Morgan Stanley Emerging Markets Debt Fund, Inc.
First Quarter Report − March 31, 2026 (unaudited)
Portfolio of Investments
(Showing Percentage of Total Value of Investments)
| Face Amount | Value | |||||||
| (000) | (000) | |||||||
| FIXED INCOME SECURITIES (96.6%) | ||||||||
| Albania (0.6%) | ||||||||
| Sovereign (0.6%) | ||||||||
| Albania Government International Bond, | ||||||||
| 3.50%, 11/23/31 | EUR | 100 | $ | 112 | ||||
| 4.75%, 2/14/35 | 750 | 851 | ||||||
| 963 | ||||||||
| Angola (4.6%) | ||||||||
| Corporate Bonds (1.2%) | ||||||||
| Azule Energy Finance PLC, | ||||||||
| 8.13%, 1/23/30 (a) | $ | 1,133 | 1,148 | |||||
| 8.63%, 1/22/33 (a) | 200 | 202 | ||||||
| Sonangol Finance Ltd., | ||||||||
| 10.00%, 1/29/31 | 452 | 451 | ||||||
| 1,801 | ||||||||
| Sovereign (3.4%) | ||||||||
| Angolan Government International Bond, | ||||||||
| 8.00%, 11/26/29 | 500 | 495 | ||||||
| 8.75%, 4/14/32 | 200 | 195 | ||||||
| 9.13%, 11/26/49 | 450 | 392 | ||||||
| 9.24%, 1/15/31 | 790 | 800 | ||||||
| 9.38%, 3/31/33 - 5/8/48 | 1,132 | 1,096 | ||||||
| 9.88%, 10/15/35 - 3/31/37 | 2,370 | 2,369 | ||||||
| 5,347 | ||||||||
| 7,148 | ||||||||
| Argentina (4.2%) | ||||||||
| Corporate Bonds (1.4%) | ||||||||
| Banco Macro SA, | ||||||||
| 8.00%, 6/23/29 (a) | 508 | 518 | ||||||
| Empresa Distribuidora de Electricidad de Mendoza SA, | ||||||||
| 9.75%, 7/28/31 (a)(b) | 670 | 648 | ||||||
| Generacion Mediterranea SA/Central Termica Roca SA, | ||||||||
| 11.00%, 11/1/31 (a)(c)(d) | 426 | 291 | ||||||
| IRSA Inversiones y Representaciones SA, | ||||||||
| 8.00%, 3/31/35 (a) | 303 | 309 | ||||||
| Vista Energy Argentina SAU, | ||||||||
| 8.50%, 6/10/33 (a) | 263 | 275 | ||||||
| YPF SA, | ||||||||
| 8.25%, 1/17/34 (a) | 178 | 181 | ||||||
| 2,222 | ||||||||
| Senior Loan Interests (0.6%) | ||||||||
| Provincia De Neuquen, | ||||||||
| Tranche A Term Loan, | ||||||||
| 1 Month SOFR + 7.30%, 11.09%, 5/28/27 (e) | 95 | 96 | ||||||
| Provincia De Neuquen, | ||||||||
| Tranche B Term Loan, | ||||||||
| 1 Month SOFR + 7.30%, 11.09%, 5/28/27 (e) | 121 | 122 | ||||||
| VMOS SA, | ||||||||
| 1st Lien Term Loan, | ||||||||
| 6 Month SOFR + 5.50%, 9.09%, 7/8/30 (e) | 650 | 654 | ||||||
| 872 | ||||||||
| Sovereign (2.2%) | ||||||||
| Argentine Republic Government International Bond, | ||||||||
| 0.75%, 7/9/30 (b) | 576 | 483 | ||||||
| 1.00%, 7/9/29 | 140 | 123 | ||||||
| 3.50%, 7/9/41 (b) | 300 | 201 | ||||||
| 4.13%, 7/9/35 (b) | 1,660 | 1,199 | ||||||
| 5.00%, 1/9/38 (b) | 300 | 226 | ||||||
| Province of Santa Fe, | ||||||||
| 8.10%, 12/11/34 | 271 | 259 | ||||||
| Provincia de Cordoba, | ||||||||
| 9.75%, 7/2/32 (a) | 927 | 950 | ||||||
| 3,441 | ||||||||
| 6,535 | ||||||||
| Armenia (0.3%) | ||||||||
| Corporate Bond (0.2%) | ||||||||
| Ardshinbank CJSC Via Dilijan Finance BV, | ||||||||
| 6.60%, 1/22/31 | 276 | 272 | ||||||
| Sovereign (0.1%) | ||||||||
| Republic of Armenia International Bond, | ||||||||
| 6.75%, 3/12/35 | 200 | 204 | ||||||
| 476 | ||||||||
Morgan Stanley Emerging Markets Debt Fund, Inc.
First Quarter Report − March 31, 2026 (unaudited)
Portfolio of Investments (cont’d)
(Showing Percentage of Total Value of Investments)
| Face Amount | Value | |||||||
| (000) | (000) | |||||||
| Azerbaijan (0.2%) | ||||||||
| Sovereign (0.2%) | ||||||||
| Republic of Azerbaijan International Bond, | ||||||||
| 3.50%, 9/1/32 | $ | 340 | $ | 314 | ||||
| Bahamas (0.9%) | ||||||||
| Senior Loan Interests (0.9%) | ||||||||
| Commonwealth of Bahamas, 2024 EUR Term Loan, | ||||||||
| 6 Month EURIBOR + 6.85%, 8.97%, 11/24/28 (e) | EUR | 1,125 | 1,335 | |||||
| Benin (1.0%) | ||||||||
| Sovereign (1.0%) | ||||||||
| Benin Government International Bond, | ||||||||
| 4.88%, 1/19/32 | 150 | 164 | ||||||
| 4.95%, 1/22/35 | 300 | 306 | ||||||
| 6.88%, 1/19/52 | 326 | 324 | ||||||
| 7.96%, 2/13/38 | $ | 500 | 491 | |||||
| 8.38%, 1/23/41 | 200 | 198 | ||||||
| 1,483 | ||||||||
| Bosnia and Herzegovina (0.2%) | ||||||||
| Sovereign (0.2%) | ||||||||
| Republic of Srpska International Government Bond, | ||||||||
| 6.25%, 4/2/31 (f) | EUR | 280 | 325 | |||||
| Brazil (5.5%) | ||||||||
| Corporate Bonds (5.5%) | ||||||||
| Braskem Netherlands Finance BV, | ||||||||
| 4.50%, 1/31/30 | $ | 1,155 | 538 | |||||
| 12.06%, 1/23/81 | 518 | 150 | ||||||
| Constellation Oil Services Holding SA, | ||||||||
| 9.38%, 11/7/29 (a) | 844 | 878 | ||||||
| CSN Inova Ventures, | ||||||||
| 6.75%, 1/28/28 | 400 | 294 | ||||||
| Eldorado International. Finance GmbH, | ||||||||
| 8.50%, 12/1/32 (a) | 585 | 590 | ||||||
| FORESEA Holding SA, | ||||||||
| 7.50%, 6/15/30 | 206 | 202 | ||||||
| FS Luxembourg SARL, | ||||||||
| 8.13%, 2/11/36 (a) | 704 | 648 | ||||||
| Gol Finance, Inc., | ||||||||
| 14.38%, 6/6/30 (a) | 839 | 746 | ||||||
| Oceanica Lux, | ||||||||
| 13.00%, 10/2/29 (a) | 827 | 872 | ||||||
| OHI Group SA, | ||||||||
| 13.00%, 7/22/29 (a) | 1,254 | 1,257 | ||||||
| OI SA, | ||||||||
| 7.50% Cash, 6.00% PIK, 13.50%, 6/30/27 (a)(c)(d)(g) | 497 | 241 | ||||||
| Raizen Fuels Finance SA, | ||||||||
| 5.70%, 1/17/35 (c)(d) | 529 | 290 | ||||||
| 6.25%, 7/8/32 (a)(c)(d) | 200 | 111 | ||||||
| 6.70%, 2/25/37 (c)(d) | 526 | 284 | ||||||
| Samarco Mineracao SA, | ||||||||
| 0.00% Cash, 9.00% PIK, 9.00%, 6/30/31 (c)(d)(g) | 1,352 | 1,331 | ||||||
| Unigel Luxembourg SA, | ||||||||
| 13.50% Cash, 15.00% PIK, 28.50%, 12/31/27 (c)(d)(g) | 34 | 2 | ||||||
| Yinson Boronia Production BV, | ||||||||
| 8.95%, 7/31/42 (a) | 195 | 213 | ||||||
| 8,647 | ||||||||
| Bulgaria (0.2%) | ||||||||
| Sovereign (0.2%) | ||||||||
| Bulgaria Government International Bond, | ||||||||
| 5.00%, 3/5/37 | 280 | 271 | ||||||
| Chile (3.1%) | ||||||||
| Sovereign (3.1%) | ||||||||
| Chile Government International Bond, | ||||||||
| 2.55%, 7/27/33 | 2,950 | 2,518 | ||||||
| 3.50%, 1/25/50 | 1,100 | 789 | ||||||
| 4.95%, 1/5/36 | 1,500 | 1,485 | ||||||
| 4,792 | ||||||||
| China (1.0%) | ||||||||
| Corporate Bonds (1.0%) | ||||||||
| Alibaba Group Holding Ltd., | ||||||||
| 0.00%, 9/15/32 | 110 | 106 | ||||||
| 0.50%, 6/1/31 | 183 | 254 | ||||||
| H World Group Ltd., | ||||||||
| 3.00%, 5/1/26 | 140 | 188 | ||||||
| KWG Group Holdings Ltd., | ||||||||
| 7.88%, 8/30/24 (c)(d) | 654 | 35 | ||||||
Morgan Stanley Emerging Markets Debt Fund, Inc.
First Quarter Report − March 31, 2026 (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 | $ | 572 | $ | 454 | ||||
| 4.50%, 1/16/28 | 200 | 178 | ||||||
| Shimao Group Holdings Ltd., | ||||||||
| 2.00% Cash, 3.00% PIK, 5.00%, 7/21/32 - 1/21/34 (a)(c)(d)(g) | 785 | 19 | ||||||
| 5.00% Cash, 6.00% PIK, 11.00%, 7/21/31 (a)(c)(d)(g) | 1,089 | 41 | ||||||
| Sunac China Holdings Ltd., | ||||||||
| 0.00%, 6/23/26 - 6/23/28 (a)(c)(d) | 1,081 | 207 | ||||||
| Times China Holdings Ltd., | ||||||||
| 0.00%, 3/30/27 (a)(c)(d) | 1,122 | 9 | ||||||
| 0.00% Cash, 4.00% PIK, 4.00%, 3/30/29 (a)(c)(d)(g) | 209 | 8 | ||||||
| 0.00% Cash, 4.20% PIK, 4.20%, 9/30/32 (a)(c)(d)(g) | 781 | 25 | ||||||
| 1,524 | ||||||||
| Colombia (2.9%) | ||||||||
| Corporate Bonds (1.4%) | ||||||||
| ABRA Global Finance, | ||||||||
| 6.00% Cash, 8.00% PIK, 14.00%, 10/22/29 (a)(g) | 416 | 395 | ||||||
| Avianca Midco 2 PLC, | ||||||||
| 9.00%, 12/1/28 (a) | 349 | 338 | ||||||
| 9.50%, 1/28/31 (a) | 200 | 184 | ||||||
| 9.63%, 2/14/30 (a) | 304 | 284 | ||||||
| Banco Davivienda SA, | ||||||||
| 10 yr. CMT + 5.10%, 6.65%, 4/22/31 (h) | 438 | 387 | ||||||
| Banco de Occidente SA, | ||||||||
| 10.88%, 8/13/34 | 518 | 580 | ||||||
| 2,168 | ||||||||
| Sovereign (1.5%) | ||||||||
| Colombia Government International Bond, | ||||||||
| 3.13%, 4/15/31 | 550 | 470 | ||||||
| 4.13%, 5/15/51 | 510 | 311 | ||||||
| 7.75%, 11/7/36 | 1,530 | 1,567 | ||||||
| 2,348 | ||||||||
| 4,516 | ||||||||
| Costa Rica (0.7%) | ||||||||
| Sovereign (0.7%) | ||||||||
| Costa Rica Government International Bond, | ||||||||
| 6.55%, 4/3/34 | 1,100 | 1,163 | ||||||
| Dominican Republic (2.9%) | ||||||||
| Sovereign (2.9%) | ||||||||
| Dominican Republic International Bond, | ||||||||
| 4.50%, 1/30/30 | 1,000 | 953 | ||||||
| 4.88%, 9/23/32 | 1,890 | 1,746 | ||||||
| 5.30%, 1/21/41 | 600 | 512 | ||||||
| 6.00%, 2/22/33 | 200 | 195 | ||||||
| 6.85%, 1/27/45 (a) | 800 | 783 | ||||||
| 7.45%, 4/30/44 (a) | 400 | 418 | ||||||
| 4,607 | ||||||||
| Ecuador (1.6%) | ||||||||
| Sovereign (1.6%) | ||||||||
| Ecuador Government International Bond, | ||||||||
| 0.00%, 7/31/30 | 540 | 449 | ||||||
| 5.00%, 7/31/40 (b) | 300 | 236 | ||||||
| 6.90%, 7/31/35 (b) | 927 | 819 | ||||||
| 8.75%, 1/29/34 (a) | 500 | 491 | ||||||
| 9.25%, 1/29/39 (a) | 500 | 491 | ||||||
| 2,486 | ||||||||
| Egypt (3.3%) | ||||||||
| Sovereign (3.3%) | ||||||||
| Egypt Government International Bond, | ||||||||
| 5.63%, 4/16/30 | EUR | 600 | 651 | |||||
| 5.88%, 2/16/31 | $ | 200 | 184 | |||||
| 6.38%, 4/11/31 | EUR | 900 | 981 | |||||
| 7.30%, 9/30/33 | $ | 300 | 280 | |||||
| 7.90%, 2/21/48 | 207 | 169 | ||||||
| 8.50%, 1/31/47 | 800 | 692 | ||||||
| 8.63%, 2/4/30 | 207 | 214 | ||||||
| 8.75%, 9/30/51 | 1,899 | 1,670 | ||||||
| 8.88%, 5/29/50 | 401 | 354 | ||||||
| 5,195 | ||||||||
Morgan Stanley Emerging Markets Debt Fund, Inc.
First Quarter Report − March 31, 2026 (unaudited)
Portfolio of Investments (cont’d)
(Showing Percentage of Total Value of Investments)
| Face Amount | Value | |||||||
| (000) | (000) | |||||||
| El Salvador (0.7%) | ||||||||
| Sovereign (0.7%) | ||||||||
| El Salvador Government International Bond, | ||||||||
| 7.65%, 6/15/35 | $ | 216 | $ | 212 | ||||
| 8.25%, 4/10/32 | 450 | 463 | ||||||
| 9.25%, 4/17/30 | 212 | 221 | ||||||
| 9.65%, 11/21/54 (a) | 229 | 243 | ||||||
| 1,139 | ||||||||
| Ethiopia (1.3%) | ||||||||
| Sovereign (1.3%) | ||||||||
| Ethiopia International Bond, | ||||||||
| 6.63%, 12/11/24 (c)(d) | 2,047 | 2,098 | ||||||
| Gabon (0.4%) | ||||||||
| Sovereign (0.4%) | ||||||||
| Gabon Government International Bond, | ||||||||
| 6.63%, 2/6/31 | 502 | 421 | ||||||
| 9.50%, 2/18/29 | 213 | 200 | ||||||
| 621 | ||||||||
| Georgia (1.5%) | ||||||||
| Corporate Bonds (1.1%) | ||||||||
| Bank of Georgia JSC, | ||||||||
| 9.50%, 7/16/29 (h) | 830 | 866 | ||||||
| TBC Bank JSC, | ||||||||
| 10.25%, 7/30/29 (h) | 830 | 884 | ||||||
| 1,750 | ||||||||
| Sovereign (0.4%) | ||||||||
| Georgia Government International Bond, | ||||||||
| 5.13%, 1/28/31 | 678 | 652 | ||||||
| 2,402 | ||||||||
| Ghana (0.9%) | ||||||||
| Corporate Bond (0.2%) | ||||||||
| Tullow Oil PLC, | ||||||||
| 10.25%, 5/15/26 | 378 | 355 | ||||||
| Sovereign (0.7%) | ||||||||
| Ghana Government International Bond, | ||||||||
| 0.00%, 7/3/26 (c)(d) | 37 | 36 | ||||||
| 5.00%, 7/3/29 - 7/3/35 (b)(c)(d) | 1,212 | 1,068 | ||||||
| 1,104 | ||||||||
| 1,459 | ||||||||
| Greece (0.1%) | ||||||||
| Corporate Bond (0.1%) | ||||||||
| Piraeus Bank SA, | ||||||||
| 6.13%, 10/15/32 (h) | EUR | 200 | 219 | |||||
| Guatemala (1.0%) | ||||||||
| Sovereign (1.0%) | ||||||||
| Guatemala Government Bond, | ||||||||
| 3.70%, 10/7/33 | $ | 400 | 350 | |||||
| 5.38%, 4/24/32 | 700 | 694 | ||||||
| 6.55%, 2/6/37 | 500 | 523 | ||||||
| 1,567 | ||||||||
| Guyana (0.1%) | ||||||||
| Corporate Bond (0.1%) | ||||||||
| Secure International Finance Co., Inc., | ||||||||
| 10.00%, 6/3/29 (a) | 161 | 161 | ||||||
| Honduras (0.3%) | ||||||||
| Sovereign (0.3%) | ||||||||
| Honduras Government International Bond, | ||||||||
| 8.63%, 11/27/34 | 350 | 394 | ||||||
| Hungary (2.6%) | ||||||||
| Corporate Bond (0.2%) | ||||||||
| OTP Bank Nyrt, | ||||||||
| 7.30%, 7/30/35 | 305 | 314 | ||||||
| Sovereign (2.4%) | ||||||||
| Hungary Government International Bond, | ||||||||
| 5.25%, 6/16/29 | 600 | 602 | ||||||
| 5.38%, 9/26/30 | 400 | 403 | ||||||
| 5.50%, 6/16/34 - 3/26/36 | 1,600 | 1,569 | ||||||
| 6.25%, 9/22/32 | 1,200 | 1,252 | ||||||
| 3,826 | ||||||||
| 4,140 | ||||||||
| India (0.6%) | ||||||||
| Sovereign (0.6%) | ||||||||
| Export-Import Bank of India, | ||||||||
| 3.88%, 2/1/28 | 500 | 494 | ||||||
| 5.00%, 1/12/36 | 500 | 490 | ||||||
| 984 | ||||||||
| Iraq (0.1%) | ||||||||
| Sovereign (0.1%) | ||||||||
| Iraq International Bond, | ||||||||
| 5.80%, 1/15/28 | 103 | 100 | ||||||
Morgan Stanley Emerging Markets Debt Fund, Inc.
First Quarter Report − March 31, 2026 (unaudited)
Portfolio of Investments (cont’d)
(Showing Percentage of Total Value of Investments)
| Face Amount | Value | |||||||
| (000) | (000) | |||||||
| Ivory Coast (0.7%) | ||||||||
| Sovereign (0.7%) | ||||||||
| Ivory Coast Government International Bond, | ||||||||
| 8.25%, 1/30/37 | $ | 1,001 | $ | 1,030 | ||||
| Jamaica (0.8%) | ||||||||
| Corporate Bonds (0.7%) | ||||||||
| Digicel International Finance Ltd./Difl U.S. LLC, | ||||||||
| 8.63%, 8/1/32 (a) | 390 | 397 | ||||||
| NCB Financial Group Ltd., | ||||||||
| 11.00%, 7/31/30 (a) | 620 | 650 | ||||||
| 1,047 | ||||||||
| Senior Loan Interests (0.1%) | ||||||||
| Digicel International Finance Ltd., | ||||||||
| 2025 Term Loan B, | ||||||||
| 1 Month SOFR + 5.25%, 8.92%, 8/6/32 (e) | 258 | 258 | ||||||
| 1,305 | ||||||||
| Jordan (0.6%) | ||||||||
| Sovereign (0.6%) | ||||||||
| Jordan Government International Bond, | ||||||||
| 5.85%, 7/7/30 | 1,006 | 992 | ||||||
| Kazakhstan (0.8%) | ||||||||
| Corporate Bonds (0.8%) | ||||||||
| ForteBank JSC, | ||||||||
| 7.75%, 2/4/30 (a) | 646 | 648 | ||||||
| 9.75%, 11/3/30 (h) | 538 | 533 | ||||||
| 1,181 | ||||||||
| Kenya (1.8%) | ||||||||
| Sovereign (1.8%) | ||||||||
| Republic of Kenya Government International Bond, | ||||||||
| 7.88%, 10/9/33 - 2/26/34 | 1,092 | 1,002 | ||||||
| 8.25%, 2/28/48 | 555 | 484 | ||||||
| 8.70%, 2/26/39 | 200 | 181 | ||||||
| 8.80%, 10/9/38 | 208 | 192 | ||||||
| 9.50%, 3/5/36 | 900 | 883 | ||||||
| 2,742 | ||||||||
| Lebanon (2.0%) | ||||||||
| Sovereign (2.0%) | ||||||||
| Lebanon Government International Bond, | ||||||||
| 5.80%, 4/14/20 (c)(d) | 1,390 | 329 | ||||||
| 6.00%, 1/27/23 (c)(d) | 721 | 173 | ||||||
| 6.10%, 10/4/22 (c)(d) | 1,357 | 323 | ||||||
| 6.15%, 6/19/20 (c)(d) | 135 | 32 | ||||||
| 6.20%, 2/26/25 (c)(d) | 166 | 40 | ||||||
| 6.25%, 5/27/22 - 6/12/25 (c)(d) | 491 | 117 | ||||||
| 6.38%, 3/9/20 (c)(d) | 72 | 17 | ||||||
| 6.40%, 5/26/23 (c)(d) | 2,898 | 694 | ||||||
| 6.60%, 11/27/26 (c)(d) | 190 | 46 | ||||||
| 6.65%, 4/22/24 - 2/26/30 (c)(d) | 750 | 179 | ||||||
| 6.75%, 11/29/27 (c)(d) | 222 | 53 | ||||||
| 6.85%, 3/23/27 - 5/25/29 (c)(d) | 2,455 | 587 | ||||||
| 7.00%, 12/3/24 - 3/23/32 (c)(d) | 1,501 | 365 | ||||||
| 7.05%, 11/2/35 (c)(d) | 111 | 27 | ||||||
| 7.25%, 3/23/37 (c)(d) | 373 | 91 | ||||||
| 8.20%, 5/17/33 (c)(d) | 111 | 27 | ||||||
| 8.25%, 4/12/21 (c)(d) | 17 | 4 | ||||||
| 3,104 | ||||||||
| Malaysia (2.1%) | ||||||||
| Sovereign (2.1%) | ||||||||
| Petronas Capital Ltd., | ||||||||
| 2.48%, 1/28/32 | 1,500 | 1,343 | ||||||
| 4.55%, 4/21/50 | 520 | 448 | ||||||
| 5.34%, 4/3/35 | 1,500 | 1,540 | ||||||
| 3,331 | ||||||||
| Mexico (5.0%) | ||||||||
| Corporate Bonds (0.7%) | ||||||||
| Banco Mercantil del Norte SA, | ||||||||
| 8.38%, 5/20/31 (a)(h) | 217 | 223 | ||||||
| Braskem Idesa SAPI, | ||||||||
| 6.99%, 2/20/32 (c)(d) | 309 | 189 | ||||||
| Fideicomiso Irrevocable de Administracion y Fuente de Pago Numero CIB/4323, | ||||||||
| 11.00% Cash, 2.00% PIK, 13.00%, 9/12/30 (c)(d) | 804 | 352 | ||||||
| Grupo Aeromexico SAB de CV, | ||||||||
| 8.63%, 11/15/31 (a) | 413 | 397 | ||||||
| 1,161 | ||||||||
Morgan Stanley Emerging Markets Debt Fund, Inc.
First Quarter Report − March 31, 2026 (unaudited)
Portfolio of Investments (cont’d)
(Showing Percentage of Total Value of Investments)
| Face Amount | Value | |||||||
| (000) | (000) | |||||||
| Sovereign (4.3%) | ||||||||
| Mexico Government International Bond, | ||||||||
| 4.40%, 2/12/52 | $ | 560 | $ | 399 | ||||
| 5.85%, 7/2/32 | 1,910 | 1,919 | ||||||
| 6.00%, 5/7/36 | 770 | 767 | ||||||
| Petroleos Mexicanos, | ||||||||
| 5.95%, 1/28/31 | 840 | 804 | ||||||
| 6.63%, 6/15/35 | 800 | 746 | ||||||
| 6.70%, 2/16/32 | 1,280 | 1,254 | ||||||
| 6.75%, 9/21/47 | 685 | 547 | ||||||
| 7.69%, 1/23/50 | 300 | 260 | ||||||
| 6,696 | ||||||||
| 7,857 | ||||||||
| Mongolia (1.1%) | ||||||||
| Corporate Bonds (0.5%) | ||||||||
| Golomt Bank, | ||||||||
| 11.00%, 5/20/27 | 263 | 267 | ||||||
| Mongolian Mining Corp., | ||||||||
| 8.44%, 4/3/30 | 200 | 199 | ||||||
| State Bank JSC, | ||||||||
| 8.90%, 9/25/28 | 410 | 398 | ||||||
| 864 | ||||||||
| Sovereign (0.6%) | ||||||||
| Mongolia Government International Bond, | ||||||||
| 5.95%, 3/9/32 (a) | 200 | 197 | ||||||
| 6.63%, 2/25/30 | 400 | 406 | ||||||
| 7.88%, 6/5/29 | 280 | 293 | ||||||
| 896 | ||||||||
| 1,760 | ||||||||
| Montenegro (1.1%) | ||||||||
| Sovereign (1.1%) | ||||||||
| Montenegro Government International Bond, | ||||||||
| 4.88%, 4/1/32 | EUR | 1,550 | 1,781 | |||||
| Morocco (0.5%) | ||||||||
| Sovereign (0.5%) | ||||||||
| Morocco Government International Bond, | ||||||||
| 3.00%, 12/15/32 | $ | 500 | 430 | |||||
| 4.00%, 12/15/50 (a) | 400 | 275 | ||||||
| 705 | ||||||||
| Nicaragua (0.3%) | ||||||||
| Corporate Bond (0.3%) | ||||||||
| Polaris Renewable Energy, Inc., | ||||||||
| 9.50%, 12/3/29 | 375 | 388 | ||||||
| Nigeria (2.1%) | ||||||||
| Sovereign (2.1%) | ||||||||
| Nigeria Government International Bond, | ||||||||
| 7.70%, 2/23/38 | 350 | 339 | ||||||
| 7.88%, 2/16/32 | 470 | 476 | ||||||
| 8.38%, 3/24/29 | 400 | 421 | ||||||
| 10.38%, 12/9/34 | 1,716 | 1,969 | ||||||
| 3,205 | ||||||||
| Oman (2.8%) | ||||||||
| Sovereign (2.8%) | ||||||||
| Oman Government International Bond, | ||||||||
| 5.38%, 3/8/27 | 500 | 503 | ||||||
| 6.00%, 8/1/29 | 300 | 309 | ||||||
| 6.25%, 1/25/31 | 1,890 | 1,972 | ||||||
| 6.75%, 1/17/48 | 500 | 521 | ||||||
| 7.38%, 10/28/32 | 900 | 1,003 | ||||||
| 4,308 | ||||||||
| Pakistan (0.7%) | ||||||||
| Corporate Bond (0.3%) | ||||||||
| Veon Midco BV, | ||||||||
| 3.38%, 11/25/27 | 430 | 408 | ||||||
| Sovereign (0.4%) | ||||||||
| Pakistan Government International Bond, | ||||||||
| 7.38%, 4/8/31 | 728 | 675 | ||||||
| 1,083 | ||||||||
| Panama (2.9%) | ||||||||
| Senior Loan Interests (0.4%) | ||||||||
| Coral-U.S. Co-Borrower LLC, | ||||||||
| 2025 Term Loan B7, | ||||||||
| 3 Month SOFR + 3.25%, 6.92%, 1/31/32 (e) | 578 | 569 | ||||||
| Sovereign (2.5%) | ||||||||
| Banco Latinoamericano de Comercio Exterior SA, | ||||||||
| 7.50%, 9/17/32 (a)(h) | 205 | 210 | ||||||
| Panama Government International Bond, | ||||||||
| 3.16%, 1/23/30 | 1,000 | 936 | ||||||
Morgan Stanley Emerging Markets Debt Fund, Inc.
First Quarter Report − March 31, 2026 (unaudited)
Portfolio of Investments (cont’d)
(Showing Percentage of Total Value of Investments)
| Face Amount | Value | |||||||
| (000) | (000) | |||||||
| Sovereign (cont’d) | ||||||||
| 3.30%, 1/19/33 | $ | 740 | $ | 647 | ||||
| 5.66%, 2/23/38 | 990 | 952 | ||||||
| 6.40%, 2/14/35 | 1,110 | 1,155 | ||||||
| 3,900 | ||||||||
| 4,469 | ||||||||
| Paraguay (0.7%) | ||||||||
| Corporate Bond (0.1%) | ||||||||
| Frigorifico Concepcion SA, | ||||||||
| 7.70%, 7/21/28 | 229 | 62 | ||||||
| Senior Loan Interests (0.3%) | ||||||||
| Frigorifico Concepcion SA, | ||||||||
| Term Loan B, | ||||||||
| 3 Month SOFR + 5.50%, 9.17%, 12/8/26 (e) | 506 | 512 | ||||||
| Sovereign (0.3%) | ||||||||
| Paraguay Government International Bond, | ||||||||
| 6.00%, 2/9/36 | 500 | 520 | ||||||
| 1,094 | ||||||||
| Peru (2.3%) | ||||||||
| Corporate Bond (0.5%) | ||||||||
| Auna SA, | ||||||||
| 10.00%, 12/18/29 (a) | 731 | 760 | ||||||
| Sovereign (1.8%) | ||||||||
| Peruvian Government International Bond, | ||||||||
| 3.00%, 1/15/34 | 2,400 | 2,053 | ||||||
| 3.30%, 3/11/41 | 500 | 378 | ||||||
| 5.88%, 8/8/54 | 400 | 386 | ||||||
| 2,817 | ||||||||
| 3,577 | ||||||||
| Philippines (2.3%) | ||||||||
| Sovereign (2.3%) | ||||||||
| Philippine Government International Bond, | ||||||||
| 4.75%, 3/5/35 | 1,200 | 1,156 | ||||||
| 5.00%, 7/17/33 | 1,500 | 1,492 | ||||||
| 5.50%, 1/17/48 | 500 | 481 | ||||||
| 6.38%, 1/15/32 | 400 | 430 | ||||||
| 3,559 | ||||||||
| Romania (3.4%) | ||||||||
| Sovereign (3.4%) | ||||||||
| Romanian Government International Bond, | ||||||||
| 1.75%, 7/13/30 | EUR | 148 | 151 | |||||
| 2.00%, 4/14/33 | 118 | 108 | ||||||
| 3.38%, 1/28/50 | 73 | 51 | ||||||
| 4.63%, 4/3/49 | 397 | 347 | ||||||
| 5.63%, 5/30/37 | 353 | 385 | ||||||
| 5.75%, 3/24/35 | $ | 2,074 | 1,966 | |||||
| 5.88%, 7/11/32 | EUR | 288 | 338 | |||||
| 6.13%, 10/7/37 | 613 | 689 | ||||||
| 6.75%, 7/11/39 | 393 | 454 | ||||||
| 7.50%, 2/10/37 | $ | 800 | 847 | |||||
| 5,336 | ||||||||
| Saudi Arabia (0.5%) | ||||||||
| Corporate Bonds (0.5%) | ||||||||
| Riyad Sukuk Ltd., | ||||||||
| 6.21%, 7/14/35 | 390 | 388 | ||||||
| Saudi Awwal Bank, | ||||||||
| 5.95%, 9/4/35 | 400 | 392 | ||||||
| 780 | ||||||||
| Senegal (0.2%) | ||||||||
| Corporate Bond (0.1%) | ||||||||
| Golar LNG Ltd., | ||||||||
| 7.75%, 9/19/29 | 200 | 204 | ||||||
| Sovereign (0.1%) | ||||||||
| Senegal Government International Bond, | ||||||||
| 6.25%, 5/23/33 | 247 | 132 | ||||||
| 336 | ||||||||
| Serbia (0.4%) | ||||||||
| Sovereign (0.4%) | ||||||||
| Serbia International Bond, | ||||||||
| 2.05%, 9/23/36 | EUR | 432 | 379 | |||||
| 2.13%, 12/1/30 | $ | 300 | 260 | |||||
| 639 | ||||||||
| South Africa (0.2%) | ||||||||
| Corporate Bond (0.2%) | ||||||||
| Sasol Financing USA LLC, | ||||||||
| 8.75%, 4/10/33 (f) | 350 | 349 | ||||||
Morgan Stanley Emerging Markets Debt Fund, Inc.
First Quarter Report − March 31, 2026 (unaudited)
Portfolio of Investments (cont’d)
(Showing Percentage of Total Value of Investments)
| Face Amount | Value | |||||||
| (000) | (000) | |||||||
| Sri Lanka (0.9%) | ||||||||
| Sovereign (0.9%) | ||||||||
| Sri Lanka Government International Bond, | ||||||||
| 3.10%, 1/15/30 (a)(b)(c)(d) | $ | 320 | $ | 294 | ||||
| 3.35%, 3/15/33 (a)(b)(c)(d) | 104 | 87 | ||||||
| 3.60%, 6/15/35 - 2/15/38 (a)(b)(c)(d) | 854 | 752 | ||||||
| 4.00%, 4/15/28 (a)(c)(d) | 307 | 293 | ||||||
| 1,426 | ||||||||
| Suriname (1.8%) | ||||||||
| Senior Loan Interests (0.1%) | ||||||||
| Staatsolie Maatschappij Suriname NV, | ||||||||
| 2025 Term Loan, | ||||||||
| 3 Month SOFR + 5.50%, 9.17%, 5/24/32 (e) | 257 | 260 | ||||||
| Sovereign (1.7%) | ||||||||
| Suriname Government International Bond, | ||||||||
| 7.70%, 11/6/30 (a)(c)(d) | 576 | 584 | ||||||
| 8.50%, 11/6/35 (a)(c)(d) | 1,977 | 2,040 | ||||||
| 2,624 | ||||||||
| 2,884 | ||||||||
| Tanzania, United Republic Of (4.1%) | ||||||||
| Senior Loan Interests (4.1%) | ||||||||
| HTA Group Ltd., | ||||||||
| 2024 Term Loan Tranche A, | ||||||||
| 3 Month SOFR + 4.31%, 7.96%, 9/13/28 (e) | 120 | 120 | ||||||
| 2024 Tranche C Term Loan, | ||||||||
| 3 Month SOFR + 4.31%, 7.90%, 9/13/28 (e) | 760 | 760 | ||||||
| Tanzania, | ||||||||
| 2024 Term Loan A2, | ||||||||
| 6 Month SOFR + 5.45%, 9.46%, 2/27/31 (e) | 5,600 | 5,530 | ||||||
| 6,410 | ||||||||
| Togo (0.5%) | ||||||||
| Corporate Bonds (0.5%) | ||||||||
| Ecobank Transnational, Inc., | ||||||||
| 10.13%, 10/15/29 (a) | 787 | 849 | ||||||
| Trinidad And Tobago (0.1%) | ||||||||
| Sovereign (0.1%) | ||||||||
| Trinidad & Tobago Government International Bond, | ||||||||
| 5.95%, 1/14/31 | 200 | 202 | ||||||
| Turkey (0.5%) | ||||||||
| Corporate Bonds (0.5%) | ||||||||
| Akbank TAS, | ||||||||
| 9.37%, 3/14/29 (h) | 200 | 201 | ||||||
| Limak Iskenderun Uluslararasi Liman Isletmeciligi AS, | ||||||||
| 9.50%, 7/10/36 | 279 | 274 | ||||||
| Limak Yenilenebilir Enerji AS, | ||||||||
| 9.63%, 8/12/30 (a) | 257 | 250 | ||||||
| 725 | ||||||||
| Ukraine (2.4%) | ||||||||
| Corporate Bonds (0.6%) | ||||||||
| Kernel Holding SA, | ||||||||
| 6.75%, 10/27/27 | 613 | 594 | ||||||
| MHP Lux SA, | ||||||||
| 10.50%, 7/28/29 | 200 | 201 | ||||||
| 6.25%, 9/19/29 | 243 | 219 | ||||||
| 1,014 | ||||||||
| Sovereign (1.8%) | ||||||||
| Ukraine Government International Bond, | ||||||||
| 0.00%, 2/1/30 (b)(c)(d) | 42 | 25 | ||||||
| 3.00%, 2/1/34 - 2/1/36 (b)(c)(d) | 963 | 434 | ||||||
| 4.00%, 2/1/32 (b)(c)(d) | 500 | 362 | ||||||
| 4.50%, 2/1/29 - 2/1/36 (b)(c)(d) | 3,589 | 1,980 | ||||||
| 2,801 | ||||||||
| 3,815 | ||||||||
| Uruguay (1.3%) | ||||||||
| Sovereign (1.3%) | ||||||||
| Uruguay Government International Bond, | ||||||||
| 5.10%, 6/18/50 | 500 | 460 | ||||||
| 5.44%, 2/14/37 | 1,600 | 1,635 | ||||||
| 2,095 | ||||||||
Morgan Stanley Emerging Markets Debt Fund, Inc.
First Quarter Report − March 31, 2026 (unaudited)
Portfolio of Investments (cont’d)
(Showing Percentage of Total Value of Investments)
| Face Amount | Value | |||||||
| (000) | (000) | |||||||
| Uzbekistan (1.1%) | ||||||||
| Corporate Bonds (0.4%) | ||||||||
| Uzbek Industrial & Construction Bank ATB, | ||||||||
| 8.95%, 7/24/29 | $ | 293 | $ | 311 | ||||
| 9.45%, 10/23/30 (h) | 400 | 402 | ||||||
| 713 | ||||||||
| Sovereign (0.7%) | ||||||||
| Republic of Uzbekistan International Bond, | ||||||||
| 6.90%, 2/28/32 | 1,000 | 1,045 | ||||||
| 1,758 | ||||||||
| Venezuela (5.3%) | ||||||||
| Sovereign (5.3%) | ||||||||
| Petroleos de Venezuela SA, | ||||||||
| 0.00%, 10/20/27 | 686 | 809 | ||||||
| 5.38%, 4/12/27 (c)(d) | 1,427 | 478 | ||||||
| 6.00%, 10/28/22 - 11/15/26 (c)(d) | 4,724 | 1,545 | ||||||
| 8.50%, 10/27/20 (c)(d) | 544 | 566 | ||||||
| 9.00%, 11/17/21 (c)(d) | 1,046 | 403 | ||||||
| 9.75%, 5/17/35 (c)(d) | 1,321 | 552 | ||||||
| 12.75%, 2/17/22 (c)(d) | 822 | 374 | ||||||
| Venezuela Government International Bond, | ||||||||
| 6.00%, 12/9/20 (c)(d) | 601 | 231 | ||||||
| 7.00%, 12/1/18 - 3/31/38 (c)(d) | 617 | 243 | ||||||
| 7.65%, 4/21/25 (c)(d) | 667 | 282 | ||||||
| 7.75%, 10/13/19 (c)(d) | 1,079 | 445 | ||||||
| 8.25%, 10/13/24 (c)(d) | 819 | 354 | ||||||
| 9.00%, 5/7/23 (c)(d) | 807 | 365 | ||||||
| 9.25%, 9/15/27 - 5/7/28 (c)(d) | 900 | 431 | ||||||
| 9.38%, 1/13/34 (c)(d) | 75 | 35 | ||||||
| 11.75%, 10/21/26 (c)(d) | 368 | 191 | ||||||
| 11.95%, 8/5/31 (c)(d) | 489 | 252 | ||||||
| 12.75%, 8/23/22 (c)(d) | 1,273 | 646 | ||||||
| 13.63%, 8/15/18 (c)(d) | 270 | 138 | ||||||
| 8,340 | ||||||||
| Zambia (0.5%) | ||||||||
| Sovereign (0.5%) | ||||||||
| Zambia Government International Bond, | ||||||||
| 0.50%, 12/31/53 (c)(d) | 880 | 581 | ||||||
| 5.75%, 6/30/33 (b)(c)(d) | 202 | 190 | ||||||
| 771 | ||||||||
| TOTAL FIXED INCOME SECURITIES (COST $151,492) | 151,250 | |||||||
| Shares | ||||||||
| COMMON STOCKS (0.0%)‡ | ||||||||
| China (0.0%)‡ | ||||||||
| Shimao Group Holdings Ltd. (i)(j) | 203,608 | 5 | ||||||
| Hong Kong (0.0%)‡ | ||||||||
| Times China Holdings Ltd. (j) | 528,816 | 5 | ||||||
| TOTAL COMMON STOCKS (COST $123) | 10 | |||||||
| No.
of Warrants | ||||||||
| WARRANTS (0.0%)‡ | ||||||||
| Venezuela (0.0%)‡ | ||||||||
| Venezuela Government International Bond, Oil-Linked Payment Obligation expires 4/15/20 (e)(h)(j) (Cost $—) | 5,450 | 12 |
| Shares | ||||||||
| SHORT-TERM INVESTMENTS (6.0%) | ||||||||
| Investment Company (5.5%) | ||||||||
| Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class, 3.52% (k) (Cost $8,629) | 8,629,516 | 8,629 | ||||||
Morgan Stanley Emerging Markets Debt Fund, Inc.
First Quarter Report − March 31, 2026 (unaudited)
Portfolio of Investments (cont’d)
| Face
Amount (000) | Value (000) | ||||||
| United States (0.5%) | |||||||
| U.S. Treasury Security (0.5%) | |||||||
| U.S. Treasury Bill, | |||||||
| 3.67%, 6/16/26 (l) (Cost $680) | $ | 685 | $ | 680 | |||
| TOTAL SHORT-TERM INVESTMENTS (COST $9,309) | 9,309 | ||||||
| Total Investments (102.6%) (Cost $160,924)(m)(n)(o) | 160,581 | ||||||
| Liabilities in Excess of Other Assets (-2.6%) | (4,064 | ) | |||||
| Net Assets (100.0%) | $ | 156,517 | |||||
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 March 31, 2026. 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 March 31, 2026. 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 March 31, 2026. |
| (i) | Security trades on the Hong Kong exchange. |
| (j) | Non-income producing security. |
| (k) | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the “Liquidity Fund”), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the three months ended March 31, 2026, advisory fees paid were reduced by approximately $6,000 relating to the Fund’s investment in the Liquidity Fund. |
| (l) | Rate shown is the yield to maturity at March 31, 2026. |
| (m) | Securities are available for collateral in connection with purchase of when-issued securities, open foreign currency forward exchange contracts, futures contracts and swap agreements. |
| (n) | At March 31, 2026, the Fund had unfunded loan commitments of $2,984,000, which could be extended at the option of the borrowers,pursuant to the following loan agreements: |
| Borrower | Unfunded Loan Commitments (000) | Value (000) | Unrealized Appreciation (000) | |||||||||
| Staatsolie Maatschappij Suriname NV | $ | 2,444 | $ | 2,444 | $ | 0 | ||||||
| VMOS SA | 540 | 540 | 0 | |||||||||
| $ | 2,984 | $ | 2,984 | $ | 0 | |||||||
| (o) | At March 31, 2026, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $7,474,000 and the aggregate gross unrealized depreciation is approximately $8,232,000, resulting in net unrealized depreciation of approximately $758,000. |
| CMT | Constant Maturity Treasury Note Rate. |
| EUR | EURO |
| EURIBOR | Euro Interbank Offered Rate. |
| JSC | Joint Stock Company. |
| PIK | Payment-in-Kind. |
| SOFR | Secured Overnight Financing Rate. |
Morgan Stanley Emerging Markets Debt Fund, Inc.
First Quarter Report − March 31, 2026 (unaudited)
Portfolio of Investments (cont’d)
Foreign Currency Forward Exchange Contracts:
The Fund had the following foreign currency forward exchange contracts open at March 31, 2026
| Counterparty | Contracts to Deliver (000) | In Exchange For (000) | Delivery Date | Unrealized Appreciation (Depreciation) (000) | ||||||||||
| Bank of America NA | EUR | 280 | $ | 323 | 4/10/26 | $ | (1 | ) | ||||||
| Bank of America NA | $ | 930 | EUR | 804 | 4/10/26 | (— | @) | |||||||
| Bank of America NA | $ | 322 | EUR | 280 | 4/2/26 | 1 | ||||||||
| Barclays Bank PLC | $ | 306 | EUR | 264 | 4/10/26 | (1 | ) | |||||||
| Citibank NA | $ | 66 | EUR | 58 | 4/10/26 | 1 | ||||||||
| Citibank NA | $ | 1,674 | EUR | 1,460 | 4/10/26 | 14 | ||||||||
| Goldman Sachs International | EUR | 883 | $ | 1,029 | 4/10/26 | 8 | ||||||||
| Goldman Sachs International | EUR | 1,402 | $ | 1,633 | 4/10/26 | 13 | ||||||||
| Goldman Sachs International | EUR | 1,147 | $ | 1,337 | 4/10/26 | 10 | ||||||||
| Goldman Sachs International | EUR | 573 | $ | 667 | 4/10/26 | 5 | ||||||||
| Goldman Sachs International | EUR | 291 | $ | 339 | 4/10/26 | 3 | ||||||||
| Goldman Sachs International | EUR | 4,790 | $ | 5,582 | 4/10/26 | 43 | ||||||||
| Goldman Sachs International | EUR | 7 | $ | 8 | 4/10/26 | — | @ | |||||||
| Goldman Sachs International | EUR | 595 | $ | 694 | 4/10/26 | 5 | ||||||||
| Goldman Sachs International | EUR | 1,313 | $ | 1,530 | 4/10/26 | 12 | ||||||||
| Goldman Sachs International | EUR | 1,500 | $ | 1,748 | 4/10/26 | 14 | ||||||||
| Goldman Sachs International | $ | 193 | EUR | 166 | 4/10/26 | (2 | ) | |||||||
| Goldman Sachs International | $ | 72 | EUR | 62 | 4/10/26 | (1 | ) | |||||||
| Goldman Sachs International | $ | 253 | EUR | 217 | 4/10/26 | (2 | ) | |||||||
| Goldman Sachs International | $ | 21 | EUR | 18 | 4/10/26 | (— | @) | |||||||
| State Street Bank and Trust Co. | EUR | 710 | $ | 828 | 4/10/26 | 7 | ||||||||
| State Street Bank and Trust Co. | $ | 263 | EUR | 227 | 4/10/26 | (— | @) | |||||||
| UBS AG | EUR | 198 | $ | 229 | 4/10/26 | — | @ | |||||||
| $ | 129 | |||||||||||||
Futures Contracts:
The Fund had the following futures contracts open at March 31, 2026:
| Number of Contracts | Expiration Date | Notional Amount (000) | Value (000) | Unrealized Appreciation (Depreciation) (000) | ||||||||||||
| Long: | ||||||||||||||||
| U.S. Treasury 2 yr. Note (United States) | 46 | Jun-26 | $ | 9,200 | $ | 9,542 | $ | (68 | ) | |||||||
| U.S. Treasury 5 yr. Note (United States) | 20 | Jun-26 | 2,000 | 2,163 | (19 | ) | ||||||||||
| U.S. Treasury 10 yr. Ultra Note (United States) | 77 | Jun-26 | 7,700 | 8,741 | (159 | ) | ||||||||||
| U.S. Treasury Long Bond (United States) | 88 | Jun-26 | 8,800 | 10,021 | (277 | ) | ||||||||||
| Ultra U.S. Treasury Bond (United States) | 109 | Jun-26 | 10,900 | 12,705 | (358 | ) | ||||||||||
| Short: | ||||||||||||||||
| Euro-Buxl 30 yr. Bond Index (Germany) | 3 | Jun-26 | EUR | (300) | (382 | ) | 6 | |||||||||
| German Euro-Bobl Index (Germany) | 22 | Jun-26 | (2,200) | (2,935 | ) | 39 | ||||||||||
| German Euro-Bund Index (Germany) | 25 | Jun-26 | (2,500) | (3,623 | ) | 78 | ||||||||||
| German Euro-Schatz Index (Germany) | 23 | Jun-26 | (2,300) | (2,811 | ) | 25 | ||||||||||
| U.S. Treasury 10 yr. Note (United States) | 122 | Jun-26 | $ | (12,200 | ) | (13,548 | ) | 141 | ||||||||
| $ | (592 | ) | ||||||||||||||
Morgan Stanley Emerging Markets Debt Fund, Inc.
First Quarter Report − March 31, 2026 (unaudited)
Portfolio of Investments (cont’d)
Credit Default Swap Agreements:
The Fund had the following credit default swap agreements open at March 31, 2026:
| 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 | $ | (1 | ) | $ | (3 | ) | $ | 2 | |||||||||||
| Barclays Bank PLC | |||||||||||||||||||||||||||
| Benin Government International Bonds | NR | Sell | 1.00 | Quarterly | 6/20/27 | 100 | (1 | ) | (3 | ) | 2 | ||||||||||||||||
| Morgan Stanley & Co. LLC* | |||||||||||||||||||||||||||
| Egypt Government International Bonds | NR | Sell | 1.00 | Quarterly | 12/20/28 | 303 | (19 | ) | (50 | ) | 31 | ||||||||||||||||
| Goldman Sachs International | |||||||||||||||||||||||||||
| Petroleos Mexicanos | NR | Sell | 1.00 | Quarterly | 6/20/26 | 370 | (1 | ) | (3 | ) | 2 | ||||||||||||||||
| Goldman Sachs International | |||||||||||||||||||||||||||
| Petroleos Mexicanos | NR | Sell | 1.00 | Quarterly | 6/20/27 | 1,030 | (15 | ) | (17 | ) | 2 | ||||||||||||||||
| JPMorgan Chase Bank NA | |||||||||||||||||||||||||||
| Petroleos Mexicanos | NR | Sell | 1.00 | Quarterly | 6/20/27 | 456 | (6 | ) | (9 | ) | 3 | ||||||||||||||||
| Barclays Bank PLC | |||||||||||||||||||||||||||
| Petroleos Mexicanos | NR | Sell | 1.00 | Quarterly | 12/20/26 | 914 | (7 | ) | (8 | ) | 1 | ||||||||||||||||
| Barclays Bank PLC | |||||||||||||||||||||||||||
| Petroleos Mexicanos | NR | Sell | 1.00 | Quarterly | 6/20/27 | 686 | (10 | ) | (12 | ) | 2 | ||||||||||||||||
| Barclays Bank PLC | |||||||||||||||||||||||||||
| Petroleos Mexicanos | NR | Sell | 1.00 | Quarterly | 6/20/27 | 150 | (2 | ) | (3 | ) | 1 | ||||||||||||||||
| Barclays Bank PLC | |||||||||||||||||||||||||||
| Ecuador Government International Bonds | NR | Buy | 5.00 | % | Quarterly | 12/20/26 | 57 | (1 | ) | (1 | ) | (— | @) | ||||||||||||||
| Morgan Stanley & Co. LLC* | |||||||||||||||||||||||||||
| Petrobras Global Finance BV | NR | Buy | 1.00 | Quarterly | 6/20/31 | 2,896 | 63 | 63 | (— | @) | |||||||||||||||||
| $ | — | @ | $ | (46 | ) | $ | 46 | ||||||||||||||||||||
| @ | Value is less than $500. | |
| * | Cleared swap agreement, the broker is Morgan Stanley & Co. LLC. | |
| NR | — | Not rated. |
| EUR | — | Euro |
Portfolio Composition
| Classification | Percentage of Total Investments | |||
| Sovereign | 69.2 | % | ||
| Corporate Bonds | 18.6 | |||
| Senior Loan Interests | 6.4 | |||
| Short-Term Investments | 5.8 | |||
| Other* | — | ‡ | ||
| Total Investments | 100.0 | %** | ||
| * | Industries and/or investment types representing less than 5% of total investments. |
| ‡ | Amount is less than 0.05%. |
| ** | Does not include open futures contracts with a value of approximately $66,491,000 and net unrealized depreciation of approximately $592,000. Does not include open foreign currency forward exchange contracts with net unrealized appreciation of approximately $129,000. Also does not include open swap agreements with net unrealized appreciation of approximately $46,000. |
Morgan Stanley Emerging Markets Debt Fund, Inc.
First Quarter Report − March 31, 2026 (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.
First Quarter Report − March 31, 2026 (unaudited)
Notes to the Portfolio of Investments (cont’d)
Fair Value Measurement: Financial Accounting Standards Board (“FASB”) ASC 820, “Fair Value Measurement” (“ASC 820”), defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 establishes a three-tier hierarchy to distinguish between (1) inputs that reflect the assumptions market participants would use in valuing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs); and (2) inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in valuing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Fund’s investments. The inputs are summarized in the three broad levels listed below:
| · | Level 1 – unadjusted quoted prices in active markets for identical investments | |
| · | Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) | |
| · | Level 3 – significant unobservable inputs including the Fund’s own assumptions in determining the fair value of investments. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, or the appropriate stock exchange (for exchange-traded securities), analysis of the issuer’s financial statements or other available documents and, if necessary, available information concerning other securities in similar circumstances. |
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to each security.
Morgan Stanley Emerging Markets Debt Fund, Inc.
First Quarter Report − March 31, 2026 (unaudited)
Notes to the Portfolio of Investments (cont’d)
The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2026:
| 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 | $ | — | $ | 29,938 | $ | — | $ | 29,938 | ||||||||
| Senior Loan Interests | — | 10,216 | — | 10,216 | ||||||||||||
| Sovereign | — | 111,096 | — | 111,096 | ||||||||||||
| Total Fixed Income Securities | — | 151,250 | — | 151,250 | ||||||||||||
| Common Stocks | ||||||||||||||||
| Real Estate Management & Development | — | 10 | — | 10 | ||||||||||||
| Warrants | — | 12 | — | 12 | ||||||||||||
| Short-Term Investments | ||||||||||||||||
| U.S. Treasury Security | — | 680 | — | 680 | ||||||||||||
| Investment Company | 8,629 | — | — | 8,629 | ||||||||||||
| Total Short-Term Investments | 8,629 | 680 | — | 9,309 | ||||||||||||
| Foreign Currency Forward Exchange Contracts | — | 136 | — | 136 | ||||||||||||
| Futures Contracts | 289 | — | — | 289 | ||||||||||||
| Credit Default Swap Agreements | — | 46 | — | 46 | ||||||||||||
| Total Assets | 8,918 | 152,134 | — | 161,052 | ||||||||||||
| Liabilities: | ||||||||||||||||
| Foreign Currency Forward Exchange Contracts | — | (7 | ) | — | (7 | ) | ||||||||||
| Futures Contracts | (881 | ) | — | — | (881 | ) | ||||||||||
| Total Liabilities | (881 | ) | (7 | ) | — | (888 | ) | |||||||||
| Total | $ | 8,037 | $ | 152,127 | $ | — | $ | 160,164 | ||||||||
Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes.