70%, 7/8/30 (e)   321    321 
6 Month SOFR + 5.50%, 9.48%, 7/8/30   869    869 
         1,763 
Sovereign (1.0%)          
Argentine Republic Government International Bond,          
0.75%, 7/9/30 (b)   240    162 
1.00%, 7/9/29   160    117 
3.50%, 7/9/41 (b)   300    146 
4.13%, 7/9/35 (b)   300    157 
5.00%, 1/9/38 (b)   300    170 
Provincia de Cordoba,          
9.75%, 7/2/32 (a)   927    887 
         1,639 
         5,204 
Armenia (0.1%)          
Sovereign (0.1%)          
Republic of Armenia International Bond, 6.75%, 3/12/35   200    204 
           
Azerbaijan (0.2%)          
Sovereign (0.2%)          
Republic of Azerbaijan International Bond, 3.50%, 9/1/32   340    317 
           
Bahamas (1.4%)          
Senior Loan Interests (1.0%)          
Commonwealth of Bahamas, 2024 EUR Term Loan,          
6 Month EURIBOR + 6.85%, 8.89%, 11/24/28 (e)  EUR1,313    1,591 
           
Sovereign (0.4%)          
Bahamas Government International Bond,          
8.25%, 6/24/36 (a)  $284    307 
8.95%, 10/15/32   200    223 
         530 
         2,121 

 

 

 

 

Morgan Stanley Emerging Markets Debt Fund, Inc.

Third Quarter Report − September 30, 2025 (unaudited)

Portfolio of Investments (cont’d)

(Showing Percentage of Total Value of Investments)

 

   Face Amount   Value 
   (000)   (000) 
Benin (1.4%)          
Sovereign (1.4%)          
Benin Government International Bond,          
4.88%, 1/19/32  EUR150   $168 
4.95%, 1/22/35   473    512 
6.88%, 1/19/52   703    755 
7.96%, 2/13/38  $500    512 
8.38%, 1/23/41   200    210 
         2,157 
Bosnia and Herzegovina (0.2%)          
Sovereign (0.2%)          
Federation of Bosnia & Herzegovina Eurobond,          
5.50%, 7/17/30  EUR314    382 
           
Brazil (6.0%)          
Corporate Bonds (6.0%)          
Adecoagro SA,          
7.50%, 7/29/32 (a)  $302    296 
Ambipar Lux SARL,          
10.88%, 2/5/33   200    34 
Braskem Netherlands Finance BV,          
4.50%, 1/31/30   1,155    436 
8.50%, 1/23/81   518    86 
Constellation Oil Services Holding SA,          
9.38%, 11/7/29 (a)   844    866 
Embraer Netherlands Finance BV,          
5.40%, 1/9/38 (f)   360    359 
FORESEA Holding SA,          
7.50%, 6/15/30   946    927 
Gol Finance, Inc.,          
14.38%, 6/6/30 (a)   839    864 
MV24 Capital BV,          
6.75%, 6/1/34   609    605 
Oceanica Lux,          
13.00%, 10/2/29 (a)   827    844 
OHI Group SA,          
13.00%, 7/22/29 (a)   1,254    1,329 
OI SA          
7.50% Cash, 6.00% PIK,          
13.50%, 6/30/27 (a)(g)   481    317 
Raizen Fuels Finance SA,          
6.25%, 7/8/32 (a)   200    195 
6.70%, 2/25/37   286    278 
Samarco Mineracao SA          
0.00% Cash, 9.00% PIK,          
9.00%, 6/30/31 (g)   1,562    1,571 
Unigel Luxembourg SA          
13.50% Cash or 15.00% PIK,          
13.50%, 12/31/27 (g)   34    26 
Yinson Boronia Production BV,          
8.95%, 7/31/42 (a)   197    220 
         9,253 
Bulgaria (0.2%)          
Sovereign (0.2%)          
Bulgaria Government International Bond,          
5.00%, 3/5/37   280    281 
           
Cameroon (0.5%)          
Corporate Bond (0.4%)          
Golar LNG Ltd.,          
7.75%, 9/19/29   600    609 
           
Sovereign (0.1%)          
Republic of Cameroon International Bond,          
9.50%, 7/31/31   209    201 
         810 
Chile (1.9%)          
Sovereign (1.9%)          
Chile Government International Bond,          
2.55%, 7/27/33   700    603 
3.50%, 1/25/50   1,100    803 
4.95%, 1/5/36   1,500    1,509 
         2,915 
China (1.6%)          
Corporate Bonds (1.6%)          
Alibaba Group Holding Ltd.,          
0.50%, 6/1/31   183    337 
China Oil & Gas Group Ltd.,          
4.70%, 6/30/26   1,101    1,094 
H World Group Ltd.,          
3.00%, 5/1/26   140    155 
KWG Group Holdings Ltd.,          
7.88%, 8/30/24 (c)(d)   654    40 

 

 

 

 

Morgan Stanley Emerging Markets Debt Fund, Inc.

Third Quarter Report − September 30, 2025 (unaudited)

Portfolio of Investments (cont’d)

(Showing Percentage of Total Value of Investments)

 

   Face Amount   Value 
   (000)   (000) 
Corporate Bonds (cont'd)          
Longfor Group Holdings Ltd.,          
3.95%, 9/16/29  $372   $324 
PDD Holdings, Inc.,          
0.00%, 12/1/25   143    142 
Shimao Group Holdings Ltd.,          
0.00%, 7/21/26 (a)   168    10 
2.00% Cash or 3.00% PIK, 2.00%, 7/21/32 - 1/21/34 (a)(g)   774    22 
5.00% Cash or 6.00% PIK, 5.00%, 7/21/31 (a)(g)   1,057    48 
Sunac China Holdings Ltd.,          
0.00% Cash, 1.00% PIK, 1.00%, 9/30/32 (c)(d)   124    17 
5.00% Cash, 6.00% PIK, 11.00%, 9/30/26 (c)(d)   105    16 
5.25% Cash, 6.25% PIK, 11.50%, 9/30/27 (c)(d)   106    16 
5.50% Cash, 6.50% PIK, 12.00%, 9/30/27 (c)(d)   212    32 
5.75% Cash, 6.75% PIK, 12.50%, 9/30/28 (c)(d)   318    49 
6.00% Cash, 7.00% PIK, 13.00%, 9/30/29 (c)(d)   319    50 
6.25% Cash, 7.25% PIK, 13.50%, 9/30/30 (c)(d)   150    23 
Times China Holdings Ltd.,          
5.55%, 6/4/24 (c)(d)   2,015    76 
6.75%, 7/16/23 (c)(d)   410    14 
         2,465 
Colombia (3.2%)          
Corporate Bonds (2.7%)          
ABRA Global Finance          
6.00% Cash, 8.00% PIK,          
14.00%, 10/22/29 (a)(g)   895    872 
Avianca Midco 2 PLC,          
9.00%, 12/1/28 (a)   936    938 
9.63%, 2/14/30 (a)   304    303 
Banco Davivienda SA,          
10 yr. CMT + 5.10%, 6.65%, 4/22/31 (h)   208    193 
8.13%, 7/2/35 (a)   507    527 
Banco de Occidente SA,          
10.88%, 8/13/34   650    733 
Canacol Energy Ltd.,          
5.75%, 11/24/28   548    190 
EnfraGen Energia Sur SA/EnfraGen Spain SA/Prime Energia SpA,          
5.38%, 12/30/30   411    383 
         4,139 
Sovereign (0.5%)          
Colombia Government International Bond,          
7.75%, 11/7/36   600    630 
8.38%, 11/7/54   200    212 
         842 
         4,981 
Costa Rica (0.8%)          
Sovereign (0.8%)          
Costa Rica Government International Bond,          
6.55%, 4/3/34   1,100    1,181 
           
Dominican Republic (2.3%)          
Sovereign (2.3%)          
Dominican Republic International Bond,          
4.50%, 1/30/30   200    196 
4.88%, 9/23/32   1,700    1,628 
5.30%, 1/21/41   300    272 
6.00%, 2/22/33   200    205 
6.85%, 1/27/45 (a)   800    831 
7.45%, 4/30/44 (a)   400    440 
         3,572 
Ecuador (2.7%)          
Sovereign (2.7%)          
Ecuador Government International Bond,          
0.00%, 7/31/30   1,829    1,406 
6.90%, 7/31/30 - 7/31/35 (b)   3,355    2,836 
         4,242 
Egypt (2.8%)          
Sovereign (2.8%)          
Egypt Government International Bond,          
5.63%, 4/16/30  EUR600    671 
6.38%, 4/11/31   900    1,015 

 

 

 

Morgan Stanley Emerging Markets Debt Fund, Inc.

Third Quarter Report − September 30, 2025 (unaudited)

Portfolio of Investments (cont’d)

(Showing Percentage of Total Value of Investments)

 

   Face Amount   Value 
   (000)   (000) 
Sovereign (cont'd)          
7.30%, 9/30/33  $300   $284 
7.90%, 2/21/48   1,000    833 
8.50%, 1/31/47   1,200    1,061 
8.63%, 2/4/30   207    220 
9.45%, 2/4/33   241    258 
         4,342 
El Salvador (0.8%)          
Sovereign (0.8%)          
El Salvador Government International Bond,          
7.65%, 6/15/35   216    220 
8.25%, 4/10/32   450    480 
9.25%, 4/17/30   212    232 
9.65%, 11/21/54 (a)   229    248 
         1,180 
Ethiopia (1.8%)          
Sovereign (1.8%)          
Ethiopia International Bond,          
6.63%, 12/11/24   2,960    2,845 
           
Gabon (0.2%)          
Sovereign (0.2%)          
Gabon Government International Bond,          
6.63%, 2/6/31   300    242 
           
Georgia (1.1%)          
Corporate Bonds (1.1%)          
Bank of Georgia JSC,          
9.50%, 7/16/29 (h)   830    843 
TBC Bank JSC,          
10.25%, 7/30/29 (h)   830    852 
         1,695 
Ghana (0.8%)          
Corporate Bonds (0.8%)          
Kosmos Energy Ltd.,          
8.75%, 10/1/31   976    758 
Puma International Financing SA,          
7.75%, 4/25/29   200    207 
Tullow Oil PLC,          
10.25%, 5/15/26   378    325 
         1,290 
Greece (0.4%)          
Corporate Bond (0.4%)          
Alpha Bank SA,          
7.50%, 6/10/30 (h)  EUR508    655 
           
Guatemala (1.0%)          
Sovereign (1.0%)          
Guatemala Government Bond,          
3.70%, 10/7/33  $400    356 
5.38%, 4/24/32   700    706 
6.55%, 2/6/37   500    529 
         1,591 
Guyana (0.1%)          
Corporate Bond (0.1%)          
Secure International Finance Co., Inc.,          
10.00%, 6/3/29 (a)   185    186 
           
Honduras (1.1%)          
Sovereign (1.1%)          
Honduras Government International Bond,          
8.63%, 11/27/34 (a)   1,616    1,776 
           
Hong Kong (0.6%)          
Corporate Bonds (0.6%)          
CAS Capital No. 1 Ltd.,          
4.00%, 7/12/26 (h)   600    594 
Li & Fung Ltd.,          
8.38%, 2/5/29   390    407 
         1,001 
Hungary (2.3%)          
Corporate Bonds (0.7%)          
MBH Bank Nyrt,          
5.25%, 1/29/30  EUR383    460 
6.88%, 11/8/35   200    251 
OTP Bank Nyrt,          
7.30%, 7/30/35  $305    325 
         1,036 

 

 

 

 

Morgan Stanley Emerging Markets Debt Fund, Inc.

Third Quarter Report − September 30, 2025 (unaudited)

Portfolio of Investments (cont’d)

(Showing Percentage of Total Value of Investments)

 

   Face Amount   Value 
   (000)   (000) 
Sovereign (1.6%)          
Hungary Government International Bond,          
5.50%, 3/26/36  $1,600   $1,616 
6.25%, 9/22/32   800    859 
         2,475 
         3,511 
India (1.2%)          
Corporate Bonds (1.2%)          
HDFC Bank Ltd.,          
3.70%, 8/25/26 (h)   516    508 
Piramal Capital & Housing Finance Ltd.,          
7.80%, 1/29/28   550    564 
Vedanta Resources Finance II PLC,          
9.48%, 7/24/30 (a)   200    202 
10.25%, 6/3/28 (a)   210    217 
11.25%, 12/3/31 (a)   410    440 
         1,931 
Iraq (0.1%)          
Sovereign (0.1%)          
Iraq International Bond,          
5.80%, 1/15/28   128    128 
           
Jamaica (0.8%)          
Corporate Bonds (0.7%)          
Digicel International Finance Ltd./Difl U.S. LLC,          
8.63%, 8/1/32 (a)   390    401 
NCB Financial Group Ltd.,          
11.00%, 7/31/30 (a)   620    620 
         1,021 
Senior Loan Interests (0.1%)          
Digicel International Finance Ltd.,          
2025 Term Loan B,          
3 Month SOFR + 5.25%, 9.48%, 8/6/32 (e)   200    201 
         1,222 
Jordan (0.6%)          
Sovereign (0.6%)          
Jordan Government International Bond,          
5.85%, 7/7/30   1,006    1,005 
           
Kazakhstan (0.9%)          
Corporate Bonds (0.9%)          
ForteBank JSC,          
7.75%, 2/4/30 (a)   1,030    1,055 
Kaspi.KZ JSC,          
6.25%, 3/26/30   395    407 
         1,462 
Kenya (0.6%)          
Sovereign (0.6%)          
Republic of Kenya Government International Bond,          
8.25%, 2/28/48   347    315 
9.50%, 3/5/36   600    617 
         932 
Kuwait (2.6%)          
Sovereign (2.6%)          
Kuwait International Bond,          
4.65%, 10/9/35   2,120    2,120 
State of Kuwait,          
5.00%, 10/9/30   1,990    1,990 
         4,110 
Lebanon (1.4%)          
Sovereign (1.4%)          
Lebanon Government International Bond,          
5.80%, 4/14/20 (c)(d)   1,070    240 
6.00%, 1/27/23 (c)(d)   665    150 
6.10%, 10/4/22 (c)(d)   1,107    249 
6.15%, 6/19/20 (c)(d)   24    5 
6.20%, 2/26/25 (c)(d)   129    29 
6.25%, 5/27/22 - 6/12/25 (c)(d)   425    96 
6.38%, 3/9/49 (c)(d)   72    16 
6.40%, 5/26/23 (c)(d)   2,809    635 
6.60%, 11/27/26 (c)(d)   11    2 
6.65%, 11/3/28 - 4/22/49 (c)(d)   542    122 
6.85%, 3/23/27 - 5/25/29 (c)(d)   2,115    478 
7.00%, 3/20/28 - 3/23/32 (c)(d)   801    182 
7.25%, 3/23/37 (c)(d)   151    34 
8.25%, 4/12/21 (c)(d)   17    4 
         2,242 

 

 

 

 

Morgan Stanley Emerging Markets Debt Fund, Inc.

Third Quarter Report − September 30, 2025 (unaudited)

Portfolio of Investments (cont’d)

(Showing Percentage of Total Value of Investments)

 

   Face Amount   Value 
   (000)   (000) 
Malaysia (0.6%)          
Corporate Bonds (0.6%)          
Petronas Capital Ltd.,          
2.48%, 1/28/32  $600   $541 
4.55%, 4/21/50   520    461 
         1,002 
Mexico (3.6%)          
Corporate Bonds (2.1%)          
Banco Mercantil del Norte SA,          
8.38%, 5/20/31 (a)(h)   550    580 
BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico,          
5 yr. CMT + 2.65%, 5.13%, 1/18/33   350    344 
8.45%, 6/29/38   398    442 
Braskem Idesa SAPI,          
6.99%, 2/20/32   309    184 
Fideicomiso Irrevocable de Administracion y Fuente de Pago Numero CIB/4323          
11.00% Cash, 2.00% PIK,          
13.00%, 9/12/30 (g)   804    462 
Grupo Aeromexico SAB de CV,          
8.63%, 11/15/31 (a)   695    696 
Total Play Telecomunicaciones SA de CV,          
11.13%, 12/31/32 (a)   479    473 
         3,181 
Sovereign (1.5%)          
Mexico Government International Bond,          
4.40%, 2/12/52   400    300 
5.85%, 7/2/32   300    310 
6.35%, 2/9/35   400    423 
Petroleos Mexicanos,          
4.50%, 1/23/26   311    309 
6.75%, 9/21/47   685    566 
6.84%, 1/23/30   252    257 
6.88%, 8/4/26   186    189 
         2,354 
         5,535 
Mongolia (1.0%)          
Corporate Bonds (0.6%)          
Golomt Bank,          
11.00%, 5/20/27   263    272 
Mongolian Mining Corp.,          
8.44%, 4/3/30   200    203 
State Bank LLC,          
8.90%, 9/25/28   410    409 
         884 
Sovereign (0.4%)          
Mongolia Government International Bond,          
6.63%, 2/25/30   400    407 
7.88%, 6/5/29   280    297 
         704 
         1,588 
Montenegro (1.2%)          
Sovereign (1.2%)          
Montenegro Government International Bond,          
4.88%, 4/1/32  EUR1,550    1,831 
           
Morocco (0.5%)          
Sovereign (0.5%)          
Morocco Government International Bond,          
3.00%, 12/15/32  $500    443 
4.00%, 12/15/50 (a)   400    294 
         737 
Mozambique (0.4%)          
Sovereign (0.4%)          
Mozambique International Bond,          
9.00%, 9/15/31 (b)   637    569 
           
Nicaragua (0.3%)          
Corporate Bond (0.3%)          
Polaris Renewable Energy, Inc.,          
9.50%, 12/3/29   375    393 
           
Nigeria (1.8%)          
Corporate Bond (0.4%)          
Access Bank PLC,          
6.13%, 9/21/26   625    624 

 

 

 

 

Morgan Stanley Emerging Markets Debt Fund, Inc.

Third Quarter Report − September 30, 2025 (unaudited)

Portfolio of Investments (cont’d)

(Showing Percentage of Total Value of Investments)

 

   Face Amount   Value 
   (000)   (000) 
Sovereign (1.4%)          
Nigeria Government International Bond,          
7.70%, 2/23/38  $350   $325 
10.38%, 12/9/34   1,716    1,912 
         2,237 
         2,861 
Oman (2.2%)          
Sovereign (2.2%)          
Oman Government International Bond,          
6.00%, 8/1/29   300    317 
6.25%, 1/25/31   1,000    1,080 
6.75%, 1/17/48   500    550 
7.38%, 10/28/32   1,200    1,399 
         3,346 
Pakistan (1.1%)          
Corporate Bond (0.4%)          
Veon Midco BV,          
3.38%, 11/25/27   635    597 
           
Sovereign (0.7%)          
Pakistan Government International Bond,          
6.88%, 12/5/27   407    408 
7.38%, 4/8/31   728    715 
         1,123 
         1,720 
Panama (2.4%)          
Senior Loan Interests (0.2%)          
Coral-U.S. Co-Borrower LLC,          
2025 Term Loan B7,          
3 Month SOFR + 3.25%, 7.57%, 1/31/32 (e)   313    310 
           
Sovereign (2.2%)          
Banco Latinoamericano de Comercio Exterior SA,          
7.50%, 9/17/32 (a)(h)   205    211 
Panama Government International Bond,          
4.50%, 4/1/56   1,924    1,412 
6.70%, 1/26/36   802    849 
7.50%, 3/1/31   800    880 
         3,352 
         3,662 
Paraguay (0.7%)          
Corporate Bond (0.1%)          
Frigorifico Concepcion SA,          
7.70%, 7/21/28   229    170 
           
Senior Loan Interests (0.6%)          
Term Loan B,          
3 Month SOFR + 5.50%, 9.63%, 12/8/26 (e)   843    857 
         1,027 
Peru (1.9%)          
Corporate Bonds (1.3%)          
Auna SA,          
10.00%, 12/18/29 (a)   731    776 
Camposol SA,          
6.00%, 2/3/27   318    314 
Peru LNG Srl,          
5.38%, 3/22/30   319    306 
Petroleos del Peru SA,          
5.63%, 6/19/47   800    592 
         1,988 
Sovereign (0.6%)          
Peruvian Government International Bond,          
3.00%, 1/15/34   200    174 
3.30%, 3/11/41   500    389 
5.88%, 8/8/54   400    403 
         966 
         2,954 
Philippines (1.6%)          
Sovereign (1.6%)          
Philippine Government International Bond,          
4.75%, 3/5/35   1,200    1,210 
5.00%, 7/17/33   800    828 
5.50%, 1/17/48   500    511 
         2,549 
Romania (5.3%)          
Sovereign (5.3%)          
Romanian Government International Bond,          
1.75%, 7/13/30  EUR148    153 
2.00%, 4/14/33   118    109 

 

 

 

 

Morgan Stanley Emerging Markets Debt Fund, Inc.

Third Quarter Report − September 30, 2025 (unaudited)

Portfolio of Investments (cont’d)

(Showing Percentage of Total Value of Investments)

 

   Face Amount   Value 
   (000)   (000) 
Sovereign (cont'd)          
2.63%, 12/2/40  EUR218   $165 
2.75%, 4/14/41   117    89 
2.88%, 4/13/42   125    95 
3.38%, 1/28/50   73    54 
3.88%, 10/29/35   768    770 
4.63%, 4/3/49   661    603 
5.13%, 6/15/48  $72    58 
5.63%, 2/22/36  EUR221    253 
5.75%, 3/24/35  $2,074    2,002 
5.88%, 7/11/32  EUR288    347 
6.00%, 5/25/34  $72    72 
6.00%, 9/24/44  EUR620    695 
6.25%, 9/10/34   148    180 
6.75%, 7/11/39   728    875 
7.50%, 2/10/37  $1,466    1,576 
7.63%, 1/17/53   144    154 
         8,250 
Saudi Arabia (0.8%)          
Corporate Bonds (0.8%)          
Riyad Sukuk Ltd.,          
6.21%, 7/14/35   390    399 
Saudi Awwal Bank,          
5.95%, 9/4/35   400    405 
SNB Funding Ltd.,          
6.00%, 6/24/35   390    400 
         1,204 
Senegal (0.2%)          
Sovereign (0.2%)          
Senegal Government International Bond,          
5.38%, 6/8/37  EUR347    269 
           
Serbia (0.4%)          
Sovereign (0.4%)          
Serbia International Bond,          
2.05%, 9/23/36   432    397 
2.13%, 12/1/30  $300    263 
         660 
Sri Lanka (2.2%)          
Sovereign (2.2%)          
Sri Lanka Government International Bond,          
3.10%, 1/15/30 (a)(b)   795    746 
3.35%, 3/15/33 (a)(b)   700    602 
3.60%, 6/15/35 - 2/15/38 (a)(b)   1,590    1,385 
4.00%, 4/15/28 (a)   778    746 
         3,479 
Suriname (4.3%)          
Senior Loan Interests (1.7%)          
Staatsolie Maatschappij Suriname NV,          
2025 Revolver, 1.93%, 4/25/32   2,700    2,700 
           
Sovereign (2.6%)          
Suriname Government International Bond,          
4.95% Cash, 3.00% PIK, 7.95%, 7/15/33 (a)(g)   2,172    2,166 
9.00%, 12/31/50 (a)(e)   1,517    1,791 
         3,957 
         6,657 
Tanzania, United Republic Of (4.2%)          
Senior Loan Interests (4.2%)          
HTA Group Ltd.,          
2024 Term Loan Tranche A,          
3 Month SOFR + 4.31%, 8.73%, 9/13/28 (e)   120    120 
2024 Tranche C Term Loan,          
3 Month SOFR + 4.31%, 8.71%, 9/13/28 (e)   760    756 
Tanzania,          
2024 Term Loan A2,          
6 Month SOFR + 5.45%, 9.46%, 2/27/31 (e)   5,600    5,600 
         6,476 
Togo (0.5%)          
Corporate Bonds (0.5%)          
Ecobank Transnational, Inc.,          
10.13%, 10/15/29 (a)   787    838 

 

 

 

 

Morgan Stanley Emerging Markets Debt Fund, Inc.

Third Quarter Report − September 30, 2025 (unaudited)

Portfolio of Investments (cont’d)

(Showing Percentage of Total Value of Investments)

 

   Face Amount   Value 
   (000)   (000) 
Corporate Bonds (cont'd)          
Trinidad And Tobago (0.1%)          
Sovereign (0.1%)          
Trinidad & Tobago Government International Bond,          
5.95%, 1/14/31  $200   $204 
           
Turkey (1.1%)          
Corporate Bonds (1.1%)          
Limak Iskenderun Uluslararasi Liman Isletmeciligi AS,          
9.50%, 7/10/36   282    286 
Limak Yenilenebilir Enerji AS,          
9.63%, 8/12/30 (a)   519    517 
WE Soda Investments Holding PLC,          
9.50%, 10/6/28   250    243 
Zorlu Enerji Elektrik Uretim AS,          
11.00%, 4/23/30   675    622 
         1,668 
Ukraine (2.0%)          
Corporate Bond (0.3%)          
Kernel Holding SA,          
6.75%, 10/27/27   613    559 
           
Sovereign (1.7%)          
Ukraine Government International Bond,          
3.00%, 2/1/30 - 2/1/36 (b)   1,842    875 
4.50%, 2/1/29 - 2/1/36 (b)   3,022    1,744 
         2,619 
         3,178 
United Arab Emirates (1.9%)          
Corporate Bond (0.4%)          
Ittihad International Ltd.,          
9.75%, 11/9/28   590    620 
           
Sovereign (1.5%)          
Abu Dhabi Government International Bond,          
3.13%, 4/16/30   700    681 
3.88%, 4/16/50   700    575 
5.00%, 4/30/34   1,000    1,062 
         2,318 
         2,938 
Uruguay (1.4%)          
Sovereign (1.4%)          
Uruguay Government International Bond,          
5.10%, 6/18/50   500    475 
5.44%, 2/14/37   1,600    1,676 
         2,151 
Uzbekistan (2.0%)          
Corporate Bonds (1.3%)          
Jscb Agrobank,          
9.25%, 10/2/29   1,250    1,359 
Uzbek Industrial & Construction Bank ATB,          
8.95%, 7/24/29   550    597 
         1,956 
Senior Loan Interests (0.1%)          
Navoi Mining & Metallurgical Co.,          
2024 Term Loan,          
3 Month SOFR + 4.76%, 9.09%, 4/23/27 (e)   110    110 
           
Sovereign (0.6%)          
National Bank of Uzbekistan,          
8.50%, 7/5/29   920    989 
         3,055 
Venezuela (3.8%)          
Sovereign (3.8%)          
Petroleos de Venezuela SA,          
5.38%, 4/12/27 (c)(d)   2,666    435 
5.50%, 4/12/37 (c)(d)   1,084    177 
6.00%, 10/28/22 - 11/15/26 (c)(d)   6,485    1,027 
8.50%, 10/27/20 - 10/20/27 (c)(d)   1,230    1,322 
9.00%, 11/17/21 (c)(d)   1,235    204 
9.75%, 5/17/35 (c)(d)   1,600    292 
12.75%, 2/17/22 (c)(d)   881    163 
Venezuela Government International Bond,          
6.00%, 12/9/20 (c)(d)   864    155 
7.00%, 12/1/18 - 3/31/38 (c)(d)   681    137 
7.65%, 4/21/25 (c)(d)   800    165 
7.75%, 10/13/49 (c)(d)   1,402    265 
8.25%, 10/13/24 (c)(d)   1,214    251 
9.00%, 5/7/23 (c)(d)   779    163 

 

 

 

 

Morgan Stanley Emerging Markets Debt Fund, Inc.

Third Quarter Report − September 30, 2025 (unaudited)

Portfolio of Investments (cont'd)

(Showing Percentage of Total Value of Investments)

 

   Face Amount
(000)		   Value
(000)		 
Sovereign (cont'd)          
9.25%, 9/15/27 - 5/7/28 (c)(d)  $1,933   $470 
9.38%, 1/13/34 (c)(d)   132    36 
11.75%, 10/21/26 (c)(d)   443    107 
11.95%, 8/5/31 (c)(d)   812    196 
12.75%, 8/23/22 (c)(d)   1,200    284 
13.63%, 8/15/18 - 8/15/49 (c)(d)   252    59 
         5,908 
Zambia (0.1%)          
Sovereign (0.1%)          
Zambia Government International Bond,          
5.75%, 6/30/33 (b)   202    194 
TOTAL FIXED INCOME SECURITIES (COST $153,750)        153,137 

 

   No. of
Warrants		     
WARRANTS (2.8%)        
Ukraine (2.8%)        
Ukraine Government International Bond expires 8/1/41 (c)(d)(i)   5,479,000   4,392 
           
Venezuela (0.0%)‡          
Venezuela Government International Bond, Oil-Linked Payment Obligation expires 4/15/20 (e)(h)(i)   5,450    33 
TOTAL WARRANTS (COST $4,060)        4,425 

 

   Shares     
SHORT-TERM INVESTMENTS (3.3%)          
Investment Company (3.0%)          
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 3.96% (j) (Cost $4,596)   4,596,150   4,596 

 

   Face Amount
(000)		  Value
(000)		 
United States (0.3%)        
U.S. Treasury Security (0.3%)        
U.S. Treasury Bill,        
4.3%, 11/20/25 (k) (Cost $482)  $ 485  482 
TOTAL SHORT-TERM INVESTMENTS (COST $5,078)      5,078 
Total Investments (104.5%) (Cost $162,888)(l)(m)(n)      162,640 
Liabilities in Excess of Other Assets (-4.5%)      (7,031)
Net Assets (100.0%)     $155,609 

 

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) Multi-step — Coupon rate changes in predetermined increments to maturity. Rate disclosed is as of September 30, 2025. Maturity date disclosed is the ultimate maturity date.
(c) Issuer in bankruptcy.
(d) Non-income producing security; bond in default.
(e) Floating or variable rate securities: The rates disclosed are as of September 30, 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.
(f) When-issued security.
(g) Income may be paid in additional securities and/or cash at the discretion of the issuer.
(h) 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, 2025.
(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 nine months ended September 30, 2025, advisory fees paid were reduced by approximately $10,000 relating to the Fund's investment in the Liquidity Fund.
(k) Rate shown is the yield to maturity at September 30, 2025.
(l) Securities are available for collateral in connection with purchase of when-issued security, securities purchased on a forward commitment basis, 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 nine months ended September 30, 2025, the Fund did not engage in any cross-trade transactions.
(n) At September 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $11,345,000 and the aggregate gross unrealized depreciation is approximately $10,853,000, resulting in net unrealized appreciation of approximately $492,000.
CMT Constant Maturity Treasury Note Rate.
EUR EURO
EURIBOR Euro Interbank Offered Rate.
PIK Payment-in-Kind.
SOFR Secured Overnight Financing Rate.

 

 

 

 

Morgan Stanley Emerging Markets Debt Fund, Inc.

Third Quarter Report − September 30, 2025 (unaudited)

Portfolio of Investments (cont'd)

 

Foreign Currency Forward Exchange Contracts: 

The Fund had the following foreign currency forward exchange contracts open at September 30, 2025:            

 

Counterparty   Contracts
to Deliver
(000)		   In
Exchange
For
(000)		     Delivery
Date		     Unrealized
Appreciation
(Depreciation)
(000)		  
Barclays Bank PLC   EUR 2,000   $ 2,340     10/10/25    $ (10 )
Barclays Bank PLC   EUR 1,000   $ 1,170     10/10/25     (5 )
Barclays Bank PLC   EUR 1,000   $ 1,170     10/10/25     (5 )
Barclays Bank PLC   EUR 1,000   $ 1,170     10/10/25   (5 )
Barclays Bank PLC   EUR 1,000   $ 1,170     10/10/25     (5 )
Barclays Bank PLC   EUR 1,000   $ 1,170     10/10/25     (5 )
Barclays Bank PLC   EUR 1,000   $ 1,170     10/10/25     (5 )
HSBC Bank PLC   $ 194   EUR 166     10/10/25     1  
HSBC Bank PLC   $ 1,541   EUR 1,300     10/10/25     (14 )
State Street Bank and Trust Co.   EUR 235   $ 275     10/10/25     (1 )
State Street Bank and Trust Co.   EUR 314   $ 368     10/10/25     (2 )
State Street Bank and Trust Co.   EUR 293   $ 342     10/10/25     (1 )
State Street Bank and Trust Co.   EUR 539   $ 630     10/10/25     (3 )
State Street Bank and Trust Co.   EUR 313   $ 366     10/10/25     (2 )
State Street Bank and Trust Co.   EUR 1,719   $ 2,010     10/10/25     (9 )
State Street Bank and Trust Co.   EUR 595   $ 696     10/10/25     (3 )
State Street Bank and Trust Co.   EUR 505   $ 591     10/10/25     (2 )
State Street Bank and Trust Co.   EUR 63   $ 73     10/10/25     (— @)
State Street Bank and Trust Co.   EUR 500   $ 585     10/10/25     (2 )
State Street Bank and Trust Co.   EUR 727   $ 850     10/10/25     (4 )
State Street Bank and Trust Co.   EUR 714   $ 835     10/10/25     (4 )
State Street Bank and Trust Co.   $ 369   EUR 313     10/10/25     (1 )
                      $ (87 )

 

Futures Contracts:
The Fund had the following futures contracts open at September 30, 2025:

 

    Number of
Contracts		     Expiration
Date		   Notional
Amount
(000)		   Value
(000)		     Unrealized
Appreciation
(Depreciation)
(000)		  
Long:                          
U.S. Treasury 2 yr. Note (United States)   14     Dec-25   $ 2,800   $ 2,918     $ 3  
U.S. Treasury 5 yr. Note (United States)   25     Dec-25     2,500     2,730       4  
U.S. Treasury 10 yr. Ultra Note (United States)   117     Dec-25     11,700     13,464       160  
U.S. Treasury Long Bond (United States)   98     Dec-25     9,800     11,426       232  
Ultra U.S. Treasury Bond (United States)   118     Dec-25     11,800     14,167       375  
Short:                                
Euro-Buxl 30 yr. Bond Index (Germany)   3     Dec-25   EUR (300 )   (403 )     (9 )
German Euro-Schatz Index (Germany)   23     Dec-25     (2,300 )   (2,889 )     3  
German Euro-Bobl Index (Germany)   31     Dec-25     (3,100 )   (4,288 )     1  
German Euro-Bund Index (Germany)   51     Dec-25   (5,100 ) (7,698 )   (34 )
U.S. Treasury 10 yr. Note (United States)   80     Dec-25   $ (8,000 )   (9,000 )     5  
                            $ 740  

 

 

 

 

Morgan Stanley Emerging Markets Debt Fund, Inc.

Third Quarter Report − September 30, 2025 (unaudited)

Portfolio of Investments (cont'd)

 

Credit Default Swap Agreements:

The Fund had the following credit default swap agreements open at September 30, 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
Paid
(Received)
(000)		   Unrealized
Appreciation
(Depreciation)
(000)		 
Barclays Bank PLC                                    
Benin Government International Bonds  NR  Sell  1.00%  Quarterly  6/20/27  $100   $(2)  $(5)  $3 
Barclays Bank PLC                                    
Benin Government International Bonds  NR  Sell  1.00   Quarterly  6/20/27   100    (2)   (5)  3 
Morgan Stanley & Co. LLC*                                    
Egypt Government International Bonds  NR  Sell  1.00   Quarterly  12/20/28   303    (19)   (59)  40 
Barclays Bank PLC                                    
Pan American Energy LLC  NR  Sell  1.00   Quarterly  12/20/25   340    —@    (1)  1 
Goldman Sachs International                                    
Petroleos Mexicanos  NR  Sell  1.00   Quarterly  6/20/26   370    (1)   (10)  9 
Morgan Stanley & Co. LLC*                                    
Petrobras Global Finance BV  NR  Buy  1.00   Quarterly  12/20/30   2,896    64    73   (9)
Goldman Sachs International                                    
Petroleos Mexicanos  NR  Sell  1.00   Quarterly  6/20/27   1,030    (11)   (24)  13 
JPMorgan Chase Bank NA                                    
Petroleos Mexicanos  NR  Sell  1.00   Quarterly  6/20/27   456    (5)   (12)  7 
Barclays Bank PLC                                    
Petroleos Mexicanos  NR  Sell  1.00   Quarterly  12/20/26   914    (5)   (14)  9 
Barclays Bank PLC                                    
Petroleos Mexicanos  NR  Sell  1.00   Quarterly  6/20/27   686    (8)   (17)  9 
Barclays Bank PLC                                    
Petroleos Mexicanos  NR  Sell  1.00   Quarterly  6/20/27   150    (2)   (4)  2 
                        $9   $(78)  $87 

 

NR Not rated.

 

@   Value is less than $500.
*   Cleared swap agreement, the broker is Morgan Stanley & Co. LLC.
EUR — Euro

 

 

 

 

Portfolio Composition

 

   Percentage of 
Classification  Total Investments 
Sovereign   57.7%
Corporate Bonds   27.9 
Senior Loan Interests   8.6 
Other*   5.8 
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 $68,983,000 and net unrealized appreciation of approximately $740,000. Does not include open foreign currency forward exchange contracts with net unrealized depreciation of approximately $87,000. Also does not include open swap agreements with net unrealized appreciation of approximately $87,000.

 

 

 

 

Morgan Stanley Emerging Markets Debt Fund, Inc.

Third Quarter Report − September 30, 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 ( NAV ) 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.

Third Quarter Report − September 30, 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.

Third Quarter Report − September 30, 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 September 30, 2025:

 

       Level 2         
   Level 1   Other   Level 3     
   Unadjusted   Significant   Significant     
   Quoted   Observable   Unobservable     
   Prices   Inputs   Inputs   Total 
Investment Type  (000)   (000)   (000)   (000) 
Assets:                    
Fixed Income Securities                    
Corporate Bonds  $—   $45,373   $                       —   $45,373 
Senior Loan Interests   —    14,008    —    14,008 
Sovereign   —    93,756    —    93,756 
Total Fixed Income Securities   —    153,137    —    153,137 
Warrants   —    4,425    —    4,425 
Short-Term Investments                    
U.S. Treasury Security   —    482    —    482 
Investment Company   4,596    —    —    4,596 
Total Short-Term Investments   4,596    482    —    5,078 
Foreign Currency Forward Exchange Contract   —    1    —    1 
Futures Contracts   783    —    —    783 
Credit Default Swap Agreements   —    96    —    96 
Total Assets   5,379    158,141    —    163,520 
Liabilities:                    
Foreign Currency Forward Exchange Contracts   —    (88)   —    (88)
Futures Contracts   (43)   —    —    (43)
Credit Default Swap Agreement   —    (9)   —    (9)
Total Liabilities   (43)   (97)   —    (140)
Total  $5,336   $158,044   $—   $163,380 

 

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes.